Table 6.

Research agenda

ThemeFurther research and perspectives
BehaviorInvestors’ perspective – comparisons between behavior in stock market and behavior in ECF environment
-Elicit investors’ preferences through models of investment choice behavior
Entrepreneurs’ perspective – new communication skills in the Fintech environment
Business sectorEntrepreneurs’ perspective – from declaration to facts: effectiveness of the declared business sector compared to the one emerging from description
-New ways of classification
-Which sectors attract more funding?
Communication/videoEntrepreneurs’ perspective – How to make an effective and convincing pitch video?
Determinants of failureEntrepreneurs’ perspective – focus on the determinants of failure of a campaign, as well as on the postoffering phase
Digital mediaEntrepreneurs’ perspective – exploiting new technologies and media to promote business and ask for financing
Investors’ perspective – How does investment risk perception change with new technologies?
EntrepreneurshipEntrepreneurs’ perspective – changing attitude in asking for trust over the internet
Financial intermediationPlatforms’ perspective – application of traditional theories about financial intermediation to ECF platforms. Role of ECF platforms as intermediaries
GeographyInvestors’ perspective – cross-country comparison of platforms all over the world to catch cultural investment differences
Information asymmetryInvestors’ perspective – coping with it in a less sophisticated environment of crowd
Entrepreneurs’ perspective – skills to deal with signaling techniques
Looking for ECFEntrepreneurs’ perspective – explain what motivates a nascent entrepreneur to seek financing through ECF, and perceived positioning in the pecking order theory
MarketingEntrepreneurs’ perspective – self-branding and self-marketing in the digital era to promote business and attract funding
PostofferingEntrepreneurs’ and investors’ perspective – investigate results in terms of medium-term outcome of funded enterprises to uncover the predictors for postoffering success conditional to success in a campaign
Prescreening phaseEntrepreneurs’ perspective – determinants of positively conclusion of the prescreening phase
Platforms’ perspective – competitive advantages that could be exploited by the digital platforms themselves via screening models of ECF projects.
Social mediaEntrepreneurs’ perspective – Which social media (and how) is more effective to promote business and funding campaigns?
Studies on the efficacy of different types of social media, other than LinkedIn
Text and video (Big data)Entrepreneurs’ perspective: Do descriptions of the business affect financing decisions and persuade the crowd? What are the key aspects and how to make them effective?

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