| Abstract |
A. Introduction. Even though "crowdfunding" can be seen as a relatively recent phenomenon (especially in Italy), it has nonetheless been the subject of numerous studies, especially in recent years. We believe, however, that these studies have not provided a comprehensive examination of the phenomenon (Belleflamme et al. 2011; Lambert and Schwienbacher 2010). So, it might be posited that the existing literature has only provided a description of the main and most general characteristics of crowdfunding, which is a vast and often many-sided phenomenon. Substantial areas of research and important aspects still remain to be covered. Even if it is now commonly held to represent an autonomous phenomenon (Mollick, 2013), the most common and well-known definition of crowdfunding refer to the phenomena of crowdsourcing (Poetz and Schreier, 2012) and microfinance (Morduch, 1999). More specifically, according to a wide number of authors (Larralde and Schwienbacher, 2010), crowdfunding can be analyzed as a category of the wider 'crowdsourcing phenomenon'. On the basis of these definitions, the main components of crowdfunding are: 1. a large group of people (crowd), 2. a provision of financial resources (funds), 3. internet-based means, peer-to-peer, websites or other online tools (Lin and Viswanathan, 2013), 4. a specific objective: a project, specific initiatives or other specific purposes. Burkett (2011) also considers collections made by fans of bands to represent a form of crowdfunding, 5. a form of "return" for the crowdfunders, which can also be of a "moral" nature (for example in a free distribution or donation), or another type of "reward", gratification or right to vote and to constitute a part or category of the wider, more general concept of crowdsourcing. Analyzing the studies that have been achieved so far, it does not emerge clearly what could be the contribution on the territory and on the community, in terms of social, environmental and economic sustainability, that crowdfunding cause through its fundraising activities and the subsequent projects financing. Too often the phenomenon of "crowdfunding" is limited as a new business model, exclusively aimed to achieve profits, without considering its potential as a mean of fundraising for the growth and development of the territory and the community. B. Aim of the research. The aim of the research is to examine some Italian crowdfunding projects in order to assess the sustainability of the value-creating model for the community. In particular, the study will focus on: 1. firstly, the process and the criteria used to identify the platforms for the analysis. The study considers the 45 existing Italian "crowdsourcing" platforms (already active) on March 2014, identified through the platform crowdfunding. it and the analysis of the companies' Ateco identification code. 2. secondly, the analysis of the platforms to find out if and how each project is addressed to the territory. 3. thirdly, the analysis of each project in order to find out: the crowdfunding model; type of project; the amount that has to be financed; amount of financial resources already obtained; donors characteristics; type of sustainability (environmental, social, economic, .... ). 4. finally, the identification of a sustainability measurement model developed through the correlation between the characteristics of the projects funded and the impact on the territory. |