摘要：This study explores the determinants of initial coin offering (ICO) success, where success isdefined as the amount of capital a project could raise. ICOs are a tool for startups in the blockchainecosystem to raise early capital with relative ease. The market for ICOs has grown at a rapid pace sinceits start in 2013. We analyze a unique dataset of 278 projects that finished their ICOs by August 2017to assess determinants of funding success that we derive from the crowdfunding and venture capitalliterature. Our results show that ICOs exhibit similarities to classical crowdfunding and venturecapital markets. Specifically, we identify resemblances in determinants of funding success regardinghuman capital characteristics, business model quality, project elaboration, and social media activity.
