This document analyzes the Italian crowdfunding platform market. It finds that as of October 2013 there were 27 active platforms and 14 in launch phase. The analysis is based on responses from 21 active platforms. Most platforms have 5 partners, 3 employees and 2 full-time collaborators. About a quarter offer their services for free while success fees range from 2.5-15%. Reward and lending are the most common models, but equity platforms are growing. The largest crowdfunded projects in Italy have raised over €900,000. Challenges for the industry include a lack of crowdfunding culture, issues working with public authorities, the digital divide, and achieving economic sustainability, especially for equity platforms.

1. Analysis
of
Italian
crowdfunding
pla:orms
Daniela
Castrataro
–
Ivana
Pais
LUISS,
Rome,
19th
October
2013

2. Analysis
of
Italian
crowdfunding
pla:orms
• Updated
version
(October
2013)
• ObjecLve:
to
give
an
overview
on
the
offer
and
value
of
crowdfunding
market
in
Italy
• 16
acLve
pla:orms
in
November
2012,
21
acLve
pla:orms
in
April
2013
and
2
in
launch
phase
• 27
acLve
pla:orms
in
October
2013,
14
in
launch
phase
• 30
replies
included
in
the
analysis
(21
acLve
pla:orms)

5. Business
type
and
structure
• An
average
of
5
partners,
3
employees
(half
of
the
pla:orms:
only
1),
2
full-­‐Lme
collaborators
and
one
part
Lme
(half
of
the
pla:orms:
zero).
• 30-­‐50
years
old,
average
age
is
lower
in
reward
• 70%
have
a
university
degree
• Women’s
presence
is
growing:
half
the
pla:orms
employ
women,
2
pla:orms
were
funded
by
only
women
• AcLve
pla:orms’
business
type:
7
VAT
registered,
3
managed
by
another
company,
7
Srl
(UK
Ltd),
2
Spa
( joint-­‐stock
company),
1
Ltd
(registered
in
the
UK)
• 3
equity-­‐based
pla:orms
have
started
the
process
to
be
included
in
CONSOB
register

6. Business
models
• More
than
¼
offer
their
services
for
free
• Success
Fee
between
2,5%
and
15%
• Planned
integraLon
of
pay-­‐for
services
in
the
next
months
• Only
4
pla:orms
target
internaLonal
market
• CompeLtors:
in
Italy
• More
than
a
half
has
got
informal
types
of
collaboraLon
in
place,
less
than
a
third
formal

7. Crowdfunding
Models
(acLve)
Odobre
2013

8. Crowdfunding
Models
(acLve
+
launching)
Odobre
2013

9. Pla:orms
Models

10. Italian
Crowdfunding
Market:
total
value

11. Most
funded
projects
• La
cidà
nella
cidà,
Terzo
Valore
(E
900K,
300K
via
Lending,
600K
via
donaLon
crowdfunding)
• E
fu
sera
e
fu
mahna,
Produzioni
dal
basso
(E70K)
+
DIY
• E
179K
Padiglione
Italia,
Biennale
• E
89K
Palazzo
Madama,
Torino

12. Problems
• Lack
of
culture
eg.
Difference
between
equity
and
reward.
AssociaLons
and
Networks
educator
role
• Difficult
relaLonship
with
PA
• Digital
divide
• Economic
sustainability
• Equity
pla:orms:
problems
in
finding
a
financial
intermediary

13. Grazie!
@ivanapais
www.laretechelavora.com
ivana.pais@unicad.it
@danielaCast
hdp://twintangibles.co.uk
daniela@twintangibles.co.uk
@italiancrowdfunding
www.italiancrowdfunding.org
info@italiancrowdfunding.org