Crowdfunding for social enterprises: An exploratory analysis of the Italian context

Crowdfunding (CF) has been recognized by media narrations as a disruptive approach to funding social entrepreneurship, although there is a lack of evidence in academic literature about factors capable of supporting social entrepreneurs in developing a successful CF campaign. This paper aims to improve both academic knowledge and CF practice in those areas that can effectively support social entrepreneurs in managing their campaigns. An empirical analysis of 250 CF campaigns launched by Italian social enterprises was conducted. We focused on three main issues in terms of their effect on the overall level of funding achieved: the social enterprise’s network, the choice of CF platform, and CF campaign design. Our results demonstrate that the social enterprise’s presence on Twitter, the choice of a specific reward-based platform, and active management of the CF campaign have a significant impact on the achievement of the funding goal.