FACULTÉ & RECHERCHE

The original article “Crowdfunding: Tapping the right crowd” by Belleflamme, P., Lambert, T., and Schwienbacher, A. [Journal of Business Venturing, http://dx.doi.org/10.1016/j.jbusvent.2013.07.003] contains an inconsistency regarding the assumption of a continuum of individuals. The assumption implies that no single agent's decision is ever pivotal for the realization of the product. Comparing pre-ordering and profit-sharing as two models of crowdfunding, this implication was correctly incorporated only in the former model but not in the latter one. The correct specification provided in this note simplifies the analysis of crowdfunding based on profit-sharing (Section 3.6 of the original article) and implies that the entrepreneur will always address a large investor base.