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Leçons d'innovation sociale des micro-angels

Author

Listed:
  • Arvind Ashta

    () (Chaire Banque Populaire en Microfinance du Groupe ESC Dijon Bourgogne [Dijon] - BSB - Burgundy School of Business (BSB) - Ecole Supérieure de Commerce de Dijon Bourgogne (ESC))

  • Glòria Estapé-Dubreuil

    (UAB - Universitat Autònoma de Barcelona [Barcelona])

  • Jean-Pierre Hédou

    (Association Régionale des CIGALES de Bourgogne - CEREN - Centre de Recherche sur l'Entreprise - Start entering a institution, university, grande ecole)

  • Stéphan Bourcieu

    (CEREN - Centre de Recherche sur l'Entreprise - Start entering a institution, university, grande ecole)

Abstract

Micro-entrepreneurs can increase their ability to take debt by taking equity alongside, thus respecting prudent ratios and reducing stress. Since 1983, microequity has been started in France through a socially innovative movement known as CIGALES. We look at the development of the CIGALES movement from an Institutional lens to understand how these clubs of microangels multiplied and why the movement hasn't grown faster and more global. We find that catalytic innovation not only requires the institutional entrepreneur to collaborate with other complementary institutions but also to create such institutions. The blocks to the movement are both internal values and the external institutional cage. Understanding this movement could be useful for future development efforts including crowdfunding, microequity and impact investments.

Suggested Citation

  • Arvind Ashta & Glòria Estapé-Dubreuil & Jean-Pierre Hédou & Stéphan Bourcieu, 2012. "Leçons d'innovation sociale des micro-angels," Working Papers hal-00726112, HAL.
  • Handle: RePEc:hal:wpaper:hal-00726112
    Note: View the original document on HAL open archive server: https://hal.archives-ouvertes.fr/hal-00726112
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    References listed on IDEAS

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    1. T. Lawrence & R. Suddaby & B. Leca, 2009. "Introduction : Theorizing and studying institutional work," Post-Print hal-00808954, HAL.
    2. Jonathan T. Eckhardt & Scott Shane & Frédéric Delmar, 2006. "Multistage Selection and the Financing of New Ventures," Management Science, INFORMS, vol. 52(2), pages 220-232, February.
    3. Didier Chabaud & Parthenay Claude & Yannick Perez, 2005. "Environnement institutionnel et trajectoire des entreprises, une analyse northienne de l'industrie électrique," Post-Print hal-01660452, HAL.
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    More about this item

    Keywords

    institutional entrepreneur; venture capital; business angels; catalytic innovation; micro-equity; entrepreneur institutionnel; capital-risque; bonne fée des affaires; innovation catalytique; microfinance; micro-prise de participation;

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