![]() While the literature has succeeded in providing many insights about the success and failure in both crowdfunding and ICO markets, much less is known about the STO market. Footnote 1 These securities are typically sold to accredited or experienced investors, making STOs more akin to private placements than public security offerings (Janney & Folta, 2006 Wruck & Wu, 2009 Wu, 2004). Now that the ICO market bubble ebbed away, security token offerings (STOs) have emerged, allowing investment in securities recorded on a blockchain. Later, the years 20 saw an influx of projects raising substantial amounts of money from the public through initial coin offerings (ICOs) (Fisch, 2019 Howell et al., 2020). From the 2010s, crowdfunding unfolded around the world, allowing entrepreneurs to raise capital online from the public (Mollick, 2014 Vulkan et al., 2016). Perhaps the most striking development is the reliance on digital platforms. The sources of external capital that entrepreneurs can tap to finance their venture have considerably evolved in only one decade.
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