Emerging Trends in Entrepreneurial Finance: The Rise of ICOs

• Authors: Lesław Pietrewicz

Title variants

PL

Nowe trendy w finansowaniu przedsiębiorczości. Rozkwit ICO

Abstracts

PL

ICO, czyli Initial Coin Offering, to zasadniczo nowy model finansowania, który można postrzegać jako przełom w finansowaniu przedsiębiorczości. ICO to nieregulowane emisje kryptowalut wykorzystywane przez start-upy rozwijające technologię blockchain, czyli łańcucha bloków, do finansowania rozwoju rozproszonych aplikacji, dzięki którym użytkownicy wchodzą ze sobą w interakcje bez konieczności korzystania z centralnego ośrodka, którym tradycyjnie była firma rozwijająca aplikację, ustalająca reguły i czerpiąca z tego zyski. Celem przeprowadzonych studiów rozpoznawczych było wyjaśnienie źródeł spektakularnego rozwoju ICO i jego znaczenie w finansowaniu przedsiębiorczości. Przeprowadzone analizy pokazały, w jaki sposób ta nowatorska forma pozyskiwania kapitału zmienia obraz rynku finansowania przedsiębiorczości, obniżając bariery tworzenia kapitału, umożliwiając finansowanie projektów, które wcześniej nie miały takiej możliwości, wspierając nowe formy organizacji i nadzoru, demokratyzując dostęp do zysków z kapitału i wspierając budowę cyfrowej gospodarki współdzielenia.

EN

Initial Coin Offering (ICO), a fundamentally new funding model, can be viewed as “the next big thing” in entrepreneurial finance. ICOs are unregulated issuances of cryprocurrencies used by blockchain startups to fund the development of distributed applications where users interact directly with each other rather than through a central hub of the company which developed and controls the application. The aim of this exploratory study is to explain the spectacular rise of the ICOs and their relevance for entrepreneurial finance. The main finding is that ICOs effectively change the landscape of entrepreneurial finance, shifting barriers to capital formation, enabling funding previously unfundable projects, supporting new organizational and governance forms, democratizing finance, and contributing to the building of sharing digital economy.

Keywords

EN

entrepreneurial finance; Initial Coin Offering; cryptocurrency; token; blockchain

PL

finansowanie przedsiębiorczości; Initial Coin Offering; kryptowaluta; token; łańcuch bloków.

• Publisher: Uniwersytet Warszawski. Wydział Nauk Ekonomicznych
• Journal: Studia i Materiały
• Year: 2018
• Issue: 1(27) cz. 2
• Pages: 65-78

Dates

published

2018

Contributors

author

Lesław Pietrewicz

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Identifiers

DOI

10.7172/1733-9758.2018.27.6

Biblioteka Nauki

2182060