The emergence of start-ups

In France, the number of young start-ups has soared since the beginning of the 2010s, leading the government to encourage their development and make France the "start-up nation".

This book contributes to a better understanding of the emergence of these companies by studying the influence of the ecosystem on their development and the modes of financing that they use. The financing of start-ups remains a major challenge insofar as they are often faced with refusal from the banks. Successful financing depends largely on the geopolitical and economic environment. Through a comparative study of models from both France and English-speaking countries, the authors explore possible financing solutions for France. The book concludes with a discussion of equity crowdfunding, which proves to be a successful financing alternative.

Including theoretical and empirical studies, this book provides concrete solutions aimed at developing innovative entrepreneurship in France.

Author Notes

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	p. ix
Chapter 1 The Influence of the Ecosystem on the Development and Financing of Start-ups	p. 1
1.1 Contextual framework: the needs and challenges of start-ups	p. 2
1.1.1 The start-up, a 21st-century initiative	p. 2
1.1.2 Financing of start-ups	p. 8
1.1.3 Start-ups in different spaces: context of comparison	p. 14
1.2 Analysis of the two spaces according to the criteria for successful fundraising: revealing a correlation between the environment and start-up financing	p. 20
1.2.1 The political influence of ecosystem development	p. 21
1.2.2 The attractiveness of the spaces: training and information	p. 31
1.2.3 The digital revolution: the opening of markets and financing methods	p. 36
1.3 Research methodology	p. 41
1.3.1 Qualitative study conducted through semi-directive interviews	p. 41
1.3.2 Analysis and interpretation of the results collected	p. 44
1.3.3 Validation of hypotheses: the influence of the ecosystem on the financing of start-ups	p. 51
1.4 Conclusion	p. 52
Chapter 2 Financing Young innovative Companies in France	p. 55
2.1 Introduction	p. 55
2.2 Contextual framework: young innovative companies in France	p. 56
2.2.1 Characteristics of young innovative companies	p. 56
2.2.2 Impact of innovative entrepreneurship on growth	p. 58
2.2.3 Financing innovative entrepreneurship	p. 61
2.2.4 France's place in the financing of young innovative companies	p. 70
2.3 Empirical study: analysis of entrepreneurial dynamics in France	p. 72
2.3.1 Method of analysis	p. 72
2.3.2 The strategy of funding assistance institutions	p. 75
2.3.3 The strategy of innovation entrepreneurs	p. 79
2.4 Reinforcing aid for the financing of young French companies	p. 82
2.4.1 Lessons learned from foreign models	p. 83
2.4.2 The American model	p. 83
2.4.3 The British model	p. 85
2.4.4 The case of Singapore	p. 88
2.5 Strengthening participatory financing structures	p. 90
2.5.1 Characteristics of participatory financing	p. 90
2.5.2 Interest of participatory financing	p. 92
2.6 Economic recommendations	p. 93
2.7 Conclusion	p. 94
Chapter 3 Equity Crowdfunding of Start-ups in France	p. 97
3.1 Introduction	p. 97
3.2 Contextual framework: state of play on the financing of start-ups in France	p. 99
3.2.1 The evolution of entrepreneurial finance and sources of financing	p. 99
3.2.2 Financing practices of start-ups	p. 106
3.2.3 The process of raising funds from private investors	p. 112
3.3 Equity crowdfunding: a fast-growing financing alternative	p. 120
3.3.1 Presentation of participatory financing and equity crowdfunding	p. 120
3.3.2 The stakes and limits of equity crowdfunding	p. 127
3.3.3 Complementarity of financing methods	p. 132
3.4 The entrepreneur at the head of strategic decisions	p. 135
3.4.1 Meeting with entrepreneurs: presentation of the study conducted	p. 136
3.4.2 The perception of financing by entrepreneurs	p. 139
3.4.3 The success of the company as perceived by entrepreneurs	p. 144
3.5 Conclusion	p. 146
Conclusion	p. 149
References	p. 153
Index	p. 165

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