# kaal:claim:3962614-017

**Claim.** At its peak in the 2019 cycle the volume of initial coin offerings surpassed venture capital firms and business angels as a fundraising method for startups.

**Type.** empirical  **Support.** evidenced

**Holds when.**

- the 2019 market cycle peak

**Source quote.**

> At its peak in the 2019 cycle, the volume of ICOs has surpassed VCs and BAs as a fundraising method for startups.

**From.** Wulf A. Kaal, *REPUTATION AS CAPITAL – How Decentralized Autonomous Organizations Address Shortcomings in the Ventu* (2021), III. Alternative Early Round Funding Mechanisms, page 11

**Cite as.** Wulf A. Kaal, REPUTATION AS CAPITAL – How Decentralized Autonomous Organizations Address Shortcomings in the Ventu (2021). SSRN: https://ssrn.com/abstract=3962614

**Verify.** sha256 of source PDF `c6e202e77fd08db801f932774026458b94e5d103abf30cb1189fe6a1c5edf391` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202021%20-%20REPUTATION%20AS%20CAPITAL%20%E2%80%93%20How%20Decentralized%20Autonomous%20Organizations%20Address%20Shortcomings%20in%20the%20Ventu.pdf

**Topics.** securities-law, innovation

**Keywords.** ico, fundraising-volume, venture-capital, business-angels

**Related claims.**

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

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