Crowdfunding: definizione del fenomeno e analisi approfondita dell'equity crowdfunding. Il caso italiano di Winelivery

The advent of the internet has brought with it important changes in the world of corporate finance, and its increasing use and its disruptive development is what has allowed crowdfunding, a new alternative finance instrument, to gain an important position in the world of financing instruments. Interest in crowdfunding has grown exponentially over the last decade and publications on crowdfunding have also increased. The aim of this paper is to provide the reader with an in-depth knowledge of the phenomenon of crowdfunding and in particular of the equity-based model, in order to understand its importance for the financing world of start-ups and small and medium-sized enterprises. To achieve the purpose of the paper, reference was made to the literature on the phenomenon of crowdfunding through the careful reading, analysis, and processing of publications, articles, and books that dealt with the subject. Through the pages of this paper, we will deal initially with crowdfunding at a general level, providing more definitions derived from the literature and trying to analyze them in more depth. The subjects involved in the process will be analyzed and the different models (divided into classic models and new models) of crowdfunding will be explained. To understand the origins of this phenomenon will be proposed a section dedicated to history and evolution and finally will analyze the current European and US regulatory framework, and then conclude with the reference to some of the most important online platforms. After introducing the phenomenon at a general level, the focus will shift to one of the crowdfunding models, the equity-based model, in order to focus the attention on the business world and on the possibility for companies to obtain resources in an alternative way to traditional methods of financing. For equity crowdfunding, an in-depth analysis will be offered, proposing the general definition and underling the growing attention of the literature. In addition, the main critical success factors for a crowdfunding campaign will be announced and, later, the main benefits and risks arising from the use of this new financing instrument will be analyzed. To conclude the analysis of equity crowdfunding model, the main differences between equity crowdfunding and other classic crowdfunding models will be highlighted, and on the other hand between equity crowdfunding and traditional methods of financing for businesses. In conclusion, in order to better understand the topic, it was decided to analyze a practical case of success that concerns an Italian company called Winelivery. After an introduction to the phenomenon of equity crowdfunding with particular attention to the Italian market, the paper presents the history of this Italian company and details of the three different equity crowdfunding campaign that have contributed to its development and growing success.