Replication Data for: Expand innovation finance via crowdfundingdoi:10.7910/DVN/5D4UAYHarvard Dataverse2016-12-012Sorenson, Olav; Assenova, Valentina; Li, Guan-Cheng; Boada, Jason; Fleming, Lee, 2016, "Replication Data for: Expand innovation finance via crowdfunding", https://doi.org/10.7910/DVN/5D4UAY, Harvard Dataverse, V2, UNF:6:DhId/eClThCi+kDAKUgEug== [fileUNF]Replication Data for: Expand innovation finance via crowdfundingdoi:10.7910/DVN/5D4UAYSorenson, OlavAssenova, Valentina Li, Guan-ChengBoada, JasonFleming, Lee1536022.1536022.1536022.1536022.Harvard DataverseAssenova, Valentina Assenova, Valentina 2016-12-01Business and ManagementSocial Sciencescrowdfundinginnovationventure capitalUsing data on Kickstarter campaigns and venture capital investments from 2009-2015, we explored whether crowdfunding expanded access to financial capital, in the sense of supporting innovation in more geographically diverse regions than venture capital. Over this period, crowdfunding has supported projects in many regions that have attracted little or no venture capital. Within regions, moreover, the evidence suggests that successful crowdfunding campaigns attract future venture capital investments and that they have been doing so at an increasing rate. Crowdfunding therefore appears to be expanding access to capital to a larger pool of innovators. 20092015<a href="http://creativecommons.org/publicdomain/zero/1.0">CC0 1.0</a>Olav Sorenson, Valentina Assenova, Guan-Cheng Li, Jason Boada, Lee Fleming. "Expand innovation finance via crowdfunding." Science 23 Dec 2016: Vol. 354, Issue 6319, pp. 1526-1528 DOI: 10.1126/science.aaf6989Olav Sorenson, Valentina Assenova, Guan-Cheng Li, Jason Boada, Lee Fleming. "Expand innovation finance via crowdfunding." Science 23 Dec 2016: Vol. 354, Issue 6319, pp. 1526-1528 DOI: 10.1126/science.aaf6989coeffs.tab73text/tab-separated-valuesUNF:6:DBsIwoC1qlw50efqrx8y1A==coefficient estimates and standard errors from 2SLS IV models used for coefficient plotscoeffs_all.tab214text/tab-separated-valuesUNF:6:NlyHZ4vVZZsKmzKD4KjTfA==coefficient estimates and standard errors from 2SLS IV models for *all* investments for coefficient plotscoeffs_gini.tab79text/tab-separated-valuesUNF:6:IgzTnP8j0TuvHNuJdyToXA==gini coefficient estimates and bootstrapped standard errors for coefficients plotscoeffs_tech.tab73text/tab-separated-valuesUNF:6:oNELrXM3/CYy+x9BUB5xGA==coefficient estimates and standard errors from 2SLS IV models for *tech only* investments for coefficient plotsfips-by-state.tab31433text/tab-separated-valuesUNF:6:thUBtku1jo2Z8YhdejAT1A==fips-county level codes and names for matching to shape filesgini.tab2257523text/tab-separated-valuesUNF:6:8OV0tu2sHHUC+NbmiCPx6Q==county-year data used for calculation of locational Gini coefficients maps_matched.tab322516text/tab-separated-valuesUNF:6:hpFPeSBpqW9QIHZVouI6hg==aggregated KS and VC data by county for the period 2009-2015state-data-statabs-2012.tab5119text/tab-separated-valuesUNF:6:qY0kJH0N3c8CcvDcmfSZDg==fips-state level codes and names for matching to shape filesyearly_fe_final.tab2257512text/tab-separated-valuesUNF:6:kQC37jhDliEVHn/WXeolGg==matched KS and VC investments by county-year, 2009-2015yearly_fe_tech.tab2257511text/tab-separated-valuesUNF:6:rMPGMMRYPXi6277XQyicrQ==(robustness checks) matched *tech only* KS and VC investments by county-year, 2009-2015name0.0.2012.02.1602468994692872009.07.02012.02015.0UNF:6:U39Xj/gMwjmdfQD3zj2hQg==coef7.00.102525132807243210.19805714285714285.0.00.35790.04820.2001UNF:6:F4yu8P/kFq1git/AEnYRaw==se.0.0099421660953067280.03720.01490.00960.00.01127.0UNF:6:MOIsjW9XGd/uf5OUWXD+nQ==nameUNF:6:M8mPU5FKobbBDy2H2JzVyQ==year2009.021.02015.02012.0.2.049390153191920.02012.0UNF:6:8o+YjgBo2sBOYcLzfzkUIg==coef.0.20010.01738690.00.29650642528415960.324086776190476161.009921.0UNF:6:5z1Yb3gPTP7vQ5P9lB8RAg==se0.0171627904761904770.01120.09620.009430121.00.019112118098680346.0.0UNF:6:wlSYwzvVlrS30db1hn2low=="year"2009.02015.0.2012.07.02012.00.02.160246899469287UNF:6:U39Xj/gMwjmdfQD3zj2hQg=="gini_vc"0.984856589941279.0.98751329721777.00.00.00201420149052226670.982292553661270.9850085789991618UNF:6:Q+ykNGKbiE7nKx2JRP/vwg=="se_vc"0.001622391964729087.00.00297749687584112.0.0020564045093615434.627315768821323E-40.00.00187798335729209UNF:6:IW4Qjf8KZ4PDWYnDj8al7Q=="gini_ks"0.00.9113793693905390.9056391877384190.993899816783392.0.073968762740127887.00.79289453641222UNF:6:4hZtUYq/OJRb2ykdylSz9Q=="se_ks"0.0096890508995917650.00613433337234374750.001227004562507290.01263318080627690.07.00.0177341860525326.UNF:6:o8+GMcJz1OdrlWslNVwK/g=="gini_ks_succ"0.9533486673044840.07.0.0.9135013410889540.9980140545296520.95600638108274180.031690508656948634UNF:6:gXhGSyGMlhYr7gTyA8Mrlg=="se_ks_succ"7.0.7.35324213157103E-40.006966707383230570.01031105126249180.00338080070942993770.00.005549782674974741UNF:6:h3fZqW2oYWK7gVgt0dw3Ow=="gini_ks_succ_100"1.0.0.0011238358281653216.00.9959691150986110.9974653163993710.999317128057420.997555399790094UNF:6:DoH4+ba6WAvPplxj0dSYqQ=="se_ks_succ_100"9.540467709232386E-4.8.50017620135172E-42.03.2650670279360137E-45.06.23045245631011E-40.00147146485796774UNF:6:utljci4FwA6Vh3d2cNyohw==name2012.0.2015.02012.02.1602468994692877.00.02009.0UNF:6:U39Xj/gMwjmdfQD3zj2hQg==coef7.00.01.0099.0.68480.219079945182009740.37520.6831714285714285UNF:6:XBAOhGAcDOqj/pli+LdOSg==se0.03206907722847227.00.00.0235285714285714260.0962.0.01120.0102UNF:6:QPlKysCZSnFNrzb1M/Nvkg==fips56045.030390.4117085584370.015164.71771996358.1001.03143.029177.0UNF:6:FPNcSSmYN2d+whVrkhhitQ==nameUNF:6:aI4/9vZLeXafqAFM6aPgzw==stateUNF:6:FTsBZvMSf+ttCA5cZFwpHQ==fips0.030029.0.31452.3113178277216352.53719673564822575.078030.01001.0UNF:6:N1E4cipvsW7QEANk7LbCVQ==num_patents25956.0369.313642692330350.01.042.42542635658927.0.022575.0UNF:6:bk7pj8j4x2JzZr8R62nCfw==year2015.00.02012.02009.0.2012.022575.02.000044298260191UNF:6:esWCvuOBK9faqPpGEaOLXA==num_citations22575.00.0757.35729789589473.00.0.6803.456773554851426996.0UNF:6:Qa2Wpan/2gQS6VWx00VnqQ==amount0.0477695.8246048732.32777.1792248026822575.00.00.02.6700419E7UNF:6:8WKDUnk9Pi1Xd/4g30uAUQ==num_campaigns2.4364562569213970.020.0703054580972160.00.022575.01041.0.UNF:6:DL5x0QawGig00HH8IeehTA==num_successful0.0.0.70343300110740090.0281.06.26333426146280650.022575.0UNF:6:PZATy52VQmWIzWNMKi7CZA==instrument_all0.00.042.41312663708122.2689.00.03.634374307862669422575.0UNF:6:4Oj2EvvaC04wICLpNmpwDA==instrument_successful1225.021.0245768969579031.7122037652269870.00.022575.00.0.UNF:6:Y+KlGs8jZceNPNki+uYXFg==successful_10035.00.419285224762275422575.00.0.0.00.00.01559246954595601UNF:6:3UPCN0uwvWQoQcJXeQREdQ==vc_count.0.00.0595.00.68062015503865810.011.17040475459622222575.0UNF:6:bnFWStxy5PxVNKc/GRDIyw==vc_amount0.00.00.01.3074551087633923E81.2352702976E1022575.05121190.353398816.UNF:6:GD/jM9KQCbOwoUQt91GR6A==stateUNF:6:X7UI81Y62urhbFW1y6PNfw==area_nameUNF:6:V5S3UjWqYXMZD2pYB4aYow==census_2010_pop42.097066.680956816429818605.0309345.5152830570682.022533.0.26097.0UNF:6:Lh4u9SX2tYQD0VffrXQ4bQ==estimates_base_2010309356.9741820138322533.09818700.042.082.0.26097.097072.63218390681UNF:6:59oeaLWekAq7TvXEiWz5dA==pop_estimate_201042.09826009.083.097254.09288598994309939.228448462426076.022533.0.UNF:6:YtRCD2Bm6G2XlzdAWDK2mw==pop_estimate_201197977.613855234239896602.042.0313056.1166452112426012.022533.090.0.UNF:6:otJKrR9tGqvcnHHq7e7cAg==pop_estimate_2012316280.205605276981.022533.042.098704.35538987046.9970436.026071.0UNF:6:YyBYYV5w93o8OtIai2dsYg==pop_estimate_2013319407.6061457461.0045175E726084.099413.6446101296989.0.42.022533.0UNF:6:Zvu8emlx0/+q+Y5RfeT02A==pop_estimate_201426013.087.042.0100165.9633426486322533.0322469.54913753516.1.0109436E7UNF:6:Oamwy3WbtnyfuETkn9J1nQ==pop_estimate_201542.0.325408.8315204883722533.089.025963.01.0170292E7100927.27027026951UNF:6:3EpCHytw8Z9Dnoz90+ZTzQ==_mergeUNF:6:vEnHdxCQaequ1ONHcJbs0g==fips1001.030029.0.0.016354.71082095449778030.03225.031452.31131782858UNF:6:iD+4Pa7q4ADvtI57BsQdhg==amount3225.0229440.25457364362.0.00.07.4667116E70.02392582.977864713UNF:6:Y5Wj4+krp740yQlm7tGgwQ==num_patents.8.03225.00.00.0296.9779844961296584.02289.2598604969107UNF:6:ceBqQhUguFoelbwUxEogag==num_citations0.00.01863299.05301.50108527138242629.47547144889.3225.055.0UNF:6:8TdNyt8vfEIni9GwvwtYiQ==num_campaigns3282.03225.00.0106.687829007842750.017.055193798449828.0.0UNF:6:cQ9wEWLrJP5wW1UtdhVJMg==num_successful.4.92403100775192234.832523749981880.03225.00.00.0967.0UNF:6:jN1O2ofKPkuwuLZrxRTXrw==successful_1003225.00.00.10914728682170478.0.02.275910920829810.0115.0UNF:6:aFXtlrtPv9XhbXwbwFsQyg==vc_count.0.071.257999636297042644.04.7643410852713650.00.03225.0UNF:6:f9NzxyMg4T7aCvyKvwHeLw==vc_amount3225.00.00.0.3.584833247379782E76.986371978518335E80.02.6857313776E10UNF:6:L+43KNxhrU3hZsNs0Jg0mA==total_ks_amount0.0.7.39944832E87.39944832E80.07.39944832E83225.07.39944832E8UNF:6:uWsiHTcGykW0s2RiqeCc/w==total_vc_amount1.1561086976E111.1561086976E11.1.1561086976E110.01.1561086976E113225.00.0UNF:6:BlVRfoIm/0r0c5xoo8bAjw==cf_patents152795.0.0.0693.0570.85556858294794123.9735818095112532.02.93303575UNF:6:9xT7MHHLsBUcFZ3LFis2yA==vc_patents118472.345681238671444007.40506195460.00.0.2532.0693.05.0E7UNF:6:dMiKQuzyCslbcThwbnw1Gw==cf_cites0.45284697647.2682310213863.778.02447.00.081.351647119846117965.0UNF:6:+ESKBPvyNK5HNZEss4P1uw==vc_cites669257.89124217140.032457.9302486971430.0.3.0E7778.02447.0UNF:6:/lmQ08iJdukceJHOZKNP4A==prop3.7815102E-59999.09990.01521.01704.07540.3077536185594292.698463185425.UNF:6:KRdZ6VGTk9rykb/ilJxH9A==fips.1000.00.028960.78431372549729000.015832.82764930348851.056000.0UNF:6:P/QVEp7cATvhJJmDvbp7HQ==StateUNF:6:NMV+j91yMuCoroC8+bXu/A==State.AbbrUNF:6:0jdrghCM14ykrWzZEb/btg==RegionUNF:6:ywmv20yhxPAdgnXQkhh2Hw==Population0.04339.367563.6266823.9842713947.6053.83407843137251.037253.956UNF:6:r2LenPxQUHWJvNVMN5yYcw==White231.4714437.3329714189990.04383.39735294117751.03060.0.21453.934UNF:6:jDsBPW5Uzt2y6d+9j18MeA==Black0.0.913.102096029759351.0763.3199803921568305.1253073.84.027UNF:6:GM3Im8f41rbsEF+zu1QLCQ==Indian.Alaskan2.07951.0.79.58426885771128362.80128.21857.495058823529410.0UNF:6:qeswUsTBuThbwI/vt0pnyg==Asian4.426706.6987701212236.0.051.04861.007287.73043137254991.242UNF:6:MmMAv1BSa+c4/Vkp5E0M9w==Hawaii.Pacific2.70651.027.387271728576792144.3860.010.5884901960784320.16.UNF:6:PieL51x1kJQYDDtP/DPu5A==Other6317.37251.0374.65427450980394.130.030.02.105951.1889849403444UNF:6:9fcIzM74MGYL2PELqU9bPQ==Two.Or.More1815.38410.753176.648490196078430.0.273.462976810271251.0104.317UNF:6:fucLB/LZ9zDXZqANahWIHQ==White.pct.95.351.024.777.60.013.87981041855046175.9921568627451UNF:6:IBZwZIhhU+KZm4eGROdOKQ==Black.pct51.07.40.40.0.50.711.02123974379452611.12156862745098UNF:6:7JJbfqrrR4FmX+cRb6ApeA==Indian.Alaskan.pct51.0.1.711764705882352914.80.02.9272271561205170.20.6UNF:6:wher9Mjvg2TbKRipJxWK+g==Asian.Pct2.338.6.0.00.65.5296299915217951.03.6803921568627453UNF:6:ib7OElVRA5IPLhwvdVc5kA==Hawaii.Pacific.Pct10.051.01.39861556197408280.10.00.3215686274509804.0.0UNF:6:TXZDB7d/R/Do7Gj/VgwhGA==Other3.680348448976313.3.44.1058823529411760.30.017.051.0UNF:6:WxsngJHfH4DBlJPPbkpKkw==Two.Or.More.pct51.0.0.03.0568627450980391.12.43.156786651135029823.6UNF:6:L3auGs4fZIoGvpIeBRvjFQ==fips78030.00.030029.031452.3113178277222575.01001.016352.537196735624.UNF:6:b0vkvKkSNYxDCWCDZKH/mA==num_patents1.042.4254263565824840.00.0369.313642692328722575.0.25956.0UNF:6:C1tFt1L+XT5fHWufniR3PQ==year22575.02.0000442982601912012.02009.02012.02015.00.0.UNF:6:5wAALuan2dX8sFWhVlY5Cg==num_citations0.00.03.0.757.35729789615576803.456773554806426996.022575.0UNF:6:vtg/t2DJN66P/Fl0kZ1NXQ==amount0.00.022575.0477695.824604873732777.17922480536.0.02.6700419E7UNF:6:g5hJyWHgXzR2hdPbnP3LSg==num_campaigns0.022575.00.0.20.0703054580942182.43645625692130841041.00.0UNF:6:YGuJJZCsM5bAbTloKuBUqw==num_successful0.70343300110740222575.0.0.00.00.0281.06.263334261462565UNF:6:sWKg8Ozdhx9xQq9gP5b2Qg==instrument_all0.042.413126637075210.00.0.22575.02689.03.6343743078623767UNF:6:qJnCSvNkCOe5Lp4AEviZEg==instrument_successful1225.00.00.01.712203765226985.21.02457689695774722575.00.0UNF:6:dyD9Vtwd+A1MJlph/HgNmw==successful_100.0.00.00.419285224762272322575.035.00.00.015592469545956833UNF:6:rd9264D/m4uRKoZiO52tfg==vc_count0.68062015503867850.022575.0.595.00.00.011.170404754596325UNF:6:ZmmyHh3geLpGDeJ9yE9C0Q==vc_amount5121190.3533993420.01.2352702976E1022575.0.0.01.3074551087639539E80.0UNF:6:CtcJkgeNxpgX3GXar+/agA==fips0.078030.01001.0.22575.016352.53719673562430029.031452.31131782772UNF:6:b0vkvKkSNYxDCWCDZKH/mA==num_patents22575.00.00.01.0.25956.042.425426356582484369.3136426923287UNF:6:C1tFt1L+XT5fHWufniR3PQ==year22575.02012.02009.0.2012.00.02015.02.000044298260191UNF:6:5wAALuan2dX8sFWhVlY5Cg==num_citations6803.4567735548063.0426996.00.022575.0757.35729789615570.0.UNF:6:vtg/t2DJN66P/Fl0kZ1NXQ==amount12325.015769657277250668.640621143740.02.0068501E7.22575.00.00.0UNF:6:WFcp/Jqjq6I6JfwUYbzRBg==num_campaigns5.596969075841904.0.00.54272425249167890.022575.0327.00.0UNF:6:9yiUHpSvPKLq6qZuTEIrrg==num_successful22575.00.00.1235880398671055574.00.0.0.01.4773201898180355UNF:6:CNhoteIGxML6OTHRmrt63Q==instrument_successful0.022575.0.0.01.7122037652269850.01225.021.024576896957747UNF:6:dyD9Vtwd+A1MJlph/HgNmw==successful_1000.0155924695459568330.035.00.41928522476227230.0.22575.00.0UNF:6:rd9264D/m4uRKoZiO52tfg==vc_count0.00.0.595.00.022575.00.680620155038678511.170404754596325UNF:6:ZmmyHh3geLpGDeJ9yE9C0Q==vc_amount1.3074551087639539E81.2352702976E10.5121190.3533993420.00.022575.00.0UNF:6:CtcJkgeNxpgX3GXar+/agA==crosswalks.mreplication of the VC and Kickstarter TF-IDF categorical overlaps text/plain; charset=US-ASCIIdictdictionary of words used across VC categories and Kickstarter textual descriptions text/plain; charset=US-ASCIIdocuvector representation of VC categorical and Kickstarter textual descriptionstext/plain; charset=US-ASCIIgz_2010_us_050_00_5m.jsonU.S. county and state shape files application/jsonksvc.infoVC and Kickstarter pre-defined categories application/octet-streamREADMEreplication instructions filetext/plain; charset=UTF-8R_replication_figures_final.Rreplication of the *figures* in the main text and supplementary materials type/x-r-syntaxR_replication_maps_final.Rreplication of the maps in the supplementary materials type/x-r-syntaxR_replication_maps_final_Fig1.Rreplication of the map in the main texttype/x-r-syntaxR_replication_tables_final.Rreplication of the *tables* in the main text and supplementary materials type/x-r-syntaxStata_replication_final.doreplication of the 2SLS IV modelsapplication/x-stata-syntaxStata_replication_final.doreplication of the 2SLS IV models application/x-stata-syntaxstoplistTF-IDF replication - stoplisttext/plain; charset=US-ASCIItfidf_rescaling.mTF-IDF replication rescaling codetext/plain; charset=US-ASCII