In this thesis, the reader will find a study of Club Deal campaigns carried out in Italy in recent years. More specifically, once the other typical forms of investment have been explained in order to grasp their different nuances, and the available literature on the subject of Club Deals has been discussed, the differences between the target companies subject to the interest of the participants of Club Deals both conducted on online platforms and conducted without online platforms as a means of intermediation are analysed. This analysis was also made possible thanks to a Database offered by the Politecnico di Milano, created by two Alumni, Giulio Fant and Sebastian Daicu, containing 83 campaigns. The investigation led to the creation of a Database that included information on 155 campaigns, of which 55 were carried out on online platforms and the remainder were not. Subsequently, in the second part of the study, attention turned to the exit strategies that Club Deal participants implemented in Italy in the 2017-2023 timeframe. Unfortunately, since this phenomenon is still developing within the Italian landscape, the information gathered is not exhaustive; however, there are cases deemed attractive to get an idea of what direction investors are taking within Club Deals. Also, in this part of the work, a division was made between campaigns carried out with and without online crowdfunding platforms, showing different strategies about the strategic exits carried out by Club Deal investors in order to achieve the expected financial return.
In questa tesi il lettore trova uno studio sulle campagne Club Deal svolte in Italia negli ultimi anni. Più nello specifico, una volta spiegate le altre forme di investimento tipiche per coglierne le diverse sfumature e trattata la letteratura disponibile sul tema Club Deal, si analizzano le differenze tra le compagnie target soggette all’interesse dei partecipanti dei Club Deal sia svolti su piattaforme online che svolti senza le piattaforme online come mezzo di intermediazione. Questa analisi è stata resa possibile anche grazie a un Database offerto dal Politecnico di Milano, creato da due Alumni Giulio Fant e Sebastian Daicu contenente 83 campagne: l’indagine ha portato alla realizzazione di un Database che includesse le informazioni su 155 campagne, di cui 55 svolte su piattaforme online e le restanti no. Successivamente, nella seconda parte dello studio, le attenzioni sono rivolte alle strategie di uscita che i partecipanti ai Club Deal hanno effettivamente implementato in Italia nell’arco temporale 2017-2023.Purtroppo, essendo un fenomeno tutt’ora in sviluppo all’interno del panorama italiano, le informazioni raccolte non sono esaustive; tuttavia, esistono casi ritenuti interessanti per farsi una idea di quale direzione stiano prendendo gli investitori all’interno dei Club Deal. Anche in questa parte del lavoro è stata fatta una suddivisione tra le campagne svolte con e senza le piattaforme online di crowdfunding mostrando strategie diverse per quanto concerne le uscite strategiche svolte dagli investitori Club Deal per poter ottenere il ritorno economico atteso.
Research on Club Deal investments in Italy: how Club Deals carried out on online platform differ from others and analysis of investors' exit strategies
VRANA, CLAUDIO
2022/2023
Abstract
In this thesis, the reader will find a study of Club Deal campaigns carried out in Italy in recent years. More specifically, once the other typical forms of investment have been explained in order to grasp their different nuances, and the available literature on the subject of Club Deals has been discussed, the differences between the target companies subject to the interest of the participants of Club Deals both conducted on online platforms and conducted without online platforms as a means of intermediation are analysed. This analysis was also made possible thanks to a Database offered by the Politecnico di Milano, created by two Alumni, Giulio Fant and Sebastian Daicu, containing 83 campaigns. The investigation led to the creation of a Database that included information on 155 campaigns, of which 55 were carried out on online platforms and the remainder were not. Subsequently, in the second part of the study, attention turned to the exit strategies that Club Deal participants implemented in Italy in the 2017-2023 timeframe. Unfortunately, since this phenomenon is still developing within the Italian landscape, the information gathered is not exhaustive; however, there are cases deemed attractive to get an idea of what direction investors are taking within Club Deals. Also, in this part of the work, a division was made between campaigns carried out with and without online crowdfunding platforms, showing different strategies about the strategic exits carried out by Club Deal investors in order to achieve the expected financial return.| File | Dimensione | Formato | |
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2023_10_Vrana.pdf
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https://hdl.handle.net/10589/210006