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Universita' Degli Studi Di Padova UNIVERSITA’ DEGLI STUDI DI PADOVA DEPARTMENT OF ECONOMICS AND MANAGEMENT “M.FANNO” MASTER COURSE IN BUSINESS ADMINISTRATION MASTER THESIS “EQUITY CROWDFUNDING: an analysis of Italian start-ups case-studies” SUPERVISOR: CH.MO PROF. FABIO BUTTIGNON CANDIDATE: RACHELE PETTAZZONI ID NUMBER: 1165498 ACADEMIC YEAR 2018-2019 Il candidato dichiara che il presente lavoro è originale e non è già stato sottoposto, in tutto o in parte, per il conseguimento di un titolo accademico in altre Università italiane o straniere. Il candidato dichiara altresì che tutti i materiali utilizzati durante la preparazione dell’elaborato sono stati indicati nel testo e nella sezione “Riferimenti bibliografici” e che le eventuali citazioni testuali sono individuabili attraverso l’esplicito richiamo alla pubblicazione originale. The candidate declares that the present work is original and has not already been submitted, totally or in part, for the purposes of attaining an academic degree in other Italian or foreign universities. The candidate also declares that all the materials used during the preparation of the thesis have been explicitly indicated in the text and in the section "References" and that any textual citations can be identified through an explicit reference to the original publication. Student’s signature _________________ 1 TABLE OF CONTENTS LIST OF FIGURES .................................................................................................................... 4 LIST OF TABLES...................................................................................................................... 7 LIST OF ABBREVIATIONS .................................................................................................... 8 INTRODUCTION .................................................................................................................... 9 CHAPTER 1 – CROWDFUNDING: When the Crowd Become Investor ........................ 10 1.1. Definitions and Origins .................................................................................................... 10 1.1.1 Crowdfunding Definitions........................................................................................ 11 1.1.2 Historical Background: From Crowdsourcing to Crowdfunding ............................. 12 1.1.3. The Wisdom Of The Crowd .................................................................................... 15 1.2. Crowdfunding Models ....................................................................................................... 17 1.2.1. Donation based ........................................................................................................ 18 1.2.2. Reward based .......................................................................................................... 19 1.2.3. Lending-based ......................................................................................................... 21 1.2.4. Equity-based ............................................................................................................ 23 1.3. Main CF actors and why they choose CF .......................................................................... 24 1.3.1. Fundraisers .............................................................................................................. 25 1.3.2. Funders .................................................................................................................... 27 1.3.3. CF Platforms ........................................................................................................... 29 CHAPTER 2 – EQUITY CROWDFUNDING: Selling Shares to the Crowd................... 32 2.1 A Focus on ECF ................................................................................................................. 32 2.1.1 The Financing Options: ECF Vs. Traditional Funding Channels ............................ 34 2.1.2 The Funding Gap ...................................................................................................... 41 2.2 Risks and Benefits of Equity Crowdfunding ...................................................................... 44 2.2.1 Risks ......................................................................................................................... 44 2.2.2 Benefits..................................................................................................................... 47 2.3 ECF Dynamics .................................................................................................................... 49 2.3.1 Campaigns Success Factors: Signalling and Herding Behaviour ............................ 49 2.3.2 ECF Platforms Functioning ...................................................................................... 52 CHAPTER 3 – ECF IN ITALY: The Italian Regulation and Market Trends ................. 59 3.1. Italian Regulation .............................................................................................................. 59 3.2. Descriptive statistics about 6 years of ECF in Italy........................................................... 60 CHAPTER 4 – POST-CAMPAIGN RESULTS: An analysis on case studies .................. 76 2 4.1. Methodology and Data collection...................................................................................... 76 4.2. The Sample: 29 companies raising fund through ECF between 2014 and 2016 ............... 78 4.3. ECF Campaigns’ Outcomes .............................................................................................. 82 4.4. Case-Studies Analysis: Business Plan Objectives VS. Financial Statement Results ........ 89 4.4.1. BIOerg S.r.l. ............................................................................................................ 89 4.4.2. Shin Software S.r.l. ................................................................................................. 92 4.4.3. Nexapp S.r.l. ............................................................................................................ 96 4.4.4. Media Vox Pop S.r.l. ............................................................................................... 99 4.4.5. P2R S.r.l. ............................................................................................................... 101 4.4.6. PAPEM S.r.l. ......................................................................................................... 104 4.4.7. Primary System Research S.p.a............................................................................. 107 4.4.8. Brainseeding S.r.l. ................................................................................................. 111 4.4.9. Safeway Helmets S.r.l. .......................................................................................... 114 4.4.10. Skymeeting S.p.a. ................................................................................................ 117 4.4.11. Synbiotec S.r.l. .................................................................................................... 120 4.5. Results ............................................................................................................................. 123 CONCLUSIONS ................................................................................................................... 127 REFERENCES ....................................................................................................................... 130 3 LIST OF FIGURES Figure 1.1: different sources of CF as carachterized by Kleeman et al. (2008), (cited by Larralde 2010) ......................................................................................................................................... 13 Figure1.2: The major forms of capital provision ranked by process complexity and risk- return level. (Hemer et al. 2011a, personal adaptation) ...................................................................... 17 Figure 1.3: Main motivations for crowdfunders (Gaida et al. 2012, personal adaptation) ...... 18 Figure 1.4: typology of crowdfunding (Paschen 2017) ............................................................ 19 Figure 1.5: The amount of capital grows with the social network (The World Bank, InfoDev 2013) ......................................................................................................................................... 22 Figure 1.6: the CF process through intermediaries, (Hemer 2011a) ........................................ 25 Figure 1.7: Crowdfunding ecosystem (Beaulieu, Sarker, and et al. 2015) ............................... 28 Figure 2.1: Debt vs Equity Online Alternative Business Finance 2012-2017 (€millions) (Ziegler et al. 2019) ................................................................................................................................ 33 Figure 2.2: Deals by investor type over time (Beahurst 2018) ................................................. 34 Figure 2.3: The Early-stage Equity Investment Ecosystem (De Buysere, Gajda et al. 2012) .. 35 Figure 2.4: Early Stage Investment Market (EBAN 2018) ...................................................... 36 Figure 2.5: Investments by investee’s development stage in 2018 (EBAN 2018) ................... 39 Figure 2.6: Number of VC-backed start-ups by stage 2007-2015 (EIF 2019) ......................... 41 Figure 2.7: CF adoption curve (infoDev 2013) ........................................................................ 43 Figure 2.8: ECF process (Testoni 2014) ..................................................................................
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