ABSTRACT
The phenomenon of crowdfunding has been analysed from various perspectives to try to develop a theoretical model that explains the dynamics underlying crowdfunding. The ultimate goal of crowdfunded companies is to build an enduring business. Therefore, a successful crowdfunding campaign is just the starting point. A few studies that examine post-equity crowdfunding performance show that entrepreneurs are able to leverage the investor networks generated in the course of the equity crowdfunding campaign. In the case of the nominee structure, the crowd is represented by one legal shareholder, that is, the nominee, in the form of the equity crowdfunding platform, which holds and manages the shares of the supported firms on behalf of the investors. The analysis shows that engaging in more than one successful crowdfunding round enhances the chances of start-up success. The existing research on crowdfunding - and equity crowdfunding, in particular, - discusses various aspects of the phenomenon and offers some implications for practice and policy.
