ABSTRACT The market for entrepreneurial finance has witnessed the arrival of new players – specifically, different types of crowdfunding platforms – which have joined the more traditional forms of entrepreneurial finance such as BAs and VCs over the last decade. Taking stock of this increasingly diverse landscape, the present study explores the concept of a complex funding trajectory and its impact on the dynamics of nascent venture governance. Using a processual case-study design, we explore the particular funding trajectory of a young technology venture, successively combining different actors: reward based crowdfunding (RBC) first, then equity based crowdfunding (ECF) combined with business angels (BAs), followed by ECF combined with BAs and VCs. Our contribution to the literature is two-fold. The case makes an empirical contribution by deepening insights from prior quantitative studies on the determinants of follow-on funding after initial crowdfunding campaigns. The present study also makes a theoretical contribution by demonstrating that, beyond particular determinants of fundraising from various sources linked to initial venture characteristics and individual campaign attributes, the specific shape and sequencing of the overall funding trajectory plays a central role for the success of follow-on funding and the nascent governance of the young venture.

中文翻译：

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众筹，商业天使和风险投资：对融资轨迹概念的探索性研究

摘要创业融资市场见证了新参与者的到来-特别是不同类型的众筹平台-过去十年来，它们已经加入了更为传统的创业融资形式，例如BA和VC。总结了这一日益多样化的情况，本研究探讨了复杂的融资轨迹的概念及其对新生的风险管理动态的影响。使用过程案例研究设计，我们探索了一家年轻技术企业的特定融资轨迹，先后结合了不同的参与者：首先是基于奖励的众筹（RBC），然后是基于股权的众筹（ECF）与商业天使（BA）结合，然后是ECF与BA和VC结合在一起。我们对文学的贡献是双重的。该案例通过加深先前的定量研究对初始众筹活动后后续资金的决定因素的见解而做出了经验性贡献。本研究还通过证明，除了与初始风险特征和个人竞选属性相关的各种来源的特定筹款决定因素外，总体筹资轨迹的特定形状和顺序对于后续行动的成功起着至关重要的作用。关于资金和年轻企业的新生治理。