**Author details**

Nadia Oliva

For sure, an element of weakness lies in the originality of a method that is still not known well and that is based on the web, toward which persists a certain mistrust (digital divide), while at the same time it requires a good level of digitalization and knowledge of the English language. Furthermore, the high number of existing platforms with several products can dis-

The threats are due mostly to the incomplete broadband connection on the territory and to the lack of a homogeneous regulation for all the member states. This last aspect is very important because, especially for equity crowdfunding, which entails a reward in company shares in exchange for financial contributions to start-ups, it persuades savers to make illiquid investments which can lead to capital loss. This adds up to the obligation to pay a percentage on the budget to be granted to the promoting platform. Lastly, it is important to evaluate disclosure, that is, the display on the web of the product, which can be stolen or plagiarized by

Ultimately, it is evident that crowdfunding is a truly valid financial strategy, since it is able to promote the economic recovery, but it is not free of weaknesses and threats that undermine

Crowdfunding is undoubtedly spreading and it has become an object of attention for the European Union. This exponential growth is due to the interesting and important social, economic, and cultural implications that involve a lot of people and it is therefore defined as an anthropologic phenomenon. Indeed, investors target a high and undifferentiated number of crowdfunders that, via the web, multiplies while breaking down any possible geographical boundary, spreading the idea of a project that must necessarily be good and captivating so widely. This is a clear example of restoration of meritocracy, since the product can fascinate the virtual community and push it to sponsor it only if it convinces them because of its positivity. Troisi has recognized a possible solution to the financial crisis in crowdfunding that has caused an impasse in the ordinary mechanisms of bank intermediation, which lead to a

Small- and medium-sized businesses and start-ups, which have had their traditional financial channel closed, both for the difficult economic crisis and for the intrinsic risks linked to their

This phenomenon is constantly developing and it requires a continuous study in order to satisfy the questions that it continuously poses, considering that it is not an alternative funding phenomenon, but a marketing and engagement leverage. The donation and lending models have reached their highest expression, and the equity and reward ones are evolving both as

This new-generation marketing technique must be analyzed in relation to the relational and collective dimensions and to the choice of the most valid model to support the new entrepreneurs.

reduction of the credit offer and therefore a widespread lack of liquidity [21].

perse visibility.

124 Public Management and Administration

competitors.

any new tool entering the market.

**6. Final considerations and future prospects**

activity, can find a valid solution in bottom-up funding.

implementation and as regulation.

Address all correspondence to: n.oliva@unifortunato.eu

Telematic University Giustino Fortunato, Benevento, Italy
