Crowdfunding and new models of innovation

The initial idea of crowdfunding lies in the direct financing between project leaders and contributors without the intermediation and control of conventional institutions. To the spontaneous confidence that characterizes the beginnings of crowdfunding, the formal regulations of state institutions are gradually being added. The massive introduction of information technologies is drastically reducing transaction costs between partners. Three major innovations – economic, social and managerial – convey the dynamism of crowdfunding. Economic innovation lies in the proposition of an alternative financing method. Social innovation is the use of social links for the intermediation of direct exchanges between peers. Managerial innovation is the management of two-sided markets by platforms, on the one hand, and campaigns and asset portfolios, on the other. The authors of this issue of Innovations, Revue d’Economie et de Management de l’Innovation analyze these innovation processes.