ABSTRACT The development of equity crowdfunding over the last 10 years has been accompanied by many successes and achievements, but also failures. At the same time, it still faces many challenges if it wants to become mainstream in entrepreneurial finance. These challenges are particularly severe in Continental Europe. This article reviews achievements made the last 10 years and discusses important challenges that remain to be solved such as delivering appropriate risk-adjusted returns to investors, enhancing platforms’ own profitability and enabling exit of investors from startups.

中文翻译：

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股权众筹：值得庆祝吗？

摘要过去十年来，股权众筹的发展伴随着许多成功和成就，但也有失败。同时，如果想成为企业融资的主流，它仍然面临许多挑战。这些挑战在欧洲大陆尤其严重。本文回顾了过去十年取得的成就，并讨论了仍需解决的重要挑战，例如为投资者提供适当的风险调整后的回报，增强平台自身的盈利能力以及使投资者退出创业公司。