This paper extends the role of signaling and certification to the context of equity crowdfunding by looking into the determinants of funding success on the world's largest equity crowdfunding platform Crowdcube. We identify and empirically test four potential (third party) signals of quality...

We show that the rise of crowdfunding over the past decade fostered entrepreneurship and output growth in the United States. We develop measures of crowdfunding activity at the county level based on all projects successfully funded on Kickstarter (the largest US platform). We find that an...