Crowdfunding as Alternative Finance and Strategic Narrative

Patrizia Gazzola (), Vincenza Vota () and Giada Canziani ()
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Patrizia Gazzola: University Of Insubria, Department Of Economics
Vincenza Vota: University Of Insubria, Department Of Economics
Giada Canziani: University Of Insubria, Department Of Economics

Chapter 2 in Crowdfunding, Innovation and Sustainability in the European Fashion Industry, 2026, pp 29-60 from Springer

Abstract: Abstract This chapter analyses crowdfunding as a digital mechanism for financial intermediation and strategic storytelling. It defines the main crowdfunding models—equity, reward, lending, and donation—and examines their evolution within the broader ecosystem of alternative finance. Drawing on economic, sociological, and psychological perspectives, the chapter outlines how crowdfunding platforms reduce transaction costs, enable participatory decision-making, and foster legitimisation processes for entrepreneurial initiatives. The chapter also explores the strategic role of crowdfunding in innovation- and sustainability-oriented initiatives, highlighting its ability to support ESG-oriented communication, market testing, and stakeholder engagement. Furthermore, it examines the European crowdfunding regulation, which harmonises practices and strengthens investor protection across Member States. Overall, the chapter frames crowdfunding as both a financing tool and a strategic communication tool, capable of shaping narratives, mobilising communities, and facilitating the co-creation of value.

Keywords: Alternative finance; Crowdfunding; Crowdfunding platforms; Investors; Crowdfunding models (search for similar items in EconPapers)
Date: 2026
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-032-13052-5_2

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DOI: 10.1007/978-3-032-13052-5_2

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