[Autom. eng. transl.] The article is dedicated to examining the experience of the Financial return crowdfunding in Italy, understood as a model in which potential investors are attracted "also" by the financial return of the financed project. Given the importance of the potential of the phenomenon for the development of enterprises in our country, the Italian regulator has developed a specific regulation aimed at promoting this alternative tool, useful for reviving the entrepreneurial system, through simplifications and concessions of different types aimed at favoring access to credit and the internationalization of companies, while maintaining the protection of investors through the rules (and rigidities) typical of financial markets. Business innovation historically represents an Italian connotation, but from the analysis of equity crowdfunding in Italy it is clear that the market is in potential growth even though it still assumes a predominantly local and experimental characterization. Thus the potential of equity crowdfunding in providing support to the financing of small and medium-sized Italian companies is limited by the current regulation; regulation that also generates further equality of treatment problems for European companies that today have greater ease in accessing credit through crowdfunding platforms. What is highlighted in this contribution indicates how the instrument of financial return crowdfunding - as currently regulated - makes its nature little coherent with the character of immediacy and simplification that it should have to favor the direct encounter between the subjects involved (the applicants for funding and potential investors).
|Translated title of the contribution||[Autom. eng. transl.] FINANCIAL CROWFUNDING: AN ALTERNATIVE FINANCING INSTRUMENT FOR SMALL AND MEDIUM-SIZED ENTERPRISES|
|Number of pages||13|
|Publication status||Published - 2014|