# kaal:claim:3067615-015

**Claim.** The trend of ICO issuance exceeding venture capital financing can be expected to continue, because ICOs allocate capital more efficiently and at lower cost.

**Type.** predictive  **Support.** argued

**Holds when.**

- crypto start-up financing after the second quarter of 2017

**Source quote.**

> This trend can be expected to continue given the superior allocation of capital at lower cost via ICOs.35

**From.** Wulf A. Kaal, Marco Dell'Erba, *Initial Coin Offerings Emerging Practices, Risk Factors, and Red Flags* (2017), III. Disruptive Effects, page 12

**Cite as.** Wulf A. Kaal, Marco Dell'Erba, Initial Coin Offerings Emerging Practices, Risk Factors, and Red Flags (2017). SSRN: https://ssrn.com/abstract=3067615

**Verify.** sha256 of source PDF `164ce15b9eb1e8847ebcb073f5b23a96b4974ad0308d77469a9455d4a1ebeb38` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20and%20Dell%27Erba%20-%202017%20-%20Initial%20Coin%20Offerings%20Emerging%20Practices%2C%20Risk%20Factors%2C%20and%20Red%20Flags.pdf

**Topics.** innovation, economics

**Keywords.** venture-capital, prediction, capital-allocation, cost-efficiency

**Superseded by.** A later claim revises this one. Prefer quoting: https://wulfkaal.github.io/claims/3406323-006

**Related claims.**

- supported_by: https://wulfkaal.github.io/claims/3606663-008

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