ASSOB provided a list of all 161 offerings for which they had basic information available in their database.
According to ASSOB, when it first launched, it did not automatically store offering information, which explains the discrepancy between available listings and the number of total listings published on the site since 2006.
But there is no standard way to present forecasting information on ASSOB, and companies can decide whether to provide forecasts, and which items to provide if they do.
On the ASSOB platform, management has a broad set of choices to structure their financing processes.
Fourth, given that start-ups are not the only businesses seeking funding on the ASSOB platform, we account for a venture's years in business, as well as its number of staff.
To determine whether parcels are still available, on the ASSOB platform, one must check the status of the "squares" whereby one square represents one parcel.
Thus, projects that went unfunded in the past on ASSOB may not have had undesirable characteristics or were of lower quality, but there may have been lower investor experience with this type of fundraising platform.
A possible explanation could be that our created measures to proxy intellectual capital and social (alliance) capital are (1) clearly limited to the data availability on ASSOB and (2) those measures are rather crude, meaning that e.g., having a patent or not ignores the number of patents and more importantly patent quality (see also our limitation 6 in the next section).
While these questions are clearly beyond the scope of this paper, our initial inspection of the available ASSOB data for the 104 projects shows that approximately 53% of investors invest in projects that are headquartered in their state of residence.
All of our created measures to proxy, e.g., intellectual capital, human capital are clearly limited to the data availability on ASSOB. This could also at least partially explain why we only find little support in the data for hypothesis 1(b) and (c).
(6.) We compared offerings on ASSOB with those on RockThePost, which is referred to as an equity crowdfunding platform for accredited investors in the United States.