2,800 crowdsourcing and crowdfunding sites
Update: We've spoken to Daniela Castrataro, co-founder of twintangibles and co-curator of Crowdfuture, a crowdfunding conference that is taking place in Rome later this month. She provides the context and adds some details about the decree here.
Hoping to spur growth, innovation, and access to capital for entrepreneurs, the Italian government recently passed a law that legalizes crowdfunding.
Crowdfunding is only one part of the Decreto Crescita (Growth Decree), which aims to “digitize public administration,” make it easier for individuals to find capital for their ideas, and simplify bankruptcy laws to allow serial entrepreneurs to move on to new businesses faster. The decree is now in a 60-day discussion and comment period, meaning changes may still be made in the coming weeks.
Crowdfunding platforms and activities will be regulated by the CONSOB, Italy’s version of the Securities and Exchange Commission. To help minimize the risk of fraud, only those companies that have secured capital from accredited investors or VCs will be able to register for crowd investing.
The specifics around the law are somewhat murky, and may yet change during the 60-day comment period. Needless to say, though, if this law passes with provisions that truly encourage crowdfunding, it will be a major development for both entrepreneurs and potential investors in Italy, as well as in the European Union as a whole.
We’ve reached out to several experts of European crowdfunding to get their thoughts on the decree, and will update our readers as soon as we hear back. In the meantime, check out Gianluca Dettori’s insightful blog post on the topic.