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Guest Post: Gary Dushnitsky on Crowdfunding in Europe


It is a pleasure to share my research on the evolution of crowdfunding platforms – a relatively novel phenomenon in the market for entrepreneurial finance. It appears in the recent issue of the California Management Review (see abbreviated version).

Analysis of over 500 crowdfunding platforms across 15 European countries (2008-2014), yields several key insights.

  1. It offers a comparison of the evolution of crowdfunding platforms in Europe versus the USA.
  2. It highlights the uneven distribution of platforms across Europe. Country size and population density matter, but it isn’t definitive.
  3. If further underscores specialisation in  crowdfunding models. Some counties exhibit equal fraction of Donation, Reward, Lending and Equity platforms, while other countries experience a surge in one or two specific models.
  4. Crowdfunding is not solely a start-up game. Increasingly incumbent organisations take an active part in the crowdfunding space.

CLICK HERE to access full article.


Gary Dushnitsky is an Associate Professor of Strategy & Entrepreneurship at the London Business School and is a Senior Fellow at The Mack Institute for Innovation Management at The Wharton School, University of Pennsylvania.

He previously authored the article Corporate Adventure in Venture which was published in Coller Venture Review issue 2 entitled The History of Venture. 

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