This thesis focuses on crowdfunding platforms and their financing. Crowdfunding platforms are part of a broader business category known as platforms. Platforms create value by enabling and mediating transactions among their participants. In order to operate and survive, platforms have to ensure enough funds to sustain their operations in a fiercely competitive environment. Their profits, and hence their self-sustainability, are collected once the battleground has quelled. At this stage, only few incumbents stay alive and flourish. Recent history is a prove of that, as a notable portion of the most valuable companies in the world are platforms. They are appealing yet highly risky bets for investors, which could try to support the most promising ones in order to cash out their investment in this winner-takes-all market.
Questo lavoro di tesi si concentra sulle piattaforme di crowdfunding e il loro finanziamento. Le piattaforme di crowdfunding sono parte di una più ampia categoria di business conosciuta come piattaforme. Le piattaforme generano valore tramite la creazione e la mediazione di transazioni tra i suoi partecipanti. Per riuscire ad operare e a sopravvivere, le piattaforme devono assicurarsi abbastanza fondi per sostenere le proprie operazioni in uno scenario altamente competitivo. I loro profitti, quindi il loro sostentamento, sono collezionati una volta che il terreno di battaglia si è calmato. A questo punto, solo poche aziende saranno sopravvissute e profittevoli. La storia recente dimostra tutto ciò, in quanto una buona parte delle aziende di maggior valore al mondo sono piattaforme. Esse risultano scommesse interessanti ma altamente rischiose per gli investitori, i quali possono provare a supportare le più promettenti per collezionare il loro ritorno sul loro investimento in questo mercato in cui “il vincitore prende tutto”.
Financing of crowdfunding platforms
PELLINI, FABIO
2018/2019
Abstract
This thesis focuses on crowdfunding platforms and their financing. Crowdfunding platforms are part of a broader business category known as platforms. Platforms create value by enabling and mediating transactions among their participants. In order to operate and survive, platforms have to ensure enough funds to sustain their operations in a fiercely competitive environment. Their profits, and hence their self-sustainability, are collected once the battleground has quelled. At this stage, only few incumbents stay alive and flourish. Recent history is a prove of that, as a notable portion of the most valuable companies in the world are platforms. They are appealing yet highly risky bets for investors, which could try to support the most promising ones in order to cash out their investment in this winner-takes-all market.File | Dimensione | Formato | |
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2020_04_Pellini.pdf
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Descrizione: Thesis text
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https://hdl.handle.net/10589/153261