La neología en español relacionada con los business angels: un estudio de caso en el campo de la financiación alternativa

En este artículo nos fijamos como objetivo contribuir al estudio de los procesos neológicos en un campo temático concreto, el de la financiación alternativa, a través del análisis pormenorizado de las unidades terminológicas en español relacionadas con los business angels. Para ello, hemos recopilado dos amplios corpora de textos especializados correspondientes a las variedades de España y de América. Además de obtener datos cuantitativos sobre la frecuencia de aparición de los términos, prestaremos atención a su delimitación conceptual (incluyendo los tipos de business angels) y a los criterios lingüísticos que intervienen en su formación, de manera que se proporcionen algunos puntos de anclaje para que el usuario (especialista, redactor técnico, traductor, etc.) tome decisiones fundamentadas a la hora de emplear estos neónimos en español.

Is there a gender gap in equity-based crowdfunding?

Compared to their male peers, female entrepreneurs tend to face greater obstacles in raising venture funding from business angels, venture capitalists, and financial institutions. In this paper, we investigate whether this gender gap also exists in equity crowdfunding. Based on data from the German equity crowdfunding market, we find that ventures with and without female managing directors are equally successful in raising capital when launching their first equity crowdfunding campaign. In contrast, the former are significantly less successful than their peers in seasoned equity crowdfunding campaigns, and this disparity cannot be fully explained by differences in other venture-related or entrepreneur-related characteristics. However, we also find that the gender gap in seasoned offerings narrows if female entrepreneurs set more ambitious funding thresholds. Overall, our results indicate that pitching their equity crowdfunding campaigns in a more promotion-oriented way is a sensible strategy for female entrepreneurs to improve funding success.

They do not look alike: what kind of private investors do equity crowdfunded firms attract?

Using a dataset of 170 firms that successfully fundraised via the two most prominent UK equity crowdfunding platforms, we investigate whether and how having successfully run an equity crowdfunding campaign is associated to the reputation of follow-on venture capital investors attracted. From the comparison with a control group of firms that received a seed round from business angels, we found that firms that have run a successful equity crowdfunding campaign attract lower reputable VCs. These results are confirmed when controlling for endogeneity and for firms’ characteristics. Considering the shareholder structure chosen by the firm raising equity crowdfunding, we found that firms opting for a direct shareholder structure, which entails higher coordination and agency costs, attract less reputable VCs compared to firms opting for the nominee shareholder structure.

Innovative Small and Medium-Sized Enterprises: the Problem of Development and Financing

The present article analyses the development and financing problems faced by innovative SMEs in the Republic of Moldova. Before considering some of the sources of funding available to small and medium-sized enterprises, it is necessary to determine what defines these enterprises, what their role and importance in the contemporary economy is, as well as their role in creating and promoting innovation. This paper analyses the ways in which the government tends to support SMEs and why they often face difficulties in developing and attracting resources to finance the activities. At the same time, special attention will be paid to modern sources of funding – venture capital funds and business angels. Finally, the measures to be taken to support the development of innovative SMEs will be identified.

Gouvernance cognitive et développement des ressources entrepreneuriales

Cette étude montre que les pratiques de gouvernance des plateformes d’equity crowdfunding contribuent au développement des ressources entrepreneuriales. Elles agissent en tant qu’interface, structurant les interactions entre les acteurs de la finance entrepreneuriale (foule, business angels et capital-risque). Les auteurs proposent une typologie permettant de caractériser quatre types de plateformes mobilisant les ressources cognitives de chaque catégorie d’investisseur de manière différenciée.

Humilité et narcissisme des entrepreneurs

Dans cet article, les auteurs proposent une analyse conceptuelle des conséquences de l’humilité et du narcissisme des entrepreneurs – deux traits de personnalité en apparence contradictoires mais potentiellement complémentaires – dans le contexte d’une recherche de financement en capital. Plus précisément, ils montrent comment l’humilité et/ou le narcissisme exprimés par un entrepreneur, en affectant les perceptions des investisseurs (capital-risqueurs, business angels) sur les qualités et la compatibilité de l’entrepreneur avec un investisseur, impactent la probabilité de financement d’une start-up.

LES POLITIQUES DE FINANCEMENT DE LINNOVATION AU MAROC - ETAT DES LIEUX ET PERSPECTIVES -

The Morocco has made considerable efforts in order to develop investments in R&D, from public, private sources or through international cooperation. However, the analysis of the funding policy for Research and Innovation in Morocco teaches us that, in addition to the weak presence of the private sector in this area, public policy is exposed to immense constraints, such as the low budget. allocated, the incompatibility of public procedures… All the more so, the discontinuity and opacity of almost all the funds and programs have prevented any attempt to develop research and innovation in Morocco. These constraints, both economic, institutional and political, lead to recognize the imminent role that large Moroccan companies could play, in terms of financing research and innovation, However, the use of other alternative modes of financing, such capital investment, Business Angels and Crowdfunding constitute a promising choice, faced with the financing problem faced by startups and innovative project leaders in Morocco.