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demandandprovidingvaluable alternatives for entrepreneurial ventures at different stages of development.While P2P lending is better suited for both traditional and established businesseswith existing revenue streams but need of small, short-term loans to meet monthly loan repayments or for small investments (Fenwick et al. 2018), other formsof crowdfundingarebetter suited for early-stage riskier ventures inneed for capital to fund their prototypeor initial growth (Harrison2013).Similar to crowdfunding, token offerings are particularly attractive for early-stage ventures although mostly suited to platform-based businesses and have been adopted by start-ups aiming to avoid the complicated and costly auditing, and regulatory burdenof traditional fundingmodels (Tasca 2019), they are also typically larger in scale than traditional crowdfunding. While new Internet-enabled funding mechanisms, such as crowdfunding and token offerings, have the potential to transform entrepreneurial finance and play a significant role in creating a level global playing field for access to funding, it remains concentrated in a small number ofmarkets and raises a number of public policy issues, not least investor protection. The trajectory of these financing innovations is only going oneway.Whether theywill replace or complement the existing funding cycle remains to be seen. References Adhami, S., Giudici, G., &Martinazzi, S. (2018).Why do businesses go crypto? An empirical analysis of initial coin offerings. Journal of Economics and Business, 100, 64–75. Agrawal,A.,Catalini,C.,&Goldfarb,A. (2015).Crowdfunding:Geography, socialnetworks, and the timing of investment decisions. Journal of Economics & Management Strategy, 24(2), 253–274. Agrawal, A. K., Catalini, C., & Goldfarb, A. (2011). The geography of crowdfunding (No. w16820). National Bureau of Economic Research. Altman,E. I., Esentato,M.,&Sabato,G. (2018).Assessing the creditworthiness of ItalianSMEs andmini-bond issuers.Global Finance Journal, 43, 100450. Aspen REIT. (2017, November 14). Aspen REIT, Inc. Files for Initial Public Offering; TargetsNYSEAmericanListing. PressRelease. https://www.businesswirechina.com/en/news/ 36375.html. Accessed 7 July 2019. Barsan, I.M. (2017).Legal challengesof initial coinofferings (ICO).RevueTrimestrielle deDroit Financier (RTDF), 3, 54–65. Bellavitis, C., Filatotchev, I., Kamuriwo, D. S., &Vanacker, T. (2017). Entrepreneurial finance: New frontiers of research and practice: Venture Capital 19 (1–2), 1–16. https://doi.org/10. 1080/13691066.2016.1259733. Belleflamme, P., Lambert, T., & Schwienbacher, A. (2014). Crowdfunding: Tapping the right crowd. Journal of Business Venturing, 29(5), 585–609. Benedetti, H., & Kostovetsky, L. (2018). Digital tulips? Returns to investors in initial coin offerings (May 20, 2018). Berger, A. N., & Udell, G. F. (1998). The economics of small business finance: The roles of private equity and debtmarkets in thefinancial growth cycle. Journal of Banking&Finance, 22(6), 613–673. Bhide,A. (2003).Theorigin and evolution of newbusiness. NewYork:OxfordUniversity Press. NewSources of Entrepreneurial Finance 227