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Crowdfunding to overcome the immigrant entrepreneurs’ liability of outsidership: the role of internal social capital

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Abstract

This paper examines the role of internal social capital on the composition of the crowd of backers attracted by US-born vis a vis immigrant entrepreneurs. Our estimates are based on an original dataset of 2,231 Kickstarter campaigns and show that immigrant entrepreneurs attract comparatively fewer backers located in the host country but receive more contributions from backers located in other countries. Overall, this allows immigrant entrepreneurs to achieve a fundraising performance similar to that of local-born entrepreneurs. We show that entrepreneurs’ social capital developed within the reward-based crowdfunding platform positively moderates the previous relationships.

Plain English Summary

Crowdfunding helps immigrants mobilising their home-county network and collect funding for their business ideas. Immigrants who supported other campaigns before launching their own attain better fundraising performance than local-born entrepreneurs We analyse 2,231 campaigns launched on Kickstarter and show that immigrant entrepreneurs attract comparatively fewer backers located in the host country but receive more contributions from backers located in other countries, and particularly in their home country. Overall, this allows immigrant entrepreneurs’ campaigns to be as successful as those launched by local-born entrepreneurs. Immigrant entrepreneurs that have been active on the crowdfunding platform by supporting others’ campaigns before the launch of their own campaign attract more backers and have higher likelihood of success compared to local-born entrepreneurs. The paper highlights an effective channel of financing for immigrant entrepreneurs seeking external capital.

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Notes

  1. According to Fairlie (2008), foreign-born entrepreneurs are responsible for 17% of all new businesses founded in the USA, and represent 13% of all business owners. Saxenian (1999) found that 24% of Silicon Valley start-ups founded between 1980 and 1998 had a CEO with a Chinese or Indian surname. At the national level, Wadhwa et al. (2007b) show that 25% of high-tech companies established between 1995 and 2005 had a foreign-born CEO or CTO, and that 25% of engineering and technology companies that have entered the market since the late 2000s were founded by immigrants (Wadhwa et al., 2007a, b). Kerr and Kerr (2018) show that around 25% of US firms were founded by immigrants who have a particularly large presence in states such as California and New York.

  2. We also consider city names, country names and nationality using information from the World Cities Database which includes data on over 3.9 million unique cities and towns across the world. The database reports the city name in both English and the national language (e.g. Rome and Roma). We used both in our queries.

  3. Our analysis did not consider second- and third-generation migrants who might suffer from discrimination but were born and grew up in the USA and cannot be fully considered as outsiders.

  4. The data was collected from the migration policy institute. https://www.migrationpolicy.org/data/state-profiles/state/demographics

  5. The theoretical assumption supporting the use of this instrument is that previous migration tended to be associated more with current migration through network effects than with crowdfunding performance (see Miguelez, 2016; Özden et al., 2011 for these types of instruments in immigration studies). Also, there is no reason to believe that past migration is related directly to the quality of the crowdfunding project and its chances of success. If a relationship between past migration and the entrepreneur’s underlying probability of success exists, it is based on the wealth of the state and country.

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Butticè, V., Useche, D. Crowdfunding to overcome the immigrant entrepreneurs’ liability of outsidership: the role of internal social capital. Small Bus Econ 59, 1519–1540 (2022). https://doi.org/10.1007/s11187-021-00591-5

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