Crowdfunding In France: A New Revolution?

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Aurelie Sannajust
Fabien Roux
Anissa Chaibi


Financial Innovation, Crowdfunding, SMEs, France


In the last few years, small firms have had difficulties to finance their projects via the traditional bank system. A new type of financing has recently appeared in Europe and in particular in France: the crowdfunding. It is a method for funding a variety of new ventures, allowing individual founders of for-profit, cultural, or social projects to request funding from many individuals via Internet. Our paper contributes to the literature by introducing this financial innovation and building a theoretical framework to explain its success. We also discuss some more practical issues to enhance crowdfunding in France.


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