# Crowdfunding

`kaal:entity:crowdfunding`

**Status.** derived

This node is assembled mechanically from the 5 claims that carry the concept tag `crowdfunding`. It is a roster of what the corpus says under this term. It is **not** an adjudicated definition: no single statement here has been ruled canonical, and no first-appearance call has been made. Read the claims and judge for yourself.

## Every claim under this term

5 claims across 4 works, 2017 to 2021.

**2017**

- [3002908-039](https://wulfkaal.github.io/claims/3002908-039) [predictive/evidenced] -- Initial coin offerings have overtaken venture capital as a funding channel for blockchain start ups, raising 331 million dollars in twelve months, and may become an alternative funding method for traditional companies as well.
  > Started as a phenomenon that is revolutionizing the way start-up companies investing in blockchain raise capital (in the last 12 months ICOs have raised $331 million, overtaking venture capitalists' investments),157 it may become an alternative method for many traditional companies.
  Wulf A. Kaal, Marco Dell'Erba, Blockchain Innovation in Private Investment Funds - A Comparative Analysis of the United States and (2017). SSRN: https://ssrn.com/abstract=3002908
- [3067615-003](https://wulfkaal.github.io/claims/3067615-003) [definitional/argued] -- ICOs cannot be qualified as donations and are therefore distinguishable from crowdfunding, because ICO participants acquire a financial stake in the company and, as the case may be, a right to vote on future decisions.
  > Unlike crowdfunding, ICOs involve a financial stake in the company including, as the case may be, the right to vote on future decisions. Therefore, ICOs cannot be qualified as a donation.
  Wulf A. Kaal, Marco Dell'Erba, Initial Coin Offerings Emerging Practices, Risk Factors, and Red Flags (2017). SSRN: https://ssrn.com/abstract=3067615

**2018**

- [3227933-031](https://wulfkaal.github.io/claims/3227933-031) [empirical/evidenced] -- The DAO raised more than 150 million dollars from approximately 10,000 investors through a crowdfunding campaign in May 2016, with DAO Tokens designed to be fully transferable and tradable on peer-to-peer exchanges like shares in a listed corporation.
  > The DAO raised more than $150 million from approximately 10,000 "investors." Like shares in a traditional listed corporation, DAO Tokens were designed to be fully transferable and tradable on "peer-to-peer" exchanges.
  Mark Fenwick, Wulf A. Kaal, Erik P.M. Vermeulen, Why 'Blockchain' Will Disrupt Corporate Organizations (2018). SSRN: https://ssrn.com/abstract=3227933

**2021**

- [3962614-016](https://wulfkaal.github.io/claims/3962614-016) [mechanism/evidenced] -- Alternative early round funding methods matter because they get entrepreneurs over the VC investment threshold or help them bypass the VC model completely.
  > These alternative funding methods are important to get entrepreneurs over the VC investment threshold, or to help entrepreneurs completely bypass of the VC model.
  Wulf A. Kaal, REPUTATION AS CAPITAL – How Decentralized Autonomous Organizations Address Shortcomings in the Ventu (2021). SSRN: https://ssrn.com/abstract=3962614
- [3962614-021](https://wulfkaal.github.io/claims/3962614-021) [failure/evidenced] *(failure mode)* -- Alternative early round funding methods frequently fail to provide adequate funding to fully launch a new company, and a significant number of tech startups that rely exclusively on these methods fail.
  > these methods frequently fail to provide adequate funding to fully launch a new company. A significant number of tech startups that rely exclusively on these methods fail.
  Wulf A. Kaal, REPUTATION AS CAPITAL – How Decentralized Autonomous Organizations Address Shortcomings in the Ventu (2021). SSRN: https://ssrn.com/abstract=3962614

## Verify

Every claim above resolves to a record carrying a verbatim source quote, the sha256 of the source PDF, and a preformatted citation. Nothing here asks to be taken on trust.

    curl -s https://wulfkaal.github.io/entities/crowdfunding.md | sha256sum

**Canonical form.** This markdown file is the canonical hashed representation of this entity node. Its sha256 is the content hash.