Relevant Issues Problem Statement Research Objective Research Question Proposition

Growing evidence that a

funding gap exists at the
earliest stages of new firm
development

There is growing evidence

that the focus and
interest of venture capital
is moving beyond early
stage innovative start-up
firms to later-stage
investments (Bivell 2008;
Osnabrugge 2000).

Provision of start-up
capital represent an
important issue

Pre-seed capital and seed

capital are types of
funding relevant for
innovative ideas that have
not yet been
commercialised.

greater levels of
information asymmetries
and risk, leading to higher
probability of failure and
difficulties in liquidating
investments
(EXPLORING AGENCY
DYNAMICS OF
CROWDFUNDING IN
START-UP CAPITAL
FINANCING)
Start-ups often face the
challenge of a shortage of
capital, the so-called
funding gap, which can be
overcome by raising small
amounts of money from a
large number of
individuals

. It is not fully understood The need for a better

why projects succeed or
fail
a decrease in project
success rates
understanding of CF, especially
regarding the decisions and
actions in each of the three
phases of the CF process,
exante, during a campaign, and
ex-post, has been voiced in the
literature