Principal crowdfunding platforms currently active in Italy.
\r\n\tThis book chapter’s main theme will be focused on transmission dynamics, pathogenesis, mechanisms of host interaction and response, epigenetics and markers, molecular diagnosis, RNA interacting proteins, RNA binding proteins, advanced development of tools for diagnosis, possible development of concepts for vaccines and anti drugs for RNA viruses, immunological mechanisms, treatment, prevention and control.
\r\n\t
The oral cavity is a region interconnected with other systems of the body; it should not be viewed as an isolated area. Diseases that it lays down can have systemic scope and significantly affect the quality of life of individuals who suffer them. Periodontal disease is one of the oral health problems that most often affect the global population, lack of treatment leads to loss of tooth organs and consequently alters the digestion and nutrition, without considering other relevant aspects as phonation, aesthetics and social or emotional impact. The importance of periodontal disease has raised possible bidirectional relationships with systemic diseases such as diabetes, metabolic syndrome and cardiovascular disease. We address herein the role of oxidative stress in the etiopathogeny of periodontal disease. In the same context, another disease that has become relevant in our days is the oral cancer. Epidemiological data show that the incidence of this neoplasm has been increasing in several countries. The impact of oral cancer on patients, who suffer it, is devastating. The role of oxidative stress in the development of this disease and some alternatives for its treatment, are topics addressed in this brief review. These two oral diseases are a sample of the plethora of effects that oxidative stress may have at local and systemic level.
\n\t\tPeriodontitis is the second world health problem since it affects between 10 to 15% of the world population [1]. Although the various states in this disease depend on the degree of destruction and inflammation present, the American Dental Association classifies according to a system development based on the severity of the loss of periodontal insertion. The information obtained in clinical and radiographic examination classifies the patient in four typical cases that are:
\n\t\t\tType I: Gingivitis
Type II: Mild Periodontitis
Type III: Moderate Periodontitis
Type IV: Advanced Periodontitis
There are other classifications of the inflammatory process [2]:
\n\t\t\tUlceronecrotic acute gingivitis
Acute gingivitis
Chronic gingivitis
Marginal periodontitis
Superficial marginal periodontitis
Deep marginal periodontitis
Periodontal disease is an inflammatory process involving a set of changes that directly affect tissues that hold the teeth. The etiology plays a role which is essential within the bacterial infection. In fact, within the 300 to 400 species of bacteria located in the oral cavity consider that some of them are exclusive to the periodontal tissues. However in recent years it has been determined that the evolution and spread of the disease will play a decisive role in the host response to bacterial attack. This is reflected in the model of the critical path in the pathogenesis of this disease. Through this one can understand that there are diseases and systemic conditions that have risk factors for periodontal disease, because they are going to modify the host response and favor the development of damage [3].\n\t\t\t
\n\t\t\tWhen it is lost in the inclusion of periodontal fibers, usually after puberty, the cases that are reported before this stage are only 5%. Previously it has reported that there was a ratio of two to one in the frequency of periodontal disease, women being the most affected in this order. Currently known, the presence by gender of this involvement is very similar.
\n\t\t\tIn adults with more than 1 mm of affected dental faces periodontal insertion loss increases with age. An epidemiological report in United States mentions that approximately 80-92% of the population between the ages of 35 and 64 years performed, lost more than 1 mm insertion in 20 to 47% of teeth. From 18 to 22% of the population of 35 to 64 years were more 2 mm deep in the probing of the periodontal bags in 11 to 13% of tooth surfaces. Periodontitis occurs when tissue destruction due to the direct effect of bacterial toxins and removal products, in addition, the effects caused indirectly by the harmful organic defense mechanisms. Microorganisms as
Bacteria causes tissue destruction with its deletion, this is a feature of marginal periodontitis products. Destruction of tissues within a radius of 1.5 to 2.5 mm around the plaque has been observed (the so-called
The human immune system can be classified according to their function within the periodontium, follows:
\n\t\t\tSecretory system
Neutrophils, antibodies and complement system
Leukocytes and macrophages
Immune regulation system.
The system formed by neutrophils, antibodies and complement is crucial to the immune defense against periodontal infections. When functional defects of neutrophils occur, it increases the frequency of serious marginal periodontitis [4].
\n\t\tA phenomenon that occurs within the periodontal disease is called oxidative stress. In order to understand the phenomenon of oxidative stress it is important to know what the free radicals (FR) are, where they come from and how to act. A FR is considered that molecule presented an electron unpaired or odd in the orbital external, in its atomic structure giving it a spatial configuration that generates a high instability. In the molecule of oxygen (O2) know the following FR or also called oxygen reactive species: anion superoxide (O2˙ˉ), hydrogen peroxide (H2O2), hydroxyl radical (OH˙) and singlet oxygen (1O2). The H2O2 is not strictly a FR but by its ability to generate the OH˙ in the presence of metals such as iron, it incorporates it as such. A fundamental characteristic of the reactions of free radicals is that act of chain reactions, where a radical reaction generates another consecutively.
\n\t\t\tOxygen (O2) that this in the air is fundamental to life, many reactions in which participates the O2 generates reactive oxygen species (ROS), of which some have the chemical character of being free radical (FR), whose biochemical entities in its atomic structure presented an odd or unpaired electron in the outer orbital, giving it a spatial configuration that generates a high instability with an enormous capacity for combined with the diversity of molecules members of the cell structure: carbohydrates, lipids, proteins, nucleic acids, and derivatives of each of them, causing important functional alterations. In this sense, the body has an antioxidant system to counteract the generation of ROS, which maintains a homeostatic balance. However there are pro-oxidant factors that favor the generation of FR, causing an imbalance in favor of the latter, generating so-called oxidative stress (OS) [5].
\n\t\t\tThe tetravalent reduction of oxygen to produce water through the electron transport chain in mitochondria is relatively safe. However, the univalent reduction of oxygen generates ROS. The human organism also has antioxidant system to counteract the generation of ROS, which maintains a homeostatic balance. However, there are pro-oxidant factors that favor the generation of FR, causing an imbalance in favor of the latter, generating OS. The antioxidant enzyme superoxide dismutase (SOD), Glutathione peroxidase (GP), glutathione reductase (GR) and catalase (CAT), as well as proteins carriers of metals (ceruplasmina, transferrin, lactoferrin, etc.), and another micronutrients as vitamins A, C and E, bilirubin, uric acid and selenium, constitute the most important elements of the antioxidant system. Also, between the most important pro-oxidant factors we can highlight the process of aging, ionizing radiation, ultraviolet rays, environmental pollution, cigarette smoke, excess of exercise, intake of alcoholic beverages and inadequate diet [6].
\n\t\t\tThe role of Coenzyme Q10 is the mitochondrial energy coupling. It is an essential part of the cellular machinery used to produce ATP that provides the energy for muscle contraction and other vital cellular functions. Most of the ATP production occurs in the inner membrane of the mitochondria, where the Coenzyme Q10 is located. The most important function is serving as a suppressor of primary free radicals, located in the membranes in the vicinity of unsaturated lipid chains. There are less established functions that include the oxidation/reduction of the control of the origin and transmission of signals in cells that induce the expression of gender, the control of membrane channels, the structure and solubility in lipids [7].
\n\t\t\tFree radicals cause damage to periodontal tissues by a variety of different mechanisms including:
\n\t\t\tDNA damage
Lipid peroxidation
Protein damage
The oxidation of important enzymes (anti proteases)
Stimulation and release of pro-inflammatory cytokines
ROS covers other reactive species that are not true radicals, but are however capable of react in intra and extracellular environment: peroxide of hydrogen, hypochlorous acid, oxygen, ozone. The living organism has adapted to an existence under a continuous output of radical free flow. Between the different antioxidant defense mechanism adaptation mechanism is of great importance. Antioxidants are "those substances that when they are present in lower concentrations compared to the substrate of an oxidizable, significantly delay or inhibit the oxidation of the substrate". The various possible mechanisms that antioxidants can offer protection against damage from free radicals are:
\n\t\t\tThe prevention of the formation of radical free.
Interception of the radical free to eliminate reactive metabolites and their conversion to less reactive molecules.
Facilitate the repair of the damage caused by free radicals.
Create a favourable environment for the effective functioning of other antioxidants.
Antioxidant defense system is very dynamic and responsive to any disturbance that occurs in the body redox balance. Antioxidants can be regulated and neutralize the formation of radical free that can occur due to oxidative stress, such as the factor transcription factors Activator protein 1 and nuclear-kb are redox sensitive. Redox potential is a measure of the affinity of a substance for electrons [8].
\n\t\t\tThe presence of inflammatory infiltrate is a constant feature in periodontal disease. It is known that these cells release lots of free radicals; it is suspected that these metabolites are involved in the pathogenesis of the disease. The presence of a dense inflammatory infiltrate in periodontal disease leads to the suspicion that the relationship of periodontal leukocyte-tissue has a double aspect. The role of these cells in the containment of the gingival bacteria and their products must be analyzed according to a balance with the destruction of tissue due to the release of the products of its action (FR and proteases). In this way, a defensive mechanism, under the interaction of various factors, can be harmful to periodontal tissues, and they are therefore involved in the pathogenesis of inflammatory periodontal disease.
\n\t\t\tThere is numerous evidence pointing to the involvement of FR in periodontal disease. It has been reported in patients with rapidly progressive periodontitis, that the polymorphonuclear neutrophils (PMN) are functionally activated, produce high levels of O2 and have a high response the luminol-dependent (QL) chemiluminescent. There is an increase of the PMN oxidative response peripherals in patients with localized and generalized juvenile periodontitis, as well as in adult patients with periodontitis (AP). This increase is related to clinical periodontal status and is reversed by therapy.
\n\t\t\tIt has also compared the generation O2 by the activated PMN in the gingival crevicular fluid (GCF) of patients with AP. The PMN activation with phorbolmyristateacetate causes a marked increase in the release of O2 in patients with AP, while the antioxidant activity of the gum is similar to the controls. The effect of the PMN in crevicular fluid of patients is dependent on variations in the rate of formation of O2, relative to the intrinsic antioxidant capacity of the gingival tissue.
\n\t\t\tIn gingival epithelial cells in culture studies have shown the PMN may cause lysis of these through the action of the free myeloperoxidase(MPO), a leukocyte enzyme generating radicals. Its activity has been increased in the crevicular fluid of sites with gingivitis and periodontitis with respect to healthy sites.
\n\t\t\tThere is a close relationship between free radical production by leukocytes and activation of proteases. Altogether these actions could have profound effects on the function and integrity of the gingival epithelium.
\n\t\t\tThe above evidence leads to consider that in the inflammatory periodontal disease, the general etiological factors causing the breakup of physiological systems of inhibition of lipid peroxidation, creates a low level of antioxidant protection of periodontal tissues. In these circumstances, the local factors lead to the migration of neutrophils to the gingiva and gingival fluid. The activation of these leukocytes in phagocytosis, causes the release of ROS, which leads to the outbreak of the lipid peroxidation of the soft tissues of the periodontium and activation of protease. This lipid peroxidation is the mechanism that triggers the development of morphofunctionalchangesin periodontium and their vessels, which results in destruction of collagen and bone resorption.
\n\t\t\tDue to numberless evidences that suggest a participation of the ROS in the pathogenesis of the periodontal disease, it has been raised that the factors that promote a rupture of the antioxidant physiological system, contribute to the development of oxidative mechanisms that initiate the periodontitis. The main cause of lipid peroxidation in the periodontal disease seems to lie in the liberation of ROS by leukocytes in phagocytosis. These concepts emphasize the utility of antioxidants in the prophylaxis and treatment of periodontal disease and therefore justify the search of new antioxidant preparations for this purpose. For example the
The oral cancer occupies 2-5 % of all whole body cancers. This percentage places this neoplasia within the ten most common cancers [10]. Although its magnitude is relatively low, its impact on affected patients and their costs in health systems is high.There is a considerable variation in the incidence and mortality rates around the world. The incidence is greater in south of India, Australia, North of America, many European countries, Brazil, certain countries of Africa and some of central Asia [11]. 90% of oral cancer is of epithelial origin and the rest 10% are distributing in adenocarcinomas, sarcomas, lymphoproliferative disorders, metastasis, melanomas and malignant odontogenic tumors. The intraoral main site of oral squamous cell cancer (OSCC) is the posterior lateral border of tongue (Figure 1) and floor of mouth (Figure 2). If the lips are considered within the oral territory, then this site has the highest frequency (Figure 3).Since oral squamous cell carcinoma (OSCC) is the main malignant neoplasia we focus in it.
\n\t\t\tSquamous cell cancer of the posterior lateral border of the tongue in a 28-year-old woman.She smoked a cigarette per day for 15 years.
Squamous cell cancer of floor of mouth in a 58-year-old woman.She had a history of poorly controlled diabetes type 2 from 42 years. She also has used ill-fitting dentures since age 50. Note the linear lesion with presence of necrosis in the centre of the fissure.
There are premalignant lesions recognized like: leukoplakia, erythroplakia, oralsubmucosal fibrosis, palatal lesions of reverse cigar smoking, oral liken planus, discoid lupus erythematosus, and hereditary disorders likecongenital dyskeratosis and epidermolysisbullosa, but beyond of a clinical standpoint, diverse carcinogenic molecular mechanisms have been postulated.The main target is the DNA, since mutations that occur in it generates a wide range of deleterious effects in the cell. In a very general overview, the balance between tumor suppressor genes and those genes that induce cell cycle is altered.Allowing cells to escape cell cycle control and developing an unpredictable biological behavior. Subsequently, the cells express molecules that allow them to acquire an invasive phenotype, a phenomenon known as epithelial-mesenchymal transition. Why malignant cells colonize distant sites? Is not yet fully understood, but it is the feature that makes it lethal.
\n\t\t\tSquamous cell cancer of the lip in a 74-year-old man. He was a farmer and consumed alcohol chronically.
Free radicals are products of the oxidation-reduction systems of the cell and its participation in cellular metabolic functions is essential for cell survival. A classic example is the electron transport chain in mitochondria. However, in whatpathologicalconditions, free radicals can become deleterious? In fact, what are the results of its harmful effects? The involvement of free radicals in cancer development has been studied for 3 decades, and there is sufficient evidence that implicates theirs in the multistage theory of carcinogenesis. They are proposed to cause diverse DNA alterations like: punctual mutations, DNA base oxidations, strand breaks, mutation of tumor suppressor genes and can induce overexpression of proto-oncogenes [12].It should be added that oxidative protein damage participates in facilitating the development of cancer.
\n\t\t\tSeveral works explore the levels of oxidative stress in patients with oral cancer [13-15] most of them quantified the products of lipid-peroxidation(mainly malonilaldehyde) and contrast them with the activity of antioxidant enzymes or exogenous antioxidants levels in blood or even saliva. The results agree that there is an imbalance between the high amount of free radicals and insufficient antioxidant system activity.Added to this, some researchers have observed that high levels of lipid-peroxidation combined with low levels of thiols and antioxidant status, correlate with poor survival rate in patients with oral cancer [16].
\n\t\t\tThe OSCC is a multifactorial disease, however, a factor strongly associated, is smoking. 90% of individuals with oral cancer are smokers. It is considered that the smoke from cigarettes have 4000 chemicals, 40 of which have carcinogenic potential. It has been shown that cigarette smoke contains pro-oxidants that are capable of initiating the process of lipid-peroxidation and deplete levels of antioxidants from the diet [17,18].
\n\t\t\tIn contrast, there is epidemiological evidence that demonstrates the protective effect of diet on some populations [19-21].For example in Greece, which has the lowest rates of oral cancer among European countries,its population is exposed to latent risk factors such as alcohol intake and smoking; micronutrients consume such as riboflavin, magnesium and iron correlated inversely with oral cancer [19].
\n\t\t\tConsequently, several authors have proposed the ingestion of diverse exogenous antioxidants; supporting in those epidemiological studies, where the diet offers protection for the development of cancer, and taking into account that the endogenous antioxidant systems have been overwhelmed by oxidative stress.
\n\t\t\tFor example, vitamin C is one of the most extensively evaluated antioxidants in oral cancer alternative co-therapies. Low or even undetectable levels of vitamin C correlate with the presence of oral cancer [17, 22]; in contrast, is one of the micronutrients that have a consistent inverse correlation in different studies [23].Vitamin C acts as a scavenger of free radicals and impedes the detrimental chain reactions triggered by the free radicals.The l-glutamine is another antioxidant that has shown a beneficial modulating effect in patients with oral cancer in stages III and IV. The l-glutamine is administered in the diet as a complementary therapy; the proposal is that restores glutathione cascade system [15].In addition, other antioxidants such as carotene, vitamin E, thiamine, vitamin B6, folic acid, niacin and potassium have shown a convincing protective effect [24]. Even more,when them are administered together during the cycles of radiotherapy [25].
\n\t\tIn recent years, with the development of Internet, a new and effective fundraising methodology, called crowdfunding, is diffused1. In particular, crowdfunding allows founders of for-profit ventures to fund their efforts by drawing on relatively small contributions from a large number of individuals, without traditional financial intermediaries, but using the web.
\nCrowdfunding is a growing sector also in Italy and it is characterized by the continuous novelty that affects both platforms and campaigns, which make innovation and sustainability some of the main strengths. In Italy, a specific discipline for crowdfunding was introduced for the first time in Europe.
\nThe purpose of this chapter is to study the principal peculiarities of the crowdfunding in Italy and to analyze the characteristics of a platform operating on the Italian market (Produzioni dal Basso). The work also intends to carry out a simulation for the realization of a crowdfunding project by an Italian Foundation operating in the social sector of child and adolescent distress, to be implemented through the use of the same platform.
\nThe chapter is divided into five sections. The first section analyzes the origin and the diffusion of the crowdfunding in Italy. The second section discusses the Italian regulation putting in evidence the principal problems and the prospect. The third section illustrates the modality of fundraising, in particular classic and new model are discussed. The fourth section analyzes benefits and risks of crowdfunding. Finally, in the fifth section, a study on characteristics of a platform operating on the Italian market and a simulation for the realization of a crowdfunding project by an Italian Foundation are realized.
\nThe crowdfunding consists in the request to the public for financing, typically through an online platform, from subjects who need funds to develop projects or for personal purposes [1, 2].
\nThe author of an entrepreneurial, cultural or social project can raise money by engaging the crowd directly to obtain the useful liquidity for the realization of the same project [3]. Unlike the classic request for a loan, crowdfunding guarantees to the borrower the possibility to contact, using online portal, a wide and heterogeneous audience, in which there are potential lenders. With the help of the lenders, in fact, it is possible to cover costs of various kinds, especially if the resources obtained from traditional funding sources are insufficient [4].
\nThe phenomenon of crowdfunding has developed primarily in the Anglo-Saxon territory, and then it has spread in Europe and America. In particular, the first project funded by crowdfunding regards an Anglo-Saxon band in 1997 [5]. The musical group, known as Marillion, unable to bear the cost of their North American tour, turned to fans by launching a fundraiser online, with which they obtained 60,000 dollars. In 2001, the band used the same mechanism to record a new album. In 2008, former US President Barack Obama funded his election campaign through crowdfunding [6].
\nIn Italy, crowdfunding started to spread very soon [7, 8]. However, the country did not take the typical advantages of the first mover due to the internal national peculiarities [9]. In fact, while in other economies the phenomenon was beginning to flourish, in Italy, crowdfunding has encountered more difficulties. The elements that have slowed the development of the phenomenon are the characteristics of the entrepreneurial system, the long bureaucratic chain, together with the high rate of digital illiteracy and the scarce diffusion of online payment systems [10].
\nIn Italy, the first signs of crowdfunding took place in 2005 when Produzioni dal Basso launched an online service to finance projects on the web.
\nAfter that, some platforms of reward and donation crowdfunding have spread.
\nIn 2013, there was a boom in the creation of crowdfunding platforms and do-it-yourself portals also began to emerge. This diffusion was supported by the issuing of the provision with which an ad hoc regulation for equity-based crowdfunding was introduced in the Italian legal system.
\nNext, in 2014, there have been two predominant tendencies, namely:
the start-up of a process of proliferation of increasingly local portals, i.e., aimed at a specific Italian geographical area; and
the application of crowdfunding also in other economic sectors, compared to those in previous years [11, 12].
These trends led to the emergence of platforms based on civic models, based on royalty and invoice trading.
\nOver the last few years, there has been a growth in the various types of crowdfunding portals. In particular, crowdfunding portals for real estate, financing through lending-based loans for the installment payment of purchases on e-commerce sites and the first industry index (Italian Equity Crowdfunding Index) for the equity-based market have also been launched [13].
\nToday, the crowdfunding sector in Italy shows substantial market specialization and segmentation. The main trends are as follows:
Loyalty: a shift from the project to the organizers of the campaign has occurred.
Decentralization: thanks to technological innovation, many platforms have lightened their interface, redistributing crowdfunding functions within more elastic infrastructures and also resorting to different forms of artificial intelligence.
Internationalization: Italian portals would be able to compete with large multinational platforms.
Complementarity: crowdfunding has begun to be used also by non-profit organizations, in fact the functioning of the third sector has developed an “integrated strategy with specific and complementary objectives with respect to traditional fundraising channels” [13].
In the coming years, crowdfunding growth is likely, thanks to its expansion to all Italian SMEs. At the same time, it is conceivable that bottom-up forms of financing are becoming part of the local economic fabric.
\nItaly was the first European country to have introduced a specific discipline for crowdfunding. In particular, the legislator has created legislation dedicated only to equity-based crowdfunding, while for other models—donation, invoice, pre-purchase, real estate, reward and royalty—the already existing regulation for similar financing methods is used [9, 14]. The only exception is social lending, which was recently, even if only minimally, regulated within the new provisions for the collection of savings from parties other than banks.
\nThe interest in crowdfunding in Italy has grown above all because the companies are mainly of SME and encounter many difficulties in finding adequate financial resources for their development. This is even more evident for the start-up.
\nFor this reason, a particular type of start-up, those c.d. “Innovative”, was inserted into the Italian legal system by the Decree-Law no. 179 of 18 October 2012 (converted into Law no. 221 of 17 December 2012) (also known as “Decreto crescita bis”) in the articles 25–32. The Decree has included in the Consolidated Law on Finance, i.e., Legislative Decree no. 58 of 24 February 1998, the article 50 quinquies “management of crowdfunding portals for the small- and medium-sized enterprises and for the social enterprises” and the article 100 ter “offers via crowdfunding portals”. The Decree has also delegated to Consob the rules applicable to the management of portals and to offer for raising capital. In particular, the text is the “Regulation on “the collection of risk capital via on-line portals” (adopted by Consob with Resolution no. 18592 of 26 June 2013 and successively amended by resolutions no. 19520 of 24 February 2016, no. 20204 of 29 November 2017 and no. 20264 of 17 January 2018).
\nOver the last few years, the crowdfunding discipline has undergone numerous modifications, which have significantly changed its features. This evolution must be attributed mainly to two reasons: one of a political-economic nature and a second of a legal order.
\nFrom a political-economic point of view, it is important to support the development of entrepreneurial activities, offering alternative channels with respect to traditional lending for finding resources for growth, also through the promotion of forms of investment (and not real financing).
\nFrom a more strictly legal point of view, the modification interventions reflect a process of progressive refinement of the national discipline in light of the concrete application experience and the European regulatory framework. In fact, also due to the absence of a specific community framework, the regulation of equity crowdfunding has sometimes shown points of imperfect coordination with certain legal categories typical of financial market law, including in particular those of investment services and offers to the public.
\nThe most significant change is represented by the extension of the audience of subjects who are allowed to offer shares of risk capital through portals.
\nIndeed, with the Decree Law no. 3 of 24 January 2015 (converted with Law no. 33 of 24 March 2015), also known as the “Investment Compact”, the category of “innovative” SMEs was introduced, extending to them some of the facilitations envisaged for Innovative start-up.
\nIn particular, together with innovative SMEs, UCITS and companies that invest mainly in innovative start-ups have been added. This extension has not achieved the objectives hoped for in terms of increasing the number of bidders, given the difficulty for companies to comply with the subjective requirements—related to the innovative nature—provided for by the Decree Law. Among these, for example, it includes the achievement of a volume of expenditure in research, development and innovation in an amount equal to or greater than 3% of the greater entity between cost and total value of the production of the innovative SME.
\nFor this reason, with the Budget Law for 2017 (paragraph 70) the article 50 quinques of the Consolidated Law on Finance has been amended: the legislator has decided to allow, generally, to all SMEs, also constituted in forms of limited liability companies, to access financing channels different of banking channels, to thus more easily find the capital needed to carry out their projects. This is a very significant extension, as it greatly expands the number of companies which can use equity crowdfunding.
\nThe objective of fostering SME development through the spread of the crowdfunding tool is the basis of other regulatory changes, such as the following:
The enlargement of the list of so-called managers of rights to SGRs, SICAFs and SICAVs, limited to the offer on portals of UCITS shares, which mainly invest in SMEs
The extension to all SMEs constituted in forms of limited liability companies of the simplified quota circulation mechanism provided by the paragraphs 2-bis. of the article 100-ter of the Consolidated Law on Finance
The repeal of the obligation for intermediaries to register the shares held on behalf of the subscribers (or buyers) directly to them, after 2 years of the loss of innovative start-up qualification
The expansion of the crowdfunding subjects, on the other hand, required a strengthening of measures to protect investors. In this sense, the legislator has deemed it necessary to increase powers of the Consob of control over the activity of the portals. In particular, Consob calls the managers, directors, statutory auditors and personnel, requests the communication of data and of information and may request the communication of data and information and the transmission of deeds and documents, fixing the relative terms, and may also carry out inspections (article 50-quinquies, paragraph 6, of the Consolidated Law on Finance).
\nA further novelty in the discipline of equity crowdfunding concerns, directly or indirectly, the implementation in Italy of Markets in Financial Instruments Directive (MiFID II). In fact, although operating under the regime of exemption from the MiFID, the operation of the portals, precisely by virtue of the provisions of Directive 2014/65 (for “exempt” companies), was subjected to the application of more stringent conditions.
\nIn particular, it regards the following profiles:
The obligation for equity crowdfunding portals to adhere to system of indemnification to protect investors or taking out an insurance policy for professional responsibility that guarantees protection equivalent to clients according to the criteria established by Consob through its regulation (article 50-quinquies, paragraph 3, of the Consolidated Law on Finance)
The obligation for portals to develop a more rigorous and detailed policy on conflicts of interest
The delegation to Consob for the adoption of internal systems of reporting infringements (whistleblowing, i.e., specific procedures for reporting of the facts that could constitute violations of the regulations governing the activity done)
In particular, with reference to point (a), the article 3 of MiFID II states that: “member States shall require persons exempt from this Directive pursuant to paragraph 1 of this Article to be covered by an investor-compensation scheme recognised in accordance with Directive 97/9/EC. Member States may allow investment firms not to be covered by such a scheme provided they hold professional indemnity insurance where, taking into account the size, risk profile and legal nature of the persons exempt in accordance with paragraph 1 of this Article, equivalent protection to their clients is ensured”.
\nWith regard to management of the conflict of interest (point (b)), Consob strengthened the regulations already contained in Consob Regulation no. 18592 of 2013, requiring portals to communicate to customers the nature and sources of conflicts of interest, in the event that the measures adopted were not sufficient to exclude the risk of damaging interests of the same. In this perspective, the introduction of an ad hoc regime for the offer on the portal of quotas or shares issued by the same manager or by subsidiary/controlling companies (c.d. “autocollocamento”) must be read, too.
\nWith reference to the granting to Consob of the proxy to adopt the implementing provisions of the article 4-undecies of the Consolidated Law on Finance in the matter of whistleblowing (point (c)), it derives from the desire to extend the obligation to adopt internal reporting procedures for offenses, provided by article 71 of the Directive 2013/36/UE, also to those who provide investment services, even if exempt from the MiFID.
\nFinally, it is important to point out that, during the revision of the Crowdfunding Regulation, Consob has decided to reduce, only in specific cases, the threshold of financial instruments that must be signed, in relation to each offer, by qualified investors. Specifically, there is a lower threshold—equal to 3% (and not 5%)—for offers made by SMEs with financial statement certification, relative to the last 2 years prior to the offer, prepared by an auditor. This is a change made by Consob to the outcome of the consultation process, at the request of the market. In the consultation document, in fact, the 5% threshold had been confirmed, despite the difficulties (very) often encountered by the portals in meeting this requirement. Also driven by the sector operators, Consob has decided to introduce a reduced threshold at least for larger companies, for which a technical situation is available.
\nIn conclusion, the frequent regulatory interventions have constituted an element of instability for the sector and, therefore, a brake on the development of crowdfunding operations.
\nCrowdfunding has had a great following in Italy and in the world as it manages to create a direct relationship between the author of the project and potential investors. The platform allows to give visibility to the borrower’s project, thus facilitating the collection of funds.
\nMost platforms can operate according to two very specific collection models. These can have a decisive influence on the success of entering the project on the portal because they provide completely distinct features and modus operandi.
\nThe first model is represented by “all-or-nothing.” Its application starts from the assumption that the borrower inserts a target in his project, or indicates the sum of money to be obtained within a given period of time. During this period of time, the platform does not make any financial transactions vis-à-vis the author of the project, despite payments from investors. This is due to the fact that the transfer of the collected money is conditional on the achievement of the target: in fact, from the beginning it is established that, in the event that the objective is not achieved, all the sums of conferred money will be returned to the lenders.
\nOn the contrary, the second collection model, called “keep-it-all” or “take-it-all” depending on the portals, provides the payment of the loans obtained regardless of whether or not the target is reached. Using this method, the proposer can periodically obtain payments from the platform or receive the credit at the end of the timing. Certainly the choice of “take-it-all” is preferred above all in cases where the sum of money determined upstream is very high or if the project is risky. To promote the use of this latter collection model, there is also the possibility of obtaining benefits if the target is exceeded; in this case, the model is called “all-and-more” or “everything and more.” The incentives may consist, for example, in the exemption from the payment of the commissions withheld by the platform for the service offered or by the payment of the registration fee to the site [15].
\nThere are different types of crowdfunding, both in terms of method and purpose.
\nIn the literature, the “classic” models are: social lending (peer-to-peer lending), equity-based crowdfunding, reward-based crowdfunding, donation-based crowdfunding and royalty-based crowdfunding [9, 12, 16]. Four of these models (equity-based crowdfunding, reward-based crowdfunding, donation-based crowdfunding and social lending) have been codified—for the first time—in the 2012 Massolution Report [17].
\nIn recent years, alongside these classic models, there have been new crowdfunding models that are civic, corporate and do-it-yourself. Invoice trading, real estate, recurring crowdfunding and energy crowdfunding have recently been added to them.
\nIn this section, the classic models are illustrated. In particular, they are social lending (peer-to-peer lending), equity-based crowdfunding, reward-based crowdfunding, donation-based crowdfunding and royalty-based crowdfunding.
\nSocial lending is one of the most widespread and articulated forms of crowdfunding. It is a money loan also known as peer-to-peer lending (P2P). Unlike other collection methods, social lending involves the direct or indirect signing of a real debt contract with the persons who request financial resources that is the promoter of the crowdfunding project. Essentially, it is an alternative to a bank loan, with the difference that investors have direct credit toward their financed subjects, contrary to savers who deposit their money in a bank that will provide credit, having so a credit toward the bank.
\nGenerally, social lending is preferred by families, non-profit associations, SMEs, which, when registering on the platform, provide all the information needed to establish their creditworthiness. In the social lending to each subject that requests a loan, a rating is assigned, based on the data present in the central risk (as in the normal credit market). To supplement this information, social media opinions are also generally considered, such as reviews of companies that are already started and that offer services. Only if the creditworthiness is valuated adequate, the financial request will be included in the platform. The lower the rating, the higher the interest rate is required based on the risk-return ratio. Therefore, the critical success factor of the platform is the ability to correctly estimate creditworthiness in order to minimize the risk of insolvency. In this regard, some portals have created protection funds in the event of non-compliance; this on the one hand expands the protection of investors, and on the other hand, it increases the costs for the financed subjects.
\nIt is possible to opt for one of the following hypotheses:
The borrower indicates upstream the reference interest rate for the calculation of the interest share to be paid. On the other hand, investors offer in a competitive auction the percentage of capital they are willing to cover and the relative interest rate. When the requested quota has been reached, the debtor will pay the interest by making an average of the rates offered, weighted on the basis of the different items.
The interest rate is chosen neither by the borrower nor by the investors, but it is determined in relation to the rating of the taxable person in the contractual relationship.
The lenders do not have the possibility to choose who to allocate their credit to because the platform automatically selects the borrowers, respecting always the duration of the loan and the risk-return profile indicated ex ante. Generally, to compensate the impossibility of choosing the recipient of the credit, the platforms provide the establishment of guarantee funds, managed by third companies, the amount of which is determined on the basis of expected losses.
Investors indirectly finance the project by buying investment funds, most often listed on the stock exchange.
In all the cases described therein, the typical risks of the active position of the obligatory report (credit, liquidity and interest rate risk) remain at the lender and this may compromise, in some occasions, the level of reliability of the platform. To remedy, for example, the hypothesis of an increase in liquidity risk, which would entail a significant loss of confidence by potential creditors, the possibility of transferring the contract in itinere is usually proposed, making use of secondary markets [7].
\nThe investment on social lending platforms can take place—typically—in two ways. The first involves the subdivision of a single loan into shares (generally of the same value) that investors can purchase independently on the portals. The second mode, on the other hand, involves the presence of portals that create loan portfolios with the same risk-return ratio that can be purchased pro-rata. It is also possible that the money of the lenders is divided into several portfolios with the same risk-return ratio, so as to reduce—even more—the potential risk of insolvency. In addition to this, some platforms also offer the possibility of reselling their credits to third parties, so as to return more quickly than the investment, so creating a secondary market. It is customary to distinguish between two main business models for social lending: direct and widespread. The two types differ depending on the fact that investors decide, directly and independently, where to allocate their resources (direct model) or indirectly through the platform (common model).
\nSince the end of 2017, the use of social lending has begun to spread for the payment by installments on e-commerce sites. In Italy, aggregated data only for loans for natural persons are diffused and these loans vary from a minimum of € 250.00 to a maximum of € 40,000.00. A research by the Politecnico of Milan [18] found that access to this channel is generally more expensive than that in which credit institutions operate.
\nEquity-based crowdfunding is one of the tools most used by start-ups and SMEs, which, especially in the start-up phase of a business, find it difficult to access subsidized loans or government grants, although they have the required requirements. It assumes the role of equity-based when, as a consideration for the financing activity, the conferment of a participation title within a company is present. This type of crowdfunding guarantees the possibility of addressing to a more or less wide audience, thanks to which the initial feedback on their entrepreneurial activity can be seen from the initial phase. Furthermore, the only costs that the promoters will have to pay, using the platform, are mostly those linked to the commissions to be paid to the portal and to the cost of keeping the restricted current account. However, the start-up or the SME must operate in such a way as to create an intense flow of communication with the outside if it wants to reach a larger number of investors. It is possible, for example, by releasing interviews, publishing its objectives also on social media, participating or sponsoring some events of significant importance. This is still an extraordinary transaction concerning the collection of new risk capital, and therefore there are some repercussions on the level of patrimonial and administrative rights, because the company structure changes according to the number of interested investors.
\nAs already highlighted, in Italy, Consob issued a regulation in 2013 in which the limits and obligations to be respected regarding the equity-based crowdfunding were indicated. In particular, Consob has set a maximum bid amount of 5,000,000 euros, which can only be collected through the use of the portals registered in the special section of the register of managers. Managers are obliged to provide all information regarding SMEs or start-ups registered in the portal, with a focus on individual offers, thus detailing the business plan, the curriculum vitae of the founding members and the risks associated with equity-based activities crowdfunding.
\nThis is realized to reduce information asymmetries and to allow investors to make a rational and informed investment choice of their capital. Consob has also provided for a “conscious investment path” reserved for potential investors, thanks to which they can know the most difficult aspects linked to the activity of granting credit. Moreover, for non-professional lenders, the Regulation provides for the recognition of the right of withdrawal to be exercised even without the existence of a particular reason and without the payment of penalties. However, this right can only be exercised in the 7 days following the membership order.
\nWith the term reward-based crowdfunding, a particular online fundraising method is outlined that envisages, on the one hand, the payment by the investor of a small amount of money, and on the other hand the payment by the taker of a reward. This reward can be various, but in general, it cannot include financial compensation. The borrower is therefore obliged to provide the service or to proceed with paying the reward, because, in the event of non-fulfillment of this promise, the project could lose credibility to the lenders; however, some platforms are used to frame the consideration of the subject as a real obligation to perform, from which the typical effects provided by the law arise. Over the years, reward-based crowdfunding has become widespread above all in the artistic field, in which the promoters of cultural and musical projects found the necessary funds for the realization of the projects, providing in exchange various benefits, such as free tickets, public mentions during the events, preemptive fees for the purchase of tickets.
\nOver time, it has become a perfect substitute of equity because it allows to obtain liquidity without altering the corporate structure. At the same time, it has also become an alternative way to get answers from consumers on new projects to carry out: in this case, the form is defined pre-placement, most often linked to a pre-order operation with the goal to get feedback from potential customers even before the product is launched. Even some large multinationals like Nike and Coca-Cola have decided to use this tool, lightening the workload traditionally entrusted to marketing companies. This method is particularly preferred by start-ups of young people and by SMEs in the constitution phase, which wish to obtain information on the outlet market [15].
\nIn Italy, the reward-based crowdfunding model is associated to three legal categories. The first is the pre-order that is an operation that the Civil Code defines as e-commerce, which concerns a future sale that is perfected with the realization of the good. The second, again on the basis of the Civil Code, is a modal donation (art. 793 c.c.) with which the donor requires the donor to perform an obligation to his advantage or for the benefit of third parties. The third type is the royalty crowdfunding, which will be discussed below.
\nIn the case of donation-based crowdfunding, those who decide to contribute financially to a campaign take on the role of real donors, due to the fact that the financing of the activity, regardless of the amount, is carried out in the form of good work. For this reason, most of the time no budget is foreseen and, in addition, there is often no return for the benefactor, who will find satisfaction only in having participated to the realization of a project whose main objective is a “good cause.”
\nWithin this model, it is possible to distinguish two different sub-typologies according to the end pursued: some projects in fact concern private or personal spheres, while others are aimed to third parties without the purpose of profit. At the base, therefore, there is the will to support through a kind of online collection the realization of an objective that brings advantage to a part of a community, which can include not only subjects with particular social or economic problems, but also the inhabitants of a circumscribed one territorial area (e.g., public events). An example of donation-based crowdfunding, even for no humanitarian purposes, was recorded in the political sphere and, in particular, during the election period in the United States of America: on this occasion, a targeted campaign was promoted to the re-election of President Barack Obama [15].
\nIn Italy, the donation-based crowdfunding legislation generally refers to the donation regulation contained in the Civil Code.
\nRoyalty-based is a type of crowdfunding in which an initiative is financed, receiving part of the profits in return. Whoever launches the crowdfunding campaign offers quotas of future earnings of the project for which it requires funding. Royalty-based crowdfunding consists in the sale by the owner of the business and in the simultaneous purchase by the investor of a portion of the revenues that will be generated by future sales of the economic activity. Investors can therefore obtain a regular income guaranteed by sales and, at the same time, the owners of the business, remaining the only owners of the business, maintain full control over the performance of the business. However, royalties must be deducted from turnover and therefore they add costs to the business. For this reason, royalty-based crowdfunding is mainly recommended to all those activities that have high profit margins.
\nIn Italy, the discipline, in general, is referable to the rules on the association in participation (articles 2549 ss. of the Civil Code), in which “those who finance participate in quote to the profits generated.” In fact, the lender, in this particular crowdfunding model, receives the royalties based on the amount invested, which may concern, for example, copyright, intellectual property rights, patents, licenses, registered trademarks, etc.
\nSome authors believe that royalty-based crowdfunding is a sub-category of reward-based, already used in the music sector for the management of copyright on songs [19].
\nIn this section, new crowdfunding models are discussed. In particular, they are civic crowdfunding, corporate crowdfunding, do-it-yourself, energy crowdfunding, recurring crowdfunding, real estate crowdfunding and invoice trading.
\nThe civic crowdfunding is a bottom-up financing method in which public works and projects are financed by the citizens themselves. This tool is able to favor the development of the territory and of the communities since both, individuals and social organizations, can give life to civic-based projects that benefit the entire community.
\nThe civic crowdfunding increases the sense of belonging of citizens to their territory, favoring transparency through a more effective allocation of funds. In fact, citizens can follow and access all the information (both online and directly on the territory) relating to the projects they intend to support, starting from the first stages of development until their complete realization. Furthermore, with civic crowdfunding, public administrations and local authorities can create close relationships with citizens and SMEs test citizens’ interest in each new project and invest their budget in those projects considered important by citizens themselves.
\nThe civic crowdfunding can be of the type donation, reward or do-it-yourself, but it can be developed in the forms equity-based e-social lending, too.
\nIn Italy, a bureaucracy that is too complex and sometimes difficult to overcome is a problem for this type of crowdfunding and this is making some civic crowdfunding projects impossible. There are also difficulties regarding payment systems: many of the potential donors are often in difficulty having to pay money through a crowdfunding campaign and they seem to prefer traditional channels, such as—for example—bank transfers.
\nRecently, the civic crowdfunding has become an increasingly useful tool for the implementation of match-funding projects, in which cooperation between bottom-up funding portals and public authorities is provided for the benefit of all local communities.
\nIn 2018, in Italy, the civic-based and match-funding projects have raised a total of around 4 million euros [20]. The initiatives were mainly promoted by the public administrations themselves, also through partnerships with local entities, which increasingly play an important role for the administrations in the operational implementation of the projects. The combination between public administrations and civic crowdfunding is certainly an interesting phenomenon, given the commonality between the elements at the base of crowdfunding and the values to which the public administrations are called to respond: community involvement, transparency of funding, ease of access and dissemination, system innovation, issues of collective interest, bottom-up participation.
\nThe corporate crowdfunding is a type of financing of the crowd, which, starting from the concept of Corporate Social Responsibility, can help companies design products/services, directly involving customers in this phase.
\nIn general, it can be of the type donation, do-it-yourself and reward. This is a typical Italian phenomenon. However, the mistake that the platforms often make is to orientate too much toward companies, while companies must be the result of work being done within the platform and not the opposite.
\nThe do-it-yourself is a form of crowdfunding that allows to create a campaign within the site of the organization, without switching to another specific crowdfunding platform. In essence, the do-it-yourself crowdfunding refers to customized campaigns developed on independent sites in line with the identity of the project. Generally, the do-it-yourself can be civic, corporate, donation, pre-purchase and reward.
\nEnergy crowdfunding is a form of funding from below in the green and renewable energy sector. The purpose is the implementation of sustainable projects and energy transition, in order to reduce dependence on fossil-based fuels and contribute to the development of infrastructures and innovative technologies.
\nThe interest toward this form of crowdfunding is demonstrated by the growth in Europe of energy cooperatives and participatory models for the development of investments in renewable energy. As in the context of energy cooperatives, crowdfunding platforms involve citizens and stakeholders allowing them to participate, invest and benefit economically from investments in the energy sector.
\nOver 90% of the active platforms are of financial type (crowdinvesting in equity and lending mode), that is, aimed at investing and raising capital. The rest of the platforms propose projects based on rewards in donation or reward mode.
\nThe financial platforms propose projects defined, equity or community shares. By financing lending-based projects, investors lend their money in exchange for a future remuneration, which can sometimes be based on the sale of renewable energy produced through the project itself. The lending projects are differentiated according to the type of debt instrument offered (short- and long-term debt, mutual fund). In equity or community share projects, investors acquire shares in companies or cooperatives active in the production of clean energy, thus benefiting from dividends issued based on the economic performance of the underlying energy investment.
\nAn Italian example of energy social lending is Edison Crowd, while an Italian equity-based company is Ecomill, which will soon be operational. There are examples of energy crowdfunding campaigns, too, such as some of those activated on WeAreStarting.
\nRecurring crowdfunding is a type of fundraising that is donation-based or reward-based, which does not expire, unlike normal bottom-up funding campaigns.
\nIn particular, in recurring crowdfunding, patrons contribute a recurring amount of money, either on a specific time period (like every month) or every time the creator makes something new (a new song, a new album, a new video, etc.). Therefore, it is a model adopted especially for editorial or artistic projects (ideal for managing subscriptions and for new content creators such as bloggers, freelancers, YouTubers, documentarians, journalists and artists who can generate a monthly financing for their work).
\nIn Italy, this service was launched, for the first time, on 6 March 2018 by Produzioni dal Basso along the lines of the American platforms Patreon and Drip.
\nThe real estate crowdfunding is a type of collective loan for real estate investments. It allows investors, in exchange for a return on capital, to participate in the financing of a real estate project in a residential or commercial environment, such as the purchase of a property to be used for income, the restructuring of a property or the development of a greenfield project.
\nThe real estate crowdfunding is a model attributable, on the basis of the currently operating portals, to equity crowdfunding or social lending. In the first case, the capital financed is divided into two components: equity and debt. Equity accounts for 65–70% of the investment and is divided as follows: 25–30% for the entrepreneur and 40% for the online ‘crowd.’ The remaining 30–35% of the amount is disbursed by a bank (debt) in the form of a loan, thus reducing the overall risk of the transaction. In the second case, that is, when the real estate crowdfunding uses social lending, the functioning mechanism is similar to that of this form of collective financing.
\nThe real estate crowdfunding allows to solve some problems of the real estate investment, such as the following:
The financing of a real estate project (even with low amounts of money) that allows to diversify the investment, allocating the capital in several real estate projects, in different geographical areas and on different types of properties
The delegation of property management to the promoters
The possible increase in the liquidity of investments, when the platforms of crowdfunding real estate allow to exchange their investment shares on a secondary market
In Italy, Walliance is the only Italian platform for equity crowdfunding specifically dedicated to real estate, while Housers is an online real estate crowdfunding platform, created and launched in Spain in 2015 and landed in Italy with an investment opportunity in Milan.
\nThe invoice trading allows businesses to sell individual invoices in order to free up cash, to an online community of investors. It replaces the traditional “invoice discounting” of the bank to support working capital. Investors advance the invoice amount, net of the required remuneration. The investors’ remuneration is given by the difference between the liquidation value of the invoice and the relative purchase price [18].
\nThe invoice trading takes place online through the platforms and the business model requires that the company interested to an invoice transfer submit the request to an invoice trading platform. The portal evaluates the proposals received on the basis of some indicators (such as creditworthiness) relating to all the operators involved and assigns a rating crossing the available data with those present in the databases of some providers such as Modefinance or Cerved Rating Agency. Once accepted, the invoice is published on the invoice trading platform.
\nThere are three different buying mechanisms for investors, such as: upward bidding, competitive bidding or direct purchase by the platforms and securitization of the same through asset-backed securities.
\nIn general, SMEs with difficulties in accessing the traditional banking channel resort to invoice trading. The SMEs use the advantages of the invoice trading, such as the speed with which the liquidity is paid to finance the working capital, without guarantees and without reporting to the Central Risk Office.
\nIn Italy, the potential market of invoice trading exceeds 400 billion Euros.
\nThe crowdfunding provides various indirect and non-financial benefits, too. First of all, it allows to understand if the entrepreneurial, social or cultural idea can be appreciated and shared by third parties. In fact, if the crowd is pushed to contribute in the first phase of the project, this means that the market will be well inclined to support it even later. Access to the crowd, which includes subjects with specific skills, is useful for obtaining professional feedback at low cost, too.
\nFurthermore, if it is evident that the project is supported on a large scale and the risk associated with the possible use of capital reduced, there will be greater chances that informal banks or investors (angel investors) will grant loans additional on better terms.
\nThe crowdfunding can be used as a powerful marketing tool: it puts the attention of investors and potential customers on an innovative project even before it is implemented or concluded. Usually, the entrepreneur, or more generally the proposer, should start a campaign aimed to publicize the new service or product as best as possible, in order to reach a certain level of market interest in conjunction with the launch. In this way, it is possible to focus the attention of consumers in a completely innovative way, whose main purpose is to raise capital.
\nHowever, crowdfunding is not easy to implement, as it requires a long and thorough preparatory process in order to minimize the risks that may negatively affect the borrower and investors.
\nFirst of all, it is necessary to consider the hypothesis in which the objective is not fully achieved. In the case of the “all-or-nothing” model, failure to reach the set amount obliges the proposer to return the amount collected up to that point. For this reason, it is advisable to analyze the market and design an excellent strategy to ensure a high resonance of the project. If the platform allows it, the “keep-it-all” model is more secure.
\nAnother widespread problem concerns the underestimation of costs, which could vary in itinere, as for example in the case of equity crowdfunding: following new share issues, in fact, there are additional administrative costs often not to be considered in the business plan.
\nA similar case concerns the information flow; before, during and after the fundraising phase, there must be a subject who carefully follows each step and, if the promoter does not have competence in the matter, the assignment to third parties could lead to costs not underestimate. The problem arises from the beginning when in the most complex forms of collection, such as social lending and equity crowdfunding, it is important to establish clauses that provide rights and obligations for both parties.
\nWith regards to this, it is necessary to analyze thoroughly the concrete implications deriving from the recognition of significant rights to investors, and to avoid granting these rights with the sole purpose of making the proposal more attractive. Indeed, the failure to comply with the clauses would lead potential investors to lose confidence in the project. Therefore, it is important to consider also the complaints, which must be managed in the best possible way in order to prevent unpleasant situations from generating much more serious repercussions.
\nFurthermore, the fact that at the moment a national law on crowdfunding has not yet been enacted, which may be able to specifically regulate the various possible cases, raises the risk that the participants may inadvertently implement unlawful behavior. For this reason, it is advisable to carefully and meticulously refer to all the legislative texts issued to date both on the national and community territory.
\nThe investors can lose interest in the project at any moment, without giving any notice, too. Specifically, in the case of donation or reward crowdfunding, the cessation of the interest manifests itself with the blocking of any future forms of financing; on the contrary, in the equity crowdfunding, the investors sell their share to other subjects interested. For this reason, it is important to be ready right away to up and down funding flows and to sudden changes in the social structure [19].
\nThere are other types of risks on online projects, together with those of a financial and legal nature, for example, the possibility that the project is not successful. In this case, the promoter has a reputation damage because the promoter does not turn to a credit institution, but a heterogeneous plurality of people. For this reason, the failure to achieve the goals will be seen as a real public failure.
\nMoreover, even the possibility that the borrower fails to fulfill the promises made within the established terms, despite the successful collection of funds, is a risk. On the contrary, the timeliness and the perfect correspondence between when planned and when realized will allow the promoter to improve his reputation [2].
\nFinally, there is the risk of turning to fraudulent platforms or those unable to protect the rights of participants. In fact, the proponent exposes an innovative idea online, which becomes public knowledge. For this reason, the manager should develop a system of protection aimed at avoiding plagiarism [19].
\nIn Italy, there are several crowdfunding platforms currently active (Table 1).
\nPlatform name | \nCrowdfunding typology | \nNote | \n
---|---|---|
1 Caffè | \nDonation-based | \nIt is a non-profit association that supports solidarity campaigns. | \n
Actionworld | \nEquity-based | \nIt is aimed at investors who are attentive to the new investment methods proposed by the markets. | \n
BacktoWork24 | \nEquity-based | \nIt finances small businesses and start-ups. | \n
Be Crowdy | \nReward-based | \nIt regards cultural and artistic projects. | \n
Blender.loans | \nLending-based | \nIt aims to reduce the cost of debt. | \n
BookaBook | \nReward-based | \nIt is dedicated to the publication of unpublished books. | \n
BoomStarter | \nReward-based | \nIt gives the possibility to participate in the BoomContest, which gives an additional sum of money to the winner. | \n
Borsa del Credito | \nLending-based | \nIt is a marketplace-lending that credits funds within 3 days of the request. | \n
BuonaCausa | \nIbrida | \nIt promotes socially based ideas. | \n
\nClubdealonline.com\n | \nEquity-based | \nIt allows SMEs and investors to find a controlled and secure counterpart. | \n
Com-Unity | \nReward&Donation-based | \nIt aims to create synergies and collaborations for the development of new ideas. | \n
Concrete | \nEquity-based | \nIt is dedicated to real estate projects. | \n
CrowdFundMe | \nEquity-based | \nIt is based on connecting investors with start-ups and SMEs seeking funds. It is listed on the Italian Stock Exchange | \n
Crowndarts | \nReward-based | \nEvents and shows are funded at national and European level. | \n
De Rev | \nReward-based | \nIt is dedicated to innovative start-ups. | \n
Distribuzioni Dal Basso | \nReward-based | \nIt supports the circulation of cultural works released under the Creative Commons License. | \n
Donordonee | \nReward&Donation-based | \nIt elects 6 members a day, allowing them to realize their ideas. | \n
Doorway | \nEquity-based | \nIt is founded by four business angels, and it has set itself the goal of financing start-ups and creating an offline private market. | \n
Ecomill | \nEquity-based | \nIt is dedicated to high-level social sustainability campaigns. | \n
Eppela | \nReward-based | \nIt is dedicated to any type of project (art, cinema, technology, etc.). | \n
For Italy | \nReward-based | \nIt aims to preserve the Italian cultural heritage. | \n
Fundera | \nEquity-based | \nIt is dedicated to the cleantech sector. | \n
Funditaly | \nDonation-based | \nIt is based on the ‘cooperative’ crowdfunding, and it allows the investor to become a supporter of all the projects on the platform. | \n
Giffoni Innovation Hub | \nReward-based | \nIt is dedicated to cultural-artistic start-ups. | \n
Gigfarm | \nReward-based | \nIt finances artists and promoters, helping them to make concerts. | \n
GoFundMe | \nIbrida | \nIt supports campaigns directed to support medical expenses and to help countries in a state of emergency. | \n
Greenfunding | \nReward&Donation-based | \nIt finances green-economy projects. | \n
Investi-Re | \nEquity-based | \nIt is a platform dedicated to innovative start-ups/SMEs | \n
Kendoo | \nReward-based | \nIt is dedicated to digital projects (websites, social media, e-commerce, app, etc.). | \n
Land2Land | \nReward-based | \nIt is dedicated to projects related to agriculture and gastronomy. | \n
Let us donation | \nDonation-based | \nIts slogan is “Profit supports No-Profit.” | \n
Meridonare | \nDonation-based | \nIt supports cultural and social projects for Southern Italy. | \n
Microcreditartistique | \nReward-based | \nIt is specialized in contemporary art. | \n
Motusquo.it | \nLending-based | \nIt offers lower interest rates for borrowers and higher returns for employers. | \n
Muum Lab | \nEquity-based | \nIt promotes fundraising for agro-industry, real estate and energy projects. | \n
Prestiamoci | \nLending-based | \nIt offers personal loans online from private individuals. | \n
Produzioni dal Basso | \nIbrida | \nIt promotes self-produced projects, without intermediation and without particular access requirements. | \n
Schoolraising | \nReward-based | \nIt raises funds for school projects. | \n
Sea-Crowd | \nIbrida | \nIt supports campaigns for the realization of ideas related to the nautical world (naval engineering, protection of the marine environment, fish, etc.). | \n
ShinyNote | \nDonation-based | \nIt is direct to promote solidarity campaigns. | \n
Smartika | \nLending-based | \nIt is one of the first 10 platforms identified by Forbes for social lending in the EU. | \n
Sport Supporter | \nReward-based | \nIt is dedicated to sports campaigns. | \n
Starsup | \nEquity-based | \nIt favors the collection of risk capital for start-ups with a high rate of innovation. | \n
Starteed | \nReward-based | \nIt also offers the possibility of crowdcreation, improving ideas and projects. | \n
Terzo Valore | \nIbrida | \nIt is part of the Intesa Sanpaolo group, and it allows the employers to assume the role of donor and/or creditor. | \n
The Funding Spirit | \nReward-based | \nIt is dedicated to sportive and cultural projects. | \n
Triboom | \nReward-based | \nIt is dedicated to sports projects, substantiated directly by the fans. | \n
Ulule | \nReward-based | \nIt is born in France, and it is also very active in Italy. It has funded more than 24,000 projects. | \n
Universitiamo | \nDonation-based | \nIt collects funding for university scientific research. | \n
Werealize | \nReward-based | \nIt finances projects related to the world of design. | \n
WithYouWeDo | \nReward-based | \nIt is created by Italian company leader in telecommunications sector (TIM), and it raises funds for environmental, social and innovative projects. | \n
WoopFood | \nReward-based | \nIt finances projects directed to enhance Italian food excellence. | \n
Principal crowdfunding platforms currently active in Italy.
Source: own processing.
\n | PayPal | \nLemonWay | \n|
---|---|---|---|
Transaction costs | \n1.8% + 0.35€ | \nBank transfer | \n0.6% + 0.15€ | \n
Credit card | \n0.8% + 0.15€ | \n
Among these, Produzioni dal Basso is the oldest. Founded in 2005, it allows those who want and need to get funds for a business projects, to publish their idea on the dedicated website. In accordance with the provisions of national and EU regulations, it is possible to include cultural and social projects, or relating to the launch of innovative products on the market.
\nOver the last decade, the platform has contributed to the creation of more than 2600 projects, allowing their promoters to raise over 6 million euros. The affirmation of the platform, especially on the Italian market was also supported by the partnership with several institutions and companies, including Banca Etica, a bank specialized in the field of ethical and sustainable finance, with the aim of facilitating access to credit and financial inclusion of people who are unbanked.
\nThe collaboration between Banca Etica and Produzioni dal Basso platform consists mainly in the publication of periodic tenders, to which the holders of ideas conforming to the indications of the call (e.g., tenders for the financing of female entrepreneurial projects) can participate to obtain, together with the funds collected through the platform, funds provided by the bank to achieve specific collection targets.
\nDepending on the area of reference, it is possible to select other partners of significant importance such as Arci, Fastweb4School, Infinity, Telethon Foundation and ENPA, which give greater prestige to one’s idea. In this way, it is possible to obtain a more effective sponsorship.
\nThe Produzioni dal Basso portal provides four different ways to raise funds.
\nThe first mode is called “collect all” and can be used for any type of project, regardless of nature and objectives. It reports the same characteristics of the “keep-it-all” combined with the methods provided by the reward-based crowdfunding. At the time of entering the project, the proposer will have to provide one or more types of reward to be sent to the lender when the funds are mobilized. In relation with the offered service, Produzioni dal Basso holds a 5% fee on the money collected, to which are added the costs related to the chosen payment method, indicated later. In order to access the “collect all” mode, information is needed regarding the timing, that is, the persistence of the project on the platform (max 365 days), and the indication of the budget necessary for the realization of the idea.
\nThe second mode is the so-called “simple donation,” comparable to the donation-based crowdfunding. This type is used particularly for altruistic projects and is directed toward lenders motivated by the desire to contribute to the realization of an idea that can improve collective well-being or of particular categories, without getting any kind of reward in return. In this case, Produzioni dal Basso provides a 3% deduction on the amount collected. In the “simple donation,” the author is required to indicate only the timing.
\nIn the “recurring donation,” the third collection method, the lender undertakes to contribute periodically to the realization of the project, renewing the financing automatically, usually every 30 days. In this case, the fee is 3% and is calculated on each transaction, while the forecast of the reward is at the discretion of the borrower. In the “recurring donation,” the indication of timing is not necessary.
\n“All or nothing” is the last expected mode, perfectly adherent to the “all- or- nothing” model described previously. The borrower receives the funding collected only if the target has been reached by term established (maximum 120 days). Also in this case, the sending of a reward and a simultaneous withholding of 5% by the site are planned.
\nFinally, fundraising on Produzioni dal Basso uses two payment methods: PayPal and LemonWay. In the case of PayPal, there is a 3.4% commission on the donated amount and a tax of 0.35 euro, which the payment system automatically holds for each transaction. In the case of the use of the payment institution LemonWay, for each transaction, there is a fee equal to 0.8% (increased by 0.15 euro in the case of bank transfer) or a deduction of 0.6% (increased by 0.15 euro if the loan is made by credit card) [21].
\nCrowdfunding, as analyzed in literature [2, 4, 7, 19, 22], is a tool used both by individuals (including informal groups) and by organizations of various kinds, such as companies, foundations and associations.
\nIn this section, a simulation of crowdfunding project for an Italian Onlus Foundation is carried out.
\nIt is hypothesized that the Onlus Foundation, that deals with the management of educational and housing services for children and single or underage mothers with children, uses the crowdfunding in order to obtain resources for the realization of a project aimed at diversifying activities and at supporting adolescents in conditions of social hardship. To this purpose, the study is aimed at evaluating the opportunity for the foundation to make use of the Produzioni dal Basso platform, carrying out a simulation of the steps necessary for inserting the project on the portal, based on the needs expressed by the non-profit organization.
\nAfter identifying the key points of the project and the objectives pursued by the foundation, the simulation starts with the hypothetical registration of the foundation on the portal and the indication of the personal data relating to the representative of the institution (name, surname, e-mail address, date of birth, country of origin and residence). Therefore, it is necessary to draw up a brief description of the activity carried out by the institution: the foundation manages three activities, namely an educational community for minors, a daytime socio-educational center for minors and a housing community for pregnant women and single or underage mothers with children, and it is born with the aim of offering contexts that can help the minors grow and be formed, following individual and group paths. In this way, by inserting the guests in contexts similar to domestic-family ones, with a constant presence of educators and other professionals appropriate to the case, the foundation contributes to overcoming the inconvenience that afflicts parents and children in difficulty, and helping to pursue social objectives of essential importance for the community and for the surrounding area, considering that the foundation is linked to the activities of the competent children’s court. The registration ends with acceptance of the terms and conditions and subsequent validation of the account via e-mail.
\nAfter logging on to the platform, the simulation continues with the drafting of the project in the section of the platform called: “Start collecting funds,” in which it is necessary to choose the collection method among the four available. In the specific case of the foundation, the most suitable are that of the “collect all” and the “simple donation.” The first allows to set up a budget, which indicates the amount of funds necessary for the realization of the project, with the addition of an incentive for those who decide to contribute. The second mode involves lower commissions (3% compared to 5% of the “collect all”), and the possibility of saving costs related to the production and shipment of the reward.
\nAs regards the choice of the payment system, the simulation aimed to compare the different rates is provided in Table 2.
\nAnother aspect of particular importance, emerged from the simulation, concerns the availability of payments and the related cost: if the availability of funds associated with an account (e.g., PayPal) is immediate, the amounts of money are transferred to the beneficiary from time to time, financing for financing. This means that the transaction costs are multiplied by the number of supporters and this could be very disadvantageous from an economic point of view. The situation is different if it chooses to use a payment institution that allows to create an electronic wallet, in which the sums of money collected will be temporarily conveyed. Afterwards, it will be possible to make a single withdrawal, when it is wished, giving rise to a single transaction cost.
\nWhen the preliminary phase is completed, the simulation continues with the drafting of the project. In this regard, the Produzioni dal Basso platform leaves complete freedom to the author, both in terms of form and content. For this reason, the borrower will be able to choose, in complete autonomy, how much and what information to enter in the text box, preferring those that can give more value to his business, cultural or social idea.
\nIn order to implement a high-quality project, the simulation is based on the guidelines of the National Commission of Chartered Accountants and Accounting Experts, in order to provide the project with completeness and greater chances of success. To identify the most correct way of creating the project, it is useful to consider the prospective lender, who chooses to approach a project rather than another according to a standardized procedure, called in the technical language “funnel” that can be represented using the shape of an inverted funnel (Figure 1).
\nProject selection process (funnel). Source: see [
The possible investor/donor approaches the project thanks to the traffic building action carried out by the platform. In this way, he obtains a generic view of all the proposals on which it is possible to invest, but in order to learn more about the individual projects, he will have to read the short presentation of each one. The professional lender can therefore begin to build a summary idea of the project (requested funding, timing, progress, etc.), which will be completed later with the data obtained from the social networks linked to the project, from the multimedia files, from curriculum vitae of the promoters and from the business plan. In the specific hypothesis of equity crowdfunding, everything is summarized in an informative document, which can be consulted by the user before proceeding with the financing operation [15].
\nThe inverted funnel shape is due to the fact that, in correspondence with each step, the number of possible lenders decreases; this screening is based on the interests and objectives indicated in the project. For this reason, it is necessary to pay particular attention to every single detail entered and published on the platform. Of great impact are the photos and videos, which represent one of the main communication tools on the web; they have a high synthetic power and allow to describe the “reason why” of the project in a few minutes. The promoter of the project therefore can insert in his landing page a “pitch,” namely a presentation video of 2 or 3 minutes during which the advantages related to the realization of the project are highlighted.
\nAfter general information, the simulation includes the preparation of the project business plan. In Italy, Consob has established that the business plan is mandatory only for equity-crowdfunding; however, the business plan, adapted to the collection method chosen by the foundation, can be an excellent cognitive tool for those who intend to support the project. The role of this document is in fact of fundamental importance especially because the project is sponsored at national, as well as local, level. For this reason, the supporters who are far from the territorial area in which the Onlus usually operates can use the business plan to know the scope of intervention, the strengths, the objectives achieved in the past and the reputation.
\nTherefore, within the business plan, the following questions must be answered: how is the foundation born? What are the objectives pursued? What activities will be carried out with the money raised? Are there any other sources of coverage for the project? Are the simulated economic-financial projections realistic and sustainable in the Long-term?
\nFor the purposes of preparing the business plan, the self-assessment phase is of great importance. During this phase, the promoter must be able to determine the feasibility of the project and the necessary means for its realization, without resorting to optimistic visions. In addition, the business plan must contain information about the execution times and any costs that may arise later. Furthermore, three fundamental criteria must be met: consistency, since the statements must be faithful to the proposer’s mission; reliability, since each data reported must to be demonstrated with appropriate documentation if requested; sustainability, that is, there must be a real connection between the budget included in the project and the expenses to be incurred. Furthermore, the language used must be simple and communicative, with the aim of retaining the investor/donor to the proposed idea.
\nThe business plan for the project, carried out in accordance with the indications of the National Council of Chartered Accountants and Accounting Experts [23], is reported in Box 1.
\nDraft of business plan for the foundation project.
\nTherefore, the call-to-action of the Foundation is aimed at acquiring donations outside the community and neighboring countries. Each contribution, even of a small amount, will help to pursue the social objective of giving to less fortunate children not only a daily life comparable to that of their peers, which can increase their confidence and their resilience, but also growth prospects, education and integration into the world of work.
\na) a housing community for pregnant women and mothers with dependent children, with five bedrooms, a dining-living room and a kitchen. Guests are constantly supported by a coordinator and by educators.
\nb) an educational community for children from 3 to 18 years old, with comfortable and colorful bedrooms and a playroom for children to play. Here, 24-hour assistance is offered, thanks to the work of a coordinator and six educators with degrees in Education.
\nc) a day-time socio-educational center for children from 6 to 18 years, active during the whole school period in the afternoon, in daylight hours during the summer season. The space has been designed to accommodate up to 20 minors, which are followed by a coordinator, an animator and the staff required by the Regional Regulations. Outside the building, there are also 1800 square meters of garden and 500 square meters of outdoor gym.
\nThe simulation was enriched subsequently with the preparation of a Canvas Model, that is, a useful tool to summarize immediately the information entered in the business plan, highlighting the strengths. The model was created in accordance with the instructions provided by its creator, the scholar Alexander Osterwalder. In fact, the model has considered the evolution of the methods of exposure of entrepreneurial projects, which have become increasingly impactful and capable of quickly transmitting the key concepts underlying the business idea. Then, the project information is summarized in a single statement, divided into nine sections (Figure 2).
\nThe canvas model. Source: see [
Although the Canvas Model can be reworked in its form at the discretion of the author, generally two macro-areas can be identified: the left one, concerning costs, and the right one, in which the modality of value creation is described. In each section, few and simple words are inserted, able in first to capture the attention of the user and then to transmit emotions.
\nStarting from the left, the first section concerns the “Key Partnerships”: any successful project must rely on collaborations and alliances with external subjects, thanks to which it is possible to reduce costs. The “Key Activities” block summarizes the most important processes in such a way as to answer the question identified by Alexander Osterwalder: “What key activities are required for the value offered?”. In the area of “Key Resources,” all the factors in the absence of which the project could never get underway are indicated; for this reason, it is necessary to consider the strictly essential resources, including those of a non-financial nature. The left section concludes with the “Expenditure,” in which the areas of intervention that envisage higher outgoing cash flows are indicated.
\nIn the right area of the Canvas Model, there is a very important section, namely “Offered Value”. This is the true heart of the prospectus: here, the lender/donor can discover the actual usefulness of the project. The information entered is both of a quantitative nature, expressing in terms of the volumes of the activity, and of a qualitative nature, concerning, in other words, the set of services offered.
\nTherefore, it is necessary to decide whether to approach through a so-called sartorial logic, building a more personal communication system, or whether to adopt the more detached and automated industrial logic. The information is entered in the “Relationship with customers” area. If in the previous section it is important to consider how the borrower intends to interact with third parties, in the “Channels” area, it is appropriate to provide all the elements useful to the user to understand how the project and the services will be brought to the knowledge of most people.
\nIn the “Market Segment” area, the project creator will have to respond in a concise and immediate manner to the question: “What is the reference target?”. Therefore, it is necessary to identify category of subjects to whom the main activity is aimed, thus selecting a precise slice of beneficiaries. The Canvas Model closes with a reference to “Revenue,” considering the number of subjects who will use the products and/or services and the value of the services offered. Through this area, the lender can make a final and decisive assessment of the cost-effectiveness of the project by comparing it with the “Expenditure” section, which summarizes the costs associated with the services offered [23].
\nFollowing the guidelines of the National Council of Chartered Accountants and Accounting Experts on the Canvas Model, the simulation led to its realization. First the section on the “Key Partnerships” was compiled: in the particular case of the Foundation, the project received financial support from the Puglia Region, which contributed 56% of the total amount of the budget, that is, for an amount equal to 200,000 euros.
\nThe project aims at the redevelopment of the historic building and, subsequently, at its preparation in such a way as to respect the provisions of the Regional Regulations for the two apartments: without this preliminary phase, the building would not be accessible and the value could never be created. For this reason, the words “Restructuring” and “Furnishing” have been included in the “Key Activities” section.
\nConsidering that this is a humanitarian project, in the “Key Resources” area are indicated those human resources that predominantly interface with minors, such as educators and auxiliary personnel.
\nWith regards the “Offered Value,” the foundation focuses on welcoming minors, and then on a path that allows the guests of the structure to be able to grow and train. In the “Relationship with customers” section are inserted the two key concepts that are at the base of the project, namely “Support” and “Comprehension.” The entire work of the Foundation, in fact, is aimed at guaranteeing help to all those who are welcomed inside the structure, with the right sensitivity that the situation requires.
\nAlso the area dedicated to the “Channels” is important so that the project can be followed in its evolution. The Foundation will mainly use its official website, the Facebook page and the YouTube channel. The Canvas Model concludes with information regarding the main project beneficiaries. In this regard, in “Market Segment” adolescents aged 16 to 18 are identified as the target of reference. Article 51 of the Regional Regulation No. 4 of 18 January 2007 provides that the apartments are intended only for adolescents in this age group, except for those who have not been able to complete their training up to the age of majority. In the latter case, the stay is granted up to the 25th year.
\nRegarding the “Expenditure” section, the main cost centers are considered, above all relating to the realization of the project (for example, furniture, energy, heating and water system). Finally, in “Revenue,” the main financial revenues are included, which, considering the typology of the proponent, are due to contributions made by public administrations, donations and especially the crowdfunding campaign [23].
\nIn Figure 3, the Canvas Model is represented.
\nThe Canvas Model of the project. Source: own processing on [
The simulation carried out shows the phases and steps necessary to start a crowdfunding activity and it allows to reflect on the advantages and criticalities of this instrument: in particular, it is useful to ask whether this instrument can replace the classic methods of finding funds or can only be used alongside them.
\nAlthough crowdfunding presents a less bureaucratic, more streamlined and innovative process, this form of finding financial resources shows in the same way some critical points, first of all the uncertainty. The author of the project, in fact, at the time of publication cannot predict whether and to what extent he will find the crowd interest. In addition, it is not certain that the chosen network is willing to lend its support to the entrepreneurial, cultural or social idea in both financial and visibility terms. All these aspects, which manifest themselves in different ways depending on the chosen collection method, therefore designate crowdfunding as a supplementary and non-alternative channel, precisely because of its results that cannot be determined upstream.
\nIn relation to the case study, if the inclusion of the project allows the Foundation to collect the funds necessary for its realization, it appears necessary, given the relevant amount to be collected, to operate with a different modality. In fact, to ensure that the structure receives the oblations useful for its sustenance, it is deemed necessary to resort to the “Recurring donation” method, thanks to which the institution will ensure for a certain period of time a flow of additional donations to those received previously or by other means.
\nAnother relevant element for the choice of operating methods for the implementation of a crowdfunding project regards the aspect of the costs to be incurred. Beyond the possibility of creating a type of collection that does not provide for classic financial charges, in terms of interest to be paid, it is important to focus on the fees charged by operators that make it possible for financial resources to be transferred from the promoters to the lenders, as well as any costs associated with using the platform.
\nIn a form of alternative financing to traditional channels, it is important that other types of costs do not grow in an excessive or disorderly manner, to the detriment of transparency and the social objective that this instrument pursues. In this context, the role of market supervisors, both nationally and internationally, is of crucial importance.
\nThe crowdfunding has allowed the development of new fundraising methods and the support of new projects and business initiatives. The spread of crowdfunding in Italy depends on the fact that the Italian productive fabric is mostly made up of SMEs, which are starting to look with interest at alternative forms of financing.
\nIn the European and international panorama, Italy is at the forefront of crowdfunding regulation: the legislator’s goal was to encourage the exploitation of an alternative tool to encourage the financing of start-up companies, and consequently to support the economic growth and employment in Italy, where the use of traditional credit is often complicated, especially for young people.
\nIn Italy, the most common types of crowdfunding are the social lending and the equity-based crowdfunding, which are diffused thanks to the improvement of the legislation. The largest number of platforms is donation/reward, that is, campaigns that collect funds through donations or in exchange for rewards.
\nFurthermore, the chapter illustrates a simulation of crowdfunding project for an Italian Foundation. The results of this simulation provide useful insights into reflections for policy makers and for potential entrepreneurs who intend to use crowdfunding to finance their business. The study can suggest further innovative analysis to strengthen the relationship between entrepreneurs and investors.
\nThe authors would like to thank the Italian Onlus Foudation Saverio De Bellis and its president, law. Virginia Dibello, for providing useful data and information.
\nThe authors declare no conflict of interest.
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Integrity - We are consistent and dependable, always striving for precision and accuracy in the true spirit of science.
\n\nOpenness - We communicate honestly and transparently. We are open to constructive criticism and committed to learning from it.
\n\nDisruptiveness - We are eager for discovery, for new ideas and for progression. We approach our work with creativity and determination, with a clear vision that drives us forward. We look beyond today and strive for a better tomorrow.
\n\nIntechOpen is a dynamic, vibrant company, where exceptional people are achieving great things. We offer a creative, dedicated, committed, and passionate environment but never lose sight of the fact that science and discovery is exciting and rewarding. We constantly strive to ensure that members of our community can work, travel, meet world-renowned researchers and grow their own career and develop their own experiences.
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His studies in robotics lead him not only to a PhD degree but also inspired him to co-found and build the International Journal of Advanced Robotic Systems - world's first Open Access journal in the field of robotics.",institutionString:null,institution:{name:"TU Wien",country:{name:"Austria"}}},{id:"441",title:"Ph.D.",name:"Jaekyu",middleName:null,surname:"Park",slug:"jaekyu-park",fullName:"Jaekyu Park",position:null,profilePictureURL:"https://mts.intechopen.com/storage/users/441/images/1881_n.jpg",biography:null,institutionString:null,institution:{name:"LG Corporation (South Korea)",country:{name:"Korea, South"}}},{id:"465",title:"Dr",name:"Christian",middleName:null,surname:"Martens",slug:"christian-martens",fullName:"Christian Martens",position:null,profilePictureURL:"//cdnintech.com/web/frontend/www/assets/author.svg",biography:null,institutionString:null,institution:null},{id:"479",title:"Dr.",name:"Valentina",middleName:null,surname:"Colla",slug:"valentina-colla",fullName:"Valentina Colla",position:null,profilePictureURL:"https://mts.intechopen.com/storage/users/479/images/358_n.jpg",biography:null,institutionString:null,institution:{name:"Sant'Anna School of Advanced Studies",country:{name:"Italy"}}},{id:"494",title:"PhD",name:"Loris",middleName:null,surname:"Nanni",slug:"loris-nanni",fullName:"Loris Nanni",position:null,profilePictureURL:"https://mts.intechopen.com/storage/users/494/images/system/494.jpg",biography:"Loris Nanni received his Master Degree cum laude on June-2002 from the University of Bologna, and the April 26th 2006 he received his Ph.D. in Computer Engineering at DEIS, University of Bologna. On September, 29th 2006 he has won a post PhD fellowship from the university of Bologna (from October 2006 to October 2008), at the competitive examination he was ranked first in the industrial engineering area. He extensively served as referee for several international journals. He is author/coauthor of more than 100 research papers. He has been involved in some projects supported by MURST and European Community. His research interests include pattern recognition, bioinformatics, and biometric systems (fingerprint classification and recognition, signature verification, face recognition).",institutionString:null,institution:null},{id:"496",title:"Dr.",name:"Carlos",middleName:null,surname:"Leon",slug:"carlos-leon",fullName:"Carlos Leon",position:null,profilePictureURL:"//cdnintech.com/web/frontend/www/assets/author.svg",biography:null,institutionString:null,institution:{name:"University of Seville",country:{name:"Spain"}}},{id:"512",title:"Dr.",name:"Dayang",middleName:null,surname:"Jawawi",slug:"dayang-jawawi",fullName:"Dayang Jawawi",position:null,profilePictureURL:"//cdnintech.com/web/frontend/www/assets/author.svg",biography:null,institutionString:null,institution:{name:"University of Technology Malaysia",country:{name:"Malaysia"}}},{id:"528",title:"Dr.",name:"Kresimir",middleName:null,surname:"Delac",slug:"kresimir-delac",fullName:"Kresimir Delac",position:null,profilePictureURL:"https://mts.intechopen.com/storage/users/528/images/system/528.jpg",biography:"K. Delac received his B.Sc.E.E. degree in 2003 and is currentlypursuing a Ph.D. degree at the University of Zagreb, Faculty of Electrical Engineering andComputing. His current research interests are digital image analysis, pattern recognition andbiometrics.",institutionString:null,institution:{name:"University of Zagreb",country:{name:"Croatia"}}},{id:"557",title:"Dr.",name:"Andon",middleName:"Venelinov",surname:"Topalov",slug:"andon-topalov",fullName:"Andon Topalov",position:null,profilePictureURL:"https://mts.intechopen.com/storage/users/557/images/1927_n.jpg",biography:"Dr. Andon V. Topalov received the MSc degree in Control Engineering from the Faculty of Information Systems, Technologies, and Automation at Moscow State University of Civil Engineering (MGGU) in 1979. He then received his PhD degree in Control Engineering from the Department of Automation and Remote Control at Moscow State Mining University (MGSU), Moscow, in 1984. From 1985 to 1986, he was a Research Fellow in the Research Institute for Electronic Equipment, ZZU AD, Plovdiv, Bulgaria. In 1986, he joined the Department of Control Systems, Technical University of Sofia at the Plovdiv campus, where he is presently a Full Professor. He has held long-term visiting Professor/Scholar positions at various institutions in South Korea, Turkey, Mexico, Greece, Belgium, UK, and Germany. And he has coauthored one book and authored or coauthored more than 80 research papers in conference proceedings and journals. His current research interests are in the fields of intelligent control and robotics.",institutionString:null,institution:{name:"Technical University of Sofia",country:{name:"Bulgaria"}}},{id:"585",title:"Prof.",name:"Munir",middleName:null,surname:"Merdan",slug:"munir-merdan",fullName:"Munir Merdan",position:null,profilePictureURL:"https://mts.intechopen.com/storage/users/585/images/system/585.jpg",biography:"Munir Merdan received the M.Sc. degree in mechanical engineering from the Technical University of Sarajevo, Bosnia and Herzegovina, in 2001, and the Ph.D. degree in electrical engineering from the Vienna University of Technology, Vienna, Austria, in 2009.Since 2005, he has been at the Automation and Control Institute, Vienna University of Technology, where he is currently a Senior Researcher. His research interests include the application of agent technology for achieving agile control in the manufacturing environment.",institutionString:null,institution:null},{id:"605",title:"Prof",name:"Dil",middleName:null,surname:"Hussain",slug:"dil-hussain",fullName:"Dil Hussain",position:null,profilePictureURL:"https://mts.intechopen.com/storage/users/605/images/system/605.jpg",biography:"Dr. Dil Muhammad Akbar Hussain is a professor of Electronics Engineering & Computer Science at the Department of Energy Technology, Aalborg University Denmark. Professor Akbar has a Master degree in Digital Electronics from Govt. College University, Lahore Pakistan and a P-hD degree in Control Engineering from the School of Engineering and Applied Sciences, University of Sussex United Kingdom. Aalborg University has Two Satellite Campuses, one in Copenhagen (Aalborg University Copenhagen) and the other in Esbjerg (Aalborg University Esbjerg).\n· He is a member of prestigious IEEE (Institute of Electrical and Electronics Engineers), and IAENG (International Association of Engineers) organizations. \n· He is the chief Editor of the Journal of Software Engineering.\n· He is the member of the Editorial Board of International Journal of Computer Science and Software Technology (IJCSST) and International Journal of Computer Engineering and Information Technology. \n· He is also the Editor of Communication in Computer and Information Science CCIS-20 by Springer.\n· Reviewer For Many Conferences\nHe is the lead person in making collaboration agreements between Aalborg University and many universities of Pakistan, for which the MOU’s (Memorandum of Understanding) have been signed.\nProfessor Akbar is working in Academia since 1990, he started his career as a Lab demonstrator/TA at the University of Sussex. After finishing his P. hD degree in 1992, he served in the Industry as a Scientific Officer and continued his academic career as a visiting scholar for a number of educational institutions. In 1996 he joined National University of Science & Technology Pakistan (NUST) as an Associate Professor; NUST is one of the top few universities in Pakistan. In 1999 he joined an International Company Lineo Inc, Canada as Manager Compiler Group, where he headed the group for developing Compiler Tool Chain and Porting of Operating Systems for the BLACKfin processor. The processor development was a joint venture by Intel and Analog Devices. In 2002 Lineo Inc., was taken over by another company, so he joined Aalborg University Denmark as an Assistant Professor.\nProfessor Akbar has truly a multi-disciplined career and he continued his legacy and making progress in many areas of his interests both in teaching and research. 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More so, the mechanism by which heavy metals cause neurotoxicity, generate free radical which promotes oxidative stress damaging lipids, proteins and DNA molecules and how these free radicals propagate carcinogenesis are discussed. Alongside these mechanisms, the noxious health effects of these heavy metals are discussed.",book:{id:"7111",slug:"poisoning-in-the-modern-world-new-tricks-for-an-old-dog-",title:"Poisoning in the Modern World",fullTitle:"Poisoning in the Modern World - New Tricks for an Old Dog?"},signatures:"Godwill Azeh Engwa, Paschaline Udoka Ferdinand, Friday Nweke Nwalo and Marian N. 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Liposuction is a procedure to improve the body contour and not a surgery to reduce weight, although recently people who have failed in their plans to lose weight look at liposuction as a means to contour their body figure. Tumescent liposuction of large volumes requires a meticulous selection of each patient; their preoperative evaluation and perioperative management are essential to obtain the expected results. The various techniques of general anesthesia are the most recommended and should be monitored in the usual way, as well as monitoring the total doses of infiltrated local anesthetics to avoid systemic toxicity. The management of intravenous fluids is controversial, but the current trend is the restricted use of hydrosaline solutions. The most feared complications are deep vein thrombosis, pulmonary thromboembolism, fat embolism, lung edema, hypothermia, infections and even death. The adherence to the management guidelines and prophylaxis of venous thrombosis/thromboembolism is mandatory.",book:{id:"6221",slug:"anesthesia-topics-for-plastic-and-reconstructive-surgery",title:"Anesthesia Topics for Plastic and Reconstructive Surgery",fullTitle:"Anesthesia Topics for Plastic and Reconstructive Surgery"},signatures:"Sergio Granados-Tinajero, Carlos Buenrostro-Vásquez, Cecilia\nCárdenas-Maytorena and Marcela Contreras-López",authors:[{id:"273532",title:"Dr.",name:"Sergio Octavio",middleName:null,surname:"Granados Tinajero",slug:"sergio-octavio-granados-tinajero",fullName:"Sergio Octavio Granados Tinajero"}]},{id:"30178",title:"Chest Mobilization Techniques for Improving Ventilation and Gas Exchange in Chronic Lung Disease",slug:"chest-mobilization-techniques-for-improving-ventilation-and-gas-exchange-in-chronic-lung-disease",totalDownloads:31193,totalCrossrefCites:0,totalDimensionsCites:5,abstract:null,book:{id:"648",slug:"chronic-obstructive-pulmonary-disease-current-concepts-and-practice",title:"Chronic Obstructive Pulmonary Disease",fullTitle:"Chronic Obstructive Pulmonary Disease - Current Concepts and Practice"},signatures:"Donrawee Leelarungrayub",authors:[{id:"73709",title:"Associate Prof.",name:"Jirakrit",middleName:null,surname:"Leelarungrayub",slug:"jirakrit-leelarungrayub",fullName:"Jirakrit Leelarungrayub"}]}],onlineFirstChaptersFilter:{topicId:"3",limit:6,offset:0},onlineFirstChaptersCollection:[{id:"82399",title:"Geriatric Care in Africa",slug:"geriatric-care-in-africa",totalDownloads:1,totalDimensionsCites:0,doi:"10.5772/intechopen.105614",abstract:"There are an increasing number of people that are aging. This is also common in Africa. Therefore, they need specialist care from various categories of health care workers and other professionals on geriatric medicine and gerontology. There are few geriatricians in Africans. This is because there are few training centres in the continents. Also, most of the geriatricians are trained on the other side of the continent overseas.",book:{id:"11226",title:"Geriatric Medicine and Healthy Aging",coverURL:"https://cdn.intechopen.com/books/images_new/11226.jpg"},signatures:"Dabota Yvonne Buowari"},{id:"82376",title:"Mechanical Thrombectomy for Acute Pulmonary Ischemia",slug:"mechanical-thrombectomy-for-acute-pulmonary-ischemia",totalDownloads:1,totalDimensionsCites:0,doi:"10.5772/intechopen.102548",abstract:"Acute pulmonary embolism (PE) is a restrictive pulmonary vascular compromise with devastating complications depending on size and location. Massive and sub-massive classifications reflect hemodynamic compromise and cardiac dysfunction due to right ventricular strain, respectively. In addition to cardiac dysfunction, pulmonary ischemia and infarction play a key clinical factor. Mainstay management is with anticoagulation to prevent further clot propagation. Recent technological advances have revolutionized treatment modalities. Mechanical thrombectomy, catheter-based clot retrieval, is an effective way to eliminate emboli, restore cardiopulmonary function, and prevent ischemic injury. One such device, the FlowTriever System, has emerged as a way interventionalists can proceed with embolectomy and provide high level, life-saving care for acutely decompensated patients.",book:{id:"10712",title:"Thrombectomy - Recent Advances in Ischaemic Damage Treatment",coverURL:"https://cdn.intechopen.com/books/images_new/10712.jpg"},signatures:"Adam Raskin, Anil Verma and Kofi Ansah"},{id:"82402",title:"Diagnosis and Treatment of Venous Leg Ulcer",slug:"diagnosis-and-treatment-of-venous-leg-ulcer",totalDownloads:1,totalDimensionsCites:0,doi:"10.5772/intechopen.105676",abstract:"Venous leg ulcer (VLU) represent a pathological tissue change in the form of a defect in the lower leg which occurs as a complication of chronic venous insufficiency. The prevalence of VLUs varies between 1.5–3% in the total population and 4–5% in persons over the age of 80. Venous ulcer is usually localized on the inner side of the lower third of the leg, oval, circular or irregular in shape. It is usually fibrous or covered with fresh granules that bleed heavily to the touch. It is very important to have a comprehensive clinical examination at the very beginning. Subsequent non-invasive and sometimes invasive tests may be indicated for diagnosis and treatment planning. Inadequate diagnosis results in inadequate therapy. The goal of therapy is complete restitution of the tissue defect and prevention of recurrence. The three basic elements of VLUs therapy are: local therapy, compression therapy and surgical treatment. If VLUs do not heal despite the application of standard therapeutic modalities, there are opportunities to apply new treatment technologies. The modern approach to the treatment of VLUs is based on the application of various biophysical interventions and medical devices.",book:{id:"11723",title:"Wound Healing - Recent Advances and Future Opportunities",coverURL:"https://cdn.intechopen.com/books/images_new/11723.jpg"},signatures:"Karanikolic Vesna and Karanikolic Aleksandar"},{id:"82398",title:"Computer-Aided Drug Design and Development: An Integrated Approach",slug:"computer-aided-drug-design-and-development-an-integrated-approach",totalDownloads:0,totalDimensionsCites:null,doi:"10.5772/intechopen.105003",abstract:"Drug discovery and development is a very time- and resource-consuming process. Comprehensive knowledge of chemistry has been integrated with information technology to streamline drug discovery, design, development, and optimization. Computer-aided drug design is being utilized to expedite and facilitate hit identification, hit-to-lead selection, and optimize the absorption, distribution, metabolism, excretion, and toxicity profile. Regulatory organizations and the pharmaceutical industry are continuously involved in the development of computational techniques that will improve the effectiveness and efficiency of the drug discovery process while decreasing the use of animals, cost, and time and increasing predictability. The present chapter will provide an overview of computational tools, such as structure-based and receptor-based drug designing, and how the coupling of these tools with a rational drug design process has led to the discovery of small molecules as therapeutic agents for numerous human disease conditions duly approved by the Food and Drug Administration. It is expected that the power of CADD will grow as the technology continues to evolve.",book:{id:"11091",title:"Drug Development Life Cycle",coverURL:"https://cdn.intechopen.com/books/images_new/11091.jpg"},signatures:"Neelima Dhingra"},{id:"82393",title:"Pathogenicity, Characterisation and Impact of Ambient Bio-Aerosols on the Climatic Processes: With a Special Emphasis on the Indian Subcontinent",slug:"pathogenicity-characterisation-and-impact-of-ambient-bio-aerosols-on-the-climatic-processes-with-a-s",totalDownloads:3,totalDimensionsCites:0,doi:"10.5772/intechopen.104750",abstract:"Airborne particulate matter contains biological entities from various anthropogenic/biogenic activities. Within 1 nm–100 μm size, these are carried to long distances through various external agents. Identified as potential pathogens, they bring forth substantial economic losses in many parts of the world. Despite these shortcomings, bio-aerosols play a vital role in cloud condensation, ice nucleation, precipitation and various atmospheric processes affecting the hydrological cycle in general. Furthermore, bio-aerosols play a decisive role in the dispersal of reproductive plant parts and fungal spores, which play important roles in the evolution and sustenance of ecosystems. However, there remains substantial knowledge on air micro-biome with respect to their occurrence, transformation, role in climate change, interaction and impact on living organisms, agriculture and ecosystem. The current COVID-19 pandemic is a wakeup call for retrospective analysis of airborne particles to reduce their emission, transmission and health risk hazards while understanding their impact on various atmospheric processes. This chapter identifies the various types of bio-aerosols and systematically includes their prime role in the climatic processes, pathogenicity to the exposed flora and fauna along with an exclusive interrogation into their types and characterisation over the Indian subcontinent with a hugely diverging population and pollution panorama.",book:{id:"11231",title:"Air Quality and Health",coverURL:"https://cdn.intechopen.com/books/images_new/11231.jpg"},signatures:"Minati Behera, Jyotishree Nath, Sony Pandey, Ramasamy Boopathy and Trupti Das"},{id:"82384",title:"Phytochemicals from Solanaceae Family and Their Anticancer Properties",slug:"phytochemicals-from-solanaceae-family-and-their-anticancer-properties",totalDownloads:3,totalDimensionsCites:0,doi:"10.5772/intechopen.104462",abstract:"Cancer is one of the most dreadful disease conditions all over the world. With the side effects and cost of conventional treatment, there is a demand for new therapies to prevent cancer. Research studies proved many plant products possess anticancer properties. Currently, a few plant-based drugs are used to treat it. The phytochemicals are investigated by in vitro and in vivo to assess their mechanism of action against cancer. This chapter is an overview of anticancer compounds extracted from plants of Solanaceae family with the potentials results. Many research has confirmed the anticancer efficiency of the biomolecules, such as solanine, solamargine, tomatidine, Withanolides, scopoletin, capsaicin found in Solanaceae, and their mode of action, such as cell cycle arrest, inhibiting signaling pathways, autophagy, suppression of enzymes in various human cancer cell lines of breast, pancreas, colorectal, liver, and cervical and also in animal models. This chapter seeks to provide an outline of key examples of anticancer activity of phytochemicals from the Solanaceae family, which offers a track for the development of novel medicines for cancer treatment as a single drug or in combinational drug. This chapter helps to identify the novel bioactive molecule for cancer treatment as lead molecule with less side effects in future.",book:{id:"11299",title:"Medicinal Plants",coverURL:"https://cdn.intechopen.com/books/images_new/11299.jpg"},signatures:"Sangilimuthu Alagar Yadav and Feba Sara Koshi"}],onlineFirstChaptersTotal:791},preDownload:{success:null,errors:{}},subscriptionForm:{success:null,errors:{}},aboutIntechopen:{},privacyPolicy:{},peerReviewing:{},howOpenAccessPublishingWithIntechopenWorks:{},sponsorshipBooks:{sponsorshipBooks:[],offset:8,limit:8,total:0},allSeries:{pteSeriesList:[{id:"14",title:"Artificial Intelligence",numberOfPublishedBooks:9,numberOfPublishedChapters:89,numberOfOpenTopics:6,numberOfUpcomingTopics:0,issn:"2633-1403",doi:"10.5772/intechopen.79920",isOpenForSubmission:!0},{id:"7",title:"Biomedical Engineering",numberOfPublishedBooks:12,numberOfPublishedChapters:104,numberOfOpenTopics:3,numberOfUpcomingTopics:0,issn:"2631-5343",doi:"10.5772/intechopen.71985",isOpenForSubmission:!0}],lsSeriesList:[{id:"11",title:"Biochemistry",numberOfPublishedBooks:31,numberOfPublishedChapters:314,numberOfOpenTopics:4,numberOfUpcomingTopics:0,issn:"2632-0983",doi:"10.5772/intechopen.72877",isOpenForSubmission:!0},{id:"25",title:"Environmental Sciences",numberOfPublishedBooks:1,numberOfPublishedChapters:11,numberOfOpenTopics:4,numberOfUpcomingTopics:0,issn:"2754-6713",doi:"10.5772/intechopen.100362",isOpenForSubmission:!0},{id:"10",title:"Physiology",numberOfPublishedBooks:11,numberOfPublishedChapters:141,numberOfOpenTopics:4,numberOfUpcomingTopics:0,issn:"2631-8261",doi:"10.5772/intechopen.72796",isOpenForSubmission:!0}],hsSeriesList:[{id:"3",title:"Dentistry",numberOfPublishedBooks:8,numberOfPublishedChapters:129,numberOfOpenTopics:2,numberOfUpcomingTopics:0,issn:"2631-6218",doi:"10.5772/intechopen.71199",isOpenForSubmission:!0},{id:"6",title:"Infectious Diseases",numberOfPublishedBooks:13,numberOfPublishedChapters:113,numberOfOpenTopics:3,numberOfUpcomingTopics:1,issn:"2631-6188",doi:"10.5772/intechopen.71852",isOpenForSubmission:!0},{id:"13",title:"Veterinary Medicine and Science",numberOfPublishedBooks:11,numberOfPublishedChapters:105,numberOfOpenTopics:3,numberOfUpcomingTopics:0,issn:"2632-0517",doi:"10.5772/intechopen.73681",isOpenForSubmission:!0}],sshSeriesList:[{id:"22",title:"Business, Management and Economics",numberOfPublishedBooks:1,numberOfPublishedChapters:18,numberOfOpenTopics:2,numberOfUpcomingTopics:1,issn:"2753-894X",doi:"10.5772/intechopen.100359",isOpenForSubmission:!0},{id:"23",title:"Education and Human Development",numberOfPublishedBooks:0,numberOfPublishedChapters:5,numberOfOpenTopics:1,numberOfUpcomingTopics:1,issn:null,doi:"10.5772/intechopen.100360",isOpenForSubmission:!0},{id:"24",title:"Sustainable Development",numberOfPublishedBooks:0,numberOfPublishedChapters:14,numberOfOpenTopics:5,numberOfUpcomingTopics:0,issn:null,doi:"10.5772/intechopen.100361",isOpenForSubmission:!0}],testimonialsList:[{id:"6",text:"It is great to work with the IntechOpen to produce a worthwhile collection of research that also becomes a great educational resource and guide for future research endeavors.",author:{id:"259298",name:"Edward",surname:"Narayan",institutionString:null,profilePictureURL:"https://mts.intechopen.com/storage/users/259298/images/system/259298.jpeg",slug:"edward-narayan",institution:{id:"3",name:"University of Queensland",country:{id:null,name:"Australia"}}}},{id:"13",text:"The collaboration with and support of the technical staff of IntechOpen is fantastic. 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Ongoing issues, recent advances, and future diagnostic approaches and therapeutic strategies will also be discussed. This book series will focus on various aspects and properties of infectious diseases whose deep understanding is essential for safeguarding the human race from losing resources and economies due to pathogens.",coverUrl:"https://cdn.intechopen.com/series/covers/6.jpg",latestPublicationDate:"June 25th, 2022",hasOnlineFirst:!0,numberOfPublishedBooks:13,editor:{id:"131400",title:"Prof.",name:"Alfonso J.",middleName:null,surname:"Rodriguez-Morales",slug:"alfonso-j.-rodriguez-morales",fullName:"Alfonso J. Rodriguez-Morales",profilePictureURL:"https://mts.intechopen.com/storage/users/131400/images/system/131400.png",biography:"Dr. Rodriguez-Morales is an expert in tropical and emerging diseases, particularly zoonotic and vector-borne diseases (especially arboviral diseases). He is the president of the Travel Medicine Committee of the Pan-American Infectious Diseases Association (API), as well as the president of the Colombian Association of Infectious Diseases (ACIN). He is a member of the Committee on Tropical Medicine, Zoonoses, and Travel Medicine of ACIN. He is a vice-president of the Latin American Society for Travel Medicine (SLAMVI) and a Member of the Council of the International Society for Infectious Diseases (ISID). Since 2014, he has been recognized as a Senior Researcher, at the Ministry of Science of Colombia. He is a professor at the Faculty of Medicine of the Fundacion Universitaria Autonoma de las Americas, in Pereira, Risaralda, Colombia. He is an External Professor, Master in Research on Tropical Medicine and International Health, Universitat de Barcelona, Spain. He is also a professor at the Master in Clinical Epidemiology and Biostatistics, Universidad Científica del Sur, Lima, Peru. In 2021 he has been awarded the “Raul Isturiz Award” Medal of the API. Also, in 2021, he was awarded with the “Jose Felix Patiño” Asclepius Staff Medal of the Colombian Medical College, due to his scientific contributions to COVID-19 during the pandemic. He is currently the Editor in Chief of the journal Travel Medicine and Infectious Diseases. His Scopus H index is 47 (Google Scholar H index, 68).",institutionString:"Institución Universitaria Visión de las Américas, Colombia",institution:null},editorTwo:null,editorThree:null},subseries:{paginationCount:4,paginationItems:[{id:"3",title:"Bacterial Infectious Diseases",coverUrl:"https://cdn.intechopen.com/series_topics/covers/3.jpg",isOpenForSubmission:!1,editor:null,editorTwo:null,editorThree:null},{id:"4",title:"Fungal Infectious Diseases",coverUrl:"https://cdn.intechopen.com/series_topics/covers/4.jpg",isOpenForSubmission:!0,editor:{id:"174134",title:"Dr.",name:"Yuping",middleName:null,surname:"Ran",slug:"yuping-ran",fullName:"Yuping Ran",profilePictureURL:"https://s3.us-east-1.amazonaws.com/intech-files/0030O00002bS9d6QAC/Profile_Picture_1630330675373",biography:"Dr. Yuping Ran, Professor, Department of Dermatology, West China Hospital, Sichuan University, Chengdu, China. Completed the Course Medical Mycology, the Centraalbureau voor Schimmelcultures (CBS), Fungal Biodiversity Centre, Netherlands (2006). International Union of Microbiological Societies (IUMS) Fellow, and International Emerging Infectious Diseases (IEID) Fellow, Centers for Diseases Control and Prevention (CDC), Atlanta, USA. Diploma of Dermatological Scientist, Japanese Society for Investigative Dermatology. Ph.D. of Juntendo University, Japan. Bachelor’s and Master’s degree, Medicine, West China University of Medical Sciences. Chair of Sichuan Medical Association Dermatology Committee. General Secretary of The 19th Annual Meeting of Chinese Society of Dermatology and the Asia Pacific Society for Medical Mycology (2013). In charge of the Annual Medical Mycology Course over 20-years authorized by National Continue Medical Education Committee of China. Member of the board of directors of the Asia-Pacific Society for Medical Mycology (APSMM). Associate editor of Mycopathologia. Vice-chief of the editorial board of Chinses Journal of Mycology, China. Board Member and Chair of Mycology Group of Chinese Society of Dermatology.",institutionString:null,institution:{name:"Sichuan University",institutionURL:null,country:{name:"China"}}},editorTwo:null,editorThree:null},{id:"5",title:"Parasitic Infectious Diseases",coverUrl:"https://cdn.intechopen.com/series_topics/covers/5.jpg",isOpenForSubmission:!0,editor:{id:"67907",title:"Dr.",name:"Amidou",middleName:null,surname:"Samie",slug:"amidou-samie",fullName:"Amidou Samie",profilePictureURL:"https://mts.intechopen.com/storage/users/67907/images/system/67907.jpg",biography:"Dr. Amidou Samie is an Associate Professor of Microbiology at the University of Venda, in South Africa, where he graduated for his PhD in May 2008. He joined the Department of Microbiology the same year and has been giving lectures on topics covering parasitology, immunology, molecular biology and industrial microbiology. He is currently a rated researcher by the National Research Foundation of South Africa at category C2. He has published widely in the field of infectious diseases and has overseen several MSc’s and PhDs. His research activities mostly cover topics on infectious diseases from epidemiology to control. His particular interest lies in the study of intestinal protozoan parasites and opportunistic infections among HIV patients as well as the potential impact of childhood diarrhoea on growth and child development. He also conducts research on water-borne diseases and water quality and is involved in the evaluation of point-of-use water treatment technologies using silver and copper nanoparticles in collaboration with the University of Virginia, USA. He also studies the use of medicinal plants for the control of infectious diseases as well as antimicrobial drug resistance.",institutionString:null,institution:{name:"University of Venda",institutionURL:null,country:{name:"South Africa"}}},editorTwo:null,editorThree:null},{id:"6",title:"Viral Infectious Diseases",coverUrl:"https://cdn.intechopen.com/series_topics/covers/6.jpg",isOpenForSubmission:!0,editor:{id:"158026",title:"Prof.",name:"Shailendra K.",middleName:null,surname:"Saxena",slug:"shailendra-k.-saxena",fullName:"Shailendra K. Saxena",profilePictureURL:"https://s3.us-east-1.amazonaws.com/intech-files/0030O00002bRET3QAO/Profile_Picture_2022-05-10T10:10:26.jpeg",biography:"Professor Dr. Shailendra K. Saxena is a vice dean and professor at King George's Medical University, Lucknow, India. His research interests involve understanding the molecular mechanisms of host defense during human viral infections and developing new predictive, preventive, and therapeutic strategies for them using Japanese encephalitis virus (JEV), HIV, and emerging viruses as a model via stem cell and cell culture technologies. His research work has been published in various high-impact factor journals (Science, PNAS, Nature Medicine) with a high number of citations. He has received many awards and honors in India and abroad including various Young Scientist Awards, BBSRC India Partnering Award, and Dr. JC Bose National Award of Department of Biotechnology, Min. of Science and Technology, Govt. of India. Dr. Saxena is a fellow of various international societies/academies including the Royal College of Pathologists, United Kingdom; Royal Society of Medicine, London; Royal Society of Biology, United Kingdom; Royal Society of Chemistry, London; and Academy of Translational Medicine Professionals, Austria. He was named a Global Leader in Science by The Scientist. He is also an international opinion leader/expert in vaccination for Japanese encephalitis by IPIC (UK).",institutionString:"King George's Medical University",institution:{name:"King George's Medical University",institutionURL:null,country:{name:"India"}}},editorTwo:null,editorThree:null}]},overviewPageOFChapters:{paginationCount:10,paginationItems:[{id:"82380",title:"Evolution of Parasitism and Pathogenic Adaptations in Certain Medically Important Fungi",doi:"10.5772/intechopen.105206",signatures:"Gokul Shankar Sabesan, Ranjit Singh AJA, Ranjith Mehenderkar and Basanta Kumar Mohanty",slug:"evolution-of-parasitism-and-pathogenic-adaptations-in-certain-medically-important-fungi",totalDownloads:2,totalCrossrefCites:0,totalDimensionsCites:0,authors:null,book:{title:"Fungal Infectious Diseases - Annual Volume 2022",coverURL:"https://cdn.intechopen.com/books/images_new/11400.jpg",subseries:{id:"4",title:"Fungal Infectious Diseases"}}},{id:"82367",title:"Spatial Variation and Factors Associated with Unsuppressed HIV Viral Load among Women in an HIV Hyperendemic Area of KwaZulu-Natal, South Africa",doi:"10.5772/intechopen.105547",signatures:"Adenike O. 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Singh",profilePictureURL:"https://mts.intechopen.com/storage/users/329385/images/system/329385.png",institutionString:"Punjab Technical University",institution:{name:"Punjab Technical University",institutionURL:null,country:{name:"India"}}}],equalEditorOne:null,equalEditorTwo:null,equalEditorThree:null},{type:"book",id:"8018",title:"Extracellular Matrix",subtitle:"Developments and Therapeutics",coverURL:"https://cdn.intechopen.com/books/images_new/8018.jpg",slug:"extracellular-matrix-developments-and-therapeutics",publishedDate:"October 27th 2021",editedByType:"Edited by",bookSignature:"Rama Sashank Madhurapantula, Joseph Orgel P.R.O. and Zvi Loewy",hash:"c85e82851e80b40282ff9be99ddf2046",volumeInSeries:23,fullTitle:"Extracellular Matrix - Developments and Therapeutics",editors:[{id:"212416",title:"Dr.",name:"Rama Sashank",middleName:null,surname:"Madhurapantula",slug:"rama-sashank-madhurapantula",fullName:"Rama Sashank Madhurapantula",profilePictureURL:"https://mts.intechopen.com/storage/users/212416/images/system/212416.jpg",institutionString:"Illinois Institute of Technology",institution:{name:"Illinois Institute of Technology",institutionURL:null,country:{name:"United States of America"}}}],equalEditorOne:null,equalEditorTwo:null,equalEditorThree:null},{type:"book",id:"9759",title:"Vitamin E in Health and Disease",subtitle:"Interactions, Diseases and Health Aspects",coverURL:"https://cdn.intechopen.com/books/images_new/9759.jpg",slug:"vitamin-e-in-health-and-disease-interactions-diseases-and-health-aspects",publishedDate:"October 6th 2021",editedByType:"Edited by",bookSignature:"Pınar Erkekoglu and Júlia Scherer Santos",hash:"6c3ddcc13626110de289b57f2516ac8f",volumeInSeries:22,fullTitle:"Vitamin E in Health and Disease - Interactions, Diseases and Health Aspects",editors:[{id:"109978",title:"Prof.",name:"Pınar",middleName:null,surname:"Erkekoğlu",slug:"pinar-erkekoglu",fullName:"Pınar Erkekoğlu",profilePictureURL:"https://mts.intechopen.com/storage/users/109978/images/system/109978.jpg",institutionString:"Hacettepe University",institution:{name:"Hacettepe University",institutionURL:null,country:{name:"Turkey"}}}],equalEditorOne:null,equalEditorTwo:null,equalEditorThree:null},{type:"book",id:"9753",title:"Terpenes and Terpenoids",subtitle:"Recent Advances",coverURL:"https://cdn.intechopen.com/books/images_new/9753.jpg",slug:"terpenes-and-terpenoids-recent-advances",publishedDate:"July 28th 2021",editedByType:"Edited by",bookSignature:"Shagufta Perveen and Areej Mohammad Al-Taweel",hash:"575689df13c78bf0e6c1be40804cd010",volumeInSeries:21,fullTitle:"Terpenes and Terpenoids - Recent Advances",editors:[{id:"192992",title:"Prof.",name:"Shagufta",middleName:null,surname:"Perveen",slug:"shagufta-perveen",fullName:"Shagufta Perveen",profilePictureURL:"https://mts.intechopen.com/storage/users/192992/images/system/192992.png",institutionString:"King Saud University",institution:{name:"King Saud University",institutionURL:null,country:{name:"Saudi Arabia"}}}],equalEditorOne:null,equalEditorTwo:null,equalEditorThree:null}]},subseriesFiltersForPublishedBooks:[{group:"subseries",caption:"Proteomics",value:18,count:4},{group:"subseries",caption:"Metabolism",value:17,count:6},{group:"subseries",caption:"Cell and Molecular Biology",value:14,count:9},{group:"subseries",caption:"Chemical Biology",value:15,count:12}],publicationYearFilters:[{group:"publicationYear",caption:"2022",value:2022,count:7},{group:"publicationYear",caption:"2021",value:2021,count:7},{group:"publicationYear",caption:"2020",value:2020,count:12},{group:"publicationYear",caption:"2019",value:2019,count:3},{group:"publicationYear",caption:"2018",value:2018,count:2}],authors:{paginationCount:228,paginationItems:[{id:"318170",title:"Dr.",name:"Aneesa",middleName:null,surname:"Moolla",slug:"aneesa-moolla",fullName:"Aneesa Moolla",position:null,profilePictureURL:"https://mts.intechopen.com/storage/users/318170/images/system/318170.png",biography:"Dr. Aneesa Moolla has extensive experience in the diverse fields of health care having previously worked in dental private practice, at the Red Cross Flying Doctors association, and in healthcare corporate settings. She is now a lecturer at the University of Witwatersrand, South Africa, and a principal researcher at the Health Economics and Epidemiology Research Office (HE2RO), South Africa. Dr. Moolla holds a Ph.D. in Psychology with her research being focused on mental health and resilience. In her professional work capacity, her research has further expanded into the fields of early childhood development, mental health, the HIV and TB care cascades, as well as COVID. She is also a UNESCO-trained International Bioethics Facilitator.",institutionString:"University of the Witwatersrand",institution:{name:"University of the Witwatersrand",country:{name:"South Africa"}}},{id:"342152",title:"Dr.",name:"Santo",middleName:null,surname:"Grace Umesh",slug:"santo-grace-umesh",fullName:"Santo Grace Umesh",position:null,profilePictureURL:"https://mts.intechopen.com/storage/users/342152/images/16311_n.jpg",biography:null,institutionString:null,institution:{name:"SRM Dental College",country:{name:"India"}}},{id:"333647",title:"Dr.",name:"Shreya",middleName:null,surname:"Kishore",slug:"shreya-kishore",fullName:"Shreya Kishore",position:null,profilePictureURL:"https://mts.intechopen.com/storage/users/333647/images/14701_n.jpg",biography:"Dr. Shreya Kishore completed her Bachelor in Dental Surgery in Chettinad Dental College and Research Institute, Chennai, and her Master of Dental Surgery (Orthodontics) in Saveetha Dental College, Chennai. She is also Invisalign certified. She’s working as a Senior Lecturer in the Department of Orthodontics, SRM Dental College since November 2019. She is actively involved in teaching orthodontics to the undergraduates and the postgraduates. Her clinical research topics include new orthodontic brackets, fixed appliances and TADs. She’s published 4 articles in well renowned indexed journals and has a published patency of her own. Her private practice is currently limited to orthodontics and works as a consultant in various clinics.",institutionString:null,institution:{name:"SRM Dental College",country:{name:"India"}}},{id:"323731",title:"Prof.",name:"Deepak M.",middleName:"Macchindra",surname:"Vikhe",slug:"deepak-m.-vikhe",fullName:"Deepak M. Vikhe",position:null,profilePictureURL:"https://mts.intechopen.com/storage/users/323731/images/13613_n.jpg",biography:"Dr Deepak M.Vikhe .\n\n\t\n\tDr Deepak M.Vikhe , completed his Masters & PhD in Prosthodontics from Rural Dental College, Loni securing third rank in the Pravara Institute of Medical Sciences Deemed University. He was awarded Dr.G.C.DAS Memorial Award for Research on Implants at 39th IPS conference Dubai (U A E).He has two patents under his name. He has received Dr.Saraswati medal award for best research for implant study in 2017.He has received Fully funded scholarship to Spain ,university of Santiago de Compostela. He has completed fellowship in Implantlogy from Noble Biocare. \nHe has attended various conferences and CDE programmes and has national publications to his credit. His field of interest is in Implant supported prosthesis. Presently he is working as a associate professor in the Dept of Prosthodontics, Rural Dental College, Loni and maintains a successful private practice specialising in Implantology at Rahata.\n\nEmail: drdeepak_mvikhe@yahoo.com..................",institutionString:null,institution:{name:"Pravara Institute of Medical Sciences",country:{name:"India"}}},{id:"204110",title:"Dr.",name:"Ahmed A.",middleName:null,surname:"Madfa",slug:"ahmed-a.-madfa",fullName:"Ahmed A. Madfa",position:null,profilePictureURL:"https://mts.intechopen.com/storage/users/204110/images/system/204110.jpg",biography:"Dr. Madfa is currently Associate Professor of Endodontics at Thamar University and a visiting lecturer at Sana'a University and University of Sciences and Technology. He has more than 6 years of experience in teaching. His research interests include root canal morphology, functionally graded concept, dental biomaterials, epidemiology and dental education, biomimetic restoration, finite element analysis and endodontic regeneration. Dr. Madfa has numerous international publications, full articles, two patents, a book and a book chapter. Furthermore, he won 14 international scientific awards. Furthermore, he is involved in many academic activities ranging from editorial board member, reviewer for many international journals and postgraduate students' supervisor. Besides, I deliver many courses and training workshops at various scientific events. Dr. Madfa also regularly attends international conferences and holds administrative positions (Deputy Dean of the Faculty for Students’ & Academic Affairs and Deputy Head of Research Unit).",institutionString:"Thamar University",institution:null},{id:"210472",title:"Dr.",name:"Nermin",middleName:"Mohammed Ahmed",surname:"Yussif",slug:"nermin-yussif",fullName:"Nermin Yussif",position:null,profilePictureURL:"https://mts.intechopen.com/storage/users/210472/images/system/210472.jpg",biography:"Dr. Nermin Mohammed Ahmed Yussif is working at the Faculty of dentistry, University for October university for modern sciences and arts (MSA). Her areas of expertise include: periodontology, dental laserology, oral implantology, periodontal plastic surgeries, oral mesotherapy, nutrition, dental pharmacology. She is an editor and reviewer in numerous international journals.",institutionString:"MSA University",institution:null},{id:"204606",title:"Dr.",name:"Serdar",middleName:null,surname:"Gözler",slug:"serdar-gozler",fullName:"Serdar Gözler",position:null,profilePictureURL:"https://mts.intechopen.com/storage/users/204606/images/system/204606.jpeg",biography:"Dr. Serdar Gözler has completed his undergraduate studies at the Marmara University Faculty of Dentistry in 1978, followed by an assistantship in the Prosthesis Department of Dicle University Faculty of Dentistry. Starting his PhD work on non-resilient overdentures with Assoc. Prof. Hüsnü Yavuzyılmaz, he continued his studies with Prof. Dr. Gürbüz Öztürk of Istanbul University Faculty of Dentistry Department of Prosthodontics, this time on Gnatology. He attended training programs on occlusion, neurology, neurophysiology, EMG, radiology and biostatistics. In 1982, he presented his PhD thesis \\Gerber and Lauritzen Occlusion Analysis Techniques: Diagnosis Values,\\ at Istanbul University School of Dentistry, Department of Prosthodontics. As he was also working with Prof. Senih Çalıkkocaoğlu on The Physiology of Chewing at the same time, Gözler has written a chapter in Çalıkkocaoğlu\\'s book \\Complete Prostheses\\ entitled \\The Place of Neuromuscular Mechanism in Prosthetic Dentistry.\\ The book was published five times since by the Istanbul University Publications. Having presented in various conferences about occlusion analysis until 1998, Dr. Gözler has also decided to use the T-Scan II occlusion analysis method. Having been personally trained by Dr. Robert Kerstein on this method, Dr. Gözler has been lecturing on the T-Scan Occlusion Analysis Method in conferences both in Turkey and abroad. Dr. Gözler has various articles and presentations on Digital Occlusion Analysis methods. He is now Head of the TMD Clinic at Prosthodontic Department of Faculty of Dentistry , Istanbul Aydın University , Turkey.",institutionString:"Istanbul Aydin University",institution:{name:"Istanbul Aydın University",country:{name:"Turkey"}}},{id:"240870",title:"Ph.D.",name:"Alaa Eddin Omar",middleName:null,surname:"Al Ostwani",slug:"alaa-eddin-omar-al-ostwani",fullName:"Alaa Eddin Omar Al Ostwani",position:null,profilePictureURL:"https://mts.intechopen.com/storage/users/240870/images/system/240870.jpeg",biography:"Dr. Al Ostwani Alaa Eddin Omar received his Master in dentistry from Damascus University in 2010, and his Ph.D. in Pediatric Dentistry from Damascus University in 2014. Dr. Al Ostwani is an assistant professor and faculty member at IUST University since 2014. \nDuring his academic experience, he has received several awards including the scientific research award from the Union of Arab Universities, the Syrian gold medal and the international gold medal for invention and creativity. Dr. Al Ostwani is a Member of the International Association of Dental Traumatology and the Syrian Society for Research and Preventive Dentistry since 2017. He is also a Member of the Reviewer Board of International Journal of Dental Medicine (IJDM), and the Indian Journal of Conservative and Endodontics since 2016.",institutionString:"International University for Science and Technology.",institution:{name:"Islamic University of Science and Technology",country:{name:"India"}}},{id:"42847",title:"Dr.",name:"Belma",middleName:null,surname:"Işik Aslan",slug:"belma-isik-aslan",fullName:"Belma Işik Aslan",position:null,profilePictureURL:"https://mts.intechopen.com/storage/users/42847/images/system/42847.jpg",biography:"Dr. Belma IşIk Aslan was born in 1976 in Ankara-TURKEY. After graduating from TED Ankara College in 1994, she attended to Gazi University, Faculty of Dentistry in Ankara. She completed her PhD in orthodontic education at Gazi University between 1999-2005. Dr. Işık Aslan stayed at the Providence Hospital Craniofacial Institude and Reconstructive Surgery in Michigan, USA for three months as an observer. She worked as a specialist doctor at Gazi University, Dentistry Faculty, Department of Orthodontics between 2005-2014. She was appointed as associate professor in January, 2014 and as professor in 2021. Dr. Işık Aslan still works as an instructor at the same faculty. She has published a total of 35 articles, 10 book chapters, 39 conference proceedings both internationally and nationally. Also she was the academic editor of the international book 'Current Advances in Orthodontics'. She is a member of the Turkish Orthodontic Society and Turkish Cleft Lip and Palate Society. She is married and has 2 children. Her knowledge of English is at an advanced level.",institutionString:"Gazi University Dentistry Faculty Department of Orthodontics",institution:null},{id:"178412",title:"Associate Prof.",name:"Guhan",middleName:null,surname:"Dergin",slug:"guhan-dergin",fullName:"Guhan Dergin",position:null,profilePictureURL:"https://mts.intechopen.com/storage/users/178412/images/6954_n.jpg",biography:"Assoc. Prof. Dr. Gühan Dergin was born in 1973 in Izmit. He graduated from Marmara University Faculty of Dentistry in 1999. He completed his specialty of OMFS surgery in Marmara University Faculty of Dentistry and obtained his PhD degree in 2006. In 2005, he was invited as a visiting doctor in the Oral and Maxillofacial Surgery Department of the University of North Carolina, USA, where he went on a scholarship. Dr. Dergin still continues his academic career as an associate professor in Marmara University Faculty of Dentistry. He has many articles in international and national scientific journals and chapters in books.",institutionString:null,institution:{name:"Marmara University",country:{name:"Turkey"}}},{id:"178414",title:"Prof.",name:"Yusuf",middleName:null,surname:"Emes",slug:"yusuf-emes",fullName:"Yusuf Emes",position:null,profilePictureURL:"https://mts.intechopen.com/storage/users/178414/images/6953_n.jpg",biography:"Born in Istanbul in 1974, Dr. Emes graduated from Istanbul University Faculty of Dentistry in 1997 and completed his PhD degree in Istanbul University faculty of Dentistry Department of Oral and Maxillofacial Surgery in 2005. He has papers published in international and national scientific journals, including research articles on implantology, oroantral fistulas, odontogenic cysts, and temporomandibular disorders. Dr. Emes is currently working as a full-time academic staff in Istanbul University faculty of Dentistry Department of Oral and Maxillofacial Surgery.",institutionString:null,institution:{name:"Istanbul University",country:{name:"Turkey"}}},{id:"192229",title:"Ph.D.",name:"Ana Luiza",middleName:null,surname:"De Carvalho Felippini",slug:"ana-luiza-de-carvalho-felippini",fullName:"Ana Luiza De Carvalho Felippini",position:null,profilePictureURL:"https://mts.intechopen.com/storage/users/192229/images/system/192229.jpg",biography:null,institutionString:"University of São Paulo",institution:{name:"University of Sao Paulo",country:{name:"Brazil"}}},{id:"256851",title:"Prof.",name:"Ayşe",middleName:null,surname:"Gülşen",slug:"ayse-gulsen",fullName:"Ayşe Gülşen",position:null,profilePictureURL:"https://mts.intechopen.com/storage/users/256851/images/9696_n.jpg",biography:"Dr. Ayşe Gülşen graduated in 1990 from Faculty of Dentistry, University of Ankara and did a postgraduate program at University of Gazi. \nShe worked as an observer and research assistant in Craniofacial Surgery Departments in New York, Providence Hospital in Michigan and Chang Gung Memorial Hospital in Taiwan. \nShe works as Craniofacial Orthodontist in Department of Aesthetic, Plastic and Reconstructive Surgery, Faculty of Medicine, University of Gazi, Ankara Turkey since 2004.",institutionString:"Univeristy of Gazi",institution:null},{id:"255366",title:"Prof.",name:"Tosun",middleName:null,surname:"Tosun",slug:"tosun-tosun",fullName:"Tosun Tosun",position:null,profilePictureURL:"https://mts.intechopen.com/storage/users/255366/images/7347_n.jpg",biography:"Graduated at the Faculty of Dentistry, University of Istanbul, Turkey in 1989;\nVisitor Assistant at the University of Padua, Italy and Branemark Osseointegration Center of Treviso, Italy between 1993-94;\nPhD thesis on oral implantology in University of Istanbul and was awarded the academic title “Dr.med.dent.”, 1997;\nHe was awarded the academic title “Doç.Dr.” (Associated Professor) in 2003;\nProficiency in Botulinum Toxin Applications, Reading-UK in 2009;\nMastership, RWTH Certificate in Laser Therapy in Dentistry, AALZ-Aachen University, Germany 2009-11;\nMaster of Science (MSc) in Laser Dentistry, University of Genoa, Italy 2013-14.\n\nDr.Tosun worked as Research Assistant in the Department of Oral Implantology, Faculty of Dentistry, University of Istanbul between 1990-2002. \nHe worked part-time as Consultant surgeon in Harvard Medical International Hospitals and John Hopkins Medicine, Istanbul between years 2007-09.\u2028He was contract Professor in the Department of Surgical and Diagnostic Sciences (DI.S.C.), Medical School, University of Genova, Italy between years 2011-16. \nSince 2015 he is visiting Professor at Medical School, University of Plovdiv, Bulgaria. \nCurrently he is Associated Prof.Dr. at the Dental School, Oral Surgery Dept., Istanbul Aydin University and since 2003 he works in his own private clinic in Istanbul, Turkey.\u2028\nDr.Tosun is reviewer in journal ‘Laser in Medical Sciences’, reviewer in journal ‘Folia Medica\\', a Fellow of the International Team for Implantology, Clinical Lecturer of DGZI German Association of Oral Implantology, Expert Lecturer of Laser&Health Academy, Country Representative of World Federation for Laser Dentistry, member of European Federation of Periodontology, member of Academy of Laser Dentistry. Dr.Tosun presents papers in international and national congresses and has scientific publications in international and national journals. He speaks english, spanish, italian and french.",institutionString:null,institution:{name:"Istanbul Aydın University",country:{name:"Turkey"}}},{id:"171887",title:"Prof.",name:"Zühre",middleName:null,surname:"Akarslan",slug:"zuhre-akarslan",fullName:"Zühre Akarslan",position:null,profilePictureURL:"https://mts.intechopen.com/storage/users/171887/images/system/171887.jpg",biography:"Zühre Akarslan was born in 1977 in Cyprus. She graduated from Gazi University Faculty of Dentistry, Ankara, Turkey in 2000. \r\nLater she received her Ph.D. degree from the Oral Diagnosis and Radiology Department; which was recently renamed as Oral and Dentomaxillofacial Radiology, from the same university. \r\nShe is working as a full-time Associate Professor and is a lecturer and an academic researcher. \r\nHer expertise areas are dental caries, cancer, dental fear and anxiety, gag reflex in dentistry, oral medicine, and dentomaxillofacial radiology.",institutionString:"Gazi University",institution:{name:"Gazi University",country:{name:"Turkey"}}},{id:"256417",title:"Associate Prof.",name:"Sanaz",middleName:null,surname:"Sadry",slug:"sanaz-sadry",fullName:"Sanaz Sadry",position:null,profilePictureURL:"https://mts.intechopen.com/storage/users/256417/images/8106_n.jpg",biography:null,institutionString:null,institution:null},{id:"272237",title:"Dr.",name:"Pinar",middleName:"Kiymet",surname:"Karataban",slug:"pinar-karataban",fullName:"Pinar Karataban",position:null,profilePictureURL:"https://mts.intechopen.com/storage/users/272237/images/8911_n.png",biography:"Assist.Prof.Dr.Pınar Kıymet Karataban, DDS PhD \n\nDr.Pınar Kıymet Karataban was born in Istanbul in 1975. After her graduation from Marmara University Faculty of Dentistry in 1998 she started her PhD in Paediatric Dentistry focused on children with special needs; mainly children with Cerebral Palsy. She finished her pHD thesis entitled \\'Investigation of occlusion via cast analysis and evaluation of dental caries prevalance, periodontal status and muscle dysfunctions in children with cerebral palsy” in 2008. She got her Assist. Proffessor degree in Istanbul Aydın University Paediatric Dentistry Department in 2015-2018. ın 2019 she started her new career in Bahcesehir University, Istanbul as Head of Department of Pediatric Dentistry. In 2020 she was accepted to BAU International University, Batumi as Professor of Pediatric Dentistry. She’s a lecturer in the same university meanwhile working part-time in private practice in Ege Dental Studio (https://www.egedisklinigi.com/) a multidisciplinary dental clinic in Istanbul. Her main interests are paleodontology, ancient and contemporary dentistry, oral microbiology, cerebral palsy and special care dentistry. She has national and international publications, scientific reports and is a member of IAPO (International Association for Paleodontology), IADH (International Association of Disability and Oral Health) and EAPD (European Association of Pediatric Dentistry).",institutionString:null,institution:null},{id:"202198",title:"Dr.",name:"Buket",middleName:null,surname:"Aybar",slug:"buket-aybar",fullName:"Buket Aybar",position:null,profilePictureURL:"https://mts.intechopen.com/storage/users/202198/images/6955_n.jpg",biography:"Buket Aybar, DDS, PhD, was born in 1971. She graduated from Istanbul University, Faculty of Dentistry, in 1992 and completed her PhD degree on Oral and Maxillofacial Surgery in Istanbul University in 1997.\nDr. Aybar is currently a full-time professor in Istanbul University, Faculty of Dentistry Department of Oral and Maxillofacial Surgery. She has teaching responsibilities in graduate and postgraduate programs. Her clinical practice includes mainly dentoalveolar surgery.\nHer topics of interest are biomaterials science and cell culture studies. She has many articles in international and national scientific journals and chapters in books; she also has participated in several scientific projects supported by Istanbul University Research fund.",institutionString:null,institution:null},{id:"260116",title:"Dr.",name:"Mehmet",middleName:null,surname:"Yaltirik",slug:"mehmet-yaltirik",fullName:"Mehmet Yaltirik",position:null,profilePictureURL:"https://mts.intechopen.com/storage/users/260116/images/7413_n.jpg",biography:"Birth Date 25.09.1965\r\nBirth Place Adana- Turkey\r\nSex Male\r\nMarrial Status Bachelor\r\nDriving License Acquired\r\nMother Tongue Turkish\r\n\r\nAddress:\r\nWork:University of Istanbul,Faculty of Dentistry, Department of Oral Surgery and Oral Medicine 34093 Capa,Istanbul- TURKIYE",institutionString:null,institution:null},{id:"172009",title:"Dr.",name:"Fatma Deniz",middleName:null,surname:"Uzuner",slug:"fatma-deniz-uzuner",fullName:"Fatma Deniz Uzuner",position:null,profilePictureURL:"https://mts.intechopen.com/storage/users/172009/images/7122_n.jpg",biography:"Dr. Deniz Uzuner was born in 1969 in Kocaeli-TURKEY. After graduating from TED Ankara College in 1986, she attended the Hacettepe University, Faculty of Dentistry in Ankara. \nIn 1993 she attended the Gazi University, Faculty of Dentistry, Department of Orthodontics for her PhD education. After finishing the PhD education, she worked as orthodontist in Ankara Dental Hospital under the Turkish Government, Ministry of Health and in a special Orthodontic Clinic till 2011. Between 2011 and 2016, Dr. Deniz Uzuner worked as a specialist in the Department of Orthodontics, Faculty of Dentistry, Gazi University in Ankara/Turkey. In 2016, she was appointed associate professor. Dr. Deniz Uzuner has authored 23 Journal Papers, 3 Book Chapters and has had 39 oral/poster presentations. She is a member of the Turkish Orthodontic Society. 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Biochemistry examines macromolecules - proteins, nucleic acids, carbohydrates, and lipids – and their building blocks, structures, functions, and interactions. Much of biochemistry is devoted to enzymes, proteins that catalyze chemical reactions, enzyme structures, mechanisms of action and their roles within cells. Biochemistry also studies small signaling molecules, coenzymes, inhibitors, vitamins, and hormones, which play roles in life processes. Biochemical experimentation, besides coopting classical chemistry methods, e.g., chromatography, adopted new techniques, e.g., X-ray diffraction, electron microscopy, NMR, radioisotopes, and developed sophisticated microbial genetic tools, e.g., auxotroph mutants and their revertants, fermentation, etc. More recently, biochemistry embraced the ‘big data’ omics systems. 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