ABSTRACT
This chapter provides a review of the changes that have occurred in recent years in the European entrepreneurial finance market and provides a framework to analyse their causes and consequences. In particular, it examines how these changes have impacted both early-stage and late-stage financing, leading to shifts in the demand and supply for both debt and equity capital in the market. The chapter then introduces, defines, and conceptualises the alternative finance market, presents a classification of the main models, and explores their features. Finally, it identifies the risks faced by project creators and investors in the various alternative finance activities.
