Ádám Bereczk, Zoltán Musinszki, Erika Szilágyiné Fülöp, Bettina Hódiné Hernádi
This study investigates the allocation of pre-sale capital by blockchain technology-based startup ventures, with a specific focus on the Play-to-Earn (P2E) segment within the Web3 ecosystem, and its impact on token price performance. Our aim is to determine the proportion of initial capital that P2E startups, according to their business plan (whitepaper), allocated to key areas such as team and advisor expenses, marketing activities, and product development. Subsequently, this research centers on the question of how the focal areas of pre-sale capital utilization (team, marketing, development) correlate with the subsequent price performance of the tokens issued by these startups. The timeliness and relevance of this topic are underscored by the dynamic evolution of blockchain technology and the P2E model, as well as the critical role of startups' capital allocation decisions. Understanding how the utilization of initial funding influences long-term value is also of paramount importance for investors. Based on the results, while excessive marketing expenditures may offer a project short-term benefits, this strategy can potentially have negative long-term consequences. A project's financial viability is contingent upon competent human resources and the insights of external experts; nevertheless, these elements alone are not definitively sufficient. The significance of product development was only evident when the effect was measured in Bitcoin terms; no correlation was found when measured in Dollars.
Tokenization promises to convert lumpy, illiquid real-world assets into divisible, transferable claims, yet secondary markets for these instruments remain thin and trading is infrequent. Standard asset pricing models, including the capital asset pricing model and its liquidity-adjusted extensions, were not designed for assets whose holders derive consumption, access, or governance value directly from ownership. This paper develops a conceptual asset pricing framework for utility-backed non-fungible tokens (NFTs) and tokenized real-world assets by augmenting the liquidity-adjusted capital asset pricing model with a utility (convenience) yield. The framework decomposes the required pecuniary return into a risk-free rate, a systematic liquidity-risk premium, an amortized illiquidity level premium that scales with transaction costs and turnover, and a utility-yield offset that lowers the return investors require in cash. Two analytical implications follow. First, utility backing compresses observed pecuniary returns without eliminating the underlying illiquidity premium. Second, where utility flows covary positively with illiquidity, estimates that regress pecuniary returns on liquidity proxies understate the gross illiquidity premium. An illustrative calibration, with parameter ranges drawn from the empirical tokenization literature, quantifies the mechanism rather than estimating it. The framework yields testable predictions and implications for valuation and disclosure.
Hasni Dyah Kurniawati, Saefudin Saefudin, fernando julio parera, Nurlyana Puspitasari · 7 authors
<ns3:p> Research background In recent decades, venture capital (VC) has increasingly incorporated sustainability principles, reflecting the global shift toward environmentally and socially responsible investment. The alignment of VC with sustainability goals responds to the climate crisis, technological transformation, and social expectations for ethical finance. However, research on the VC–sustainability nexus remains fragmented across disciplines, requiring systematic mapping to clarify key trends and research gaps. This study aims to map the global evolution of VC research within the context of sustainability. It identifies publication trends, collaboration patterns, main thematic clusters, and emerging research areas to provide an integrated understanding of this growing field. Methods A mixed-methods bibliometric analysis was conducted using data retrieved from the Scopus database for the period 2002–2025. Analytical tools including <ns3:italic>RStudio and VOSviewer</ns3:italic> were applied to examine publication dynamics, co-authorship networks, and conceptual structures. The SPAR-4-SLR protocol was adopted to ensure methodological transparency and rigor. Discussion Results show that international collaboration—particularly among China, the United States, and the United Kingdom—drives sustainable innovation in the VC ecosystem. Three main clusters were identified: the theoretical evolution of VC, long-term policy and economic frameworks, and VC’s role in green entrepreneurship and sustainable technology. Research on emerging themes such as decentralized finance (DeFi), machine learning, and risk modeling remains limited. This study adds value by offering a systematic overview of the intellectual landscape and highlighting future research directions to strengthen VC’s contribution to global sustainability. </ns3:p>
Objetivo: propor a Decentralized Autonomous Franchise (DAF) como uma arquitetura organizacional alternativa para redes de franquias, baseada em blockchain, contratos inteligentes e governança tokenizada. Estado da arte: embora o franchising seja amplamente reconhecido como modelo eficiente de expansão, enfrenta limitações estruturais relacionadas à centralização de poder, à incompletude contratual e às assimetrias informacionais. Paralelamente, a literatura científica sobre Decentralized Autonomous Organizations (DAOs) tem avançado na discussão de governança descentralizada, ainda com pouca articulação com o campo de franchising. Originalidade: o artigo aproxima os campos de franchising e DAOs, propondo a DAF como modelo alternativo que reconfigura mecanismos de coordenação, participação e controle em redes de franquias. Impactos: o artigo oferece um referencial inovador para redes de franquias interessadas em atualizar seus mecanismos de governança, ampliar a participação dos franqueados e incorporar princípios de transparência e descentralização apoiados por tecnologias digitais descentralizadas. ODS: 8 – Trabalho decente e crescimento econômico, 9 – Indústria, inovação e infraestrutura, 17 – Parcerias e meios de implementação.
Decentralized finance (DeFi) has been studied mainly as a financial and technological system, while the role of digital entrepreneurial capability in shaping sustainable user traction remains underexplored. This study repositions DeFi as a digitally mediated entrepreneurial ecosystem and examines whether retention-oriented user behavior is associated with three capability dimensions—entrepreneurial visibility, network embeddedness, and organic acquisition efficiency—together with ecosystem-finance conditions such as total value locked and decentralized-exchange activity. Using an exploratory, correlational design with monthly aggregated data from five incumbent DeFi platforms during the post-FTX recovery period (October 2022–September 2023), the analysis combines canonical correlation analysis, partial least squares regression, and ridge regression. Results indicate a significant multivariate association between ecosystem-finance conditions and the entrepreneurial-capability block, and show that returning-visitor behavior is more coherently linked to the predictor set than broad visitor inflow. Entrepreneurial Visibility Capital and Network Embeddedness emerge as the most stable positive correlates of user retention, while Organic Acquisition Efficiency shows a directionally mixed pattern. Because the sample is small, the findings are interpreted as preliminary evidence rather than confirmatory claims. Overall, the study offers an integrative framework that connects DeFi, digital entrepreneurship, and sustainability-oriented business-model research, and identifies the joint configuration of digital capability and financial conditions as a promising direction for future, larger-scale investigation.
This research examines 42 countries and investigates the relationship between geopolitical risk and global non-fungible token (NFT) investor attention. We use Google search volumes related to NFTs across different regions as a proxy for such attention. Our findings indicate that geopolitical risk positively impacts global NFT investor attention, suggesting that investors in countries with higher geopolitical risk may pay more attention to the NFT market. We further explore the effects across different NFT segments and find that geopolitical risk particularly influences investor attention in the metaverse segment. This positive nexus is further amplified during the Russia-Ukraine war and the COVID-19 pandemic.
Maksym W. Sitnicki, Олена Шатілова, Nikita Smohorzhevskyi
The growth of the knowledge economy requires new models enabling consulting firms to convert expertise into venture capital capabilities within Web 3.0 ecosystems. Existing research rarely explains how knowledge-based consultancies transform into institutional investors with scalable investment strategies and measurable performance. This study aims to develop an original theoretical and applied framework explaining the transition of a Web 3.0 consulting company into a venture capital institution through quantitative forecasting, governance mechanisms, and diversified investment design. The proposed concept integrates organizational maturity assessment, financial modeling, investment governance, and scenario analysis into a unified venture transition framework for knowledge-economy firms. The core research question addresses how a knowledge-economy consulting company can operationalize its transition into venture capital management within the Web 3.0 ecosystem. Using PEMM analysis, gap analysis, Gantt charts, RACI matrices, market sizing (TAM/SAM/SOM), financial forecasting, and scenario modeling, this paper proposes a phased framework for venture fund structuring, investment strategy formulation, and 5-year performance projections—directly applied to Solus Agency’s context to demonstrate practical pathways for capturing value in this high-growth, high-risk domain. The empirical basis combines venture datasets, company-level indicators, and proprietary Solus Agency statistics, including 180+ venture funds, 160+ private investors, 46 fundraising projects, and USD 13.8 million attracted for clients. Quantitative modeling shows that a diversified USD 50 million fund may generate projected profits of USD 120 million under a negative scenario, USD 200 million in the baseline scenario, and USD 290 million in an optimistic scenario, corresponding to expected multipliers between 2.4× and 5.8×. Portfolio valuation is forecast to increase from USD 20.6 billion to USD 54.6 billion, demonstrating substantial sensitivity to allocation strategy and market conditions. The proposed Solus Agency subfund achieves an expected total return of USD 36.38 million, a gross multiplier of 3.64, a net multiplier of 3.11, a gross IRR of 52.05%, and a LP net IRR of 43.60%, indicating high projected efficiency despite elevated early-stage risks. Probability modeling identifies seed-stage allocations as the strongest contributor (USD 13.06 million projected profit) and demonstrates that diversification across AI, Web3, DeFi, and RWA segments reduces volatility while preserving growth potential. The scientific novelty lies in constructing an original framework quantitatively linking organizational maturity, consulting expertise, and venture performance indicators. The findings provide a transferable model for knowledge-economy firms seeking institutionalization as venture capital actors and support further research on quantitative venture strategies and Web 3.0 investment ecosystems.
Amid global scientific and technological (hereinafter “sci-tech”) competition and China’s innovation-driven strategy, achieving high-quality sci-tech innovation (HQDSTI) is crucial for economic transformation but faces challenges such as resource mismatch, insufficient funding, and low commercialization efficiency. Using panel data from 35 major Chinese cities (2013–2022), this study distinguishes between public sci-tech finance (PSTF) and market sci-tech finance (MSTF) and employs benchmark regression, mediation, and threshold models to investigate their impacts on HQDSTI. Results show that: (1) Both PSTF and MSTF significantly promote HQDSTI, with stronger effects in coastal, dual-center, and pilot cities, and in regions with low fiscal decentralization. MSTF is more effective under high marketization, while PSTF and overall STF are more effective under high financial development. (2) Industrial upgrading serves as a positive mediator, whereas venture capital exerts a suppressive mediating effect that intensifies as its scale expands. The promoting effect of industrial upgrading weakens beyond the threshold level. (3) Policy recommendations include differentiated financial strategies: fostering market-oriented instruments in coastal cities, optimizing targeted support in inland areas, strengthening regional and public–market financial coordination, and improving mechanisms of industrial upgrading and venture capital. This study provides theoretical insights for enhancing the synergistic effect between sci-tech finance and high-quality innovation development. • Distinguish public and market sci-tech finance, explore synergistic effects and differential impacts. • Develop a multi-dimensional evaluation framework for assessing high-quality sci-tech innovation. • Examine heterogeneity across five analytical dimensions to uncover regional and structural variations. • Reveal intermediary roles of industrial upgrading and venture capital. • Identify threshold effects and define the effective range of sci-tech finance.
Sika AGNONVI, Sèdjro Guillaume Nonkoudjè, Kpèdadon Louis Tèkpanzo, Yao Messah Kounetsron
Résumé Cette recherche analyse le rôle de la finance verte dans la promotion de l’entrepreneuriat durable au sein des petites et moyennes entreprises agricoles au Bénin. La méthodologie adoptée repose sur une approche qualitative fondée sur 46 entretiens semi-directifs réalisés auprès d’agripreneurs répartis dans cinq régions agricoles. L’analyse thématique des verbatims, conduite avec le logiciel NVivo 12, a permis de mettre en évidence une dynamique double. D’une part, la finance verte est perçue comme un levier stratégique pour accompagner la transition écologique et renforcer la résilience des exploitations face aux aléas climatiques, mais son accès reste limité par l’inadéquation des produits financiers existants, la rareté des subventions adaptées et l’absence de guichets verts décentralisés. D’autre part, l’entrepreneuriat durable se traduit par des pratiques telles que l’agriculture biologique, la conservation des sols, l’économie circulaire, la certification écologique et l’innovation verte, intégrant également des dimensions sociales comme l’implication des jeunes et des femmes. Les résultats révèlent une complémentarité forte dont l’accès à une finance verte adaptée facilite l’adoption des pratiques durables, tandis que ces dernières renforcent la crédibilité des PME agricoles auprès des institutions financières. Mots-clés : Finance verte, entrepreneuriat durable, PME agricoles, transition écologique. Abstract The objective of this research is to analyze the role of green finance in promoting sustainable entrepreneurship among small and medium-sized agricultural enterprises in Benin. The methodology adopted is based on a qualitative approach using 46 semi-structured interviews with agripreneurs in five agricultural regions. Thematic analysis of the transcripts, conducted using NVivo 12 software, revealed a dual dynamic. On the one hand, green finance is perceived as a strategic lever to support ecological transition and strengthen the resilience of farms in the face of climate hazards, but access to it remains limited by the inadequacy of existing financial products, the scarcity of appropriate subsidies, and the absence of decentralized green windows. On the other hand, sustainable entrepreneurship is reflected in practices such as organic farming, soil conservation, the circular economy, ecological certification, and green innovation, also incorporating social dimensions such as the involvement of young people and women. The results reveal a strong complementarity, with access to appropriate green finance facilitating the adoption of sustainable practices, while the latter reinforce the credibility of agricultural SMEs with financial institutions. Keywords: Green finance, sustainable entrepreneurship, agricultural SMEs, ecological transition.
Conglomerates are among the most complex organizational forms in capitalism. They own multiple businesses, often across different industries, geographies, operating models, and risk profiles. Some conglomerates own insurance companies, manufacturers, railroads, energy utilities, retailers, banks, technology firms, industrial businesses, media assets, and consumer brands under one corporate umbrella. The central challenge is not only how to operate these businesses, but how to allocate capital among them. A conglomerate must answer a difficult question: Who decides where the money goes? Should capital allocation be centralized at head office, where senior executives and finance committees compare business units and approve investments? Or should capital decisions be decentralized, allowing subsidiary managers to operate autonomously while headquarters focuses only on major capital deployment? Should internal cash flows remain inside business units, or should they be swept to corporate headquarters and redeployed across the group? Should acquisitions be initiated by subsidiaries, by corporate development teams, or by the CEO? Should capital budgeting follow rigid committee processes or owner-oriented judgment? These questions define the capital allocation architecture of the conglomerate. Berkshire Hathaway represents one of the most successful decentralized conglomerate models in modern business history. Warren Buffett and Charlie Munger built Berkshire around autonomy, trust, permanent ownership, strong subsidiary managers, and centralized capital allocation at the highest level. Berkshire’s headquarters remains small, and its operating subsidiaries are largely left alone. Yet the most important capital allocation decisions—large acquisitions, major equity investments, cash deployment, and insurance float allocation—have historically been handled centrally by Buffett and, increasingly, Berkshire’s designated capital allocation successors. By contrast, many corporations use centralized capital committees. These structures often include formal budgeting processes, investment review boards, hurdle rates, discounted cash flow models, divisional competition for capital, strategic planning cycles, and executive approval layers. Centralization can improve control, risk management, consistency, and capital discipline. However, it can also create bureaucracy, slow decisions, distort incentives, and separate capital decision-makers from operating reality. This chapter compares decentralized and centralized capital allocation models in conglomerates. It argues that neither model is universally superior. The right model depends on business quality, management trust, governance, capital intensity, complexity, regulatory risk, and the competence of headquarters. However, the Berkshire model demonstrates a powerful lesson: decentralization can compound value when paired with exceptional managerial selection, strong culture, conservative financing, and disciplined central capital allocation.
Abstract This study analyzes the progression of the Financial Technology (FinTech) sector and its basic technological drivers in the United States, emphasizing investment trends and the entrepreneurial impact on the digital financial landscape. The research employs a descriptive-analytical approach: the descriptive component outlines the evolution of the FinTech ecosystem, while the analytical component examines investment trends and technology drivers shaping the sector. The factors for technology investment were recalibrated by reassessing the compound annual growth rate (CAGR) using benchmark values from secondary market research. The resulting dataset presents smoothed trend estimations rather than separately recorded annual values, offering a solid empirical basis for the ensuing statistical models. The results indicate rapid growth in the FinTech sector, with the United States retaining its leading global position due to strong technological infrastructure and substantial venture capital support, largely driven by the digital payments segment. The empirical study reveals remarkably robust and consistent positive correlations, with Pearson correlation coefficients (r) surpassing 0.978 (p < 0.01) in all models. Cloud computing demonstrated the strongest correlation (r = 0.9856), closely followed by AI (r = 0.9854). The computed regression models exhibited exceptional explanatory power, with coefficients of determination (R 2 ) ranging from 0.9579 to 0.9714. Blockchain technology yielded the largest marginal regression coefficient (β = 1101.47), highlighting its significant potential to transform conventional financial intermediation through decentralized finance (DeFi) ecosystems. The study indicates that the high correlation coefficients (r > 0.97) predominantly reflect a fundamental structural co-movement of technological investment cycles within the U.S. FinTech sector, which is intrinsically associated with the employed smoothed trend estimations. The report ultimately promotes strategic collaboration between traditional financial institutions and FinTech startups, emphasizing the need for adaptive regulatory frameworks that effectively reconcile entrepreneurial innovation with systemic financial stability and digital financial inclusion.
Essais sur le crédit, la découverte des taux et les facteurs déterminants du prix des jetons en finance décentralisée Cette thèse explore les fondements économiques et comportementaux de la finance décentralisée (DeFi), un champ en pleine expansion où les fonctions de prêt, d'emprunt et de fixation des taux d'intérêt sont assurées par des contrats intelligents plutôt que par des institutions financières. À travers trois essais complémentaires, ce travail analyse la conception des protocoles de crédit décentralisés, la formation des taux d'intérêt dans des marchés automatisés et les déterminants fondamentaux et comportementaux de la valorisation des tokens DeFi.Le premier essai examine l'architecture du protocole Atlendis, qui permet des prêts non ou partiellement collatéralisés grâce à l'articulation entre souscription off-chain et exécution on-chain. Le deuxième propose un modèle théorique de découverte de taux basé sur une approche de jeu multi-unités, identifiant les conditions d'efficience et les frictions propres aux marchés décentralisés. Le troisième évalue empiriquement les facteurs économiques et comportementaux influençant les rendements des tokens, révélant le rôle central du sentiment des investisseurs et de la liquidité on-chain dans la dynamique des prix. En combinant ingénierie financière, modélisation théorique et analyse empirique, cette recherche met en lumière les mécanismes par lesquels la DeFi redéfinit l'intermédiation, la formation des prix et la gouvernance financière dans un environnement transparent et programmable.
Purpose This study examines how entrepreneurial experience shapes perceptions of the ideal investor in the technology-based sector. While previous research has primarily focused on how investors evaluate entrepreneurs, this study shifts the lens to explore how entrepreneurs assess investor attributes. It investigates how experience in securing funding and building ventures influences expectations around value-added contributions beyond financial investment. Specifically, the study explores whether experience leads entrepreneurs to adopt a more strategic and values-driven approach, placing greater emphasis on ethical alignment, expertise, and relational quality, while placing less importance on operational involvement and financial oversight. Design/methodology/approach This study adopts a quantitative research design using survey data from 195 entrepreneurs in the technology-based sector. Participants were recruited through entrepreneurial and investor networks across multiple countries. The survey captured key aspects of entrepreneurial experience, including fundraising and venture development, alongside expectations of investor roles and attributes. Factor analysis identified dimensions of value-added investor support, and k-means clustering was used to group entrepreneurs based on preference profiles. Multinomial logistic regression and OLS regression analyses were conducted to examine how different types of experience influence entrepreneurs' preferences for specific investor attributes and types of support. Findings The results show that entrepreneurial experience plays a significant role in shaping expectations of investor involvement. Entrepreneurs with more experience in fundraising and venture development tend to prioritize ethical conduct, strategic input, and relational alignment over traditional factors like financial returns or past performance. They value investor support focused on strategy, networks, and governance, while placing less importance on operational or financial oversight. Cross-sector experience further reinforces a preference for strategic-driven supports. Overall, the findings suggest that experience increases entrepreneurs' confidence and selectivity, encouraging a more strategic approach to building investor relationships. Research limitations/implications This study has several limitations. First, the data were collected primarily from entrepreneurs in developed countries with well-established venture capital markets, which may limit the generalization of the findings to emerging or less mature ecosystems. Second, the target population is difficult to define precisely, given the informal and decentralized nature of entrepreneurial networks. Third, the reliance on self-reported survey data introduces the possibility of response bias. Additionally, the cross-sectional design limits the ability to draw causal inferences. Future research could benefit from longitudinal data and broader geographic representation to better capture variation across different entrepreneurial contexts. Practical implications The findings provide actionable insights for both entrepreneurs and investors. As entrepreneurs gain experience, they become more selective, favouring investors who offer strategic guidance, ethical alignment, and relational support over purely financial backing. For investors, this highlights the importance of articulating non-financial value, such as expertise, governance input, and network access, to appeal to more experienced founders. Investors who position themselves as collaborative partners rather than controllers may build stronger, longer-lasting relationships. Entrepreneurial support programs, including accelerators and incubators, can also use these insights to prepare founders to identify and engage with strategically aligned investors. Social implications This study highlights the growing importance of trust, ethical conduct, and shared values in shaping effective entrepreneurial ecosystems. As entrepreneurs gain experience, they increasingly prioritize relational quality and strategic alignment in their investor relationships. This signals a broader shift toward more collaborative, purpose-driven engagement between founders and investors. Such a shift has the potential to foster healthier power dynamics, reduce misalignment and conflict, and support the formation of long-term partnerships grounded in mutual respect and shared vision. These findings contribute to ongoing discussions around responsible entrepreneurship and the sustainability of venture growth. Originality/value This study offers a novel contribution by shifting the focus from how investors assess entrepreneurs to how entrepreneurs evaluate potential investors. It addresses an under explored area in entrepreneurial finance, particularly highlighting the role of ethical behaviour and strategic alignment in investor selection. By examining how experience shapes these expectations, the study adds to the limited literature comparing novice and experienced entrepreneurs in their interactions with external stakeholders. It advances understanding of founder–investor dynamics and offers fresh insights into how entrepreneurial learning influences decision-making in the context of venture growth and funding relationships.
This paper examines whether token design can serve as a signal of venture quality in decentralized fundraising environments. We develop a simple model in which an entrepreneur privately informed about project quality chooses between a neutral token and an incentive-compatible token embedding a milestone-contingent feature. While the latter increases the likelihood of attracting external funding, it imposes a private cost on the entrepreneur.Because token design is publicly observable prior to investment, it affects investor beliefs and financing decisions. The model shows that a separating equilibrium arises only for an intermediate range of design costs. If incentive-compatible features are too inexpensive, low-quality ventures mimic high-quality ones and the signal loses credibility. If they are too costly, even high-quality entrepreneurs refrain from adopting them, leading to pooling outcomes.The paper highlights how signaling can be embedded directly in token architecture through observable design choices that constrain entrepreneurial behavior. The model also yields testable empirical implications: token structures imposing meaningful constraints on founders should attract greater investor participation, whereas nearly costless features should not predict venture quality. These predictions are consistent with emerging evidence on token-based financing.
Decentralized finance (DeFi) is often defended as software rather than regulated intermediation. We examine whether functional control over DeFi applications can be measured directly by tracking address-level concentration in the channels through which sophisticated actors capture rents: governance over risk parameters, liquidations, lending flows, supplier spreads, MEV, and routing. From prior work on AMMs, MEV, lending, and DAO governance, we derive three predictions about how concentration should vary across channels, protocols, and applications. We test the predictions using six data sources: 1,142 risk-tagged Snapshot proposals across 15 governance spaces, $2.05 billion in liquidations across five lending markets, $569.4 billion in actor-level lending flows, DefiLlama rent series, a Uniswap v3 LP sample, and 250 Aave forum risk topics. The evidence supports all three predictions. Discretionary channels concentrate sharply but with protocol-level heterogeneity: the median top-five voting-power share across risk proposals is 96.0 percent, with Aave at 91.2 percent, Uniswap at 84.3 percent, and Radiant at 57.7 percent. Lending markets concentrate more than exchanges in governance, and Compound V3’s top liquidator captures 55.8 percent of volume while Aave V3 has 868 active liquidators. Within lending markets, the deposit base is broad while borrowing is narrow: the Aave V3 top-five borrow share is 84.8 percent against a 17.8 percent deposit share. We treat the evidence as channel-specific screening inputs rather than entity-level control findings, and discuss disclosure, registration, and safe-harbor implications.
O estudo analisa o cenário de investimento no ecossistema de startups Web3 entre os anos de 2024 e 2025, identificando um processo de maturação e consolidação setorial. Observa-se a transição de um modelo de financiamento especulativo para uma abordagem estratégica, com foco em infraestrutura crítica e modelos de negócio sustentáveis. Embora os dados apontem uma redução quantitativa no volume de transações — exemplificada pela queda de 34% no primeiro trimestre de 2025 em comparação ao período anterior —, constata-se um aumento no valor médio por investimento. Conclui-se que o mercado atravessa uma fase de ajuste pós-volatilidade, na qual a sofisticação dos investidores prioriza a robustez tecnológica e a viabilidade comercial de longo prazo em detrimento do volume de operações.<br>
Web3 startups introduce a novel paradigm of organizational design in which token-based incentive mechanisms replace or complement traditional equity-based governance structures. This paper examines how tokenomics can align or misalign the incentives of founders, investors, and users in decentralized entrepreneurial ventures. Drawing on agency theory, mechanism design, and behavioral economics, we develop a conceptual framework that explains how token distribution, vesting schedules, governance rights, and utility structures influence startup performance and sustainability. Using illustrative case analyses and synthetic data modeling, the study identifies key failure modes such as speculative overhang, governance centralization, and misaligned temporal incentives. The findings contribute to entrepreneurship literature by proposing a new theory of “programmable incentives” and offer actionable guidance for founders designing token economies. Keywords: Web3, Tokenomics, Incentive Design, Entrepreneurship, DAOs, Blockchain Governance, ICOs
Abstract The rise of Decentralized Finance (DeFi) has introduced new fundraising mechanisms for startups. This study examines the interplay between Initial Coin Offerings (ICOs) and traditional entrepreneurial finance investors. Our findings document that while ICO funding amounts do not predict future funding success, prior business angel investment significantly increases the likelihood of securing follow-on funding. Co-investment by crypto funds during the ICO enhances follow-on funding opportunities, particularly for firms backed by hedge-style crypto investors. This research contributes to the entrepreneurial finance literature by examining how blockchain-based financing mechanisms integrate into the broader venture funding ecosystem.
Saiful Ruchiyat Cosahan, Ahmad Yunani, Asrid Juniar, Muzdalifah Muzdalifah
This Systematic Literature Review (SLR) analyzes 38 empirical studies published between 2015 and 2025 (sourced from Scopus and Sci-ScienceDirect) to map blockchain-based funding mechanisms in the context of venture capital (VC) and entrepreneurial finance. The review addresses four research questions concerning the evolution of these mechanisms, their impact on startup performance, and associated risks and regulatory challenges. The findings establish a robust taxonomy of mechanisms, including Initial Coin Offerings (ICOs), Security Token Offerings (STOs), and Decentralized Autonomous Organizations (DAOs), each presenting unique features and regulatory profiles. Crucially, the review highlights significant gaps in long-term performance data, revealing challenges related to investor protection, fraud risk, and regulatory uncertainty. By integrating Signaling Theory and Governance Theory, the study discusses how tokenomics and team credibility function as signals instead of traditional VC due diligence, presenting a critical comparison between token-based funding and traditional-al venture capital financing. This paper offers valuable insights for academics, policymakers, and industry practitioners by providing a com-comprehensive map of the field, suggesting avenues for future empirical research, and offering focused policy implications regarding regulation and investor safety in emerging markets.
Entrepreneurs typically seek financing in decentralized markets, where they approach investors sequentially. We develop a model of sequential capital markets with privately informed investors. The sequential market creates a dynamic adverse selection externality that leads to overinvestment and excessive rents to intermediaries, even as the number of competing investors becomes arbitrary large. The resulting rents lead to excessive entry of investors and insufficient entry of entrepreneurs. Moving to a centralized market structure or reducing transparency restores competitiveness but may harm efficiency. The model also explains how even a small skill advantage for an investor can lead to preferential deal flow and outsized returns.
Markus Jungnickel, Ferda Özdemir Sönmez, Catherine Mulligan, William J. Knottenbelt
Decentralized autonomous organizations (DAOs) have emerged as a novel organizational structure, attracting growing interest due to their decentralized, transparent governance, which replaces traditional hierarchies with stakeholder-managed rules codified as smart contracts. Although various governance models exist, comparative research across dimensions remains limited, leaving the literature fragmented and offering little practical guidance for selecting suitable models. This article critically analyses existing governance mechanisms and their implementation to support the development of more effective DAO models. To address current gaps, we review prior quantitative studies and conduct exploratory data analysis on centralization, participation, and decision controversy. The findings show that reputation and share-based models can mitigate the centralization seen in token-based systems, though all models suffer from low member engagement, suggesting an over reliance on direct democracy. Our analysis can be replicated across platforms and time frames to refine and validate these insights.
Krithika Rao, Shakil Khan, Bruce Singh, Nagulapati Kiran · 5 authors
Regulatory sandboxes—controlled environments where firms test innovations under regulatory supervision—have been adopted globally to manage fintech and crypto experimentation. This paper compares sandbox approaches and policy effectiveness for decentralized finance (DeFi) across the European Union, the United States, and the Asia-Pacific. Using a mixed-methods design (document analysis, stakeholder reports, and an illustrative quantitative model), we assess objectives, design choices, risk controls, and outcomes (market access, investor protection, and innovation diffusion). Findings show the EU’s pan-European coordination aims to harmonize testing and legal clarity; the US displays fragmented, agency-led pilot initiatives with stronger enforcement posture; Asia-Pacific exhibits rapid, varied adoption with jurisdictional leaders (Singapore, Hong Kong, Australia) using sandboxes as precursors to more formal rulebooks. Policy effectiveness depends on clarity of legal scope, cross-agency coordination, and well-designed exit and scaling rules. We conclude with policy recommendations and a research agenda for empirically measuring sandbox effectiveness for DeFi.