Han, Chunjia and Yang, Mu and Saridakis, G. and Sassone, V. (2025) Team experience and ICO success: an empirical study of entrepreneurs in blockchain projects. IEEE Transactions on Engineering Management , ISSN 0018-9391.
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Abstract
Initial coin offering (ICO), based on the blockchain technology, has emerged as a new fundraising mechanism in entrepreneurial finance for ventures to raise capital via crowdfunding. Building upon the limited yet growing body of literature on the interaction of entrepreneurship, crowdfunding and organisational learning, this paper aims to investigate the relationship between entrepreneur teams’ functional-based experience and crowdfunding success with a focus on the ICOs of blockchain projects. We also examine the moderating roles of the characteristics of blockchain projects on the relationship. The study collects empirical data on 428 blockchain projects which had completed their ICOs. Logistic regression models are developed to test hypotheses. The results show that entrepreneurial teams’ technically-related ICO experience has a positive impact on their ICO success while commercially-related ICO experience has a negative impact. Further examination shows that the Sector factor significantly moderates both impacts. The moderating effect of soft caps is found insignificant. These findings add to the existing literature by highlighting the impact of entrepreneurs’ experience on the success of their ICO projects and have implications for practice on managing entrepreneurial team to improve crowdfunding performance
Metadata
| Item Type: | Article |
|---|---|
| School: | Birkbeck Faculties and Schools > Faculty of Business and Law > Birkbeck Business School |
| Depositing User: | Chunjia Han |
| Date Deposited: | 27 Mar 2025 09:36 |
| Last Modified: | 11 May 2025 03:47 |
| URI: | https://eprints.bbk.ac.uk/id/eprint/55238 |
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