Le financement de la nouvelle économie : révolution ou évolution ?

Considered as the new industrial revolution, the digital revolution faces the issue of the NICT companies' financing. Significant funding needs cannot be satisfied by the banking sector, given the difficulty to value such companies and their potential markets. Financing is provided by venture capitalists and business angels in the inception of businesses, but also by other channels such as public support and crowdfunding. Volumes of such investments grow rapidly. Major tech firms have created unprecedented interest, which is perceivable by the irrational growth of their stock prices. Tech giants such as GAFA (Google, Amazon, Facebook, Apple) have accumulated considerable reserves of cash which allow them to invest in R&D, but also to acquire or control potentially disruptive start-ups (fintechs, biotechs, unicorns). As a result, the industry will face increasing concentration until antitrust legislation is implemented. In the meantime, financing will be the instrument of the major tech firms' domination, through acquisitions or fund financing. Classification JEL: G24, G32, L10, O30.