The Evolution of Crowdfunding Towards an Impact Investing Logic: the Case of Paulownia Social Project

This case study investigates the evolution of crowdfunding platforms towards an impact investing logic, using the “Paulownia Social Project” as an empirical example. It analyses how crowdfunding, initially a financial innovation, is increasingly being utilised to achieve both economic and social outcomes. The paper examines the mechanisms through which crowdfunding can generate social impact and contribute to financial innovation, highlighting the growing convergence between these two fields. It provides insights into how new financial tools can support social ventures.