We identify digital crowdfunding platforms as a technological external enabler (EE) for international entrepreneurial finance and examine how different forms of liability of foreignness shape the extent of their enablement across countries. Specifically, we propose that unfamiliarity, relational, and discrimination hazards, as reflected in a larger cultural distance, lack of trust, and unfavourable country image, reduce the amount of foreign funding attracted. Testing these propositions using data from a prominent digital crowdfunding platform, our results largely support our arguments. We make contributions by providing both theoretical extensions and empirical evidence to the EE framework, and by examining how macro-level social-cognitive factors shape the outcome of international entrepreneurial endeavours in the digital economy.
