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Unsurprisingly, the emerging business opportunities has gained a lot of interest that is realized in form of successful Initial Coin Offerings (ICOs) that are able to raise billions of USD through crowdfunding campaign. In this exploratory research we study 91 ICOs through content analysis in order to investigate the special characteristics of ICO crowdfunding as business models towards the possible investors. We found that ICOs can be described through (1) the model for providing incentives for investment, (2) the pricing strategy, (3) the token strategy and (4) the activities for crowd involvement in value co-creation.<\/jats:p>","DOI":"10.1007\/978-3-030-58858-8_4","type":"book-chapter","created":{"date-parts":[[2020,9,23]],"date-time":"2020-09-23T18:02:34Z","timestamp":1600884154000},"page":"32-40","update-policy":"https:\/\/doi.org\/10.1007\/springer_crossmark_policy","source":"Crossref","is-referenced-by-count":1,"title":["ICO Crowdfunding: Incentives, Pricing Strategy, Token Strategy and Crowd Involvement"],"prefix":"10.1007","author":[{"given":"Gabriella","family":"Laatikainen","sequence":"first","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Alexander","family":"Semenov","sequence":"additional","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Yixin","family":"Zhang","sequence":"additional","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Pekka","family":"Abrahamsson","sequence":"additional","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"297","published-online":{"date-parts":[[2020,9,24]]},"reference":[{"key":"4_CR1","doi-asserted-by":"crossref","unstructured":"Fenu, G., Marchesi, L., Marchesi, M., Tonelli, R.: The ICO phenomenon and its relationships with ethereum smart contract environment. 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