Tracking the Digital Evolution of Entrepreneurial Finance: The Interplay Between Crowdfunding, Blockchain Technologies, Cryptocurrencies, and Initial Coin Offerings
Artikel i vetenskaplig tidskrift, 2020

A vibrant development is currently taking place in entrepreneurial finance due to the field's digital evolution over recent years. This article aims to assess the interplay between four of the key phenomena that has fuelled this development, namely crowdfunding, blockchain technologies, cryptocurrencies, and initial coin offerings (ICOs). By making use of social media analytics, public discussions on social media concerning crowdfunding, blockchain technologies, cryptocurrencies, and ICOs have been systematically tracked in social media over three time periods between the May 6, 2017, and October 2, 2018. In doing so, a total of 197 770 captured posts across social media platforms have been collected and analyzed. The results illustrate that discussions on blockchain technologies dominated the interplay in the first analyzed time period, that discussions on cryptocurrencies and ICOs dominated the interplay in the second analyzed time period, while discussions concerning blockchain technologies, cryptocurrencies, and ICOs highly converge in the third time period. By illustrating this shift over the analyzed time periods and by offering a systematic exploration of key characteristics of the interplay at hand, this article adds to previous literature on entrepreneurial finance by providing an empirical contribution which details the coevolution of these phenomena in recent years.



Social networking (online)


initial coin offerings (ICOs)





social media analytics (SMA)

Technological innovation


Claire Ingram Bogusz

Handelshögskolan i Stockholm

Christofer Laurell

Handelshögskolan i Stockholm

Christian Sandström

Internationella Handelshögskolan i Jönköping

Chalmers, Teknikens ekonomi och organisation, Science, Technology and Society

The Ratio Institute

IEEE Transactions on Engineering Management

0018-9391 (ISSN) 1558-0040 (eISSN)

Vol. 67 4 1099-1108 9115055



Mänsklig interaktion med IKT

Systemvetenskap, informationssystem och informatik med samhällsvetenskaplig inriktning



Mer information

Senast uppdaterat