Is Public Support an inhibitory factor for the dissemination of Crowdfunding? An explonatory analysis

The role of government in innovation and technological development is really significant. A large literature evaluates the effect of state and local government programs in promoting innovation. According to Hall (2008), start up firms need to be financed and venture capital financing is only a partial solution to this problem. Venture capital cannot provide a complete solution to the financing needs of new technology companies, especially in the early stages because it's focused only on certain industries and it can only be offered in amounts that are too large for many start ups and only works in developed IPO markets. As a result, a market failure exists, which demands government intervention. There are different reasons that allow a startup to use new financing methods, such as crowdfunding (CF). CF is an emerging and interesting fundraising practice for both companies and individual entrepreneurs