How to explain that the Societé Coopérative d’Intérêt Collectif (public interest co-op), set up by a 2001 French law did not enjoy the expected success? Even though in France many actors have supported and asked for the constitution of a "social enterprise", five years later only about 100 SCICs (10% of which are in the cultural sector) have emerged. However, in the cultural field alone, hundreds of projects could theoretically fit in the SCIC framework. This paradox is the main topic of this paper. JEL code: M13