In this paper, we focus attention on serial crowdfunders, that is, entrepreneurs who repeatedly turn to crowdfunding to finance their projects. We argue that serial crowdfunders take advantage of the social contacts with those that backed their previous campaigns. This internal social capital developed within the platform, which is not available to “normal” serial entrepreneurs, makes serial crowdfunders' campaigns more successful than those launched by novice crowdfunders. However, this type of social capital is a substitute for the internal social capital built by backing other campaigns, and has a limited lifespan. Econometric results on a sample of 31,389 Kickstarter campaigns confirm our contentions. Implications for research, practice, and policy are discussed

In this paper, we investigate how the institutional setting affects the diffusion of green crowdfunding campaigns across countries. To this aim, we develop and test two competing hypotheses about the association between country environmental sustainability orientation and the diffusion of green campaigns. To identify green campaigns, we develop an original machinelearning algorithm. We apply this algorithm to the population of 48,598 campaigns presented on Kickstarter between July 1, 2009 and July 1, 2012. By means of econometric estimates, we show that green campaigns differ from others along several dimensions and are more diffused in countries with a limited environmental sustainability orientation. Implications for research, practice, and policy are discussed.

Nowadays equity crowdfunding plays an important role in the entrepreneurial finance markets. To better understand the functioning of the industry, it is important to consider the entire equity crowdfunding process and all the actors involved. Equity crowdfunding platforms match indeed the demand of capital from entrepreneurial ventures with the supply of capital by investors. This manuscript is a first step in this direction, by (1) comparing equity crowdfunding with traditional sources of entrepreneurial finance; (2) discussing the potential and the perils of equity crowdfunding for inclusivity and democratization; (3) highlighting the role of visual information in digital finance; and (4) providing first insights on the industrial dynamics in equity crowdfunding. The paper gives researchers and practitioners orientation about recent developments in equity crowdfunding literature and provides relevant research directions.

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