An Empirical Study of Equity-Based Crowdfunding in Korea

국내 증권형 크라우드펀딩에 대한 실증연구

  • Kim, Min-Soo (Department of Entrepreneurship, Graduate School of Chung-Ang University) ;
  • Lee, Jong-Keon (School of Business Administration, Chung-Ang University)
  • 김민수 (중앙대학교 대학원 창업학과) ;
  • 이종건 (중앙대학교 경영학부)
  • Received : 2016.10.27
  • Accepted : 2016.11.10
  • Published : 2016.11.30


Equity-based crowdfunding combines virtual technologies with traditional investing principles. Equity-based crowdfunding is a financing method for startups and small businesses to raise small amounts of capital from a "crowd" of investors. Small businesses can raise capital, advertise product or service, and receive feedback from crowds of investors in exchange for ownership equity in their business. This study examined the operational performance of equity-based crowdfunding in Korea. Data were collected from 125 success and failure equity-based crowdfunding of 75 firms. Results were as follows: First, success firms had a clear vision than failure firms in raising equity-based crowdfunding. Second, success firms had success experiences than failure firms in raising equity-based crowdfunding. Third, success firms had patents to technologies or products that are practical and that customers need. Fourth, success firms had three or more year long-term objectives than failure firms in raising equity-based crowdfunding. Finally, implications of the results were discussed.




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