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Setting the Research Agenda

Academic Symposium on Crowdfunding

Academic Symposium on Crowdfunding

Date / time: 
10.17.13 - 12:00pm to 10.18.13 - 3:00pm

UC Berkeley's Fung Institute, with the generous support of the Ewing Marion Kauffman Foundation and Silatech, hosted a research symposium on crowdfunding and innovations in social finance models on the UC Berkeley campus on October 17th and 18th, 2013. Researchers, policy experts and government officials from around the globe gathered at Berkeley to present research and frame the research agenda and collaboration for crowdfunding and social finance of new ventures.  We were honored to have representatives from the Securities and Exchange Commission and the Bank of England presenting. The World Bank released its major study "Scaling Innovation: Crowdfunding's Game-Changing Potential for the Developing World" at this event.

Please click on the Agenda link below for a detailed agenda as well as links to the presentation papers.

For more information, please contact Richard Swart:




Mollick: Crowdfunding, Venture Capital, & Selection of Entrepreneurs

Guenther: Signaling in Equity Crowdfunding

Robb: Gender Dynamics in Crowdfunding

Younkin: A Crowd or Community

Sorenson: Who gets Crowdfunded?

Best, Lambkin & Neiss: Crowdfunding's Potential for the Developing World

Seong: Korean Resolution of Crowdfund Regulatory Challenges

Ellenoff: Regulation & Policy of Crowdfunding

Swart: Crowdfunding Data Schema & Database

Puri: Adverse Incentives in Crowdfunding

Kuppuswamy: Dynamics of Project Backers in Kickstarter

Burtch: Online Crowdfund Information Hiding Behavior

Manso: Dynamics of Crowdfunding Process

Academic Panel: Charles Manski, Manju Puri, Toby Stuart, Hal Varian

Agrawal: Geography of Crowdfunding

Lin: Online Crowdfunding Market

Fleming: Geography of Crowdfunding


Thursday, October 17th [Blum Hall, PLaza Level, UC BERkeley]


12:00pm-1:00pm    Registration & Welcome Luncheon

1:00PM-2:15PM      International Perspectives on CrowdFunding

      ➢ Dr. Tarik Yousef, CEO, Silatech
      ➢ Dr. Shehab Marzban,
      ➢ Dr. David Bholat, Newcastle University
      ➢ Julia Groves, Chair, UK CrowdFunding Network
      ➢ Kristof De Buysere, Value Development
      ➢ Jouko Ahvenainen, Founder of Grow VC Group
      ➢ Tomás de Lara, Co-founder at Engage, Netweaver at

2:15pm-3:30pm      Research Session: Who gets CrowdFunded?

      ➢ Ethan Mollick, Wharton School of Business “Swept Away by the Crowd? CrowdFunding, Venture Capital, and the Selection of Entrepreneurs”  
      ➢ Gerrit K.C. Ahlers, A.T. Kearney GmbH, with Christina Guenther, Douglas Cumming, and Denis Schweizer  “Signaling in Equity CrowdFunding”
      ➢ Alicia Robb, Kauffman Foundation, with Dan Marom, and Orly Sade  “Gender Dynamics in CrowdFunding: Evidence on Entrepreneurs, Investors, and Deals from Kickstarter”
      ➢ Peter Younkin, McGill University, with Keyvan Kashkooli   “A Crowd or a Community”

Discussant: Olav Sorenson, Yale School of Management

3:30pm-4:00pm     Networking Break

4:00pm-4:45pm     World Bank Paper Publication: 

      ➢ Jason Best and Sherwood Neiss, Crowdfund Capital Advisors and Fung Institute, UC Berkeley, with Richard Swart, Anthony Lambkin  "Scaling Innovation: Crowdfunding's Potential for the Developing World"

4:45pm-5:15pm     The Regulation and Policy of CrowdFunding

      ➢ Hye Hwal Seong, Inha University, Korea - The Korean Resolution of Crowdfunding Regulatory Challenges
      ➢ Doug Ellenoff, Ellenoff Grossman and Schole, LLP

Discussant: Richard Swart - Research Director, Program for Innovation in Entrepreneurial Finance, Fung Institute

5:15pm-6:15pm      Reception

6:30pm-8:00pm     Dinner - Hearst memorial Mining Building, Moore Lobby

Friday, October 18th [blum hall, plaza level]

8:00AM-8:30am    Breakfast

8:30am-9:30am    Research Session: Dynamics of the CrowdFunding Process

      ➢ Thomas Hildebrand, European School of Management and Technology, with Manju Puri and Jörg Rocholl  “Adverse Incentives in CrowdFunding”
      ➢ Venkat Kuppuswamy, University of North Carolina, with Barry L. Bayus  “CrowdFunding Creative Ideas: The Dynamics of Project Backers in Kickstarter”
      ➢ Anindya Ghose, NYU Stern School of Business, with Gordon Burtch and Sunil Wattal  “Private Displays of Affection: An Empirical Examination of Online CrowdFunding Information Hiding Behavior”

Discussant: Gustavo Manso, Haas School of Business

9:30am-10:30am    Academic Panel

      ➢ Charles F. Manski, Northwestern University
      ➢ Manju Puri, Duke University
      ➢ Toby E. Stuart, Haas School of Business
      ➢ Hal Varian, Google

10:30am-11:00am   networking Break

11:00am-11:45am    Research Session: The Geography of CrowdFunding

      ➢ Ajay Agrawal, Rotman School of Mgmt., with Christian Catalinia, Avi Goldfarb  “Crowdfunding: Social Frictions in the Flat World?"
      ➢ Mingfeng Lin, University of Arizona, with Siva Viswanathan  “Home Bias in Online Investments: An Empirical Study of an Online Crowd Funding Market”

Co-Discussants: Lee Fleming, UC Berkeley & Bryan Zhang, Cambridge

11:45am-1:00pM    Lunch


      ➢ Richard Swart and Lee Fleming, UC Berkeley

2:00pm-3:00pm     Research Group reports & plans for future discussions

      ➢ Kristof De Buysere – Vrije Universiteit Brussel
      ➢ Kevin Grell – University of Southern Denmark
      ➢ Lucy Hu – UC Berkeley
      ➢ Dan Marom – Hebrew University
      ➢ Cindy Gordon, CEO, Helix Commerce International Inc.
      ➢ Bryan Zhang – Cambridge University
      ➢ Bryan Stroube – University of Maryland

3:00pm                    Adjourn




Conference Chairs

Lee Fleming, Director, Coleman Fung Institute of Engineering Leadership, UC Berkeley
Olav Sorenson, Frederick Frank '54 and Mary C. Tanner Professor of Management, Yale School of Management

Conference Organizer

Richard Swart, Director of Program for Innovation in Entrepreneurial & Social Finance, Fung Institute for Engineering Leadership, UC Berkeley

Technical Committee

Ajay Agrawal, Toronto
Douglas Elenoff, Ellenoff, Grossman, and Schole LLP
Elizabeth Gerber, Northwestern
Mark Garmaise, UCLA
Hillary Greene, University of Connecticut
Dietmar Harhoff, Max Planck Institute
Ethan Mollick, University of Pennsylvania
Ramana Nanda, Harvard
Richard Swart, UC Berkeley
Olav Sorenson, Yale
Toby Stuart, UC Berkeley
Peter Thompson, Emory
Dennis Yao, Harvard
Shehab Marzban, Shekra Crowdfunding
Nader Kabbani, Silatech

Executive Committee

Arnav Anand, Center for Entrepreneurship and Technology
Jason Best, Center for Entrepreneurship and Technology
Lee Fleming, Fung Institute
Robert Gleeson, Fung Institute
Sherwood Neiss, Center for Entrepreneurship and Technology
Hazel Palaski, Fung Institute




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