Autori
Ferrucci, Luca
Picciotti, Antonio
Gigliotti, Marina

Titolo
Sustainable projects in crowdfunding campaigns: an explorative study in Italy
Periodico
Sinergie
Anno: 2025 - Volume: 43 - Fascicolo: 126 - Pagina iniziale: 145 - Pagina finale: 163

Frame of the research: In recent years, crowdfunding platforms have emerged as a viable form of financing for innovative startups. In this context, numerous sustainable projects have been funded through online equity crowdfunding campaigns, highlighting potential advantages for enterprises with social and environmental goals. Purpose of the paper: The paper aims to define whether the sustainability orientation of projects (social or environmental) positively influences the possibility of succeeding in online equity crowdfunding campaigns. Methodology: Data were acquired from a sample of 240 investment projects on one of the main Italian online crowdfunding platforms. This led to the initial construction of a database and the subsequent testing of the research hypotheses. Findings: Projects with a sustainable orientation attract more investors and offer more significant participation in the company. However, there are no significant differences compared to business-oriented projects regarding exceeding the financing target and the average investment. Research limits: The research considers only one crowdfunding platform and is based on limited information that can be easily gathered. Further, it does not consider how companies employ the funds obtained to reached the project goals. Practical implications: This study highlights the existence of high-growth opportunities in the field of online equity crowdfunding. This represents an opportunity for both sustainability-oriented companies that wish to raise funds and for online platforms that can develop new services and achieve market differentiation. Originality of the paper: Considering the Italian context, the research compares sustainable and business-oriented projects within crowdfunding campaigns. It represents an explorative study that provides some first insights to trigger a future debate on crowdfunding and social entrepreneurship in Italy.



SICI: 0393-5108(2025)43:126<145:SPICCA>2.0.ZU;2-9
Testo completo: https://ojs.sijm.it/index.php/sinergie/article/view/1811/1003

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