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xviNotes on ContributorsInstitutions, C&I) at the Danske Bank A/S Finland Branch. Kallio is amember of Extended Group Compliance, C&I Compliance and C&IFinland Management Teams. Previously Kallio worked as a MinisterialAdviser in the Financial Markets Department of the Ministry of Financeof Finland (being responsible, among others, for drafting and enteringinto force the Finnish Crowdfunding Act and acting as a co-head of theFinancial Market Department’s Fintech—expert group). In addition, heacted as a Finnish representative of the European Commission’s informalexpert group—“European Crowdfunding Stakeholder Forum (ECSF)”.He is also a co-author of first published book on crowdfunding and fintech in Finland (in Finnish: Joukkorahoitus, ). Prior to joining the Ministryof Finance of Finland he worked for two leading Finnish law firms and asa corporate counsel.Yuanqing Li is Assistant Professor of Entrepreneurship at DominicanUniversity. She graduated with a Doctor of Philosophy in BusinessAdministration (Entrepreneurship Focus) from the University of TexasRio Grande Valley (UTRGV). Her undergraduate degree in EnglishEducation (Henan Normal University, 2010) and master’s degrees inboth Teaching Chinese to Speakers of Other Languages (Minzu Universityof China, 2012) and Management (MBA UTRGV, 2015) have preparedher to teach and conduct research in diverse interests (including entrepreneurship especially in crowdfunding, cross-cultural communication andorganizational behaviour).Anna Lukkarinen is a postdoctoral researcher at Aalto UniversitySchool of Science in Finland. Her research interests lie in equity crowdfunding, entrepreneurial finance and new ventures. She currently focuseson developing an improved understanding of investor behaviour anddecision making in equity crowdfunding, which she does in close collaboration with crowdfunding practitioners. With work background inmanagement consulting at McKinsey & Company and investment banking at Citigroup, she strongly believes in the mutual benefit potential offostering linkages between academia and the industry.Natalia Maehle is an associate professor at the Western NorwayUniversity of Applied Sciences, Mohn Centre for Innovation and

Notes on ContributorsxviiRegional Development. She holds a PhD from NHH, Norwegian Schoolof Economics. Maehle’s research interests include digital business models,innovation, consumer behaviour and branding. She is currently leading aNorwegian part of the international research project supported by theHorizon 2020 ERA-net Cofund SUSFOOD2. Maehle also leads severalwork packages in an international research project on crowdfunding. Shehas an excellent track record of publications in the highly ranked international peer-reviewed journals.Ziaul Haque Munim is Associate Professor of Maritime Logistics at theUniversity of South-Eastern Norway. His research interests include maritime economics and logistics, supply chain management and international business. He holds a PhD in International Management from theUniversity of Agder and an MSc in Supply Chain Management from theVienna University of Economics and Business. His publications haveappeared in leading journals such as the Journal of Business Research, AsiaPacific Journal of Management, Resources, Conservation & Recycling andothers. He received the Best Paper Award at the IAME 2016 conferenceand the Young Researcher Best Paper Award at the IAME 2018 conference.Ana Odorović is a PhD research fellow in the Graduate School in Lawand Economics at the University of Hamburg in Germany. Her thesisdeals with the question of overcoming asymmetric information in thecrowdfunding market from a law and economics perspective. She is alsoa research affiliate at the Cambridge Centre for Alternative Finance. In2018, she was a visiting researcher at the University of Oxford. She holdsan LLM degree in business law from the Panthéon-Assas University (Paris2) and a master’s degree in economics from the University of Belgrade,where she also teaches economics at the Law school.Pia Piroschka Otte is a senior researcher at Ruralis, Institute for Ruraland Regional Research. In addition, she works as a researcher at NTNUSustainability within the climate change cluster. Pia has an interdisciplinary background with a PhD in Political Science and a master’s degree inDevelopment Studies from NTNU. Her work focuses on social scienceresearch addressing energy transitions, climate change and rural/urbandevelopment. She is currently leading an international research project

xviiiNotes on Contributorsthat tests the feasibility of offsetting CO2 emissions from transportthrough crowdfunding of climate-friendly technologies on local farms.Stine Øyna is an associate professor at The School of Business and Law,University of Agder, Norway. She holds a PhD in International Businessfrom the same university. Her research interests lie in the intersectionbetween international business and entrepreneurship, with a currentfocus on born globals, internationalizing SMEs and entrepreneurshipeducation. She has publications in journals such as International BusinessReview and International Studies of Management and Organization. Shereceived the Lazaridis Institute SMEs & International EntrepreneurshipBest Paper Prize at the EIBA 2018 conference.Friedemann Polzin is an assistant professor at Utrecht UniversitySchool of Economics (U.S.E.), Sustainable Finance Lab (SFL) andEuropean Centre for Alternative Finance (ECAF). He holds a PhD fromEBS Business School and an MSc in Business Administration from theUniversity of Jena. Friedemann investigates the financing of innovationand entrepreneurship as well as corresponding sources such as banking,venture capital or crowdfunding. Another part of his research looks at thepolicy environment required for a transition towards a green economy.His work has been published in major innovation, entrepreneurship andsustainability journals.Anders Rykkja is a doctoral research fellow at the Inland NorwayUniversity of Applied Sciences. He holds an MA in Music BusinessManagement from the University of Westminster. Anders currentlyworks on his doctoral thesis, which is on the emergence, adoption andusage of cultural crowdfunding as a supplemental financing mechanismin the cultural and creative industries. Over the last few years as a teammember of Knowledge Works, the Norwegian knowledge centre for thecultural and creative industries, he has published reports on a variety oftopics, including music industry export, festivals and cultural policyintervention schemes.Sunghan Ryu is an assistant professor in USC-SJTU Institute ofCultural and Creative Industry at Shanghai Jiao Tong University. Heholds a PhD in IT management from the College of Business, KAIST. His

Notes on Contributorsxixresearch interests include IT innovations in cultural and creative domainsand effective information systems applications in the entrepreneurialcontext. His current research interests revolve around crowdfunding andother alternative finance practices. His works appeared in academic journals including Journal of Strategic Information Systems, Electronic Marketsand Electronic Commerce Research & Applications and were presented atprestigious conferences such as ICIS and HICSS.Priscilla Serwaah is a doctoral research fellow at the School of Businessand Law, University of Agder. She previously worked as a teaching assistant at the Kwame Nkrumah University of Science and Technology(KNUST), Ghana. During her master’s at the University of Agder, sheworked as a consultant for Mechatronics Innovation Laboratory (MIL),located in Grimstad. Her research focuses on entrepreneurial/alternativefinance and gender dynamics in crowdfunding.Rotem Shneor is an associate professor at the University of Agder’sSchool of Business and Law and serves as the academic director of theuniversity’s Centre of Entrepreneurship, as well as the founder and headof the university’s Crowdfunding Research Centre. He holds a PhD inInternational Management from UiA and a master’s degree from theNorwegian School of Economics (NHH). He established the NordicCrowdfunding Alliance of platforms, co-founded and currently serves onthe board of the Norwegian Crowdfunding Association. In addition, heis serving as an affiliate researcher at the Cambridge University Centre forAlternative Finance and is a co-author to its annual reports. His researchcovers crowdfunding success, behaviour and motivations, internet marketing and cognitive aspects of entrepreneurship. He has a record of fifteen years in teaching, researching and supporting entrepreneurship. Hehas published in academic journals (including JBR, ERD, IJOEM, CCM,BJM, JPBM, EEP, and JPM), trade magazines, as well as contributedseveral chapters to research-focused edited books and textbooks.Erik Stam is Professor of Strategy, Organization & Entrepreneurship atUtrecht University School of Economics (U.S.E.). He holds a PhD andMSc from Utrecht University. His research lies in the intersection of economics, geography and government policy and is one of the world’s lead-

xxNotes on Contributorsing scholars in entrepreneurship. Erik has co-authored more than 50academic articles, edited and contributed to numerous books. He is affiliated with several universities around the global and he also regularly consults governments and entrepreneurship organizations.Krishnamurthy Suresh is an academic associate at the Indian Instituteof Management (IIM), Bangalore, India. He is also a research associate atthe Cambridge Centre for Alternative Finance (CCAF), University ofCambridge Judge Business School. He has authored three alternativefinance industry reports with CCAF. His research interests lie in the areasof small and medium enterprise (SME) financing, crowdfunding, newand alternative financing models for start-ups and SMEs, as well as regulatory frameworks. He is currently pursuing his PhD from India and wasa visiting fellow (Pavate) at the University of Cambridge Judge BusinessSchool (CJBS).Stina Torjesen is an associate professor at the University of Agder’sSchool of Business and Law, where she teaches courses in Business Ethics.Stina holds an MPhil and DPhil in International Relations from theUniversity of Oxford. She served previously as a senior research fellow atthe Norwegian Institute of International Affairs and worked for theUnited Nations in Kazakhstan. She has also worked as a project managerin the sustainability consultancy SIGLA. Her publications include contributions to edited books volumes and articles in academic journals (e.g.IJSD, CSD, CAS, etc.).Lasse Vuola holds LLM from the University of Lapland and California,Berkeley, and MSc from the University of Jyväskylä. He is serving asCEO and co-founder of the Finnish loan-based crowdfunding platformFundu Ltd, which employs approximately 20 people in Finland. He isalso a co-author of the first published book on crowdfunding and fintechin Finland (in Finnish: Joukkorahoitus). Vuola has also worked as a lawyerfor many years in Finland’s largest business law firm, most recentlyemployed by a law firm Castrén & Snellman Oy. In addition, he hasinvested in several start-up companies and implemented many cooperation projects with start-up and growth companies, providing him withcomprehensive understanding of practical corporate financebottlenecks.

Notes on ContributorsxxiKarsten Wenzlaff is a PhD research fellow and lecturer in Crowdfundingand Alternative Finance in the Chair for Digital Markets at the Universityof Hamburg in Germany. He is the co-author of the Alternative FinanceBenchmarking Report of the Centre for Alternative Finance at theUniversity of Cambridge and a research affiliate in the European Centrefor Alternative Finance at the University of Utrecht. His research focus isalternative finance, corporate crowdfunding and civic crowdfunding,self-regulation of FinTechs and Fintech ecosystems. Karsten has been anexpert to the Committee on the Digital Agenda of the German Parliament.Bryan Zheng Zhang is the co-founder and executive director of theCambridge Centre for Alternative Finance at the Judge Business School,University of Cambridge. His research examines the accumulation andallocation of capital for start-ups and SMEs through alternative circuitsof finance in a geographical and comparative context. Since 2013, Bryanhas led and co-authored some of the most influential industry reports onthe state of alternative finance both at national and international levels.He has advised and collaborated with numerous institutions and organizations including the Financial Conduct Authority, the British BusinessBank, the Department of International Development, the EuropeanCommission, the World Bank, Oxfam and Unilever. He is also a researchfellow in Finance at Cambridge Judge Business School and a senior fellow at the Financial Innovation Lab. Bryan was trained in economicgeography and public policy at Cambridge and Oxford Universities.Liang Zhao is a postdoc research fellow at the University of Agder’sSchool of Business and Law. He is also a research fellow in China’s PublicSector Economy Research Centre (CPSERC) and China-IsraelEntrepreneurship and Innovation Centre (CIEIC) at Jilin University inChina. In addition, he was an affiliate researcher at the CambridgeUniversity Centre for Alternative Finance. Dr. Liang studies innovationand entrepreneurship, with a special emphasis on reward-based crowdfunding. His research interests include the interactive mechanism ofcrowdfunding platforms, backers and entrepreneurs; e-trust and backerbehaviour; crowdfunding community formation and marketing ofcrowdfunding campaigns. His research output includes journal articles,book chapters and industry reports. Besides, He also writes popular arti-

xxiiNotes on Contributorscles for global FinTech web media such as Crowdfund Insider andTechfoliance. He received his PhD from Amsterdam Business School atthe University of Amsterdam in the Netherlands and his cum laude bachelor and master’s degrees from Jilin University in China.Tania Ziegler is the lead in Global Benchmarking at the CambridgeCentre for Alternative Finance (CCAF) and manages the centre’s alternative finance benchmarking programme which spans Europe, the Americas,Asia Pacific and the Middle East and Africa. She has authored more thana dozen industry reports since joining the CCAF. She is an expert in SMEfinance and leads the Centre’s work on SME Access to Finance in LatinAmerica. She holds an MSc from the London School of Economics (LSE)and a BA from Loyola College in Maryland. Tania is a 2010 FulbrightScholar and has spent a period at the International University of Businessand Economics in Beijing, China.

List of FiguresFig. 1.1Fig. 1.2Fig. 2.1Fig. 2.2Fig. 2.3Fig. 3.1Fig. 3.2Fig. 3.3Fig. 3.4Fig. 3.5Fig. 4.1Fig. 4.2Win-win dynamics in crowdfunding The crowdfunding campaign process Generic organizational fundraiser model choice framework Extended organizational fundraiser model choice framework Consumer fundraiser model choice framework Global volumes 2013–2017 (USD) Global volumes by top models 2017 (USD) Total 2017 volumes by region (million USD).(Source: Ziegler et al. 2020) Crowdfunding per capita volumes by GDP percapita 2017—Lead markets Regional volumes—Europe, Asia-Pacific, and Latin America& the Caribbean (USD). (Source: Ziegler et al. 2020) Traditional P2P lending model. (Source: Bank for InternationalSettlements and Financial Stability Board (2017). Marketstructure, business models and financial stability implicationsBank for International Settlements. The full publication isavailable on the BIS website free of charge: www.bis.org) Balance sheet lending model. (Source: Bank for InternationalSettlements and Financial Stability Board (2017). Marketstructure, business models and financial stability implicationsBank for International Settlements. The full publication isavailable on the BIS website free of charge: www.bis.org) 3632333345464750556970xxiii

xxivList of FiguresFig. 4.3Fig. 4.4Fig. 4.5Proportion of global volume from key crowdlending models 73Sources of UK SME finance 2012–2018 (in billion GBP) 77Institutional vs. retail investors in crowdlending (globally)in 2018 83Equity crowdfunding volumes (million EUR). (Source:Based on figures reported in Garvey et al. 2017; Zhang et al.2018; Ziegler et al. 2018a, b, c, d, 2019) 94Typical equity crowdfunding process under the all-or-nothing model. (Source: Modified from Lukkarinen et al. 2016) 95The four-dimension framework of reward-basedcrowdfunding 122Interactions between financial crowdfunding and institutionsat macro and micro levels 192Interactions between financial crowdfunding and institutionsat macro, meso, and micro levels 199Timeline—Brief history of crowdfunding 224The effect of the 2007–2008 crisis 251The effect of major technological breakthroughs on FinTechand banks 254Effects of social changes on banks and FinTech 255Evolution of the relationship between banks and FinTechs 263Indian crowdfunding market volumes by model(2013–2017). ( Based on figures from Ziegler et al. [2018]) 301Market volume by country for 2015 (in million). (Source:Based on figure from Ziegler et al. 2018a, b) 357Market volume per capita by country for 2016 (in million). (Source: Based on figures from Ziegler et al. 2018a, b;World Bank Data for Israel 2019) 357Headstart (rewards and donations campaigns) fundingvolumes 2012–2018 (in million). (Source: Based on datareceived from the company) 363Headstart (rewards and donations campaigns) success rates2012–2018. (Source: Based on data received from thecompany) 363Alternative finance volume per capita versus GDP per capita2017. (Source: Ziegler et al. 2019) 377Cross-border flows in European crowdfunding markets2017. (Source: Ziegler et al. 2019) 380Fig. 5.1Fig. 5.2Fig. 6.1Fig. 9.1Fig. 9.2Fig. 10.1Fig. 11.1Fig. 11.2Fig. 11.3Fig. 11.4Fig. 13.1Fig. 15.1Fig. 15.2Fig. 15.3Fig. 15.4Fig. 16.1Fig. 16.2

List of TablesTable 2.1Table 2.2Table 3.1Table 3.2Table 4.1Table 4.2Table 4.3Table 5.1Table 8.1Table 8.2Table 8.3Table 8.4Table 11.1Table 11.2Table 13.1Table 13.2Table 13.3An extended CCAF global crowdfunding typology 24Main crowdfunding model characteristics 29Top thirty national markets by volume in 2017 49Top crowdfunding models by region 56Global alternative lending in USD billion (inclusive ofChina figures) 73Global alternative lending in USD billion (exclusive ofChina figures) 74Crowdlending models 2018 by model and region (in USDbillion) 75Comparison of different forms of early-stage equityfinancing 104Ethical pitfalls for platforms 170Ethical pitf

Agder's (UiA) School of Business and Law and a member of the Crowdfunding Research Centre at UiA. He holds a master's degree in International Management from UiA. . 2012) and Management (MBA UTRGV, 2015) have prepared her to teach and conduct research in diverse interests (including entrepre - neurship especially in crowdfunding, cross .