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This paper examines the impact of perceived innovativeness on the success of equity crowdfunding campaigns. Building on the investor perspective, we hypothesize a positive impact of perceived innovativeness on the campaign outcome. Our database covers 191 campaigns launched in France on different platforms, drawing on over 2,000 individual assessments of the perceived innovativeness of the start‐ups involved, carried out by 176 participants with diverse backgrounds. We find support for our hypothesis from the investor perspective in that highly innovative projects attract more crowd investors and, in turn, raise more capital. We contribute to the understanding of how the crowd makes investment choices.

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Crowdfunding research has grown exponentially since the first academic papers in the field were published in 2013. This interpretivist study attempts to explain why academics worldwide have chosen to study crowdfunding. As no explicit theories currently exist to guide our research, we have relied on schooling and management fashion theories. Based on interviews with 30 crowdfunding scholars, we develop a model which interprets the underlying reasons why academics have chosen this research topic. Our results show that, beyond scientific reasons, career and socio-psychological reasons also explain why academics have chosen to research crowdfunding. By documenting both the scientific and non-scientific reasons why researchers study a certain topic, our findings contribute to the knowledge about the rationales behind scientific development in the fields of management, entrepreneurial finance and entrepreneurship.

De nouveaux modes de financement sont apparus pour pallier la difficulté croissante qu’éprouvent les entrepreneurs à obtenir des financements bancaires. Ces modèles sont portés par le fort développement d’outils technologiques performants (marketplaces internet, big data , etc.). Fondés sur l’absence d’intermédiation de type bancaire, ils bouleversent et modernisent nettement les logiques de financement. Encore marginal en France, le non-banking est bien un mouvement de fond structurel et durable, notamment pour les entrepreneurs les plus innovants.