Introducing our research

Dear Investor in Equity-based Crowdfunding (ECF),

Thank you for taking the time to learn about our Master Thesis project at Copenhagen Business School, Denmark.

In the following we will provide you with a brief introduction on our research approach and the reason for reaching out to You.

We hope to engage your interest and we look forward to collaborating with You.

Our Motivation:

In our thesis we are focussing on studying the infant and highly dynamic market of ECF. Although this market is comparably small with a global volume of USD 116 million in 2012, recent developments may trigger an unprecedented growth in funds raised via this channel and lay the ground to make it a viable source of entrepreneurial finance.

Being Investors in ECF projects we are excited about the new opportunities on the horizon. Our aim is to strengthen the collaboration between Investors, platforms and entrepreneurs by researching and generating knowledge on Investor’s behaviour in the context of ECF.

A review of the available literature on crowdfunding (CF) revealed that whilst a growing stream of academic literature has been published since 2010 many important aspects of CF require further studies to explore the dynamic factors shaping the CF ecosystem. More particularly several authors emphasized the need for additional studies investigating the motivations and investment decision-making criteria of investors in the quickly evolving market of ECF (Hagedorn and Pinkwart, 2013; Moritz and Block, 2013; Kortleben and Vollmer, 2013; Ahlers et al., 2013). We must learn more about the investor in order to find a good way to support entrepreneurs and investors in supporting their individual needs (Hagedorn and Pinkwart, 2013).

Our thesis aims at delivering a more thorough understanding of the Investor and their engagement in ECF. An improved acquaintance with the investor will not only proof valuable to the platform providers, the entrepreneurs, and legislators, but more importantly to You, the Investor.

Our research can be regarded as fundamental research necessary to advance the CF ecosystem. Firstly by supporting entrepreneurs to find the right pitch attracting investments and secondly guiding platforms to develop an infrastructure that is tailored to the Investor’s need.

Research Question:

How do Investors in Equity-based Crowdfunding inform their investment decision?


Qualitative research based on Grounded Theory

What we are looking for:

In order to gather sufficient data on the Investor’s we are aiming at interviewing between 15-25 active Investors, from different platforms. This means you have either invested in an equity-based CF project in the past or you are currently an Investor in an active campaign.

Primarily, Investors will be invited to a Skype call or Google hangout if not stated otherwise.

Please be aware that we are not limiting our research on the Danish market, but encourage Investors from different geographies to engage. 

Time requirement:

The Interview will take approximately 30 min of your time.

Confidentiality of data:

We fully acknowledge that our research is tapping into highly sensitive data and we therefore guarantee all information collected during the study period will be handled as such. No publications or reports from this project will include identifying information on any participant without your signed permission, and after your review of the materials.

Our project supervisor

Nicolaj Hojer Nielsen (link)

About us:

We are two graduate students of the subject ‘Organisational Innovation and Entrepreneurship’ at Copenhagen Business School.

If you are interested in becoming a valuable contributor to this project we welcome you to contact us. In case any questions or concerns remain, please don’t hesitate to send us a mail or to give us a call. We are always happy to hear from You.

Sign up for Interview here


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