Il crowdinvesting made in Italy: un’indagine conoscitiva

Crowdfunding is a form of financing that has been present in Italy for several years. The phenomenon has been regulated in our country since 2013, at least insofar as equity investments are concerned. At the European level, however, a comprehensive and uniform regulatory framework was only introduced in 2020 by Regulation (EU) 2020/1503, which came into full application in November 2023. This paper examines the opinions and levers driving different actors, namely enterprises, investors and crowdfunding service providers. The study employed a range of differentiated analysis tools, including both qualitative and experimental techniques. The evidence gathered between December 2022 and January 2023 through qualitative analysis indicates that drivers and deterrents of crowdfunding are several and heterogeneous. In detail, they refer to functional and strategic aspects, as well as attitudinal and cultural considerations. In particular, the survey addressed to crowdfunding service providers revealed a sector that is aware of its strengths and weaknesses and is prepared to seize the opportunities deriving from the new regulatory framework and to manage any challenges. Finally, the results of the experimental analysis used to investigate the decisionmaking process of retail investors in equity crowdfunding show that they place greater importance on specific pieces of information, such as the participation of other investors (both professional and retail) in the campaign or the direct commitment of the entrepreneur. In this context, crowdfunding sector could be further developed thanks to tax incentives for investors and enterprises, as well as measures to facilitate the divestment of financial instruments related to crowdfunding campaigns. Information and knowledge continue to play a key role in the sector’s growth, as they have the potential to affect some of the cultural barriers that are among the most pervasive deterrents to accessing this funding and investment channel.