Podcast – Publication Remarquable – Sustaining trust to cross the Valley of Death: A retrospective study of business angels’ investment and reinvestment decisions Vincent Lefebvre , Gilles Certhoux , Miruna Radu-Lefebvre

Sustaining trust to cross the Valley of Death: A retrospective study of business angels ’  investment and reinvestment decisions

Vincent Lefebvre , Gilles Certhoux , Miruna Radu-Lefebvre

Technovation,

 

L’article de Vincent Lefebvre, Gilles Certhoux et Miranda Radu-Lefebvre publié dans Technovation porte sur le rôle des Business Angels (BA) dans cette phase particulière dite de « la Vallée de la mort » propre aux premières années de vie de la start-up, lorsque celle-ci manque de ressources financières (funding gap).

Après avoir rappelé le rôle essentiel joué par les BA dans le financement précoce des start-ups, l’article propose de déployer le concept de confiance non seulement au moment t de l’investissement, mais plus globalement autour de la période qui entoure cet investissement. La confiance, sur laquelle reposerait l’essentiel de la décision d’investissement des BA, est fournie par l’entrepreneur lui- même, son réseau social, et ses capacités communicationnelles. En revanche, les potentiels de croissance du secteur dans lequel évolue la start-up n’interviendrait que dans un second temps et concernerait davantage les investissements par venture capital (VC).

Basée sur une analyse qualitative de deux cas de start-ups dans le domaine des technologies de l’information, l’article parvient à montrer comment et pourquoi la confiance accordée ou non par les BA affectent leur décision d’investissement (investir, réinvestir, ou se retirer). L’approche processuelle adoptée décortique les mécanismes de la confiance du BA, leurs évolutions, leurs transformations au cours de la relation qu’il entretient avec la start-up, notamment entre la phase de recherche et la phase de commercialisation.

L’étude est rétrospective et longitudinale, l’expérience d’un des auteurs en tant qu’ancien BA couplée à l’exploitation massive des documents de travail utilisés par les BA, permettent de reconstituer finement la manière dont la confiance se construit et évolue. Les notions d’honnêteté, d’ouverture d’esprit, et de qualité de jugement viennent compléter d’autres notions déjà mis en avant dans littérature sur la confiance comme les compétences techniques, managériales mais aussi communicationnelles de l’entrepreneur. Enfin, outre la relation dyadique entre le BA et la start-up, l’article souligne l’importance des réseaux de BA et l’effet « boule de neige » de la confiance en leur sein. Ainsi, la confiance d’un BA envers une start-up aura un effet positif sur la décision de réinvestir, mais aussi sur la décision d’investir d’un autre BA ou d’un VC. A l’inverse, si la confiance disparait, l’impact sera négatif sur les décisions d’investissement des autres BA.

Enfin, notons que les auteurs proposent un modèle aux entrepreneurs pour construire et maintenir la confiance avec les BA, condition indispensable pour traverser la Vallée de la mort. Ce modèle ne demande qu’à être testé auprès de populations d’entreprises plus larges et plus diversifiées en termes d’origine géographique ou de secteur d’activité.

Ecoutez l’échange entre Valérie François et Vincent Lefebvre

https://www.sciencedirect.com/science/article/pii/S0166497218306199

CfP SI – 01/31/2021- Technovation – Digitalization, Disruption, Technological Changes and the New Frontiers of Entrepreneurship

Source: https://www.journals.elsevier.com/technovation/call-for-papers/digitalization-disruption-technological-changes

Call for Papers

Technovation Special Issue : Digitalization, Disruption, Technological Changes and the New Frontiers of Entrepreneurship

Guest Editors:

Wadid Lamine, Telfer School of Management, University of Ottawa, Canada
Alain Fayolle, EMLyon Business School, France
Sarah Jack, Stockholm School of Economics, Sweden
David B. Audretsch, Institute for Development Strategies, Indiana University, USA

Introduction

Entrepreneurship is a multidisciplinary research field whose primary object of study is the process of the creation, identification and exploitation of opportunities and how these opportunities are transformed into new products, services and businesses that create wealth and contribute to economic development (Shane & Venkataraman, 2000). These entrepreneurial opportunities result from, among other things, the spatio-temporal contexts in which they emerge and develop (De Massis et al. 2018).

Today, far-reaching technological developments are making a deep impact on societies and economic environments worldwide. New digital platforms (Srinivasan & Venkatraman, 2018) infrastructure (fintech, data analytics, mobility, mobile business apps, nanotech, robotics, new space economy, artificial intelligence, virtual reality, cryptocurrencies, the internet of things, cloud computing, blockchain) are drawing us inexorably into a new globalized digital economy based on knowledge and mobility.

In this context of fast-paced change, new creative industries (Li, 2018), still in a state of flux, have arisen while others have disappeared, at least in their traditional form. Moreover, the intermixing of these new technologies has led to a redrawing of boundaries and an increase in their porosity (Nambisan, 2017) thanks to the links that have developed between the new and the traditional industries. This, it seems to us, extends the limits of entrepreneurship out towards new industries but also towards industries with high barriers to entry (De Massis et al. 2018) due to regulatory, technological or structural factors such as space, finance, aeronautics, IT hardware and health industries (Loderer, Stulz and Waelchi, 2016).

For a growing number of people, these new technologies, considered as “external enablers” (Davidsson, 2015), lead to a democratization of entrepreneurship (Aldrich, 2014) and a lowering of the barriers to starting up a company by reducing (or eliminating) the difficulties inherent in the entrepreneurial phenomenon in its “classical” configuration, difficulties such as high resource intensity, uncertainty, limited time or information asymmetry (Briel, Davidsson and Recker, 2018).

This new context, by offering new spaces for the creation, identification and exploitation of business opportunities, clearly extends the range of possibilities for a discipline such as entrepreneurship. Moreover, digitalization has helped to break down the boundaries between the different phases of the entrepreneurial process (Huang, Henfridsson, Liu & Newell, 2017).

Few studies in the discipline, however, have examined the impact of these technological disruptions not only the existing paradigms, but also our very conception of the entrepreneurial phenomenon in its nature and shifting contours (Nambisan, 2017).

This call for papers for the upcoming special issue invites entrepreneurship scholars to focus their efforts on the major changes that are likely to affect the entrepreneurial phenomenon in its capacity to transform itself within a digital, knowledge-based, mobility-centered economy. It aims to promote the emergence of new theories and conceptions (or the discussion of current theories and conceptions in light of the technological changes now underway) of the entrepreneurial opportunity and process that would more fully reflect the realities of the new environment we are living in.

We encourage authors, then, to submit theoretical and empirical work that offers original perspectives and draws on a variety of theoretical and methodological approaches.

Examples of relevant topics include, but are not limited to:

  • The impact of different new technology trends on entrepreneurial process dynamics associated with the creation, discovery and exploitation of entrepreneurial opportunities
  • How do new technology trends push entrepreneurship towards new frontiers and industries hitherto assumed to be inaccessible, such as health care, finance, space, etc.?
  • How do interactions between new emerging technologies provide new windows of opportunity and enable new transfer mechanisms within and between industries?
  • How does the emergence of new industries shape entrepreneurship as a socio-economic phenomenon?
  • New technology, new economy and new challenges for entrepreneurship research
  • The role of new technologies in enabling interconnections between existing and new industries
  • How do new technology options and alternatives contribute to reducing the entrepreneurship entry threshold?
  • New frontiers of entrepreneurship and their impact on society and public policy, with a view to improving human welfare.
  • How do new technologies create boundaries and spaces between industries for the creation and identification of new entrepreneurial opportunities?
  • Technological changes, digitalization and emerging entrepreneurship support mechanisms

Submissions should be prepared in accordance with Technovation’s guidelines and submitted via Manuscript Central (https://www.editorialmanager.com/technovation/default.aspx). The deadline of the submission is 31th, January 2021. When submitting, be sure to specify that the submission is for the special issue on ‘Technological Changes and the New Frontiers of Entrepreneurship’ by ticking the appropriate box. The Special Issue is subject to the normal double-blind review process established by Technovation.

Questions regarding any aspect of this special issue may be addressed to any of the coeditors:

Wadid Lamine (wadid.lamine@telfer.uottawa.ca); Alain Fayolle (fayolle@em-lyon.com); Sarah Jack (sarah.jack@hhs.se); David B. Audretsch (daudrets@indiana.edu)

References

Aldrich, H. (2014). The democratization of entrepreneurship? Hackers, makerspaces, and crowdfunding. Annual Meeting of the Academy of Management, Philadelphia, August 2014.

Briel, V.F., Davidsson, P., and Recker, J.C., (2018). Digital technologies as external enablers of new venture creation in the IT hardware. Entrepreneurship Theory & Practice 42 (1), 47-69

Davidsson, P. (2015). Entrepreneurial opportunities and the entrepreneurship nexus: A re-conceptualization. Journal of Business Venturing, 30, 674–695.

De Massis, A. Kotlar, J. Wright, M., and Kellermanns, EW. (2018). Sector-Based Entrepreneurial Capabilities and the Promise of Sector Studies in Entrepreneurship, Entrepreneurship Theory & Practice 42 (1), 47-69

Huang, J., Henfridsson, O., Liu, M. J., & Newell, S. (2017). Growing on steroids: Rapidly scaling the user base of digital ventures through digital innovation. MIS Quarterly, 41(1), 301–314.

Loderer, C., Stulz, R., & Waelchli, U. (2016). Firm rigidities and the decline in growth opportunities. Management Science. doi: 10.1287/mnsc.2016.2478

Li, F. (2018). The digital transformation of business models in the creative industries: A holistic framework and emerging trends. Technovation (In press). doi.org/10.1016/j.technovation.2017.12.004

Nambisan, S. (2017). Digital entrepreneurship: Towards a digital technology perspective of entrepreneurship. Entrepreneurship Theory and Practice. Advance online publication. doi: 10.1111/etap.12254

Nambisan, S., Lyytinen, K., Majchrzak, A., & Song, M. (2017). Digital innovation management: Reinventing innovation management research in a digital world. MIS Quarterly, 41(1), 223–238.

Shane, S. A., & Venkataraman, S. (2000). The promise of entrepreneurship as a field of research. The Academy of Management Review, 25(1), 217–226.

Srinivasan, S & Venkatraman, N. (2018) Entrepreneurship in digital platforms: A network‐centric view, Strategic Entrepreneurship Journal, 12(1), 54-71, https://doi.org/10.1002/sej.1272

Source: https://www.journals.elsevier.com/technovation/call-for-papers/digitalization-disruption-technological-changes

1st Conference of Research in Entrepreneurship, Education and Technology (#CREET)- 28-29 May 2020 – Ottawa

Ottawa, Canada
May 28-29 2020

The Telfer School of Management (University of Ottawa) and emlyon business school are proud to announce the 1st Conference of Research in Entrepreneurship, Education and Technology (#CREET) that will take place on 28-29 May 2020 in Ottawa, the beautiful Canadian capital. This will be the first annual gathering of the conference which will rotate between Telfer School of Management – University of Ottawa (Canada), and emlyon business school (France). This global conference aims to promote worldwide scholarly collaborations across regions, continents and academic communities. The first keynote addresses will be made by Benson Honig, Professor and Endowed Chair Teresa Cascioli in Entrepreneurial Leadership, DeGroote School of Business, McMaster University, Sarfraz Mian, Professor of Strategic Management and Entrepreneurship at State University of New York at Oswego and Associate Editor of Journal of Small Business Management, and Fred Phillips, Professor of Management of Technology at University of New Mexico, Editor-in-Chief of Technological Forecasting & Social Change journal.

http://sites.telfer.uottawa.ca/creet2020/

1st CREET Conference-University of Ottawa (002)