In the first theoretical analysis of crowdfunding, Belleflamme et$.$ al make what argument about the preferences of entrepreneurs?

a$.$

Entrepreneurs prefer pre$-$ordering when initial capital requirement is relatively high.

b$.$

Entrepreneurs prefer pre$-$ordering when initial capital requirement is relatively low.

c$.$

Entrepreneurs prefer profit sharing when initial capital requirement is relatively low.

d$.$

Entrepreneurs prefer not to use crowdfunding as a startup funding source.