Skip to main content
main-content
Top

Hint

Swipe to navigate through the articles of this issue

31-08-2019 | Issue 3/2021

Small Business Economics 3/2021

Segmenting “digital investors”: evidence from the Italian equity crowdfunding market

Journal:
Small Business Economics > Issue 3/2021
Authors:
Rosangela Feola, Massimiliano Vesci, Ezio Marinato, Roberto Parente
Important notes

Publisher’s note

Springer Nature remains neutral with regard to jurisdictional claims in published maps and institutional affiliations.

Abstract

The financial market despite being hit by the digital revolution has only recently reached the segment of direct investments on the part of non-professional investors in new ventures. Through equity crowdfunding platforms, in particular, capital demand and supply for startups are easily linked, thus bringing thousands of new investors to the financial market. This study examines equity crowdfunding investor drivers when selecting investment proposals. Specifically, we segment the Italian equity crowdfunding investors’ market by means of a cluster analysis and explore differences between segments in terms of socio-demographic and behavioral variables. Based on previous studies, six drivers (pertaining to three macro dimensions) were chosen for the segmentation of equity crowdfunding investors: confidence in team, confidence in venture, financial pledge and project attractiveness, platform characteristics, community driver, societal driver. The cluster analysis yielded four clusters we labeled: (1) venture trustful; (2) crowdfunding technicians; (3) financial investors, talent scouters; (4) social dreamers. In order to further specify the profile of the four clusters, each one was cross-tabulated with external variables of crowdfunding investors’ socio-economic characteristics and behavioral variables. Understanding, by means of a fine-grain lens, the differences between these new digital investors offers practical insights for crowd-equity platform management or for would-be entrepreneurs seeking funds. Finally, implications on future research streams on crowdfunding are discussed.

Please log in to get access to this content

To get access to this content you need the following product:

Springer Professional "Wirtschaft+Technik"

Online-Abonnement

Mit Springer Professional "Wirtschaft+Technik" erhalten Sie Zugriff auf:

  • über 69.000 Bücher
  • über 500 Zeitschriften

aus folgenden Fachgebieten:

  • Automobil + Motoren
  • Bauwesen + Immobilien
  • Business IT + Informatik
  • Elektrotechnik + Elektronik
  • Energie + Umwelt
  • Finance + Banking
  • Management + Führung
  • Marketing + Vertrieb
  • Maschinenbau + Werkstoffe
  • Versicherung + Risiko

Testen Sie jetzt 30 Tage kostenlos.

Springer Professional "Wirtschaft"

Online-Abonnement

Mit Springer Professional "Wirtschaft" erhalten Sie Zugriff auf:

  • über 58.000 Bücher
  • über 300 Zeitschriften

aus folgenden Fachgebieten:

  • Bauwesen + Immobilien
  • Business IT + Informatik
  • Finance + Banking
  • Management + Führung
  • Marketing + Vertrieb
  • Versicherung + Risiko




Testen Sie jetzt 30 Tage kostenlos.

Literature
About this article

Other articles of this Issue 3/2021

Small Business Economics 3/2021 Go to the issue

Premium Partner

    Image Credits