Entrepreneurship Theory and Practice would like to announce a Call for Papers for the January 2017 special issue on Opportunities and Challenges in Crowdfunding Research. Please see below.
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ETP Editorial Office
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Call for Papers
Entrepreneurship Theory & Practice
Special Issue on:
Opportunities and Challenges in Crowdfunding Research
Crowdfunding is a novel form of capital acquisition that allows entrepreneurs to bypass financial institutions and solicit investments directly from the public. A growing interest in crowdfunding is shared by practitioners, policymakers, the media, and scholars alike. Indeed, in 2012 there were over 1.1 million crowdfunding campaigns launched on over 800 platforms, raising a total of $2.7 billion in investment.[1] The scope of crowdfunding and new laws facilitating equity transactions through crowdfunding are generating intense media discussion of this financing method's merits and its problems.
Crowdfunding's emergence is creating opportunities for scholarly research. As a new and powerful tool for entrepreneurs, crowdfunding can help push the boundaries of existing theory and thereby help develop new theory. Many of the entrepreneurship field's research questions that involve startup success and failure, venture capital, angel investors, IPOs and related topics can and should be reexamined in the crowdfunding context to help extend and build theory.
Research on crowdfunding has the opportunity to inform important practical issues, such as uncovering the prevalence of crowdfunding fraud and identifying how to prevent this fraud. Crowdfunding also offers interesting policy implications. For example, by bridging financial gaps for aspiring entrepreneurs with solid ideas but little capital to support efforts to act on them, crowdfunding may lead to greater participation in entrepreneurial ecosystems, especially within geographic areas whose financial markets are not fully developed.
Despite the opportunities created by crowdfunding research, there are also challenges associated with conducting research in this area. For instance, detailed information about crowdfunding investors is difficult to acquire on many crowdfunding platforms. Further, some of the mechanisms undergirding crowdfunding success may take place off-line, making it difficult for researchers to measure them. Scholarship is needed that provides innovative solutions to deal with the challenges associated with crowdfunding research.
The purpose of this special issue is to attract research on crowdfunding that extends, develops, and/or tests theory in ways that will have important academic outcomes as well as vital practical and policy implications. Appropriate topics for the special issue include, but are not limited to:
1. To what extent does the emergence of crowdfunding encourage the refinement and extension of theories currently applied in entrepreneurial resource acquisition areas such as the venture capital, angel investor, and IPO contexts?
2. Do crowdfunding campaigns in certain industries or environments lead to better funding outcomes than others?
3. Some entrepreneurs offer crowdfunding investors equity while others offer non-traditional compensation such as products and services. How do entrepreneurs select a form of compensation to offer? How does the type of compensation influence individuals' decisions to invest in a crowdfunding campaign?
4. Entrepreneurs generally broadcast crowdfunding appeals to potential investors using an online narrative. These narratives use a variety of media (e.g., text, video, audio) to encourage investment. How might theories of communication, information processing, and sensemaking explain how the content presented and media used interact to influence crowdfunding outcomes? Are some approaches more successful than others under different circumstances?
5. Recently, crowdfunding has been used to create microloans in developing countries. In what ways does this microlending differ from crowdfunding efforts by entrepreneurs in developed countries? How does this distinction influence investor decision-making?
6. How do characteristics of the individual launching the crowdfunding campaign, such as physical attractiveness or displayed narcissism, influence crowdfunding outcomes?
7. Crowdfunding frequently involves "amateur" investors whose main reasons for investing are not economic. What does theory on altruism, egoism, and prosocial behavior predict about whether non-economic factors such as the desire to help others drive the decision to invest in crowdfunding campaigns? Do these factors differ across countries and cultures?
8. How might social network theory be extended to explain the roles an entrepreneur's social and professional connections play in the success of his or her crowdfunding campaign? What role does a potential investor's networks play in his or her decision to invest in a crowdfunding campaign?
9. Many entrepreneurs that seek crowdfunding make commitments regarding the outcomes they will produce if funded. Some entrepreneurs follow through on their promises while others do not. To what extent do characteristics of the entrepreneur, campaign, and investment profile help predict the likelihood that commitments will be upheld?
10. The business press has suggested that significant follow-up work is required after establishing a crowdfunding investment profile (e.g., investor events, social networking, attending trade shows, posting updates). What post-listing activities are most influential in increasing donations to a crowdfunding campaign?
11. How can theory from fields other than entrepreneurship/management such as marketing, psychology, sociology, MIS, and finance help us understand entrepreneurial crowdfunding?
We invite both conceptual and empirical papers that advance crowdfunding research. All papers will undergo the standard double-blind review process. Our purpose is to collect a "critical-mass" of crowdfunding research with the potential to meaningfully advance work in an area that is of emerging important to the entrepreneurship domain.
The Guest Editors for this special issue are Jeremy Short, University of Oklahoma (Jeremy.short@ou.edu); Dave Ketchen, Auburn University (ketchda@auburn.edu); R. Duane Ireland, Texas A&M University (direland@mays.tamu.edu); Thomas Allison, Washington State University (thomas.allison@wsu.edu); and Aaron McKenny, University of Central Florida (amckenny@gmail.com).
The submission window for the special issue is from January 1 to January 31, 2016. Manuscripts should be submitted online at http://mc.manuscriptcentral.com/etp. Instructions and support are available on the Manuscript Central site and a user account and password can be obtained on the first visit. Please see the journal website for the most current submission guidelines (http://www.baylor.edu/business/etp/index.php?id=97991).
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