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Cited by 720

The DOI matches its Crossref record; 32 of the 32 references it cites were found in a registry or an index.

The Geography of Crowdfunding

Open access
Agrawal, Ajay, Catalini, Christian, Goldfarb, Avi·2011·National Bureau of Economic Research
DOI 10.3386/w16820
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Abstract

Perhaps the most striking feature of "crowdfunding'' is the broad geographic dispersion of investors. This contrasts with existing theories that predict entrepreneurs and investors will be co-located due to distance-sensitive costs. We examine a crowdfunding setting that connects artist-entrepreneurs with investors over the internet for financing early stage musical projects. The average distance between artists and investors is about 3,000 miles, suggesting a reduced role for spatial proximity. Still, distance does play a role. Within a single round of financing, local investors invest relatively early, and they appear less responsive to decisions by other investors. We show this geography effect is driven by investors who likely have a personal connection with the artist-entrepreneur ("family and friends''). Although the online platform seems to eliminate most distance-related economic frictions such as monitoring progress, providing input, and gathering information, it does not eliminate social-related frictions.

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Metadata

Authors
Agrawal, A., Catalini, C., & Goldfarb, A.
Venue
National Bureau of Economic Research
Publisher
National Bureau of Economic Research
Published
2011-02
DOI
10.3386/w16820
OpenAlex
W2133263811
Cited by
720
References
32
Type
report
Language
en
Open access
green

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CoChat. (2026). Citation check: The Geography of Crowdfunding. https://app.cochat.ai/papers/10.3386/w16820
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Agrawal, A., Catalini, C., & Goldfarb, A. (2011). The Geography of Crowdfunding. National Bureau of Economic Research. https://doi.org/10.3386/w16820

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