Abstract:

The objective of this study is to analyze the factors that influence the success of crowdfunding campaigns in Morocco since the enactment of law 15-18, by relating quality signals, social capital, and the context of urgency in order to establish investor trust. This study emerged from the observation that, in North Africa, academic work related to crowdfunding remains insufficient, while regulators, platforms, and entrepreneurs find themselves lacking reliable benchmarks to guide their practices within a recently established legal framework. We therefore question how the conjunction of structural signals, interpersonal relationships, and contextual pressures can explain the success of Moroccan campaigns. In order to address this issue, we conducted an exploratory qualitative study, including a systematic review of the literature, legislative texts, as well as guides from the AMMC and Bank Al-Maghrib. This approach was enriched by conducting three in-depth case studies, based on semi-structured interviews and the analysis of internal data. The significant contribution of our study lies in the identification of a winning triptych, namely transparency, early activation of the first circle, and a sense of urgency, which enriches the theories of information asymmetry and signaling in the context of emerging markets, thus providing decision-makers with a roadmap towards a crowdfunding that is both solid and inclusive.