Abstract
Using institutional theory as a conceptual framework, the present paper construes crowdfunding as a form of institutional entrepreneurship and its three components, the entrepreneurs, the crowd, and the crowdfunding platforms (CFPs) as institutional entrepreneurs. The paper also argues that crowdfunding has gained some form of legitimacy through media coverage and the passage of the JOBS Act. The paper’s implications for research in institutional entrepreneurship, entrepreneurial finance, and entrepreneurship education are discussed.
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