• Douglas Cumming
  • Lars Hornuf


This chapter introduces the literature on donation- and reward-based crowdfunding, crowdinvesting, and crowdlending models. We provide statistics on the size of the market as in 2015. We summarize some of the early research on the topic, and suggest some avenues for future research.


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Copyright information

© The Author(s) 2018

Authors and Affiliations

  • Douglas Cumming
    • 1
  • Lars Hornuf
    • 2
    • 3
    • 4
    • 5
  1. 1.Schulich School of BusinessYork UniversityTorontoCanada
  2. 2.Business Studies & EconomicsUniversity of BremenBremenGermany
  3. 3.Max Planck Institute for Innovation and CompetitionMunichGermany
  4. 4.Center of FinanceUniversity of RegensburgRegensburgGermany
  5. 5.CESifoMunichGermany

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