La communication dans l’equity crowdfunding: des investisseurs privilégiés au sein de la foule ?

Laurence Attuel-Mendes and Céline Soulas

Entreprendre & innover, 2021, vol. n° 48, issue 1, 74-83

Abstract: Communication based on interpretable information is essential for helping potential investors make decisions about financing. It is particularly important as the uncertainty that inevitably accompanies equity crowdfunding (ECF) implies risk-taking. In this respect, the French ECF market for healthcare biotechs is an exemplary field in terms of uncertainty. It highlights the fact that, while many assume that crowdfunding would make optimal use of computer-mediated communication tools to support investment decisions, the ways in which these tools are used are actually diverse and incomplete. Ultimately, the main ECF platforms are shifting toward the club logic observed in the traditional investment world, thereby moving away from the initial promise of crowdfunding to democratize access to investment.

Date: 2021
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