The Emerging Crowdfunding Market in Italy: Are “the Crowd” Friends of Mine?
Emerging literature on crowdfunding, until now, is missing detailed empirical analyses on profiles of “crowdfunders”. Our paper aims to address this shortage, analyzing geographical and socio-economic characteristics of crowdfunders, looking at how crowdfunding influences the nature of geography and social contacts in new ventures. Our analysis concentrates on Italy, a country suffering for a huge economic crisis but that, at the same time, is showing a strong dynamism in crowdfunding. We collect data on donors of about 350 projects, estimating with a micro-econometric model not only which donors’ characteristics increase the likelihood of an investment, but also the role played by social media in the crowdfunding process. Our results give some remarkable indications about crowdfunding in different countries and cultural contexts.
KeywordsCrowdfunding Social network Non-monetary rewards
- Aghion, P., & Bolton, P. (1992). An incomplete contracts approach to financial contracting. Review of Economic Studies, 77, 338–401.Google Scholar
- Agrawal, A. K., Catalini, C., & Goldfarb, A. (2011). The geography of crowdfunding (Working Paper No. 16820). Retrieved from National Bureau of Economic Research website: http://www.nber.org/papers/w16820
- Agrawal, A. K., Catalini, C., & Goldfarb, A. (2013). Some simple economics of crowdfunding (Working Paper No. 19133). Retrieved from National Bureau of Economic Research website: http://www.nber.org/papers/w19133
- Coleman, J. (1990). Foundations of social theory. Cambridge: Harvard University Press.Google Scholar
- Florida, R. (2004). Cities and the creative class. New York: Routledge.Google Scholar
- Lin, M., Prabhala, N. R., & Viswanathan, S. (2009). Judging borrowers by the company they keep: Social networks and adverse selection in online Peer-to-Peer lending (SSRN Working Paper). Retrieved from http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1355679
- Masum, H., & Tovey, M. (2011). The reputation society: How online opinions are reshaping the offline world. Cambridge, MA: MIT Press.Google Scholar
- Rainie, H., Rainie, L., & Wellman, B. (2012). Networked: The new social operating system. Cambridge, MA: MIT Press.Google Scholar
- Saxenian, A. (1996). Regional advantage: Culture and competition in Silicon Valley and route 128. Cambridge: Harvard University Press.Google Scholar