Syndicates cause a shift from crowdfunding startups to crowdfunding lead investors. They provide both the tools and …

, 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 …

, 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 …

Early crowdfunding platforms were based on a premise of disintermediation from professional investors, and relied on …-based crowdfunding. As a result, platforms later experimented with incentives for professional investors to curate deals for crowd. We …