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Equity-Crowdfunding : rôle, caractéristiques, et enjeux de l’accès à des financements complémentaires

Abstract : We analyse role, features, and issues concerning Equity-Crowdfunding, as for is ability to allow companies funded by this mean to obtain further finance.This new funding actor for startups allows a wide audience, through a subscription on an dedicated internet platform, to finance various entrepreneurial projects, in exchange of a share in equity. The recentness of this new form of funding gives rise to several questions.The aim of this thesis is to analyse the main elements of Equity-Crowdfunding that are likely to foster further finance.By being in line with the agency theory on one hand, and with the dependency theory, as well as signal and legitimacy theory on the other hand, we seek to identify the way this new actor of “Seed capital” can fully contribute to the funding chain, meaning helping the growth of the company and maintaining the profitability of investment at the same time.Through a detailed review about the history, the development, and the role played by Equity-Crowdfunding, regarding its position in the funding chain, and the extent of its contributions to mitigate issues inherent to startup finance, we decided to conduct three essays. Thus, by gathering different theories and mixing qualitative and quantitative methodologies to answer our question, we highlight several elements allowing us to attest Equity-Crowdfunding abilities to help gaining further finances.However, we draw attention on the weaknesses of the Equity-Crowdfunding funding process, especially regarding the role of the platform, which can be viewed as an intermediary between manager (and generally founder) of the project funded and multiple shareholders. A sort of mistrust has emerged from potential investors regarding later stages of funding, questioning the potential of this new funding actor to become a major stakeholder in the startup funding process.
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Submitted on : Thursday, February 24, 2022 - 10:31:00 AM
Last modification on : Friday, February 25, 2022 - 3:35:34 AM


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Stéphane Koffel. Equity-Crowdfunding : rôle, caractéristiques, et enjeux de l’accès à des financements complémentaires. Gestion et management. Université de Lorraine, 2021. Français. ⟨NNT : 2021LORR0192⟩. ⟨tel-03586788⟩



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