Résumés
Résumé
Cette étude sur les réseaux structurés de business angels porte sur l’évolution des critères de sélection des projets entrepreneuriaux en vue d’un financement, entre deux stades successifs du processus, à partir de données réelles et d’évaluations à chaud. Au niveau de la présélection, les instructeurs chargés d’étudier les projets exigent de tout projet d’être porté par des entrepreneurs qui présentent des compétences managériales fortes tout en proposant simultanément un plan d’affaires qui paraît crédible. Au stade de la plénière en revanche, les business angels se soucient particulièrement de l’avantage concurrentiel des projets. Les entrepreneurs doivent inspirer confiance aux business angels tout au long du processus de sélection alors que leur capital social ne semble pas pris en compte par ceux-ci.
Mots-clés:
- Entrepreneur,
- Start-up,
- Business angels,
- Critères d’investissement,
- Sélection de projets,
- Investissement
Abstract
This study on structured business angels’ groups focuses on the evolution of the criteria for the selection of entrepreneurial projects candidates for financing, between two successive stages of the process, based on actual data and real-time evaluations. At the pre-screening stage, the coordinators responsible for studying the proposals require any project to be carried by entrepreneurs who have strong managerial skills while simultaneously proposing a business plan that seems credible. At the oral pitch presentation stage on the other hand, business angels are particularly concerned about the competitive advantage of projects. Entrepreneurs must be trusted by business angels throughout the screening process while their social capital does not seem to be considered by business angels.
Keywords:
- Entrepreneur,
- Startup,
- Business angels,
- Investment criteria,
- Screening of projects,
- Investment
Resumen
Este estudio sobre las redes estructuradas de Business Angels se enfoca en la evolución de los criterios para la selección de proyectos emprendedores de financiación, entre dos etapas sucesivas del proceso, basadas en datos reales y evaluación en tiempo real. En el nivel de pre-selección, los instructores encargados de estudiar los proyectos requieren que todos los proyectos sean propuestos por empresarios que tengan sólidas habilidades gerenciales y simultáneamente propongan un plan de negocios que parezca creíble. En la etapa de sesión plenaria, los Business Angels están particularmente preocupados por la ventaja competitiva de los proyectos. Los empresarios deben inspirar confianza a los Business Angels a lo largo del proceso de selección, mientras que su capital social no parece ser tomado en cuenta por los Business Angels.
Palabras clave:
- Contratista,
- Inicio,
- Business Angels,
- Criterios de inversión,
- Selección de proyectos,
- Inversión
Parties annexes
Références
- Amatucci, F.M. (2016). Women business angels : theory and practice. Dans H. Landström et C. Masn (dir.), Handbook of research on business angels (p. 92-111). Cheltenham, Edward Elgar Publishing.
- Baron, R.A. et Markman, G.D. (2000). Beyond social capital : how social skills can enhance entrepreneurs’ success. Academy of Management Executive, 14(1), 106-116.
- Becker, G. (1964). Human capital : a theoretical and empirical analysis, with special reference to education. Cambridge, Harvard University Press.
- Berggren, B. et Fili, A. (2008). When things go wrong : business angel’s use of cues in judging their investment relations. International Journal of Business Strategy, 8(2), 48-58.
- Bosma, N., van Praag, M., Thurik, R. et de Wit, G. (2004). The value of human and social capital investments for the business performance of startups. Small Business Economics, 23(3), 227-236.
- Bourdieu, P. (1980). Le capital social. Actes de la Recherche en Sciences Sociales, 31, 2-3.
- Carpentier, C. et Suret, J.M. (2015). Angel group members’ decision process and rejection criteria : a longitudinal analysis. Journal of Business Venturing, 30, 808-821.
- Clark, C. (2008). The impact of entrepreneurs’ oral pitch presentation skills on business angels’ initial screening investment decisions. Venture Capital, 10, 257-279.
- Davidsson, P. et Honig, B. (2003). The role of social and human capital among nascent entrepreneurs. Journal of Business Venturing, 18(3), 301-331.
- DeGennaro, R.P. et Dwyer, G.P. (2014). Expected returns to stock investments by angel investors in groups. European Financial Management, 20(4), 739-755.
- Dirks, K.D., Lewicki, R.J. et Zaheer, A. (2009). Repairing relationships within and between organizations : building a conceptual foundation. Academy of Management Review, 34(1), 68-84.
- Feeney, L., Haines, G.H. Jr. et Riding, A.L. (1999). Private investors’ investment criteria : insights from qualitative data. Venture Capital, 1(2), 121-145.
- Fiet, J.O. (1995). Reliance upon informants in the venture capital industry. Journal of Business Venturing, 10(3), 195-223.
- Haines, G.H. Jr., Madill, J.J. et Riding, A.L. (2003). Informal investment in Canada : financing small business growth. Journal of Small Business and Entrepreneurship, 16(3-4), 13-40.
- Hardin, R. (1993). The street-level epistemology of trust. Politics & Society, 21(4), 505-529.
- Harrison, R.T., Dibben, M.R. et Mason, C.M. (1997). The role of trust in the informal investor’s investment decision : an exploratory analysis. Entrepreneurship Theory and Practice, 21(4), 63-81.
- Heilman, M.E. (1983). Sex bias in work settings : the lack of fit model. Research in Organizational Behavior, 5, 269-298.
- Heilman, M.E. (2001). Description and prescription : how gender stereotypes prevent women’s ascent up the organizational ladder. Journal of Social Issues, 57, 657-674.
- Huang, L. et Pearce, J.L. (2015). Managing the unknowable : the effectiveness of early-stage investor gut feel in entrepreneurial investment decision. Administrative Science Quarterly, 60(4), 634-670.
- Israelsen, R.D. et Yonker, S.E. (2017). Key human capital. Journal of Financial and Quantitative Analysis, 52(1), 175-214.
- Jeffrey, S.A., Levesque, M. et Maxwell, A.L. (2016). The non-compensatory relationship between risk and return in business angel investment decision making. Venture Capital, 18(3), 189-209.
- Kaplan, S.N., Sensoy, B.A. et Strömberg, P. (2009). Should investors bet on the jockey or the horse ? Evidence from the evolution of firms from early business plans to public companies. The Journal of Finance, 64(1), 75-115.
- Kim, P.H., Dirks, K.T. et Cooper, C.D. (2009). The repair of trust : a dynamic bilateral perspective and multilevel conceptualization. Academy of Management Review, 34(3), 401-422.
- Kramer, M.K. et Lewicki, R.J. (2010). Repairing and enhancing trust : approaches to reducing organizational trust deficits. Academy of Management Annals, 4(1), 245-277.
- Levie, J. et Gimmon, E. (2008). Mixed signals : why investors may misjudge first time high technology venture founders. Venture Capital, 10(3), 233-256.
- Lewicki, R.J. et Bunker, B.B. (1995). Trust in relationships : a model of development and decline Dans B.B. Bunker et J.Z. Rubin (dir.), Conflict, cooperation and justice : essays inspired by the work of Morton Deutsch (p. 133-173). San Francisco, Jossey-Bass.
- Lewicki, R.J. et Bunker, B.B. (1996). Developing and maintaining trust in work relationships. Dans R. Kramer et T.R. Tyler (dir.), Trust in organizations : frontiers of theory and research (p. 114-139). Thousand Oaks, Sage Publications.
- Lewicki, R.J., Tomlinson, E.C. et Gillespie, N. (2006). Models of interpersonal trust development : theoretical approaches, empirical evidence and future directions. Journal of Management, 32(6), 991-1022.
- Mason, C.M. et Harrison, R.T. (1999). An overview of informal venture capital research. Venture Capital, 1(2), 95-100.
- Mason, C.M. et Harrison, R.T. (2002). Barriers to investment in the informal venture capital sector. Entrepreneurship & Regional Development, 14(3), 271-287.
- Mason, C.M. et Harrison, R.T. (2003). Auditioning for money : what do technology investors look for at the initial screening stage ? The Journal of Private Equity, 6(2), 29-42.
- Mason, C.M. et Stark, M. (2004). What do investors look for in a business plan ? A comparison of the investment criteria of bankers, venture capitalists, and business angels. International Small Business Journal, 22(3), 227-248.
- Maxwell, A. (2016). Investment decision-making by business angels. Dans H. Landström et C. Mason (dir.), Handbook of research on business angels (p. 115-146). Cheltenham, Edward Elgar Publishing.
- Maxwell, A.L., Jeffrey, S.A. et Lévesque, M. (2011). Business angel early stage decision making. Journal of Business Venturing, 26(2), 212-225.
- Maxwell, A.L. et Lévesque, M. (2014). Trustworthiness : a critical ingredient for entrepreneurs seeking investors. Entrepreneurship Theory and Practice, 38(5), 1057-1080.
- Mayer, R.C., Davis, J.H. et Schoorman, F.D. (1995). An integrative model of organizational trust. Academy of Management Review, 20(3), 709-734.
- Meyerson, D., Weick, K.E. et Kramer, R.M. (1996). Swift trust and temporary groups. Dans R.M. Kramer et T.R. Tyler (dir.), Trust in organizations : frontiers to theory and research (p. 166-195). Thousand Oaks, Sage Publications.
- Mitteness, C.R., Baucus, M.S. et Sudek, R. (2012). Horse vs. Jockey ? How stage of funding process and industry experience affect the evaluations of angel investors. Venture Capital, 14, 241-267.
- Moorman, C., Zaltman, G. et Deshpande, R. (1992). Relationships between providers and users of market research : the dynamics of trust within and between organizations. Journal of Marketing Research, 29, 314-328.
- OCDE (2007). Human capital. Récupéré le 26 juin 2018 sur le site : https://www.oecd.org/insights/humancapital-thevalueofpeople.htm.
- Paul, S., Whittam, G. et Johnston, J.B. (2003). The operation of the informal venture capital market in Scotland. Venture Capital, 5, 313-335.
- Santarelli, E. et Tran, H.T. (2013). The interplay of human and social capital in shaping entrepreneurial performance : the case of Vietnam. Small Business Economics, 40(2), 435-458.
- Scarbrough, H., Swan, J., Amaeshi, K. et Briggs, T. (2013). Exploring the role of trust in the deal-making process for early-stage technology ventures. Entrepreneurship Theory and Practice, 37(5), 1203-1228.
- Schutjens, V. et Völker, B. (2010). Space and social capital : the degree of locality in entrepreneurs’ contacts and its consequences for firm success. European Planning Studies, 18(6), 941-963.
- Semrau, T. et Hopp, C. (2016). Complementary or compensatory ? A contingency perspective on how entrepreneurs’ human and social capital interact in shaping startup progress. Small Business Economics, 46(3), 407-423.
- Shepherd, D.A. et Zacharakis, A. (1999). Conjoint analysis : a new methodological approach for researching the decision policies of venture capitalists. Venture Capital, 1(3), 197-217.
- Spiegel, O., Abbassi, P., Zylka, M.P., Schlagwein, D., Fischbach, K. et Schoder, D. (2016). Business model development, founders’ social capital, and the success of early stage internet startups : a mixed-method study. Information Systems Journal, 26(5), 421-449.
- Tarillon, C., Grazzini, F. et Boissin, J.-P. (2015). Trajectoires de croissance et structures de gouvernance élargies : une lecture des représentations des dirigeants fondateurs de startups. Revue internationale PME, 28(3-4), 65-101.
- Tomlinson, E., Dineen, B. et Lewicki, R. (2004). The road to reconciliation : antecedents of victim willingness to reconcile following a broken promise. Journal of Management, 30(2), 165-187.
- Williamson, O.E. (1981). The economics of organization : the transaction cost approach. American Journal of Sociology, 87(3), 548-577.
- Xu, G., Feng, Z., Wu, H. et Zhao, D. (2007). Swift trust in a virtual temporary system : a model based on the Dempster-Shafer theory of belief functions. International Journal of Electronic Commerce, 12(1), 93-126.
10.7202/1035411ar