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Award  |  03/24/2017

Michael Moedl receives Best Doctoral Paper Award of the Leuphana Conference on Entrepreneurship

Michael Moedl has received the Best Doctoral Paper Award for his paper “Effects of Crowdfunding on Subsequent Venture Capital Selection” during the 7th Leuphana Conference on Entrepreneurship in Lueneburg.

Leuphana Conference on Entrepreneurship

The prize, endowed with 500 Euro, is granted by the German Federal Ministry of Economics and Technology together with the Leuphana Research Center for Entrepreneurship.

The paper examines the impact and signaling effects of crowdfinancing on subsequent venture capital funding rounds. Drawing on a choice experimental research design the author finds causal evidence that crowdfunding – relative to other prefunding sources – is often interpreted as a negative signal by professional venture investors, but that the “crowd” can nonetheless and under certain circumstances send positive signals increasing the likelihood of subsequent financing rounds.