Résumés
Résumé
Plusieurs investisseurs s’aventurent à financer les firmes entrepreneuriales et les entreprises en démarrage innovatrices. Si la syndication d’investisseurs a fait l’objet de nombreux travaux, peu d’études se sont intéressées au co-investissement impliquant les sociétés de capital risque, les investisseurs providentiels (business angels) et les investisseurs par financement participatif (crowdfunding). Or, il est de plus en plus important d’analyser les interactions entre ces trois types de bailleurs de fonds ainsi que d’étudier les enjeux et les difficultés associés à la gouvernance cognitive et disciplinaire au sein de l’entreprise qu’ils financent. Ainsi, nous avons mené une large revue de littérature afin d’explorer les études traitant de l’apport sur les plans financier et cognitif des trois types d’investisseurs à la performance de l’entreprise et d’analyser leur influence sur sa croissance, dans le cas où ils sont impliqués tous les trois ou deux d’entre eux dans le processus de financement. Cela nous a permis d’avancer cinq propositions pouvant faire l’objet d’une étude qualitative.
Mots-clés :
- Co-investissement,
- performance,
- croissance,
- firmes entrepreneuriales
Abstract
Many investors venture into financing entrepreneurial firms and innovative startups. While investor syndication has been the subject of numerous studies, few studies have focused on co-investment involving venture capital firms, business angels and investors via crowdfunding. However, it is increasingly important to analyze the interactions between these three types of funders and to study the issues and difficulties associated with cognitive and disciplinary governance within the company they finance. Thus, a broad literature review was conducted to explore the studies dealing with the financial and cognitive contribution of the three types of investors to the performance of the company, and to analyze their influence on its growth, where all three or two of them are involved in the financing process. This allowed to suggest five proposals that could be the subject of a qualitative study.
Keywords:
- Co-investment,
- performance,
- growth,
- entrepreneurial firms
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