FORTUNE — Last month we noted that CircleUp, a new crowd-funding platform for small retailers and consumer brands, had launched with $1.5 million in venture capital from Maveron and individuals like David Topper. What we didn’t know at the time was that the round’s largest investor actually was Clayton Christensen, the noted Harvard Business School professor and author of books like The Innovator’s Dilemma.
He did the deal via Rose Park, an investment vehicle Christensen and his son launched around five years ago. Other Rose Park portfolio companies include Coupang and BioLite.
Given Christensen’s area of study, I asked him to discuss whether crowdfunding is disruptive, or just a reflection of government-endorsed social media hype. His reply, via email:
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