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Votes and Comments 

Participant

Institution/Country

Vote

Confidence level

Comment

Annu Kotiranta

Research Institute of the Finnish Economy/Finland

Disagree

7

I consider it unlikely that "a crowd of unsophisticated investors" could replace the need of VC funding significantly in the near future. However, the significance of crowdfunding and ICOs will most likely increase over time, especially if "ICO" as a term manages to shed its current bad reputation.

Carlos Aguirre-Bastos

National Secretariat for Science, Technology and Innovation/Panama

Disagree

8

Government backed VC will always be needed precisely to push technology advances such as we are observing with blockchain.

Catalina Martínez García

CSIC Institute of Public Goods and Policies/Spain

Did Not Answer

Chan-Yuan Wong

University of Malaya/Malaysia

Did Not Answer

Charles Edquist

Lund University/Sweden

Did Not Answer

David Teece

University of California Berkeley/United States

Did Not Answer

Dirk Meissner

National Research University Higher School of Economics/Russia

Did Not Answer

Dominique Foray

École Polytechnique Fédérale de Lausanne/Switzerland

Did Not Answer

Ebrahim Souzanchi Kashani

Sharif University of Technology/Iran

Agree

8

This happens more in the context of developing countries within which the government plays a central role in resource allocation and controls the financial systems.

Ernesto Fernandez Polcuch

UNESCO

Did Not Answer

Frédérique Sachwald

Observatoire des sciences et des techniques (OST)/France

No Opinion

Ganesh Rasagam

World Bank

Disagree

8

Government-backed VC funds are still required in many markets given the nascent ecosystem for entrepreneurship and risk pricing; new forms of financing will need more time and demonstrated acceptability and trust before they can replace more traditional financing instruments.

Giovanni Dosi

Scuola Superiore Sant'Anna

Did Not Answer

Gonzalo Ordonez-Matamoros

Externado University of Colombia/Columbia

Did Not Answer

Guillermo A. Lemarchand

UNESCO

No Opinion

Ian Hughes

Department of Jobs, Enterprise and Innovation/Ireland

No Opinion

Jaideep Prabhu

University of Cambridge/United Kingdom/India

Disagree

7

Jan Wessels

VDI/VDE Innovation + Technik/Germany

Agree

3

Jan Youtie

Georgia Tech/United States

Did Not Answer

Jelel Ezzine

Association for the Advancement of Science, Technology, and Innovation/Tunesia

Uncertain

8

Crowdfunding has been making quite a progress, but it remains far from being a common practice especially is developing countries. As to ICOs, a great bubble is being created and uncertainty is looming big concerning the stability and sustainability of this newcomer. Extended Comment: Let's not forget that ICT is still missing or quite frail in many parts of the world. Moreover, baking is still a luxury in many LDCs. Therefore, the development of these technologies will happen in the developed world and will take time to diffuse to the rest of the countries!

Johannes Gadner

Council for Research and Technology Development/Austria

No Opinion

Juan Mateos-Garcia

National Endowment for Science, Technology and the Arts (NESTA)/United Kingdom

Did Not Answer

Kaye Fealing

Georgia Tech/United States

Disagree

8

Keun Lee

Seoul National University Korea

Did Not Answer

Luc Soete

UNU-Merit/Netherlands

Did Not Answer

Luis Sanz-Menendez

CSIC Institute of Public Goods and Policies/Spain

Did Not Answer

Luiz Martins de Melo

Funding Authority for Studies and Projects (FINEP)/Brazil

Disagree

9

Government funding have funded innovation in high uncertainty reserach activities. Private money haven´t funded these activities.

Magnus Gulbrandsen

University of Oslo/Norway

No Opinion

Margaret Kyle

MINES ParisTech/France

No Opinion

Mari Jose Aranguren

Basque Institute of Competitiveness/Spain

No Opinion

-

Marina Yue Zhang

University of New South Wales/Australia

Did Not Answer

Mark Dodgson

University of Queensland/Australia

Uncertain

8

Crowdfunding and ICOs are very different methods, the former is much less risky than the latter. Crowdfunding might in some circumstances remove the need for VC. ICOs are so risky they might only do so on rare occasions.

Maryann Feldman

University of North Carolina/United States

Did Not Answer

Masaru Yarime

City University of Hong Kong

Disagree

7

I think government-backed venture capital funds would serve different purposes, so the new forms of financing would not reduce the need for them.

Melissa Ardanche

Comisión Sectorial de Investigación Científica/Uruguay

Disagree

7

This is neither a long run solution, nor a stable one. Innovation, especially if it is strongly research based, requires stability and continuos investments. Furthermore, the generalization of the mechanism could introduce a dangerous bias in the research and innovation agenda in favour of more popular solutions instead off the important ones. In conclusion, government funds must anyway exist.

Mohamed Ramadan

Academy of Scientific Research and Technology/Egypt

Agree

8

Oliver Gassmann

University of St. Gallen/Switzerland

Strongly Disagree

8

ICOs focus purely on distributed ledger based ventures (such as blockchain). Crowdfunding has a strong B2C focus, its indication on customer acceptance is often more important than the cash. Both instruments do not substitute VC funding in technology driven ventures outside DLT, don’t mix instruments..

Paola Giuri

University of Bologna/Italy

Did Not Answer

Patries Boekholt

Independent 

No Opinion

Reinhilde Veugelers

KU Leuven/Belgium

Did Not Answer

Robert Atkinson

Information Technology and Innovation Foundation/United States

Strongly Disagree

6

ICOs are simply another form of money, no different for the purpose of funding new companies than an ACH transfer or a credit card. And while crowdfunding will increase venture funding, it is not clear that it will provide enough funding for higher risk ventures that require higher levels of venture funding.

Sami Mahroum

INSEAD/United Arab Emirates

Did Not Answer

Sonja Radas

The Institute of Economics, Zagreb/Croatia

Did Not Answer

Stefan Kuhlmann

University of Twente/Netherlands

Agree

2

Not my core area of competence …

Susana Borrás

Copenhagen Business School/Denmark

Strongly Disagree

4

Sylvia Schwaag Serger

Lund University/Sweden

No Opinion

Uri Gabai

Israel Innovation Authority

Uncertain

5

I’m quite certain that we’ll see more and more new forms of finance like block chain applications and crowdfunding in the years to come. However for the time being I see these routes as complementary to government funding. Especially in (equity based) crowdfunding there is a need for some form of a mediator – government or private – to distinguish between good R&D, pure fantasy or even fraud.

Uwe Cantner

Friedrich Schiller University Jena/Germany

Agree

5

In the beginning this kind of funding may be an alternative to government backed VC; but after some time and experience with such kind of funding there will come up ratings and classifications wrt success, risk etc.; and the we will be back to the current situation with lack of private VC and the goverenment to jump in

Wolfgang Polt

Janneum Research/Austria

Disagree

5

Companies might fear the risk of engaging into these forms of financing and might prefer the more stable and more secure GB VC.

Yasunori Baba

University of Tokyo/Japan

Did Not Answer

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