The Crowdfunding: A New Financial Instrument for the Start-ups? | Chapter 01 | Current Perspective to Economics and Management Vol. 4
Start-ups are new businesses, which need a good amount of equity to
finance investments. Crowdfunding is an alternative instrument to collect
money. It does not need the intervention of a bank, but allows to obtain the
funds directly from the public by network platforms.
This article focuses on the possibility for a start-up to raise capital
through crowdfunding.
The argument is quite known on an international level, even if scholars
often focus on specific problems or on particular moments of the life cycle of
the start-up. On the contrary, the two arguments are really new in Italy. The
Italian crowdfunding market is young – the main increase in the platforms
number (+63%) is between 2013 and 2014 - and the national regulation which
allows to finance start-ups by crowdfunding is even more recent (latest legal
document in 2017).
The novelty of the topic explains the added value of this article. To the
best of our knowledge, no previous study focused on the Italian start-ups
financed by crowdfunding. We analyze the phenomenon from the birth of the
different platforms (2005 for the first one) since the end of the first
semester 2018.
Author(s) Details
Marina Damilano
Department of Management,
University of Turin, Italy.
Cristina Rovera
Department of Management,
University of Turin, Italy.
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