
Hacking AngelList: Third Party Signaling in Equity Crowdfunding - turkeybird
http://scholarworks.gsu.edu/cgi/viewcontent.cgi?article=1066&context=bus_admin_diss
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turkeybird
This dissertation examines the effectiveness of third party affiliation
signals that entrepreneurs use to convince investors to commit financial
resources in an equity crowdfunding context. I investigate the importance of
third party affiliation signals (business accelerators, investor syndicates,
and startups featured on the equity crowdfunding platform) on subsequent
online funding amounts. The data indicates that affiliation with an investor
syndicate is an effective third party affiliation signal and can therefore
strongly impact the probability of online funding amounts. Business
accelerators and startups featured on the equity crowdfunding platform, by
contrast, have little or no impact on online funding amounts. I discuss the
implications of the results for theory, future research, and practice.

