Clusters et efficacité du capital-risque : une analyse des stratégies différenciées des fonds indépendants et des fonds industriels

?Independent Venture Capital (IVC) investors are distinguished from captive ones, which are affiliated to banks, corporates or public entities. IVC investors are generally considered as having higher return, selectivity and performance than other Venture Capitalists. The topic of this article is to evaluate the limits of these conclusions in the case of Corporate Venture Capital (CVC) investors, which are considered as subsidiaries of industrial companies. The paper is based on an original theoretical model founded on stylized facts which yields, in the benchmark case, the usual results of the literature. Without considering any interactions among projects, IVC specific resources and strategies make them more efficient than CVC. We then introduce synergies and interactions among projects, able to increase the return of projects in the event of success. We show that these interactions not only help CVC to fund more projects but also to increase the general selectivity of funded projects, at a level that may make them more selective than IVC. We illustrate these results by numerical simulations that we discuss in the conclusion.?