Emergence of Start-ups

David Heller is a professor-researcher in finance and head of the Master’s course in Finance at ISC Paris, France.Sylvain de Chadirac works in the start-up financing consultation market. He is the managing director of Paris Business Angels.Lana Halaoui is preparing to start her own company after completing her Master’s degree at ISC Paris, France.Camille Jouvet has undertaken several projects, such as the ISC Business Tour, aimed at boosting the ISC Paris alumni network internationally.

• Introduction ixChapter 1. The Influence of the Ecosystem on the Development and Financing of Start-ups 11.1. Contextual framework: the needs and challenges of start-ups 21.1.1. The start-up, a 21st-Century initiative 21.1.2. Financing of start-ups 81.1.3. Start-ups in different spaces: context of comparison 141.2. Analysis of the two spaces according to the criteria for successful fundraising: revealing a correlation between the environment and start-up financing 201.2.1. The political influence of ecosystem development 211.2.2. The attractiveness of the spaces: training and information 311.2.3. The digital revolution: the opening of markets and financing methods 361.3. Research methodology 411.3.1. Qualitative study conducted through semi-directive interviews 411.3.2. Analysis and interpretation of the results collected 441.3.3. Validation of hypotheses: the influence of the ecosystem on the financing of start-ups 511.4. Conclusion 52Chapter 2. Financing Young Innovative Companies in France 552.1. Introduction 552.2. Contextual framework: young innovative companies in France 562.2.1. Characteristics of young innovative companies 562.2.2. Impact of innovative entrepreneurship on growth 582.2.3. Financing innovative entrepreneurship 612.2.4. France’s place in the financing of young innovative companies 702.3. Empirical study: analysis of entrepreneurial dynamics in France 722.3.1. Method of analysis 722.3.2. The strategy of funding assistance institutions 752.3.3. The strategy of innovation entrepreneurs 792.4. Reinforcing aid for the financing of young French companies 822.4.1. Lessons learned from foreign models 832.4.2. The American model 832.4.3. The British model 852.4.4. The case of Singapore 882.5. Strengthening participatory financing structures 902.5.1. Characteristics of participatory financing 902.5.2. Interest of participatory financing 922.6. Economic recommendations 932.7. Conclusion 94Chapter 3. Equity Crowdfunding of Start-ups in France 973.1. Introduction 973.2. Contextual framework: state of play on the financing of start-ups in France 993.2.1. The evolution of entrepreneurial finance and sources of financing 993.2.2. Financing practices of start-ups 1063.2.3. The process of raising funds from private investors 1123.3. Equity crowdfunding: a fast-growing financing alternative 1203.3.1. Presentation of participatory financing and equity crowdfunding 1203.3.2. The stakes and limits of equity crowdfunding 1273.3.3. Complementarity of financing methods 1323.4. The entrepreneur at the head of strategic decisions 1353.4.1. Meeting with entrepreneurs: presentation of the study conducted 1363.4.2. The perception of financing by entrepreneurs 1393.4.3. The success of the company as perceived by entrepreneurs 1443.5. Conclusion 146Conclusion 149References 153Index 165