# kaal:claim:3067615-016

**Claim.** ICOs are preferable to venture capital funding for many start-ups first and foremost because ICO promoters and their developers are not forced to sacrifice equity in the project in exchange for the funds they raise.

**Type.** mechanism  **Support.** argued

**Holds when.**

- start-ups choosing between ICO and venture capital financing

**Source quote.**

> First and foremost, ICO promoters and their developers are not forced to sacrifice their equity in the project in exchange for the funds they raised.36

**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, securities-law

**Keywords.** equity-dilution, venture-capital, borderless-offering, start-up-financing

**Related claims.**

- supports: https://wulfkaal.github.io/claims/3002908-039
- restated_by: https://wulfkaal.github.io/claims/3117224-002

**Canonical form.** This markdown file is the canonical hashed representation of the claim. Its sha256 is the content hash used for attestation.