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Internet-Based Entrepreneurial Finance: Lessons from Germany

Hornuf, Lars ; Schwienbacher, Armin


The Internet-based crowdinvesting market in Europe has developed significantly since its start in 2007 and has become an alternative source of finance for entrepreneurs to sell securities through the Internet to small investors. This market evidences a great variety in platform design and contract forms used by crowdinvesting platforms. By analyzing more detailed, hand-collected data on the ...


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