A4 Article in conference proceedings
Initial Coin Offering (ICO) as a Fundraising Strategy : A Multiple Case Study on Success Factors (2019)

Panin, A., Kemell, K.-K., & Hara, V. (2019). Initial Coin Offering (ICO) as a Fundraising Strategy : A Multiple Case Study on Success Factors. In S. Hyrynsalmi, M. Suoranta, A. Nguyen-Duc, P. Tyrväinen, & P. Abrahamsson (Eds.), ICSOB 2019 : 10th International Conference of Software Business (pp. 237-251). Springer. Lecture Notes in Business Information Processing, 370. https://doi.org/10.1007/978-3-030-33742-1_19

JYU authors or editors

Publication details

All authors or editors: Panin, Aleksei; Kemell, Kai-Kristian; Hara, Veikko

Parent publication: ICSOB 2019 : 10th International Conference of Software Business

Parent publication editors: Hyrynsalmi, Sami; Suoranta, Mari; Nguyen-Duc, Anh; Tyrväinen, Pasi; Abrahamsson, Pekka

Place and date of conference: Jyväskylä, Finland, 18.-20.11.2019

ISBN: 978-3-030-33741-4

eISBN: 978-3-030-33742-1

Journal or series: Lecture Notes in Business Information Processing

ISSN: 1865-1348

eISSN: 1865-1356

Publication year: 2019

Number in series: 370

Pages range: 237-251

Number of pages in the book: 418

Publisher: Springer

Place of Publication: Cham

Publication country: Switzerland

Publication language: English

DOI: https://doi.org/10.1007/978-3-030-33742-1_19

Publication open access: Not open

Publication channel open access: 

Publication is parallel published (JYX): https://jyx.jyu.fi/handle/123456789/66919

Abstract

Cryptocurrencies and Initial Coin Offerings (ICO) are some of the more prominent examples of currently used blockchain technology applications. Especially software startups have leveraged ICOs to gain funding early on in their lifecycles, going on to develop and create new blockchain based applications. Recently, larger companies such as Facebook have also begun to show interest in cryptocurrency, although thus far not for funding purposes in the form of ICOs. In this paper, we investigate factors that positively affect the abilities of companies to meet their fundraising goals via ICOs. We first identify a set of factors from extant literature and then seek to further confirm the effect of these factors while uncovering new ones by means of a multiple case study of eight firms that have carried out an ICO with varying success. Based on the data, we highlight success factors for ICOs in funding use.

Keywords: startup companies; blockchains; virtual currency; fund raising; success factors

Free keywords: initial coin offering; success factor; cryptocurrency; blockchain; fundraising; crowd sale; token

Contributing organizations

Ministry reporting: Yes

Reporting Year: 2019

JUFO rating: 1