Startups in their “early phase”, as well as Small and Medium-sized enterprises in need of funds for multiple reasons (new projects, unexpected and impacting events, etc.) may recur to crowdfunding. The 8th Italian Report on CrowdInvesting (Politecnico di Milano, 2023) reports that in Italy during 2022 the amount raised through this form of financing has exceeded 52 million euro (+225% in 3 years). Clearly, this form of financing is becoming more and more popular, and the reasoning can be found in the simplicity of fundraising and in the ability of reaching a huge number of potential investors through internet and social media. It's not unusual for companies to turn to crowdfunding not just voluntarily but out of necessity, driven by the increasing challenge of obtaining traditional forms of financing from banks and financial institutions. Indeed, considering recent events like the COVID-19 pandemic and the conflict between Russia and Ukraine, markets have become volatile, leading to a substantial increase in interest rates. The central focus of this dissertation pertains to a comprehensive examination of the field of equity crowdfunding, with a specific emphasis on its potential impact on the enhancement of credit accessibility for Small and Medium Enterprises (SMEs) and Innovative Startups. A secondary objective involves making a meaningful contribution to the extant academic literature by delving into the relationship between equity crowdfunding and broader credit accessibility. To guide the research, the following questions have been formulated: 1) Can a successful equity crowdfunding campaign significantly ameliorate the challenges encountered by entities such as SMEs and Startups, which traditionally encounter difficulties in securing financing through conventional channels due to limited access? 2) What factors and variables exert notable influence on this relationship?
Le startup nella loro "fase iniziale", così come le Piccole e Medie Imprese che necessitano di fondi per molteplici motivi (nuovi progetti, eventi imprevisti e impattanti, ecc.) possono ricorrere al crowdfunding. L'8° Rapporto Italiano sul CrowdInvesting (Politecnico di Milano, 2023) riporta che in Italia nel corso del 2022 l'importo raccolto attraverso questa forma di finanziamento ha superato i 52 milioni di euro (+225% in 3 anni). È evidente che questa forma di finanziamento sta diventando sempre più popolare, e il motivo va ricercato nella semplicità della raccolta fondi e nella possibilità di raggiungere un numero enorme di potenziali investitori attraverso internet e i social media. Non è raro che le aziende si rivolgano al crowdfunding non solo volontariamente, ma anche per necessità, spinte dalla crescente difficoltà di ottenere forme di finanziamento tradizionali da parte di banche e istituzioni finanziarie. In effetti, considerando i recenti eventi come la pandemia COVID-19 e il conflitto tra Russia e Ucraina, i mercati sono diventati volatili, portando a un sostanziale aumento dei tassi di interesse. L'obiettivo centrale di questa tesi riguarda un esame completo del settore dell'equity crowdfunding, con un'enfasi specifica sul suo potenziale impatto sul miglioramento dell'accessibilità al credito per le piccole e medie imprese (PMI) e le startup innovative. Un obiettivo secondario consiste nel dare un contributo significativo alla letteratura accademica esistente, approfondendo la relazione tra equity crowdfunding e una più ampia accessibilità al credito. Per guidare la ricerca, sono state formulate le seguenti domande: 1) Una campagna di equity crowdfunding di successo può migliorare significativamente le sfide incontrate da entità come le PMI e le startup, che tradizionalmente incontrano difficoltà nell'ottenere finanziamenti attraverso i canali convenzionali a causa dell'accesso limitato? 2) Quali fattori e variabili esercitano una notevole influenza su questa relazione?
Influence of equity crowdfunding on the cost of debt capital for startups and small and medium-sized enterprises
Corbari, Nicola
2022/2023
Abstract
Startups in their “early phase”, as well as Small and Medium-sized enterprises in need of funds for multiple reasons (new projects, unexpected and impacting events, etc.) may recur to crowdfunding. The 8th Italian Report on CrowdInvesting (Politecnico di Milano, 2023) reports that in Italy during 2022 the amount raised through this form of financing has exceeded 52 million euro (+225% in 3 years). Clearly, this form of financing is becoming more and more popular, and the reasoning can be found in the simplicity of fundraising and in the ability of reaching a huge number of potential investors through internet and social media. It's not unusual for companies to turn to crowdfunding not just voluntarily but out of necessity, driven by the increasing challenge of obtaining traditional forms of financing from banks and financial institutions. Indeed, considering recent events like the COVID-19 pandemic and the conflict between Russia and Ukraine, markets have become volatile, leading to a substantial increase in interest rates. The central focus of this dissertation pertains to a comprehensive examination of the field of equity crowdfunding, with a specific emphasis on its potential impact on the enhancement of credit accessibility for Small and Medium Enterprises (SMEs) and Innovative Startups. A secondary objective involves making a meaningful contribution to the extant academic literature by delving into the relationship between equity crowdfunding and broader credit accessibility. To guide the research, the following questions have been formulated: 1) Can a successful equity crowdfunding campaign significantly ameliorate the challenges encountered by entities such as SMEs and Startups, which traditionally encounter difficulties in securing financing through conventional channels due to limited access? 2) What factors and variables exert notable influence on this relationship?| File | Dimensione | Formato | |
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Dissertation - Nicola Corbari.pdf
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Descrizione: La ricerca punta a capire la relazione che c'è tra una campagna di equity crowdfunding e l'accesso al credito per PMI e startups, con particolare focus sul costo del debito.
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https://hdl.handle.net/10589/214245