<i>Equity crowdfunding</i> : an empirical investigation of success factors in real estate crowdfunding

Purpose: This study analyses the success factors of crowdfunding campaigns in the real estate sector. Design/methodology/approach: The success factors of general crowdfunding campaigns were identified then adapted to real estate and tested through multiple statistical analyses (T-tests, correlation matrices, variance inflation factor (VIF) and linear regression). Findings: The findings shows that crowdfunding use in the real estate sector is evolving and that crowdfunding is a potentially disruptive tool in this sector. They also demonstrate that project duration and expected return on investment (ROI) play key roles in campaign success. Research limitations/implications: Results are based on the Italian context only. Extending the analysis to other markets represents a fruitful starting point for further analysis. Practical implications: The outcomes of the paper might be useful both for perspective entrepreneurs, who are considering crowdfunding to finance their projects, and for platforms in order to shape systems and services towards enhancing campaign success. Originality/value: Although there are existing studies on crowdfunding success factors and applications of crowdfunding as a tool, no previous study specifically investigates the use of crowdfunding in Italian real estate by analysing success factors.