Why do entrepreneurs prefer to seek one equity form of funding over another? To address this question, we develop a contingency-based model of perceived funding fit that delineates several factors that influence strategic fund-seeking decisions by entrepreneurs. In prior research, entrepreneur fund-seeking has largely been explained using models that rely on rule-based approaches (e.g., the pecking order assumption) or value capture considerations. In contrast, we propose a dynamic contingency-based model that delineates several factors that influence entrepreneur perceptions of funding fit over and above transactional efficiency, including atypical value creation from the fundraising process itself and external stakeholder values. We inductively assess our model in the context of equity crowdfunding (ECF) and find that perceived funding fit can motivate some strategic fund-seekers to opt to pursue ECF, even when they have a reasonable opportunity to obtain other more established sources of funding such as angel or seed-stage venture capital. This indicates that ECF in several cases is not a funding mode of last resort as proposed in prior literature.

Plain English Summary Raising capital is a complex and dynamic process. Strategic entrepreneurs seek “funding fit” for their particular ventures leading some to opt for less established forms of funding such as equity crowdfunding for a variety of reasons beyond efficiency. Prior venture funding research has largely taken the view of the investor, emphasizing what entrepreneurs must do to win the favor of angel investors and other seed funders, and deeming equity crowdfunding (ECF) a funding mode of last resort for discouraged entrepreneurs. Inductively analyzing hundreds of regulatory filings, entrepreneur interviews, public information, and media pieces about ECF-funded firms, we find evidence that in several cases, strategic entrepreneurs may prefer to opt for ECF if they perceive it to be a better fit due to novel forms of nonfinancial value. We explain our findings by proposing an emergent contingency-based model of “funding fit.”

为什么企业家更愿意寻求一种股权形式的融资而不是另一种？为了解决这个问题，我们开发了一个基于应急的感知资金匹配模型，该模型描述了影响企业家战略资金寻求决策的几个因素。在先前的研究中，企业家的资金寻求很大程度上是使用依赖于基于规则的方法（例如，啄食顺序假设）或价值捕获考虑因素的模型来解释的。相比之下，我们提出了一个基于动态应急的模型，该模型描述了影响企业家对融资契合度的看法的几个因素，这些因素超越了交易效率，包括融资过程本身的非典型价值创造和外部利益相关者的价值观。我们在股权众筹 (ECF) 的背景下归纳评估我们的模型，发现感知到的资金适合度可以激励一些战略资金寻求者选择追求 ECF，即使他们有合理的机会获得其他更成熟的资金来源，例如天使或种子阶段风险投资。这表明 ECF 在某些情况下并不是先前文献中提出的最后手段的融资模式。

简明扼要的总结筹集资金是一个复杂且动态的过程。战略企业家寻求适合其特定企业的“融资”，导致一些企业家出于效率以外的各种原因选择股权众筹等不太成熟的融资形式。此前的风险投资研究大多站在投资者的角度，强调企业家必须采取哪些措施才能赢得天使投资者和其他种子投资者的青睐，并认为股权众筹（ECF）是沮丧的企业家最后手段的融资模式。通过归纳分析数百份有关 ECF 资助公司的监管文件、企业家访谈、公共信息和媒体报道，我们发现证据表明，在某些情况下，战略企业家可能更愿意选择 ECF，如果他们认为 ECF 由于新颖性而更适合他们。非财务价值的形式。我们通过提出一种基于紧急情况的“资金匹配”模型来解释我们的发现。