2nd disincentive for founders comes from the opportunity cost of raising capital from “the crowd” rather than professional investors. Angel investors and VCs, for example, often bring ad- ditional value to the company, such as industry knowledge, relationships, and status (Hsu, 2004). Not only are non-professional crowdfunders less likely to bring these benefits, they are also less likely to make the effort to confer these benefits to the creator (if they could) because the returns for doing so are much lower given their typically much smaller level of investment.