Equity crowdfunding has been gaining more and more relevance as an alternative way for entrepreneurs to raise capital. This paper examines the impact of retained equity, business angel backing, grants and intellectual property rights on the success of equity crowdfunding. Using data from Crowdcube, one of the leading equity crowdfunding platforms in the world, we obtain 473 pitches within the period from March 2017 to February 2020. We apply three empirical methods to analyse our data set: logistic regression, multiple linear regression and negative binomial regression. By running univariate test and several regression analyses, we find that retained equity has a significantly negative impact on funding success; also, the support of business angels helps entrepreneurs to achieve a funding success. While winning grants is more likely to attract investors, there is no direct evidence associated with funding success. Furthermore, it turns out that intellectual property rights are not relevant for funding success. In an extension, we re-examine our analysis in the light of the Corona crisis by analysing 95 pitches from March to November 2020. We find no structural changes in relevance of the success factors.

中文翻译：

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股权众筹的成功因素——来自 Crowdcube 的证据

作为企业家筹集资金的另一种方式，股权众筹越来越受到重视。本文研究了保留股权、商业天使支持、赠款和知识产权对股权众筹成功的影响。使用来自全球领先的股权众筹平台之一的 Crowdcube 的数据，我们在 2017 年 3 月至 2020 年 2 月期间获得了 473 个提案。我们应用三种经验方法来分析我们的数据集：逻辑回归、多元线性回归和负二项式回归。通过单变量检验和多次回归分析，我们发现留存股权对融资成功有显着的负面影响；此外，商业天使的支持有助于企业家获得融资成功。虽然赢得赠款更有可能吸引投资者，但没有与资助成功相关的直接证据。此外，事实证明，知识产权与资助成功无关。作为扩展，我们通过分析 2020 年 3 月至 2020 年 11 月的 95 个推介，根据新冠危机重新审视了我们的分析。我们发现成功因素的相关性没有结构性变化。