, the recent rise of crowdfunding - raising capital from many people through an online platform - which offers little … initially startling. On the eve of launching equity-based crowdfunding, a new market for early-stage finance in the U.S., we … transaction costs, reputation, and market design, can explain the rise of non-equity crowdfunding and offer a framework for …

public offerings, venture capital, and pre-sale crowdfunding. In a sample of more than 1,500 ICOs that collectively raise $12 …