Micro-entrepreneurs can increase their ability to take debt by taking equity alongside, thus respecting prudent ratios and reducing stress. Since 1983, microequity has been started in France through a socially innovative movement known as CIGALES. We look at the development of the CIGALES movement from an Institutional lens to understand how these clubs of microangels multiplied and why the movement hasn't grown faster and more global. We find that catalytic innovation not only requires the institutional entrepreneur to collaborate with other complementary institutions but also to create such institutions. The blocks to the movement are both internal values and the external institutional cage. Understanding this movement could be useful for future development efforts including crowdfunding, microequity and impact investments.
