Funding University-Born Projects and Developing Research Crowdfunding Ecosystem: The Case of BiUniCrowd in Italy

Research crowdfunding is a new fundraising tool adopted by higher education institutions (HEIs) to support innovation, entrepreneurial activity, and public engagement. This study explores successful ways HEIs manage and integrate research crowdfunding to provide new funding opportunities for university-born projects. We chose the case study of BiUniCrowd, i.e., the first reward-based crowdfunding initiative managed by an Italian University (University of Milano-Bicocca) open to the whole Academic community—students and alumni included—and evaluated as one of the best practices by the Knowledge Valorisation Platform of the European Union. We explore how to create an effective ecosystem that encompasses an internal organizational structure composed of a committed academic community, where innovative ideas are born, along with several outsiders, such as an established crowdfunding platform and financial and industrial partners. Our case study highlights the critical activities for successfully integrating HEIs in the research crowdfunding ecosystem: (i) building crowdfunding commitment within the Academy, (ii) co-creating with external partners in the selection and financing phases, and finally, (iii) providing entrepreneurial and crowdfunding knowledge to the academic community. The study concludes with managerial advice for HEIs.