Extra-financial rating and growth potential assessment: evidence from innovative start-ups[Notation extra-financière et mesure du potentiel de croissance : le cas des startups innovantes]

This paper examines the ability of extra-financial rating models to measure the growth potential of innovative start-ups. In an environment characterised by high uncertainty, a strong knowledge asymmetry between entrepreneurs and investors, and highly heterogeneous development trajectories, start-up evaluation extends well beyond traditional financial indicators. The study analyses how extra-financial rating systems rely on qualitative criteria relating to the founding team, the nature and maturity of the innovation, market dynamics, governance structures and the coherence of the business model. It shows that these elements are aggregated into scoring models designed to reflect the future potential of the start-up rather than its past performance. The findings highlight several tensions: the decisive weight given to certain human factors that are difficult to objectify, methodological variability across rating agencies, the risk of standardising the profiles of start-ups deemed "fundable", and possible effects on access to financing. The communication thus offers a critical perspective on extra-financial rating practices, while emphasising their growing role as tools for reducing uncertainty for early-stage and growth investors.