Therefore much time to earn enough observationsThe debate over fiscal stimulus is surrealtake on the coast with weapons and baggageThere was until then the dismissal or resignationTherefore take care to two major pitfalls1 of the vote in 1999 with Charles PasquaEnhance in reference to the nature of the activitiesIn the first place the English and Russiansrate to 10 years is tended by 8 points to 3This new dictatorship is as old as GutenbergYoung innovative enterprises (JEI) are often devoid of any resource, if not control by their founders of an idea and technology. To finance themselves, they must be "pacser" with professionals of the risk (the venture in English) that they understand often: the capitalists (nicknamed VCs for Venture Capitalists). Hence the importance for them, if they can, many choose their investors. But this requirement is also necessary to their financial partners.
"Analysis of our investments over the past twenty years proves it, observes Antoine Garrigues, Iris Capital as an associate, the vast majority of chess comes from a failure of management. Because the heart of the business of VC is the ability to select a team. Thus, the rule is clear: it must establish a Pact of confidence on bases likely to last as long as the investment, clear. A horizon, which is relatively short, taking into account the rules of the liquidation of the Fund investment of five to ten years, according to the date of the transaction.
"Hands-on" or "hands off".
In the VCs, two philosophies collide: the "hands - on", which can intervene heavily in the company, and the "hands-off", more indented. The consensus is that a simple financial Bandwagoning brings less good results, but the styles vary quite widely. "A good investor must be lazy!, exclaimed Benoist Grossmann, who leads the activity of AGF Private Equity venture.". When we are forced to be very present in the company, it is that things go wrong and that there are more much to save. "Watermark, it detects the idea that change a leader, fails, is helpful.
For others, however, must be given to the company all ways to succeed. "Three factors are a company's success: the team, market, technology, analysis for example Jean Schmitt, partner of Sofinnova.". "The management may change, patents remain." Therefore, in many young shoots a manager just to add to the founders. Or replace them.
So, in the portfolio of Sofinnova, the founder of Inside Contactless, Jacek Kowalski, comes to surrender the reins of his start-up, established 12 years ago. The Chairman of the Supervisory Board of Rémy de Tonnac takes over at the head of the specialist of contactless chips, while Jacek Kowalski again for a new adventure, named Twinlinx. Without bitterness. "There comes a time when the business manager must delegate the most interesting functions and to focus on relations with the VCs. personally, I prefer to create! Rémy de Tonnac represented one of the first investors present at the Board of Directors of Inside Contactless, Israeli-Singapore Vertex. It is the only VC to pass across the mirror. Frank Delorme and Bernard Gilly, two ex - VCs, left Sofinnova to head of a start-up company. For Bernard Gilly is a return to the sources in a biotech, Fovea, backed by venture capitalist.
Conversely, it is rare that a contractor takes place in an investor, after the success. It is common across the Atlantic, not in France. That regret some VCs, like Jacques Chatain, one of the founders of the Auriga Partners Fund: "There is not enough entrepreneurs in teams!", regrets. In fact, sector welcomes entrepreneurs from top flight between two projects. Was the case with Pierre Chappaz Switzerland Index Ventures, Kelkoo and Netvibes, or of Didier Benchimol (read below), in CDP Capital between iMédiation and Cartesis...
