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https://doi.org/10.1007/s11408-020-00366-0
https://link.springer.com/article/10.1007/s11408-020-00366-0?error=cookies_not_supported&code=1777398c-8e52-4d7f-8865-081983d4f4f4

has been cited by the following article:

• TITLE: Decentralized Venture Capital: Who Can Benefit from Initial Coin Offerings (ICOs)?

  AUTHORS: Mason Arditi

  KEYWORDS: Blockchain, Venture Capital, Private Equity, Entrepreneur, Investor, ICO, IPO, Cryptocurrency

  JOURNAL NAME: Open Journal of Business and Management, Vol.11 No.4, July 12, 2023

  ABSTRACT: In this paper, we evaluate the potential for blockchain technology to disrupt venture capital. To accomplish this, we compare initial coin offering (ICO) data with initial public offering (IPO) data on different characteristics: 1) accessibility to raise capital, 2) liquidity, 3) investor protection, and 4) equitability. Our objective is to identify: 1) how entrepreneurs may realize value by fundraising through decentralized venture capital and 2) how investors may realize value by investing in tokenized ventures. We find that ICOs may benefit entrepreneurs by increasing access to capital and expanding access for ethnic minorities and geographically restricted entrepreneurs, however traditional ventures are likely to raise more funds than decentralized enterprises. Additionally, ICOs may benefit investors by increasing access to low-budget speculators, yet serve as higher risk investments lacking investor protection. This paper serves as a non-empirical, observational overview of ICOs’ key advantages and key shortcomings in venture capital.