Résumés
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
Parties annexes
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