Investors’ industry preference in equity crowdfunding

Sofia Johan, Yelin Zhang*

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

9 Citations (Scopus)
3 Downloads (Pure)


Equity Crowdfunding Online Portals offer access to investors, resources and fundraising support to numerous equity crowdfunding projects from different industry sectors. In this context, we study investors’ preferences of equity crowdfunding projects in different industries. We present novel empirical evidence revealing differences in startup characteristics across various industry sectors and examine how certain startup characteristics influence business valuations for representative industries in equity crowdfunding. A new business valuation method in equity crowdfunding is introduced to facilitate our analyses.

Original languageEnglish
Pages (from-to)1737–1765
Number of pages29
JournalJournal of Technology Transfer
Early online date19 Oct 2021
Publication statusPublished - 1 Dec 2022


  • Business valuation
  • Equity crowdfunding
  • Industry effect


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