The main topic of this diploma thesis is the capital allocation. I focus on crowdfunding and study how the development of crowdfunding during the last years influenced options and effectiveness of the capital allocation. I compare crowdfunding with other distributional models. Under the term of "distributional models", I understand funding models, namely bilateral model, banks, stock markets and venture capital. I choose start-ups or arising projects as a medium of exploration. The hypothesis of this thesis is as follows: "Crowdfunding is better model for funding arising projects than venture capital, banks, stock market or bilateral model." To answer the main hypothesis, I analyze two supporting hypothesis. The first hypothesis studies the principle of crowdfunding. It says, that crowdfunding is able to recognize funding-worthy projects better than other models. I want to know, what makes crowdfunding an innovative concept, I study, how the new media manifest themself in the concept of crowdfunding. I analyze, how crowdfunding eliminates individual errors by using the "crowd". And above all, I study how each model addresses the role of an intermediary in the relation between surplus and scarce subjects. The second hypothesis observes, whether crowdfunding provides more money to the arising projects than...

Venture capital is associated with some of the most rapidly growing and influential technological companies. The strengths of the venture capital model have been effectively articulated by academics and policymakers. At the same time, venture capital financing became increasingly influential in the deep technology startup ecosystem, and there was a need to investigate the industry's growth impact of financing. Hence, this thesis focuses on the research area that is initiated by Industrifonden, an early-stage venture capital fund in Sweden. This study has chosen to investigate and answer the growth impact analysis in two key areas: timing (is timing of financing an independent factor for the growth of deep tech startups?) and sector based financing (Is Venture capital financing sector based?). The data comes from a cohort of startups (143 startups from 2010 to 2019) that are representative of deep-tech and non-deep-tech firms in Sweden, according to the Retriever Business Database in association with KTH Library. As the performance can be explained through the growth of the firms, the result shows that timing of funding has a statistically significant impact on the growth of the firm. The findings indicate a higher positive correlation between timing and startups’ growth, but sector based financing is statistically insignificant for deep tech startup growth. / Riskkapital är förknippat med några av de snabbast växande och inflytelserika tekniska företagen. Styrkorna i riskkapitalmodellen har effektivt formulerats av akademiker och beslutsfattare. Samtidigt blev riskkapitalfinansiering alltmer inflytelserik i det djupa teknikstart, och det fanns ett behov av att undersöka branschens tillväxtspåverkan av finansiering. Därför fokuserar denna avhandling på det forskningsområde som initierats av Industrifonden, en svensk riskkapitalfond. Denna studie har valt att undersöka och svara på analysen av tillväxtspåverkan inom två nyckelområden: timing (är tidpunkten för finansiering en oberoende faktor för tillväxten av djupa teknikstart?) Och branschfinansiering (är riskkapitalfinansiering branschbaserad?). Uppgifterna kommer från en grupp nystartade företag (143 startups från 2010 till 2019) som är representativa för djup teknologiska och icke-djup tekniska företag i Sverige, enligt affärsdatabasen Retriever i samarbete med KTH biblioteket. Eftersom resultatet kan förklaras genom företagens tillväxt visar resultatet att tidpunkten för finansiering har en statistiskt signifikant inverkan på företagets tillväxt. Resultaten indikerar en högre positiv korrelation mellan timing och startups tillväxt, men branschfinansiering är statistiskt obetydlig för djup teknisktillväxt.