36

Crowdfunding has been part of the health biotechnology market since 2014. Nevertheless, we can question the relevance of this alternative financing method for an innovative, high-risk industrial sector where depreciation prospects often exceed ten years. An exploratory study was conducted among French health biotech startups to determine the precise conditions for crowdfunding in this sector. The results obtained made it possible to identify, in particular, the motivations of the project owners, the profile of investors, and choices related to crowdfunding platforms (management choices among others). Ultimately, we studied how the obstacles encountered during the financing of health innovation can be partly solved by crowdfunding.