4.2.3 Panorama des besoins et des sources de financement de l’innovation 3/4

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來自 École Polytechnique 的課程

Créer et développer une startup technologique

235 個評分

École Polytechnique

Créer et développer une startup technologique

235 個評分

Ce cours vous permettra d’identifier et d’évaluer des opportunités de création d’entreprises technologiques et d’en comprendre les principaux enjeux humains, techniques, commerciaux, environnementaux et financiers. Vous aurez ainsi des bases solides pour créer votre entreprise high tech ou décider d'en rejoindre une. Décider de créer ou de rejoindre une entreprise technologique dans ses premières années est la promesse d’une aventure hors du commun mais ce n’est pas un acte anodin : il faut être capable d’accepter que toutes les « bonnes » idées ne conduiront pas au succès, que seule une minorité de projets débouchera sur un immense succès. Il faut aussi renverser votre rapport à l’échec, qui est une source d’expérience et doit être géré selon la logique de la « perte acceptable » : l’entrepreneur aime l’incertitude, pas le risque démesuré. La création d’entreprises technologiques vous offre une réelle occasion de contribuer à changer le monde mais nécessite que vous adoptiez un certain état d’esprit et que vous puissiez acquérir des savoirs, des savoir-faire et des savoir être, ainsi qu’une expérience la plus large possible. Vous aurez l'occasion de côtoyer des personnes passionnantes et passionnées issues d'horizons très différents. A partir d’une vision et d’une technologie de pointe, ces femmes et ces hommes ont souvent bâti des entreprises d’envergure mondiale. La trajectoire de développement d'une entreprise technologique est pleine d’imprévus qui vous demanderont à la fois de l’agilité et une préparation importante pour partir d’une idée forte, sélectionner votre marché, développer votre offre, réunir une équipe à la hauteur des enjeux et trouver des financements. Ce cours se compose de sessions méthodologiques ainsi que de témoignages d'entrepreneurs et d’acteurs emblématiques de la création d'entreprises technologiques. Vous pourrez ainsi vous familiariser avec les dilemmes essentiels auxquels sont confrontés les créateurs d'une entreprise high tech, à commencer par la décision de créer sa propre structure, qui représente un véritable choix de vie. Vous verrez également que la création d'une entreprise technologique est davantage une aventure collective qu’un parcours individuel.

從本節課中

Calculez vos besoins de financement et trouvez des partenaires financiers

Le développement d’une innovation technologique est une aventure passionnante qui s’apparente souvent à une course d’obstacles lorsqu’il s’agit de trouver les premiers financements. Les nouvelles technologies fascinent mais beaucoup d’investisseurs sont frileux lorsqu’il s’agit de les financer car les risques techniques, commerciaux et humains sont réels. Pour autant, il existe de nombreuses sources de financement et les créateurs d’entreprises innovantes déploient des trésors de créativité pour franchir avec succès les étapes qui vont du développement d’une technologie de pointe à la commercialisation d’une offre innovante et rentable.Cette séance relative au financement de l’innovation vous permettra de voir comment déterminer vos besoins de financement et comment trouver les ressources correspondantes. Vous pourrez également avoir un aperçu de la logique des investisseurs, qui financent parfois des entreprises à un stade très précoce.

4.1 Introduction0:54

4.2.1 Panorama des besoins et des sources de financement de l’innovation 1/44:05

4.2.2 Panorama des besoins et des sources de financement de l’innovation 2/45:54

4.2.3 Panorama des besoins et des sources de financement de l’innovation 3/46:19

4.2.4 Panorama des besoins et des sources de financement de l’innovation 4/41:05

4.3.1 Qu’est ce qui incite un particulier à financer un projet d’entreprise technologique ? 1/27:45

4.3.2 Qu’est ce qui incite un particulier à financer un projet d’entreprise technologique ? 2/213:22

4.4 De la théorie des ondelettes à la start-up "Let It Wave" : le financement du démarrage18:52

4.5 Comment un fonds d’investissement peut-il décider de financer une technologie de rupture ?10:25

與講師見面

Romain Beaume
Chargé Mission chaire MIX
50% Ecole polytechnique + 50% ParisTech
Etienne Krieger
Affiliate Professor
Entrepreneurship and Innovation

When you have identified your financial needs,

Several resources are available to you to balance your financing plan.

The list is long and one could think that there are plenty to choose from.

It is nevertheless far from being the case, as the granting of several of these resources

abide by rather strict conditions, as for example your future ability

to self-finance, and how much capital you have and your cumulative outcomes

which constitute the capital of your company.

The overall credibility of your development plan and of the team in charge of

implementing will be examined.

An entrepreneur generally dedicates a lot of time looking for

financing in the thicket of available resources.

We are going then to review the main sources of funding

which are available to the creators of innovative companies.

Even before the creation of a company, some technologies are developed

for years, in public or private research laboratories,

and you will benefit effectively from these laboratories resources.

Some innovation support can also be granted before the actual

creation of your company, for example via the Concours National d'Aide à la

Création d'Entrepises Innovantes.

Finally, if you are lucky enough to be accepted,

the technological incubators often take care of the hefty expertise and

guidance fees of the entrepreneurs.

But sooner or later it will be necessary to take money out of savings to create the company

and divide the initial capital between the main founders.

This personal contribution is usually of some thousands or tens of

thousands euros.

This allows to trigger the fund and realise your involvement in the

project, beyond the time and energy that will have to be spent on it.

From that point, your financial strategy is a function of your development

path and of the corresponding financial needs,

which we have mentioned in the earlier sessions.

It comes back basically to the following paths: Some technological

companies manage to develop into pure self-financing from the beginning,

and they just call for extra resources like grants,

refundable advances and bank loans to finance possible

gaps in cashflow.

Once it is up and running, your main room to manoeuvre is then linked to

your available cashflow and to your ability to self-finance.

Other entrepreneurs however increase their capital straight away

as the initial relationship is not enough to face the expenses and

to the necessary investments before achieving the self-financing.

These capital increases could be carried out by several types

of investors which can include your family and friends,

but also Business Angels and the start-up and capital funds-risk

we will talk about at a later stage.

Self-financing in time is of course an objective,

unless your company was bought in the meantime.

If you develop in pure self-financing,

besides nothing stops you from speeding up the growth by

raising in turn capital at a later stage.

It will not be a capital-risk any longer,

but a capital-development, because these investments are made to finance

the growth of an already profitable company.

We have already drawn your attention on the fact that on of the main stakes of an

entrepreneur was to synchronise the fund raising with the large technical

and commercial steps of the development of his company.

It is necessary therefore to raise enough funds to achieve at least the

next step which will reinforce your technical and commercial credibility and not

find yourself in midstream, like some entrepreneurs

who are having to throw in the towel, because of a lack of capital.

At the launching of an innovative company,

the regular bank financing is very limited, even non-existant, as your

ability to generate cash to reimburse your loans are far from being established.

Some organisations exempt from this rule by providing loans to the

creators directly,

thanks to the expertise of the structure such as Scientipôle or the Réseau Entreprendre.

Bpifrance is, furthermore,

an essential financing player of innovation in France,

knowing that same structures exist in the other countries.

The young innovative companies are indeed likely to benefit from

grants or refundable advances at a )% rate with the establishment which

benefit from a large range of financial tools to support the creation

and the development of the inovative companies.

You can, besides, benefit from tax credit and a decrease in

the charges linked to the status Jeune Entreprise Innovante,

at the Crédit d'Impôt Recherche or the Crédit d'Impôt Innovation.

The labour margins the creator has from an innovative company

to finance its development are numerous,

but justified by a series of criteria and ratios which will limit

the propensity of a banker or of a public organisation to make ends meet.

In effect, only one source of financing is potentially unlimited,

it comes to increases in capital, especially with companies of

capital-risk which can bring in several tens of thousands euros

to launch and develop an innovative company.

A biotechnology company such as Cellectis has raised more than 100 millions

euros since its creation and its initial public offering.

The company was therefore able to finance a development programme which

aspires to revolutionise the engineering of genomes.

What matters in this case,

is to present the important growing perspectives with, at the end,

considerable benefits which will pay the capital expenditures.

I must also mention a device which at the moment is changing the financing

of companies in general, and of young innovative companies in particular.

It is what is still called crowdfunding.

Thanks to these funding platforms, you can pre-sell innovative

products, request loans and even find capital investors.

The phenomene is still emergent,

but it is developing rapidly and many innovative companies have been able to

find there a valuable source of funding and of commercial visibility.

The finance sector itself cannot escape therefore disruptive

innovation.

One last exercise to conclude.

The personal contribution of the founders of an innovative company allows above all,

1: To finance the technical development of a new product.

2 : To pay the first commercial fees.

3 : To trigger the fund and to show the involvement of the founders.

4 : To obtain grants to pay the team.

The right answer is the third suggestion,

as the initial contribution of the founders allows to set a spiral of good development

into motion by self-financing or via subsequent

fund raising.

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