Abstracts
Résumé
La littérature sur la prise de décision stratégique a montré que les entrepreneurs peuvent combiner les logiques effectuale et causale lors du processus de développement de l’entreprise, mais les interactions entre l’entrepreneur et les investisseurs et la manière dont ces logiques et leur combinaison peuvent impacter le processus d’investissement ont été peu abordées. Une étude exploratoire longitudinale auprès de deux jeunes entreprises a été menée pour étudier la complexité des interactions et comprendre les rationalités mises en oeuvre et leur évolution lors du processus d’investissement dans les jeunes entreprises. Les résultats montrent que l’entrepreneur expert utilise une rationalité causale pour lever des fonds auprès des capital-risqueurs et des anges. À l’inverse, l’entrepreneur novice recourt à une rationalité effectuale dans la création de la jeune entreprise et dans ses relations avec les anges. Les anges peuvent – de manière proactive – basculer d’une rationalité effectuale vers une rationalité causale soit pour coinvestir avec les capital-risqueurs au démarrage de la jeune entreprise, soit pour accompagner son développement. Ces résultats contribuent à la littérature sur la théorie de l’effectuation en interrogeant l’évolution des rationalités et des comportements entrepreneuriaux lors de la création de l’entreprise et de la recherche de financement.
Mots-clés :
- Entrepreneurs expert/novice,
- Capital risque,
- Anges,
- Croissance de la firme,
- Jeune entreprise,
- Rationalités effectuale/causale
Abstract
The literature on strategic decision-making has shown that entrepreneurs can combine effectual and causal logics during the business development process. But the interactions between the entrepreneur and investors, and, the way in which effectual and causal logics as well as their combination can impact the investment process have been little studied. A longitudinal exploratory study of two young companies was carried out to study the complexity of interactions and understand the rationalities implemented and their evolution during the investment process. The results show that the expert entrepreneur uses causal rationality to raise funds from venture capitalists and angels. Conversely, the novice entrepreneur uses effectual rationality in the creation of the young company and in his relationships with the angels. Angels can – proactively – switch from effectual rationality to causal rationality either to co-invest with venture capitalists at the start-up of the young company, or to support its development. These results contribute to the literature on the theory of effectuation by questioning the evolution of rationalities and entrepreneurial behaviors during the creation of the company and the search for financing.
Keywords:
- Novice/expert entrepreneurs,
- Venture capital,
- Angels,
- Growth of the firm,
- Start-up,
- Effectuation/Causation
Appendices
Références
-
Aernoudt, R. (1999). Business angels : should they fly on their own wings ? Venture Capital Journal, 1(2), 187-195.10.1080/136910699295965 Google Scholar Search this bibliographic reference on Google Scholar
-
Aguinis, H. et Solarino, A.M. (2019). Transparency and replicability in qualitative research : the case of interviews with elite informants. Strategic Management Journal, 40(8), 1291-1315.10.1002/smj.3015 Google Scholar Search this bibliographic reference on Google Scholar
-
Alsos, G.A. et Clausen, T.H. (2014). The start-up processes of tourism firms : the use of causation and effectuation strategies. Dans G.A. Alsos, T.H. Clausen (dir.), Handbook of research on innovation in tourism industries (p. 181-202). Cheltenham, Edward Elgar Publishing.10.4337/9781782548416.00016 Google Scholar Search this bibliographic reference on Google Scholar
-
Alvarez, S.A. et Barney, J.B. (2007). Discovery and creation : alternative theories of entrepreneurial action. Strategic Entrepreneurship Journal, 1(1‐2), 11-26.10.1002/sej.4 Google Scholar Search this bibliographic reference on Google Scholar
-
An, W., Rüling, C.C., Zheng, X. et Zhang, J. (2020). Configurations of effectuation, causation, and bricolage : implications for firm growth paths. Small Business Economics, 54(3), 843-864.10.1007/s11187-019-00155-8 Google Scholar Search this bibliographic reference on Google Scholar
-
Appelhoff, D., Mauer, R., Collewaert, V. et Brettel, M. (2016). The conflict potential of the entrepreneur’s decision-making style in the entrepreneur-investor relationship. International Entrepreneurship and Management Journal, 12(2), 601-623.10.1007/s11365-015-0357-4 Google Scholar Search this bibliographic reference on Google Scholar
-
Arend, R.J., Sarooghi, H. et Burkemper, A. (2015). Effectuation as ineffectual ? Applying the 3E theory-assessment framework to a proposed new theory of entrepreneurship. Academy of Management Review, 40(4), 630-651.10.5465/amr.2014.0455 Google Scholar Search this bibliographic reference on Google Scholar
-
Bertrand, J. et St-Pierre, J. (2011). L’identification des risques dans les projets d’innovation des PME : l’influence du profil des évaluateurs sur l’efficacité du processus. 7e congrès de l’Académie de l’entrepreneuriat et de l’innovation. Paris, France, 12 au 15 octobre.Google Scholar Search this bibliographic reference on Google Scholar
-
Blais, C. et St-Pierre, J. (2023). Processus de développement de nouveaux produits dans les petites et moyennes entreprises (PME) innovantes : une étude exploratoire. Innovations, 0(3), 209-239.10.3917/inno.pr2.0149 Google Scholar Search this bibliographic reference on Google Scholar
-
Bonini, S., Capizzi, V., Valletta, M. et Zocchi, P. (2018). Angel network affiliation and business angels’ investment practices. Journal of Corporate Finance, 50, 592-608.10.1016/j.jcorpfin.2017.12.029 Google Scholar Search this bibliographic reference on Google Scholar
-
Bonnet, C., Capizzi, V., Cohen, L., Petit, A. et Wirtz, P. (2022). What drives the active involvement in business angel groups ? The role of angels’ decision-making style, investment-specific human capital and motivations. Journal of Corporate Finance, 77, 101944.10.1016/j.jcorpfin.2021.101944 Google Scholar Search this bibliographic reference on Google Scholar
-
Bonnet, C. et Wirtz, P. (2011). Investor type, cognitive governance and performance in young entrepreneurial ventures : a conceptual framework. The Journal of Behavioral Finance & Economics, 1(1), 42-62.Google Scholar Search this bibliographic reference on Google Scholar
-
Bonnet, C. et Wirtz, P. (2012). Raising capital for rapid growth in young technology ventures : when business angels and venture capitalists coinvest. Venture Capital Journal, 14(2-3), 91-110.10.1080/13691066.2012.654603 Google Scholar Search this bibliographic reference on Google Scholar
-
Burkhardt-Bourgeois, K. et Cohen, L. (2022). Prediction and control : the specific role of business angels in the investment process. Revue de l’Entrepreneuriat, 21(1), 93-126.10.3917/entre1.pr.0034 Google Scholar Search this bibliographic reference on Google Scholar
-
Chandler, G.N., DeTienne, D.R., McKelvie, A. et Mumford, T.V. (2011). Causation and effectuation processes : a validation study. Journal of Business Venturing, 26(3), 375-390.10.1016/j.jbusvent.2009.10.006 Google Scholar Search this bibliographic reference on Google Scholar
-
Cohen, L. (2017). Le co-investissement par des business angels et des capital-investisseurs dans les jeunes entreprises technologiques et trajectoires de croissance : approche en termes de gouvernance d’entreprise et études de cas comparatives (thèse de doctorat en sciences de gestion). Lyon, France, Université Lyon 3.Google Scholar Search this bibliographic reference on Google Scholar
-
Cohen, L. et Wirtz, P. (2022). Decision-making style in entrepreneurial finance and growth. Small Business Economics, 59(1), 1-28.10.1007/s11187-021-00528-y Google Scholar Search this bibliographic reference on Google Scholar
-
Crick, J.M. et Crick, D. (2018). Angel investors’ predictive and control funding criteria : the importance of evolving business models. Journal of Research in Marketing and Entrepreneurship, 20(1), 34-56.10.1108/JRME-11-2016-0043 Google Scholar Search this bibliographic reference on Google Scholar
-
DeTienne, D.R. et Chandler, G.N. (2010). The impact of motivation and causation and effectuation approaches on exit strategies. Frontiers of Entrepreneurship Research, 30(1), 1.Google Scholar Search this bibliographic reference on Google Scholar
-
Dew, N., Read, S., Sarasvathy, S.D. et Wiltbank, R. (2008). Outlines of a behavioral theory of the entrepreneurial firm. Journal of Economic Behavior & Organization, 66(1), 37-59.10.1016/j.jebo.2006.10.008 Google Scholar Search this bibliographic reference on Google Scholar
-
Dew, N., Read, S., Sarasvathy, S.D. et Wiltbank, R. (2009). Effectual versus predictive logics in entrepreneurial decision-making : differences between experts and novices. Journal of Business Venturing, 24(4), 287-309.10.1016/j.jbusvent.2008.02.002 Google Scholar Search this bibliographic reference on Google Scholar
-
Eisenhardt, K.M. et Graebner, M.E. (2007). Theory building from cases : opportunities and challenges. Academy of Management Journal, 50(1), 25-32.10.5465/amj.2007.24160888 Google Scholar Search this bibliographic reference on Google Scholar
-
Gregoire, D. et Barès, F. (2017). Saras Sarasvathy : une autre voie pour la croissance. Gestion, 42(3), 73-75.10.3917/riges.423.0073 Google Scholar Search this bibliographic reference on Google Scholar
-
Harrison, R.T. et Mason, C.M. (2000). Venture capital market complementarities : the links between business angels and venture capital funds in the United Kingdom. Venture Capital Journal, 2(3), 223-242.10.1080/13691060050135091 Google Scholar Search this bibliographic reference on Google Scholar
-
Lindsay, N.J. (2004). Do business angels have an entrepreneurial orientation ? Venture Capital Journal, 6(2-3), 197-210.10.1080/13691060420001675983 Google Scholar Search this bibliographic reference on Google Scholar
-
Miles, M.B. et Huberman, A.M. (2003). Analyse des données qualitatives. Bruxelles, De Boeck Supérieur.Google Scholar Search this bibliographic reference on Google Scholar
-
Morrissette, S.G. (2007). A profile of angel investors. The Journal of Private Equity, 10(3), 52-66.10.3905/jpe.2007.686430 Google Scholar Search this bibliographic reference on Google Scholar
-
Murnieks, C.Y., Haynie, J.M., Wiltbank, R.E. et Harting, T. (2011). I like how you think : similarity as an interaction bias in the investor-entrepreneur dyad. Journal of Management Studies, 48(7), 1533-1561.10.1111/j.1467-6486.2010.00992.x Google Scholar Search this bibliographic reference on Google Scholar
-
Read, S. et Sarasvathy, S.D. (2005). Knowing what to do and doing what you know : effectuation as a form of entrepreneurial expertise. The Journal of Private Equity, 9(1), 45-62.10.3905/jpe.2005.605370 Google Scholar Search this bibliographic reference on Google Scholar
-
Read, S., Wiltbank, R. et Sarasvathy, S.D. (2003). What do entrepreneurs really learn from experience ? The difference between expert and novice entrepreneurs. Frontiers of Entrepreneurship Research, 22(1), 28.Google Scholar Search this bibliographic reference on Google Scholar
-
Reymen, I.M., Andries, P., Berends, H., Mauer, R., Stephan, U. et Van Burg, E. (2015). Understanding dynamics of strategic decision making in venture creation : a process study of effectuation and causation. Strategic Entrepreneurship Journal, 9(4), 351-379.10.1002/sej.1201 Google Scholar Search this bibliographic reference on Google Scholar
-
Sarasvathy, S.D. (2001). Causation and effectuation : toward a theoretical shift from economic inevitability to entrepreneurial contingency. Academy of Management Review, 26(2), 243-263.10.2307/259121 Google Scholar Search this bibliographic reference on Google Scholar
-
Sarasvathy, S.D. (2008). Effectuation : elements of entrepreneurial expertise. Dans S.D. Sarasvathy (dir.), Effectuation (p. 9-23). Cheltenham, Edward Elgar Publishing.10.4337/9781848440197 Google Scholar Search this bibliographic reference on Google Scholar
-
Sarasvathy, S.D. et Germain, O. (2011). L’effectuation, une approche pragmatique et pragmatiste de l’entrepreneuriat. Revue de l’Entrepreneuriat, 10(3), 67-72.10.3917/entre.103.0067 Google Scholar Search this bibliographic reference on Google Scholar
-
Smolka, K.M., Verheul, I., Burmeister-Lamp, K. et Heugens, P.P. (2018). Get it together ! Synergistic effects of causal and effectual decision making logics on venture performance. Entrepreneurship Theory and Practice, 42(4), 571-604.10.1177/1042258718783429 Google Scholar Search this bibliographic reference on Google Scholar
-
Stake, R. (1995). Case study research. Thousand Oaks, Sage Publications.Google Scholar Search this bibliographic reference on Google Scholar
-
Van Osnabrugge, M. (2000). A comparison of business angel and venture capitalist investment procedures : an agency theory-based analysis. Venture Capital Journal, 2(2), 91-109.10.1080/136910600295729 Google Scholar Search this bibliographic reference on Google Scholar
-
Wallmeroth, J., Wirtz, P. et Groh, A.P. (2018). Venture capital, angel financing, and crowdfunding of entrepreneurial ventures : a literature review. Foundations and Trends in Entrepreneurship, 14(1), 1-129.10.1561/0300000066 Google Scholar Search this bibliographic reference on Google Scholar
-
Wiltbank, R., Dew, N., Read, S. et Sarasvathy, S.D. (2006). What to do next ? The case for non‐predictive strategy. Strategic Management Journal, 27(10), 981-998.10.1002/smj.555 Google Scholar Search this bibliographic reference on Google Scholar
-
Wiltbank, R. et Sarasvathy, S. (2002). Selection and return in angel investment. Frontiers of Entrepreneurship Research, 406. Communication présentée à Babson Conference. Récupéré sur le site : https://22657557.fs1.hubspotusercontent-na1.net/hubfs/22657557/Journal%20Articles/2016/06/angels-selection-return-1.pdf. Google Scholar Search this bibliographic reference on Google Scholar
-
Wiltbank, R., Sudek, R. et Read, S. (2009). The role of prediction in new venture investing. Frontiers of Entrepreneurship Research, 29(2), 3.Google Scholar Search this bibliographic reference on Google Scholar
-
Wiltbank, R., Read, S., Dew, N. et Sarasvathy, S.D. (2009). Prediction and control under uncertainty : outcomes in angel investing. Journal of Business Venturing, 24(2), 116-133.10.1016/j.jbusvent.2007.11.004 Google Scholar Search this bibliographic reference on Google Scholar
-
Winkler, C., Fust, A. et Jenert, T. (2016). Differentiating novice, non-expert and expert entrepreneurs : a self-regulated learning perspective. Dans C. Winkler, A. Fust, T. Jenert (dir.), Academy of management proceedings (p. 12056). Briarcliff Manor, Academy of Management.10.5465/ambpp.2016.163 Google Scholar Search this bibliographic reference on Google Scholar
-
Wright, M., Westhead, P. et Sohl, J. (1998). Editors’ introduction : habitual entrepreneurs and angel investors. Entrepreneurship Theory and Practice, 22(4), 5-22.10.1177/104225879802200401 Google Scholar Search this bibliographic reference on Google Scholar
-
Yin, R.K. (2009). Case study research : design and methods. Thousand Oaks, Sage Publications.Google Scholar Search this bibliographic reference on Google Scholar