The development of the AngelList online syndication model in equity crowdfunding and its effects on venture capitalism and the seed funding industry
Name
1003321703-MIT.pdf
Description
Full printable version
Size
8.99 MB
Format
Adobe PDF
Checksum (MD5)
522ec238f4cdcf8ea9881fc0c9348d3a
Author(s)
Etienne, Alain, S.M. Sloan School of Management
Geha, Andre
Advisor(s)
Christian Catalini.
Date Issued
2017
Publisher
Massachusetts Institute of Technology
Abstract
AngelList developed online syndication to enable lead investors to collect backing investments from other individuals and professional investors. Online syndication, as part of equity crowdfunding, was expected to answer some fundamental issues of seed funding and possibly contribute to the disruption of the crowdfunding industry. However, we observed that there is a shift in the platform's strategy towards institutional investors and that the platforms that was once believed to embody the future of equity crowdfunding follows another direction to go away from crowdfunding. It is becoming a back-office platform for traditional investors and focuses on new markets, outside of funding. We argue that AngelList is going beyond a new form of equity crowdfunding to develop a digital solution that will bring online a wider concept and aims at becoming the startup platform, across all its non-core needs. However, this will require AngelList to cross-boundaries, and the Boston case example shows that the platform is not there yet from the geographical point of view.
Description
Thesis: S.M. in Management Studies, Massachusetts Institute of Technology, Sloan School of Management, 2017.
Cataloged from PDF version of thesis.
Includes bibliographical references (pages 75-78).
Subjects
Sloan School of Management.
MIT Department
Sloan School of Management
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