How do digital technologies and artificial intelligence transform start-up financing and investor decision-making? In this research area, we examine how digital financing mechanisms and platforms, technological design features, information signals, and emerging technologies influence the behavior of capital providers. Key topics include crowdfunding, digital investment platforms, and Initial Coin Offerings (ICOs), as well as the question of how investors evaluate technological opportunities, business models, and founding teams under conditions of uncertainty.

We also investigate the role of experience, capabilities, expectations, and technological hype in investment decisions, and how the choice and composition of investors affect the subsequent development of start-ups. A particular focus is placed on suboptimal decisions and unintended consequences of financing, including overfunding, misallocation of capital, and poor fit between start-ups and investors.