In collaboration with Jörn Block (University of Trier), Alexander Groh (Lyon Business School), Tom Vanacker (Universiteit Gent) and Silvio Vismara (Università degli Studi di Bergamo), Lars Hornuf has served as guest editor for a special issue and published an editorial in Small Business Economics. The article "The entrepreneurial finance markets of the future: a comparison of crowdfunding and initial coin offerings" examines new developments in the area of start-up financing, especially with regard to crowdfunding and initial coin offerings.

Over the past decade, new segments and players have emerged in the entrepreneurial finance market. The rules of the game and the methods of obtaining finance have changed in many ways. The special issue and the editorial in Small Business Economics focus on crowdfunding (CF) and initial coin offerings (ICOs), two different but important market segments of finance for start-up companies. Although the two market segments initially appear to be very similar, the authors note important differences between them. The comparison focuses on the stakeholders, microstructures, regulatory framework and the development of the markets. The authors also provide an outlook for future ICO and CF research.

The article is available here.