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How Can Innovative Technology Ventures Gain Legitimacy? Evidence from Equity Crowdfunding

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Notes

  1. 1.

    We focus exclusively on technology ventures in line with the theorized assumption of Fisher et al. (2017) as it is out of our scope to identify legitimacy mechanisms for ventures across all industries. Moreover, technology ventures are more likely to introduce innovations/are the main driver of introducing innovations.

  2. 2.

    For example, Zhao et al. (2009), Menguc et al. (2014), Ellen et al. (1991) and Laukkanen et al. (2007) describe a “resistance” against radically innovative technologies, products or concepts.

  3. 3.

    The dataset of Kleinert et al., (2020) was extended by 25 campaigns.

  4. 4.

    Investigating the legitimacy mechanisms for technology companies is also relevant as companies with well-known business models, products and services face less-pronounced financing constraints.

  5. 5.

    These statistics are based on July 2019.

  6. 6.

    Chan and Parhankangas (2017) conducted various robustness tests (i.e., principal component factor analysis) and found consistent results. For more information, see Chan and Parhankangas (2017), pages 248–249.

  7. 7.

    For an overview of studies using conjoint analysis, see Lohrke et al. (2010).

  8. 8.

    We used a specific “pre-test mode” in our survey. In this mode respondents can make comments according to a specific task, question, item or page.

  9. 9.

    In reference to the title of Pollock et al. (2010): How much prestige is enough? Assessing the value of multiple types of high-status affiliates for young firms.

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  1. Wuppertal, Germany

    Kazem Mochkabad Khoramchahi

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  1. Kazem Mochkabad Khoramchahi
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Correspondence to Kazem Mochkabad Khoramchahi .

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Mochkabad Khoramchahi, K. (2020). How Can Innovative Technology Ventures Gain Legitimacy? Evidence from Equity Crowdfunding. In: Equity Crowdfunding. Springer Gabler, Wiesbaden. https://doi.org/10.1007/978-3-658-31266-4_4

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  • DOI: https://doi.org/10.1007/978-3-658-31266-4_4

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  • Publisher Name: Springer Gabler, Wiesbaden

  • Print ISBN: 978-3-658-31265-7

  • Online ISBN: 978-3-658-31266-4

  • eBook Packages: Economics and FinanceEconomics and Finance (R0)

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