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Capital risque industriel et innovation technologique

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Author Info

  • Jean-Sebastien Lantz
  • Jean-Michel Sahut
  • Frédéric Teulon

Abstract

Le capital risque industriel (CVC) joue un rôle moteur dans le développement d’innovations technologiques. C’est à la fois un apport en fonds propres ainsi qu’en compétences techniques et stratégiques aux start-up. Mais c’est également une stratégie entrepreneuriale réalisée à l’extérieur des grands groupes car ces derniers ne peuvent plus se contenter d’essayer de créer en interne des innovations. Le capital risque industriel permet ainsi de réduire le risque de l’innovation tout en gardant un certain contrôle sur l’entreprise cible ou une option de rachat sur l’innovation une fois que cette dernière aura dépassé le stade de l’émergence. Le CVC apparaît donc comme un mode de financement de l’innovation externe et plus efficient. Malgré les crises, il continue de se développer dans les secteurs high-tech les moins touchés notamment dans les biotechnologies. Les avantages qu’il apporte à chaque étape du projet par rapport au financement par des fonds de capital risque sont un gage de sa pérennité.

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Bibliographic Info

Paper provided by Department of Research, Ipag Business School in its series Working Papers with number 2014-233.

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Length: 15 pages
Date of creation: 22 Apr 2014
Date of revision:
Handle: RePEc:ipg:wpaper:2014-233

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Keywords: capital risque; innovation; performance; financement; motivation; investissement;

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  1. Paul A. Gompers, 2002. "Corporations and the financing of innovation: The corporate venturing experience," Economic Review, Federal Reserve Bank of Atlanta, issue Q4, pages 1-17.
  2. Muzyka, Dan & Birley, Sue & Leleux, Benoit, 1996. "Trade-offs in the investment decisons of European venture capitalists," Journal of Business Venturing, Elsevier, vol. 11(4), pages 273-287, July.
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