The Emerging Crowdfunding Market in Italy: Are “the Crowd” Friends of Mine?

  • Marco Guerzoni
  • Dario PeironeEmail author
  • Ivana Pais
  • Angelo Miglietta
Part of the FGF Studies in Small Business and Entrepreneurship book series (FGFS)


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.


Crowdfunding Social network Non-monetary rewards 


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Copyright information

© Springer International Publishing Switzerland 2016

Authors and Affiliations

  • Marco Guerzoni
    • 1
  • Dario Peirone
    • 1
    Email author
  • Ivana Pais
    • 2
  • Angelo Miglietta
    • 3
  1. 1.University of TurinTurinItaly
  2. 2.Università Cattolica del Sacro CuoreMilanItaly
  3. 3.IULM UniversityMilanItaly

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