Introduction. Even though “crowdfunding” can be seen as a relatively recent phenomenon (especially in Italy), it has nonetheless been the subject of numerous studies, especially in recent years. We believe, however, that these studies have not provided a comprehensive examination of the phenomenon (Belleflamme et al. 2011; Lambert and Schwienbacher 2010). So, it might be posited that the existing literature has only provided a description of the main and most general characteristics of crowdfunding, which is a vast and often many-sided phenomenon. Substantial areas of research and important aspects still remain to be covered. Even if it is now commonly held to represent an autonomous phenomenon (Mollick, 2013), the most common and well-known definition of crowdfunding refer to the phenomena of crowdsourcing (Poetz and Schreier, 2012) and microfinance (Morduch, 1999). More specifically, according to a wide number of authors (Larralde and Schwienbacher, 2010), crowdfunding can be analyzed as a category of the wider ‘crowdsourcing phenomenon’.Analyzing the studies that have been achieved so far, it does not emerge clearly what could be the contribution on the territory and on the community, in terms of social, environmental and economic sustainability, that crowdfunding cause through its fundraising activities and the subsequent projects financing. Too often the phenomenon of “crowdfunding” is limited as a new business model, exclusively aimed to achieve profits, without considering its potential as a mean of fundraising for the growth and development of the territory and the community. Aim of the research. The aim of the research is to examine some Italian crowdfunding projects in order to assess the sustainability of the value-creating model for the community.