Categories of explanatory variables
| Conceptual categories | Independent variables addressed |
|---|---|
| Human capital | Team size, entrepreneur(s) education, entrepreneur(s) business education, entrepreneur(s) university degree, entrepreneur(s) industry experience, entrepreneur(s) CF experience, entrepreneur(s) experience in large companies, number of team graduates, number of team MBAs, serial entrepreneur(s), entrepreneur(s) age, tenure heterogeneity, age heterogeneity, volunteering activity |
| Social capital | Number of nonexecutives board members, LinkedIn presence, Facebook presence, Twitter presence, information hub role of platform |
| Digital-related features | Social media usage, project updates, digital interaction, online presence, featured in media, featured in newspapers/tv |
| Team characteristics | Team size, gender diversity, tenure heterogeneity, age heterogeneity, management rating, lone founder, team board/employees size |
| Intellectual capital | Patents, property rights, value-added intellectual coefficient (VAIC) |
| Firm characteristics | Firm maturity, ratio of full-time workers, location, venture with large clients, B2B clients, product development stage, big city location, seed stage |
| Financial measures | Sales, external financing, presence of financial information, expected sales growth, expected EBITDA, absence of disclaimer of no financial information |
| Campaign round characteristics | Share price, campaign duration, target capital, equity offered, reward/discounts in addition, exit strategy, exit IPO, exit M&A, usage of funds, tax relief, shares accumulated in first week, largest investment |
| Investors’ characteristics | Number of investors, professional investors, VC, BA, early led investments, percentage of lead investors’ investments, investor frequency, public profile of investors |
| Business characteristics | High-tech, B2B, sustainability, industry sector, business development, market risk, business rating, market rating, product rating, competition rating |
| Project description and presentation | Use of pitch videos, presence of entrepreneurs in pitch, presence of pictures, length of description, readability, word count, tone, proxemics and attitude |
| Conceptual categories | Independent variables addressed |
|---|---|
| Human capital | Team size, entrepreneur(s) education, entrepreneur(s) business education, entrepreneur(s) university degree, entrepreneur(s) industry experience, entrepreneur(s) CF experience, entrepreneur(s) experience in large companies, number of team graduates, number of team MBAs, serial entrepreneur(s), entrepreneur(s) age, tenure heterogeneity, age heterogeneity, volunteering activity |
| Social capital | Number of nonexecutives board members, LinkedIn presence, Facebook presence, Twitter presence, information hub role of platform |
| Digital-related features | Social media usage, project updates, digital interaction, online presence, featured in media, featured in newspapers/tv |
| Team characteristics | Team size, gender diversity, tenure heterogeneity, age heterogeneity, management rating, lone founder, team board/employees size |
| Intellectual capital | Patents, property rights, value-added intellectual coefficient (VAIC) |
| Firm characteristics | Firm maturity, ratio of full-time workers, location, venture with large clients, B2B clients, product development stage, big city location, seed stage |
| Financial measures | Sales, external financing, presence of financial information, expected sales growth, expected EBITDA, absence of disclaimer of no financial information |
| Campaign round characteristics | Share price, campaign duration, target capital, equity offered, reward/discounts in addition, exit strategy, exit IPO, exit M&A, usage of funds, tax relief, shares accumulated in first week, largest investment |
| Investors’ characteristics | Number of investors, professional investors, VC, BA, early led investments, percentage of lead investors’ investments, investor frequency, public profile of investors |
| Business characteristics | High-tech, B2B, sustainability, industry sector, business development, market risk, business rating, market rating, product rating, competition rating |
| Project description and presentation | Use of pitch videos, presence of entrepreneurs in pitch, presence of pictures, length of description, readability, word count, tone, proxemics and attitude |
Notes:
EBITDA: Earnings before interest taxes depreciation and amortisation; VC: Venture capital; BA: Business angel