Crowdfunding for SMEs: A European Perspective by Roberto Bottiglia, Flavio Pichler

By Roberto Bottiglia, Flavio Pichler

Crowdfunding for SMEs: a ecu Perspective presents a important perception into this new resource of capital. specifically, the authors concentrate on monetary go back crowdfunding, which repays the gang both via debt or fairness. This resource of capital could play an important position sooner or later changing into another or a supplement to conventional investment assets. it's for this reason of the uttermost value to appreciate what has boosted its exponential progress in recent times, in addition to the most important drivers of good fortune of P2P lending and fairness crowdfunding campaigns on either the funders and the fundraisers part.

as a result monetary nature of the go back supplied to the gang, monetary go back crowdfunding has been the article of modern waves of legislation, even if the ecu Union nonetheless lacks a collection of universal principles. the purpose of legislation could be twofold, to guard traders and, while, to prefer the financing for SMEs. during this ebook, the authors discover such matters and the regulatory regulations, whereas trying to the way forward for monetary go back crowdfunding as an evolving resource of capital.

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By Roberto Bottiglia, Flavio Pichler

Crowdfunding for SMEs: a ecu Perspective presents a important perception into this new resource of capital. specifically, the authors concentrate on monetary go back crowdfunding, which repays the gang both via debt or fairness. This resource of capital could play an important position sooner or later changing into another or a supplement to conventional investment assets. it's for this reason of the uttermost value to appreciate what has boosted its exponential progress in recent times, in addition to the most important drivers of good fortune of P2P lending and fairness crowdfunding campaigns on either the funders and the fundraisers part.

as a result monetary nature of the go back supplied to the gang, monetary go back crowdfunding has been the article of modern waves of legislation, even if the ecu Union nonetheless lacks a collection of universal principles. the purpose of legislation could be twofold, to guard traders and, while, to prefer the financing for SMEs. during this ebook, the authors discover such matters and the regulatory regulations, whereas trying to the way forward for monetary go back crowdfunding as an evolving resource of capital.

Show description

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Extra info for Crowdfunding for SMEs: A European Perspective

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12 We appreciate that the figures for the European crowdfunding market presented in Wardrop et al. (2015) differ from those in Massolution (2015), potentially due to the differences in the sample platforms. Wardrop et al. (2015) surveyed 255 EU27-based crowdfunding platforms; while data for Massolution (2015) were gathered from 91 European crowdfunding platforms, these data excluded some of the most important players in the European context (Companisto). 26 F. Pichler and I. Tezza Fig. 8 European crowdfunding market per type (€m).

Ahlers et al. (2015) investigate which information provided by startups is essential in stimulating investment through equity crowdfunding.  Their results demonstrate that when forecasting an exit either through an initial public offering (IPO) or a trade sale, having more 38 F. Pichler and I. Tezza members in the management team with a higher level of education (such as a masters in business administration) greatly increases the funding goal and the number of investors. Conversely, offering a higher equity or not disclosing financial forecasts reduces the funding goal and the number of supporters.

That is, projects related to the environment are less likely to reach the target funding amount, and in general, receive the lowest average percentage of the funding goal. Cordova et al. (2015) analyse four reward crowdfunding platforms: Kickstarter and Indiegogo (based in the US); Eppela (Italy); and Ulule (France). However, data from Ulule never enter the analysis. Focusing on technology-related projects only, the aim of this research is to identify the determinants of success of crowdfunding pitches and whether the success factors are also important for collecting money beyond the funding goal, so-called ‘overfunding’.

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