Innovative firms (start-ups and innovative SMEs) play an essential role as key players in our industrial economies. Their ability to generate significant levels of growth, illustrated by a 14% increase in their sales in 2020 compared to 2019, as well as their contribution to job creation, highlights their importance (France Invest, 2021). In recent years, their role has become even more important, not least because of the emphasis placed by public policy on innovation. A striking example of this trend is the emergence of “Green-Cleantech”, a booming sector that represents a major shift in our decade (Bergman et al., 2019). These private, for-profit companies make it their mission to develop and adopt innovative technologies aimed at reducing CO2 emissions in their products and processes (Owen et al., 2020).
Green-Cleantech is characterized by long-term research and development (R&D) activities, requiring high levels of investment to achieve their objectives. However, their complex financial nature (Huang & Pearce, 2015; Levratto & Tessier, 2016), illustrated by an economic value that cannot be known with certainty (Cassar, 2014; Wales et al., 2019), poses significant challenges. The informational opacity that characterizes these companies induces a high risk of adverse selection, increasing the level of vigilance of capital providers...
Résumé:
Cette étude se penche sur les firmes innovantes, notamment les start-ups et PME « Green-Cleantech / Vertes-Techpropre », acteurs clés de nos économies industrielles, et leur financement complexe. Ces entreprises, essentielles pour la transition écologique, affrontent des défis liés à leur valeur économique incertaine et à leur opacité informationnelle, générant un risque de sélection adverse pour les investisseurs. Nous explorons le rôle des Business Angels (BA) dans ce contexte, particulièrement leur approche hybride de financement, combinant motivations altruistes et financières. L'analyse des comportements d’accompagnement des BA, entre soutien aux objectifs durables et attentes de retours financiers, est essentielle pour comprendre leur impact sur la trajectoire d’évolution des projets « Green-Cleantech». L'étude aborde la dynamique de collaboration entre BA et entrepreneurs, soulignant l'importance de la complémentarité des théories de l'agence et de l'intendance pour une relation équilibrée. Notre recherche, basée sur une analyse de cas unique et longitudinale, révèle des pratiques de collaboration distinctes et les conditions favorisant l'évolution des relations BA-entrepreneur, enrichissant la littérature sur la gouvernance des startups et la finance entrepreneuriale verte.
Mots-clés : Business Angels G24, Innovation environnementale Q55, Investisseur providentiel, Entrepreneuriat M13, Start-up M13, Développement Durable Q01, France.
Abstract:
This study looks at innovative firms, particularly “Green-Cleantech / Vertes- Techpropre” start-ups and SMEs, key players in our industrial economies, and their complex financing. These companies, essential to the ecological transition, face challenges linked to their uncertain economic value and their informational opacity, generating a risk of adverse selection for investors. We explore the role of Business Angels (BAs) in this context, particularly their hybrid approach to financing, combining altruistic and financial motivations. Analyzing BAs’ support behaviors, between support for sustainable objectives and expectations of financial returns, is essential to understanding their impact on the evolutionary trajectory of “Green-Cleantech” projects. The study addresses the dynamics of collaboration between BAs and entrepreneurs, highlighting the importance of complementary agency and stewardship theories for a balanced relationship. Our research, based on a unique, longitudinal case analysis, reveals distinct collaboration practices and the conditions favoring the evolution of BA-entrepreneur relationships, enriching the literature on startup governance and green entrepreneurial finance.
Keywords: Business Angels G24, Green Innovation Q55, Entrepreneurship M13, Start-up M13, Sustainable Development Q01, France.
Resumen:
Este estudio analiza las empresas innovadoras, en particular las start-ups y PYME «Green-Cleantech/Green-Clean», actores clave de nuestras economías industriales, y su compleja financiación. Estas empresas, esenciales para la transición ecológica, se enfrentan a retos relacionados con su incierto valor económico y la opacidad de la información, lo que genera un riesgo de selección adversa para los inversores. Exploramos el papel de los Business Angels (BA) en este contexto, en particular su enfoque híbrido de la financiación, que combina motivaciones altruistas y financieras. Analizar el comportamiento de apoyo de los BA, entre el apoyo a objetivos sostenibles y las expectativas de rentabilidad financiera, es esencial para comprender su impacto en la trayectoria de desarrollo de los proyectos «Green-Cleantech». El estudio aborda la dinámica de colaboración entre los BA y los emprendedores, destacando la importancia de la complementariedad de las teorías de la agencia y de la tutela para una relación equilibrada. Nuestra investigación, basada en un análisis longitudinal de casos único, revela distintas prácticas de colaboración y las condiciones que favorecen la evolución de las relaciones entre BA y emprendedores, enriqueciendo la literatura sobre gobernanza de startups y financiación de emprendedores verdes.
Palabras claves: Business Angels G24, Innovación medioambiental Q55, Inversor ángel, Iniciativa empresarial M13, Start-up M13, Desarrollo sostenible Q01, Francia.
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