Equity Crowdfunding Founder Teams: Campaign Success and Venture Failure

This paper examines whether solo founders are more likely to succeed in an initial equity crowdfunding (ECF) campaign and subsequently less fail than founder teams for a large sample of ECF campaigns conducted on the three largest UK platforms: Crowdcube, Seedrs SyndicateRoom. The results show that have lower probability conducting successful offerings teams, also thereafter. implication enjoy success is due fact quality their human capital may attract professional investors who can act as certification effect. Likewise, monitoring role helps minimize moral hazard concerns thus lowers likelihood failure teams. establish team characteristics significant determinants outcomes venture failure.