EUROCROWD is expanding deeper into national Markets: Italy now serving local interests
EUROCROWD is pleased to now serve the Italian crowdfunding market through a bespoke national hub for providing research, training, and policy work for the Italian ecosystem. Headquartered in Bologna, the Italian Strategic Group of EUROCROWD will be led by Elisa Patriarca, Country Manager Italy and Regional Develop Manager at EUROCROWD, and a board of national market participants.
The Italian Strategic Group, created in 2018, was the first pilot initiative with a national focus. Addressing the lack of awareness about the potential opportunities and latest developments in the crowdfunding sector at national level, as well as tailored towards knowledge transfer to companies, NGOs, investors and any other potential interested party, EUROCROWD launched the multi-stakeholder working group. It seeks to develop a strong Italian ecosystem, bringing together organizations of different nature and size, and providing them with expertise to promote the integration and development of crowdfunding initiatives on the territory.
In 2022, the Italian Strategic Group of EUROCROWD has managed 3 annual conferences, multiple local meetups, a training programme certifying more than 500 participants and provided an active voice in the implementation of ECSPR within Italy.
Francesca Passeri, Deputy Director of EUROCROWD, says “When we sat down in 2018, there was a lot of skepticism from local stakeholders. But we were able to bring together a strong group of regional development agencies, education professionals, lawyers, and academics as well as the leading crowdfunding platforms in the market to quickly prove our idea. We are glad that there is now a professional contact point for all in need to understand the risk and potential of crowdfunding.”
The Italian Strategic Group of EUROCROWD will from now on communicate directly into the market with activities out of Bologna and Rome and connect the ecosystem through an Italian-language website dedicated only to the national ecosystem. Given the increasing need for access to national expertise under ECSPR, a number of EU platforms have already taken advantage to seek out local expertise.
The lack of professional knowledge exchange across the EU, except for only a few markets, will create a knowledge vacuum in some member states. EUROCROWD seek to support local markets and a second national strategic group is already being set up in Spain, with a full roll-out expected in the first half of 2023, while in other underserved member states work has also started to establish a professional representation for crowdfunding.
EUROCROWD’s Executive Director, Oliver Gajda, explains: “The lack of independent and professional cooperation in national markets has led to widespread misunderstanding in regulatory implications of ECSPR and has led in many countries, leading to delays in the adaptation in the market and an increased risk of market consolidation. We expect serious implications for some market operators and a significant shrinking of the market as a result in the short term.”
But more than just the professionalization of the crowdfunding sector, the Italian Strategic Group, and others to come, will serve regional authorities and educational institutions in capturing the vast opportunities crowdfunding can help deliver for local economies, innovation and sustainable development.