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