Contenu du sommaire : Crowdfunding

While few studies have analyzed meta-organization as enabling innovation (MOI), the authors contribute to this research gap by studying its forms of governance and of leadership. The study of organizational innovation projects carried out by homecare operators, all members of one dedicated cluster, leads to enrichment of the MOI model by identifying forms of open governance and vertical and horizontal leadership. The authors also identify how critical theorizing innovation is in this highly institutionalized sector.

This conceptual article proposes a new framework for examining ideologies in management. While ideology is depicted in social sciences as a coherent set of ideas, a whole body of literature in organization underlines the great flexibility of individual practices. It therefore seems necessary to specify ideology as an ideal substrate with a divisible content, and to establish the mediating concept of ideological repertoire, an individual catalogue of various ideological items strategically mobilized by the members of organizations. This extended framework raises some theoretical and empirical implications that are discussed here.

The Nobel Prize obtained in 1993 by Douglass C. North rewarded the career of an atypical economist. While his work has opened economics to institutional analysis, he has had a significant influence on management sciences. His analyses allow to question the relevance of the tools used in strategic management, while opening new perspectives to the study of entrepreneurial dynamics and public management in the different countries.

This article focuses on the partnerships developed by three crowdlending platforms, a new entrant in the ecosystem of the entrepreneurial loan, with France Higher Council of the Order of Chartered Accountants, and their impact on the business models of each partner. By mobilizing the recommendations of the agency theory enriched by the concepts of business ecosystems and platforms (two-sided markets), we show from a study based on data collected during semistructured interviews carried out near accoutants, members of the CSOEC and managers of the three platforms make partnerships that respond to the search for efficiency and legitimacy. Similarly, their success is more than mitigated because the expected effects both in terms of network externalities and enrichment of the business model are not realized.

The aim of this article is to highlight Equity Crowdfunding Sites' governance mechanisms, through an exploratory research on French Equity Crowdfunding Sites, based on an original database. Challenging a well-documented literature on cognitive mechanisms, the study shows that they tend to promote disciplinary mechanisms, which supposedly ensure shareholders' protection. The key role of Business Angels in the governance system is also addressed.

Crowdfunding has entered the health biotechnology market since 2014. Nevertheless, we can address the relevance of this alternative financing method for an innovative, high-risk industrial sector and where the depreciation prospects often exceed 10 years. An exploratory study was conducted among French health biotech startups to determine the precise conditions for crowdfunding in this sector. The results obtained made it possible to identify in particular motivations of the project owners, profile of investors, choices related to crowdfunding platforms (management choices among others). Ultimately, we studied how the obstacles encountered during the financing of health innovation can be partly solved by crowdfunding.

We analyze the determinants of the level of interest rates related to business loans traded on crowdlending platforms. We consider an original dataset based on loans from one leading platform in France. We show that the rating provided by the platform significantly influences the interest rates. While financial ratios traditionally used to estimate credit risk do not exhibit significant influence, the recent implementation of a robot-based decision making process seems to strengthen the rating's influence on interest rates.

Among the modalities of crowdfunding, the “tip model”, as exemplified by Patreon or Tipeee, has been the subject of very little research. Platforms based on this model allow communities which gather around online content creators (YouTubers, bloggers, musicians, comic book authors...) to “tip” the creators to help finance productions to which users have traditionally had free access. This is an income or income supplement that can be pocketed by web creators. Based on an exploratory approach, our research aims to highlight the specificities and stakes of the “tip model” for the stakeholders, creators of contents on the one hand, and contributors on the other hand.