Acceso usuarios
Entrepreneurial finance traditionally identifies two categories of investors: business angels and venture capital. Nowadays, one must add crowdfunding, which stages the crowd and the platforms. However little studied in the literature, the latter seem to have a decisive role in the governance exercised over entrepreneurial projects, particularly in its cognitive aspect. They contribute to the development of entrepreneurial resources through the detection of new opportunities and the alignment of mindsets. Our empirical study highlights the active role of Equity Crowdfunding platforms as an interface structuring the interactions between the actors of entrepreneurial finance (crowds, Business Angels and venture capital) through cognitive governance mechanisms. The platforms mobilize the cognitive resources of each category of investor in a differentiated way, according to the objectives of the governance system. The governance practices of platforms highlight a typology that allows four types of platforms to be characterized.
Cette étude montre que les pratiques de gouvernance des plateformes d’equity crowdfunding contribuent au développement des ressources entrepreneuriales. Elles agissent en tant qu’interface, structurant les interactions entre les acteurs de la finance entrepreneuriale (foule, business angels et capital-risque). Les auteurs proposent une typologie permettant de caractériser quatre types de plateformes mobilisant les ressources cognitives de chaque catégorie d’investisseur de manière différenciée.
