Abstract
This article discusses the implications of crowdfunding for start-up financing. Our exploratory approach is based on a detailed analysis of a leading equity crowdfunding (ECF) platform in France and integrates a wide-ranging literature on entrepreneurial finance, crowdsourcing, entrepreneurship and behavioural approaches. Two fundamental aspects are addressed: (1) the selection and analysis of projects, which are displaced from venture capital professionals towards the crowd, and (2) the motivations and contributions of the crowd, who not only provide capital to start-ups but also and significantly, cognitive resources. In addressing these two aspects, the article provides fresh insights into what differentiates ECF from traditional seed capital.