Italian Crowdfunding Platforms - An Overview (Updated Version - April 2013)

Analysis of Italian Crowdfunding Platforms
Daniela Castrataro (twintangibles & crowdfuture) and Ivana Pais (Cattolica University)
with the support of the ICN – Italian Crowdfunding Network
April 2013
v 2.1
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 3.0 Unported License.
Analysis of Italian Crowdfunding Platforms – Castrataro, Pais – April 2013 1

Table of Contents
Composition of the Italian crowdfunding market............................................................................3
Descriptive list of Italian crowdfunding platforms...........................................................................4
History and geography of Italian crowdfunding platforms.............................................................9
Genesis of Italian crowdfunding platforms: rationale and influences...........................................10
Crowdfunding models on the Italian market................................................................................10
Demography of Italian crowdfunding platforms...........................................................................10
Legal form, partners and personnel.............................................................................................10
Italian crowdfunding in numbers..................................................................................................11
Target market and target audience, competitors, collaboration networks...................................12
Main issues on the Italian crowdfunding scene...........................................................................13
The legal framework....................................................................................................................13
What is crowdfunding according to the players in the sector.......................................................16
Conclusions.................................................................................................................................17
Index of images and graphs
Fig. 1 Breakdown of Italian crowdfunding platforms' models.......................................................3
Graph n.1 Timeline showing the launch year of the main Italian crowdfunding platforms............9
Graph n. 2 Total value of successfully funded projects for each crowdfunding model................11
Fig. 2 Breakdown of the total value of funded projects for each crowdfunding model................12
[*cover image: tag cloud created with the definitions of crowdfunding given by the survey respondents]

Composition of the Italian crowdfunding market
As of April 10, 2013, there were 21 active Crowdfunding platforms in Italy, and two in their
launch phase.
Twelve platforms were reward-based and seven were donation-based. Only two platforms can
be included in the equity-based model and two in the Social Lending model.
In total, 12 platforms responded to our online questionnaire in November 2012.
Fig.1 Italian crowdfunding platform models

Descriptive list of Italian Crowdfunding platforms
Reward-based/Generalist
Boomstarter - www.boomstarter.com
BoomStarter is a generalist crowdfunding platform, founded in September 2011 as the first
project of the platform itself, raising 8000 Euro. It's an example of the reward-based platform
using the ‘take it all' model. It is uncertain whether the platform is still active.
Com-Unity - http://www.com-unity.it/
Com-Unity is a generalist crowdfunding platform, using a mixed donation-reward model. It's
owned by Banca Interprovinciale Spa and it was developed together with the consultancy firm
Studio SCOA. It was launched in March 2013. The platform publishes projects from many
different sectors, with a stronger interest towards humanitarian and scientific areas.
Crowdfunding Italia - www.crowdfunding-italia.com
Crowdfunding-Italia is a generalist crowdfunding platform, founded in October 2012. The
registration for Crowdfunding-Italia is free and no commissions are imposed on raised funds.
De Revolutione - www.derevolutione.com
DeRev is "a platform that allows you to turn your best ideas into revolutions in order to materially
improve the world we live in". On the platform it's possible to find crowdfunding campaigns as
well as petitions. Founded by Roberto Esposito, the platform was launched in November 2012.
Eppela - www.eppela.com
Eppela is a reward-based crowdfunding platform founded in the second half of 2011 by Nicola
Lencioni It allows for the funding of innovative and creative projects in the fields of art,
technology, film, design, music, comics, social innovation, writing, fashion, non-profit
organization.
Kapipal - www.kapipal.com
Kapipal was founded in 2009 by Alberto Falossi and defines itself as a site to raise money
online. This is a generic platform that provides funding for any project, particularly personal
projects, such as birthdays or wedding lists. Kapipal also defines itself as the first international
crowdfunding platform to support personal crowdfunding. It doesn’t impose any fees on projects.
Produzioni dal Basso - PdB - www.produzionidalbasso.com
PdB is believed to be the first crowdfunding platform in Italy, founded in 2005 by Angelo
Rindone, The purpose of the platform is to "provide a space for all those who want to propose
their own project through a bottom-up production system"
Produzioni Dal Basso is free and each project proposal is managed independently and without
intermediation.

Starteed - www.starteed.com
Starteed was founded in late 2011 by Claudio Bedino. The platform launched in September
2012, and is a crowdfunding site that helps people finance their ideas with the financial and
social support of the Starteed Community. The platform integrates the crowdfunding campaign
with all subsequent stages of the development and sale of the product, giving the creator the
opportunity to sell their product on the platform itself.
Reward-based/Regional-Local
Finanziami il tuo futuro - www.finanziamiiltuofuturo.it (Valle d'Itria - Puglia)
Finanziami il tuo futuro (lit. Fund my Future) is a local crowdfunding platform, operating in the
area of Valle d'Itria in the South-Italian region Puglia, aimed at the promotion and diffusion of
new projects for the development of the local community. The platform was born at the
beginning of 2013 to answer “the need to integrate and revive the productive sectors of the local
economy through innovation and creativity brought by the local youth”. It's targeted to 18-35 y.o.
living in the municipalities of Alberobello (Ba), Cisternino (Br), Locorotondo (Ba), Martina Franca
(Ta), Noci (Ba) and Putignano (Ba). Project holders can send an application to raise a fixed sum
(10.000E) in order to realise projects of a maximum duration of 12 months.
Kendoo - http://www.kendoo.it/ (Bergamo)
Kendoo is a crowdfunding platform operating in the North-Italian province of Bergamo,
promoted by Media on (a company owned by Gruppo Sesaab of Bergamo, who publishes
"L’Eco di Bergamo"). The platform's objective is to create and fund projects, using an all-or-
nothing model. The platform was launched at the beginning of 2013.
Reward-based/Niche
Cineama - www.cineama.it
Cineama is a platform and a community around cinema, open to professionals, creative
professionals and cinema lovers and beyond. The platform, founded by Tania Innamorati,
Federico Bo, Antonio Badalamenti, Fabrizio Mosca and Savina Neirotti in 2011, combines
crowdsourcing and crowdfunding, directly involving cinema lovers in the phases of creation,
production, promotion and distribution of films, documentaries, shorts, web series.
Musicraiser - www.musicraiser.com
Musicraiser is a reward-based crowdfunding platform dedicated exclusively to music. Founded
by Marta Sui Tubi singer, Giovanni Gulino, and his partner DJ and producer Tania Varuni, the
platform was launched in October 2012 and hosts fundraising projects for CDs, promotional
tours, music videos, concerts, festivals and all that has to do with music.

Reward-based/Do It Yourself (DIY) Crowdfunding
The so called DIY Crowdfunding (or Direct Crowdfunding) is a trend that started developing in
Italy too. This happens when campaign owners decide to run their campaigns independent of
platforms. You can find below some recent examples of DIY Crowdfunding.
Acquista con noi un pezzo di Storia (lit. Let's buy together a piece of history) - Palazzo
Madama (Turin) www.palazzomadamatorino.it/crowdfunding/
The project was launched by the museum Palazzo Madama in Turin. It raised 89.409,49E in 2
months, surpassing its 80.000E target, in order to bring a porcelain set that belonged to the
d'Azeglio's back to Turin. It was a reward-based crowdfunding campaign: backers, in return for
their pledges, will receive rewards such as entrance tickets to the museum, mentions in the
acknowledgements, etc.
Community – Il Film http://www.communityilfilm.com/home/
The project's objective is to finance the production of Community Il Film, a social story told
through a comedy film. The target is 200.000E, the deadline is September 2013, when the
shooting is set to start.
Un Indovino Ci Disse – Il Film (lit. A fortune-teller told us – The Movie)
http://www.unindovinocidisse.it/
The campaign's objective is to fund the production of the movie Un Indovino Ci Disse, by Mario
Zanot, adapted from the book Un Indovino Mi Disse (lit. A fortune-teller told me) by Tiziano
Terzani. The target is 500.000E to be reached by June 2013.
vice versa – Italia Pavilion at the 55th International Art Exhibition - la Biennale di Venezia
http://viceversa2013.org/it/crowdfunding-artisti-opere-arte
The initiative aims to support the production of artists works, cultural mediation, promotion and
communication; the organization of encounters with artists and opinion leaders and a final
conference on the themes of the Italian Pavilion. It's a reward-based campaign of a duration of
90 days. So far over 100.000E have been raised.
Donations
BuonaCausa - www.buonacausa.org
BuonaCausa is the "ethic network dedicated to good causes and projects that require support."
The platform allows associations, testimonials, companies, donors and activists to collaborate
on initiatives and projects of social value.
Fund For Culture - http://www.fundforculture.org/
Fund Culture is a system for collecting funds for culture, which want to "encourage dialogue
between those who want to spread culture in Italy and who are seeking support from small
donations." This project was founded in Naples in October 2010 from an idea of Adriana Scuotto
and Antonio Scarpati. The platform’s objective is "to fund cultural initiatives - such as exhibitions,

restorations, archives, publications, shows and movies - promoted by artists, non-profit
organizations, cultural foundations, public institutions."
Iodono - www.iodono.com
Iodono is a site for personal fundraising founded in the first part of 2010, a brainchild of
DirectChannel, a Milan-based company leader in database management in the publishing and
non profit industry. The goal is to allow people to donate online to raise money for nonprofit
causes and other causes close to them.
Pubblico Bene - www.pubblicobene.it
Pubblico Bene is an experimental project of investigative journalism funded by readers and
based on the participation of readers and journalists, made possible thanks to the contribution of
the GECO project, funded by Emilia Romagna region. The platform, which promotes "a new
model of independent information, on a local basis, is based on the model of community funded
reporting".
Rete Del Dono - www.retedeldono.it
Rete del Dono is a web platform for the collection of donations for socially useful projects,
managed by non profit organisations. It was born in 2011 from an idea of Anna Maria Siccardi
and Valeria Vitali, and its objective is evangelising the culture and practice of personal
fundraising in Italy.
ShinyNote - www.shinynote.com
ShinyNote was born in 2009 from an idea of Roberto Basso and Fabrizio Trentin, from Brescia.
The platform officially started in March 2011. ShinyNote was born with the idea and the purpose
of "meeting the needs of individuals to find a shared space for affective and emotional
expression". The platform is a shared space between non-profit organizations and ordinary
citizens, in which one can find more or less positive storytelling about ordinary people and
finance solidarity projects.
Terzo Valore - https://www.terzovalore.com
Terzo Valore is a service offered by Banca Prossima of Gruppo Intesa Sanpaolo, dedicated to
the Third Sector. It's a crowdfunding service through which people (living in Italy) and entities
(with registered office in Italy) can lend or give money directly to no profit organisations who are
clients of Banca Prossima. The bank selects the projects and funds a minimum of 33%, plus
what is missing to reach the target. The project owner sets the interest rate and the lender can
decide to reduce it or cancel it, or to give money instead.
Equity-based/Angel Investing Platforms
SiamoSoci - www.siamosoci.com
SiamoSoci is a marketplace for startups, a "search engine that allows investors to find
companies that understand their business." Through the platform, unlisted companies can raise

capital from private investors to finance growth, facilitating the creation of "club deals"
(investment group) between investors with different skills.
We Are Starting - http://www.wearestarting.com/
It's an Equity-based Crowdfunding born March 2013 with "the objective of giving visibility to
entrepreneurs with brilliant ideas".
Social Lending
Smartika - www.smartika.com
Arrived in Italy in 2007 as Zopa Italy, after a period of inactivity due to problems with Banca
d’Italia, Smartika was funded in the first half of 2012.
Smartika, managed by Maurizio Sella and rest of the team that brought Zopa to Italy, offers the
opportunity to do social lending in Italy, regulated and supervised by the Banca d’Italia in order
to protect users.
Prestiamoci - www.prestiamoci.com
Prestiamoci, Italian platform for loans between people, was born in 2010, founded by Mariano
Carozzi, Paolo Galvani and Giovanni Tarditi, entrepreneurs with significant national and
international experience in the world of banking and finance. "Prestiamoci aims to promote as
much as possible the exchange of money between individuals without the intermediation of
banks or other lending institutions."

History and Geography of Italian crowdfunding platforms
The longest established platform is Produzioni dal Basso (launched in January 2005), followed
by Smartika in 2008 (first called Zopa Italy), Kapipal in 2009 and Prestiamoci in 2010. However,
the boom year for crowdfunding platform growth in Italy was 2011 with Shinynote, Eppela,
Cineama.it, www.retedeldono.it and SiamoSoci all being founded, followed by Musicraiser,
Starteed and Crowdfunding-Italia in 2012. On average, the time between the idea generation
and the launch of the platform is one year.
Graph n.1 Timeline showing the launch date of the main Italian crowdfunding platforms
Platforms are concentrated in northern Italy, with only one platform located in the center of Italy
(Rome) and two platforms in the South. One platform has its registered office abroad (London,
GB).

Genesis of Italian crowdfunding platforms: rationale and influences
The idea of launching the platforms mainly came from contact with foreign initiatives (especially
American) and from the desire to replicate those projects experiences in Italy:"From an idea of a
collaborative platform around ideas and projects, I discovered American crowdfunding and I
was fascinated by it. I immediately realized that it could be a revolution, made possible thanks
to the evolution of social networks, and that could allow many developments also in
Europe,""The Italian platforms are not popular and not free. [Our platform] was born exclusively
for charitable purposes and it’s free","Experience of the first social lending to the
world","studying a foreign platform."
ProduzioniDalBasso is slightly different, since it was founded much earlier than the rest of the
national and global platforms:"In 2005 the term crowdfunding wasn’t there yet, so I came up
with the idea of a horizontal system to support self-productions. This idea originated from the
Italian hacking environment”.
Crowdfunding models on the Italian market
Among the respondents, 80% are reward- or donation-based crowdfunding platforms. The
predominant crowdfunding model is reward-based, followed by donation-based. Many platforms
do not recognize themselves in the traditional models of crowdfunding and propose their own
definition: Shinynote speaks of donations, ProduzioniDalBasso does "folkfunding", SiamoSoci is
an "angel investing" platform, ReteDelDono.it does "personal fundraising" for the non-profit
sector, and Cineama, at least for the moment, is essentially about crowdsourcing.
Demographics of Italian crowdfunding platforms
Founders and CEOs of platforms are between 30 and 50 year-old, although the average age is
lower in the field of reward-based crowdfunding, where more than half of the respondents are
less than 35 year-old. Founders have gained professional experience in the areas of
specialization of the platforms or in the communication field. Over 70% have a qualification
equivalent or higher to a degree.
Among the staff and collaborators, 8% are women, and the age range is between 26 and 51
year-old, the average being 39 year-old. 85 % have a degree, 69% met in a professional
context, only one is a relative, the rest were introduced through mutual friends.
Legal form, partners and employees
Only two platforms are not listed in the Company Register. The others are mainly Srl (Italian
equivalent for Ltd), with the exception of Prestiamoci and Smartika (Spa, Italian equivalent for
stock corporation), and Crowdfunding Italia (Ltd, based in the UK).
Half of the respondents have only one partner or no partners at all, especially in the reward-
based sector. The average is significantly higher when it comes to equity-based and social
lending platforms, which have an average of 8 members. The platform with the highest number
of partners has got 31.

Half of the platforms have between 2 and 4 employees, the other half does not have any.
Employees (permanent and temporary) are typically few in number: the highest being 7
employees.
Italian crowdfunding in numbers
The number of projects received by all platforms since their launch is more than 30,000, of
which more than 75% were received by Social Lending platforms; almost 9,000 of those were
approved / published, of which 28% were successful.
The total value of funded projects amounts to 13 million Euros, mainly raised by social lending
(78 %) and equity-based (15%) platforms. Only 7% of the total value of the funded projects is
attributable to reward-based/donation-based crowdfunding.
Model Total Value of funded
projects
Published / Approved Projects Successfully funded projects
Reward-based E 726,705 1522 242
Donations E 245,000 176 130
Equity-based E 2,000,000 110 8
Social Lending E 10,304,500 5313 1855
TOTAL E 13,274,205 8819 2477
Graph n.2 Total value of funded projects divided by models of crowdfunding
The number of projects received by reward-based and donation-based platforms is almost
3,000. About 1,700 of these were accepted and 22% were successfully funded, for a total of
nearly 1,000,000 Euros.
The number of projects received by social lending platforms is over 26,000, with more than
5,000 accepted. Approximately 35% (1,855) of the loans were successfully funded, at a value of
more than 10,000,000 Euros.
Equity-based platforms raised 2,000,000 Euros.
Reward-based/donation-based crowdfunding projects raised an average of 2,600 Euros.
Numbers are higher in social lending (avg. E 4,150/project), while equity based/angel investing
stands out with an average of E 250K per project, somehow following a global trend (according
to Massolution's “Crowdfunding Industry Report” published in May 2012, 2/3 of reward/donation-

based crowdfunding campaign raise less than 5000$, whereas over 80% of equity-based
campaigns raise over 25.000$).
Fig.3 Breakdown of the total value of funded projects for each crowdfunding model
Target market and audience, competitors, collaboration networks
The target market is mainly national with the exception of two platforms that place themselves
on the European market.
All platforms accept individuals proposing projects (with the exception of ReteDelDono, which is
only aimed to associations and non profit organisations); however Cineama mainly targets
companies, Musicraiser and Produzioni dal Basso associations, and SiamoSoci both;
Shinynote targets associations and public administration bodies; Starteed, Eppela and
Crowdfunding-Italia to all these categories of recipients.
The competitors are primarily other crowdfunding platforms at a national level (50%) or an
international level (30%) but also banks and financial institutions (20%).
Collaborative networks are more diverse: in addition to other national (19%) or international
(6%) platforms, and banks and financial institutions (16%), the platforms indicate other
companies and professionals (in equal measure, equal to 26%) as collaborative partners, and
also educational institutions and associations (both equal at 16%). Market information and
technology is the main area identified for opportunities to collaborate.

Only three platforms have entered into formal cooperation agreements. In addition to the
exchange of information (customer, market, technology and business management), these
agreements are aimed at the acquisition of financial resources, technology and space.
Main issues on the Italian crowdfunding market
The main problems reported by the sector operators are focused on:
- Unclear legislation, many believe that the current legislative framework is restrictive and
unclear. They also express concern about reduced funding and high taxation (not valid for the
donation based platforms, operating in the non-profit sector)
- Difficulties in understanding the basic principles of crowdfunding by project-holders, lack of
strategy underlying crowdfunding campaigns, myth of the 'just put it online', hence difficulties for
crowdfunding platform to find quality projects
- Lack of web culture. Suspicion and mistrust, digital divide, cultural differences, reluctance to
online donations/payments among Italians
- Difficulties in the promotion and dissemination of knowledge about the platform themselves
and crowdfunding in general
- Difficulties in networking with experts and operators in the sector
- Technical difficulties (especially with payment systems)
Some platforms admit to be doing very little to meet these challenges. However, it seems that
there's a growing awareness of the need for promotion and education. Some platforms have
reported being very active in this respect, organizing and participating in meetings and public
events to promote their platform and the culture of crowdfunding in general, trying to get in
direct contact with organizations that want to publish projects on their platform. A platform
declared that they operate 'project-holders tutoring’. Many rely on advertisement and Viral
Marketing, PR, Social Network.
The Legal Framework
The recently approved legislation on crowdfunding (included in the Law Decree 18/10/2012 n.
179, known as Decreto Crescita/Growth Decree 2.0) was seen, by some, as limiting and
potentially harmful because it is too ahead of the market.
In addition, the current legislation gives a lot of visibility to equity crowdfunding, leaving the
reward-based model in the shadow. According to some respondents, reward-based
crowdfunding needs at least guidelines in terms of legal and tax matters.
The general wish was for clear rules, accessible to all, which at the same time protect the
interests of the less competent. An interesting definition of 'competent person' came up too,

which is not part of the traditional concept of professional investor, but is extended to all those
who have gained the ability to assess a business plan and invest in it.
On 29/03/2013, CONSOB, the Italian equivalent of the Securities and Exchange Commission,
published the Consultation document on the Regulation implementing Article 30 of the Law
Decree n. 179/2012 (Decreto Crescita), which introduced equity crowdfunding in the Italian
Trattato Unico Finanziario (Financial Services Act). The document is now open for public
consultation until 30 April. These are the key features:
- Throughout the CONSOB Regulation emerges a strong will to reduce the administrative
burden in equity crowdfunding, an important requirement if the incremental cost of collecting
funds is to be kept low. So, for example, allowing much of the “paperwork” to be processed
online through the use of certified electronic mail (PEC).
- Individuals and institutions that wish to run equity crowdfunding operations must apply to be
included in a special register that will list all the equity crowdfunding portals. A special section
will be reserved for existing banks and financial institutions/intermediaries that inform the
CONSOB an interest in becoming crowdfunding platforms. The register is published online and
available to all.
- In order to be included in the register, one must meet the integrity and professionalism
requirements set by CONSOB, as normally required for intermediaries operating in the financial
markets (banks, investment firms and other intermediaries). Only subjects who can prove
fairness in business and financial dealings and adequate professional skills can in fact ensure
the efficiency and the optimality of the business operations of a crowdfunding portal. Among the
professional requirements, there is the ability of the platform owner to assess the business
plans submitted by the startups, from an economic and financial point of view rather than a
technological – innovation one. The CONSOB is required to decide within 60 days of receiving
an application if a platform meets the necessary requirements to be admitted to the register.
- The operator must provide the so-called retail investors (i.e. non professional investors) with a
set of mandatory information in order to make them able to take informed decisions. This means
that a crowdfunding portal must display the risks connected to investment in startups (eg. loss of
capital, illiquidity, rarity of dividends, dilution, diversification); information and practical
instructions about the right of withdrawal; the periodicity and the methods with which they will be
provided with information on the status of pledged, the amount subscribed and the number of
investors; fees and costs charged to investors; the applicable law and the competent court; the
language or languages in which they are provided with the information concerning the offer. The
retail investor must demonstrate that they understand the nature of the activity of the portal, the
nature and specificity of the financial instruments issued by innovative start-ups and the relative
risk of each offer.
- Only innovative startups (currently just over 450) can raise money through a crowdfunding
portal. This is probably the biggest limitation of the Italian crowdfunding regulation. To qualify as

an innovative startup, the company has to meet the following requirements: the share/quota
holders ( individuals and not entities) shall hold on the date of incorporation and for the following
24 months the majority of quotas/shares and majority of voting rights of the ordinary share/quota
holders’ meeting; the company has been incorporated and has been active for a period no
longer than 48 months; starting from the second year of activity, the total value of yearly
turnover shall not exceed €5 million; the company does not distribute profits; the company shall
not result from the merger, division or transfer of business from a going concern; and the
exclusive or prevalent business scope of the company is the development and
commercialization of innovative products or services with high technological value. The Start-Up
Regulation also introduces the sub-category of the innovative start-up with social purposes.
- Each innovative startup can collect shares up to EUR 5 million.
- 5% of the totality of the share offer is required to be taken up by “professional investors”,
bank foundations, financial institutions for innovation and development or innovative startups
incubators, before the offer is published.
- In order to protect retail investors, there is an obligation for innovative start-ups to include in
their statutes or instruments of incorporation the so called tag-along right, thus guaranteeing
investors a way out should the controlling shareholders sell their shares to a third party after the
offer.
The regulation should be implemented by the end of May-early June.
For what concerns other regulatory issues, according to some, tax incentives for investments in
startups for individuals and companies would help crowdfunding to grow, and it is important that
deductions for donations are made possible.
The response of the donation-based platforms was much more relaxed, since they work in the
non profit sector therefore have no particular taxation problems.
Social lending platforms are regulated by the Bank of Italy therefore have no particular legal
issues to report.

What is crowdfunding according to the players in the sector
We asked those who filled out the questionnaire to define crowdfunding in a few lines. This tag
cloud was created with their answers.
Progetti=Projects
Finanziamento/Finanziare=Funding
Basso=Bottom
Rete=Network
Folla=Crowd
Idee=Ideas
Raccolta=Collection
Risorse=Resources

Conclusions
The questionnaire was sent in November 2012 and, after 5 months, this update of the analysis
confirms the presence of a buzzing crowdfunding marketplace, which is growing and becoming
more and more complex. The number of platforms is growing, but not in an uncontrolled way:
the newly-born platforms further diversify the market and are not only mere copycats of the
existing ones. We also observed a trend towards specialisation and localisation, as well as the
entrance in the market of traditional financial actors such as the banks.
Last November, the impression was that the market was still immature. After five months, things
haven't changed a lot: there is not the necessary knowledge of the phenomenon among the
crowd, as demonstrated by the fact that if it's true that the number of platforms keeps going up,
on the other hand the sums raised via crowdfunding are still very low. This suggests a low
participation of the crowd, which could be caused by the gap in expertise between crowdfunding
platforms owners and the slow development of a web culture in Italy, prevented by a latent
technological delay. Even if there are some isolated success cases, like the Palazzo Madama or
Viceversa campaigns mentioned above, the overall number of projects and raised sums are still
relatively low in comparison to the global average.
Furthermore, a trend that was previously observed is confirmed: the initiatives of Do-It-Yourself
crowdfunding are growing in number and with a certain success. In the past month, two projects
have been funded with over 80.000E, a sum which is very high in comparison to the ones raised
through Italian reward-based crowdfunding platforms. It's not possible yet to define the reasons
behind this trend, but a diffidence of project holders towards Italian platforms is certainly
emerging. Infact, when not DIY crowdfunding, the second preferred choice seems to be for
foreign platforms, among which Kickstarter is the most popular one. The main motivation behind
this is that italian platforms are not seen as enough international therefore they would limit the
project to the national territory. On the other hand, the Italian crowdfunding market's
sophistication highlights the expertise accumulated so far and represents a good premise for a
dynamic and fast development. The recent publication of the regulation on equity crowdfunding
will certainly give a big boost to the Italian market too.
We recently registered another important development in Italy. In the last analysis we
recommended the development of an educational activity on crowdfunding and the creation of
an independent and impartial association with the objective of promoting crowdfunding culture.
To this end, the Italian Crowdfunding Network (www.italiancrowdfunding.org) was born in March
2013.

Italian Crowdfunding Platforms - An Overview (Updated Version - April 2013)

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