Entrepreneurial behaviour after financing: Angel investment, crowdfunding and ICOs

Abstract: Entrepreneurial behaviour and traits are treated as concepts that have almost a static effect on choices and firm performance. The literature in the field of entrepreneurship suggests that such traits have a strong connection with success, performance and the business itself. A firm has different life cycle stages, with receiving its first external financing being of great importance. Receiving external financing may have a big impact on the entrepreneur as a person, especially when young and inexperienced entrepreneurs are concerned, affecting psychological traits such as confidence, risk propensity, and more. This thesis examines and shows that entrepreneurial behaviour does change during the financing moment. Different types of financing (ICO, angel investing, crowdfunding), as well as the financing itself, were shown to` have an impact on the entrepreneurial behaviour. Thus, as several other studies suggest that entrepreneurial behaviour affects performance, the financing will have an impact on expected future performance.