Digitisation, quantitative analysis, and data-driven methods have been used for investment decision support for more than two decades within the finance sector, however there are great differences of its adoption in different parts of the financial market. One part of the market that has not yet achieved a high level of adoption is the Venture capital (VC) industry. In this study, quantitative analysis will be applied to a dataset of 25430 early stage start-ups in Europe to determine which characteristics of a founder and executive team are most influential when predicting start-up success. This study is part of an effort towards the digitisation of the industry, enlightening quantitatively robust insights into evaluating the teams of new ventures, and reducing bias in the venture capital investment process. It is also part of an effort in bringing insights to current and aspiring entrepreneurs about the most important start-up team characteristics, something that could be used to become a better entrepreneur or build a more efficient and well balanced entrepreneurial team. / Digitalisering, kvantitativ analys, och datadrivna metoder har använts som support vid investeringsbedömning i mer än två decennier inom finanssektorn. Emellertid finns stora skillnader mellan dess adaption in olika delar av finansmarknaden. En del av marknaden som ännu inte uppnått en hög grad av adaption är riskkapitalindustrin (VC). In denna studie kommer en kvantitativ analys genomföras av 25430 nystartade företag i Europa för att dra slutsatser kring vilken karakteristik hos grundare och chefsteamet som har störst inverkan vid prediktion av vidare företaget blir framgångsrikt eller inte. Studien är en del av en satsning mot att digitalisera industrin, belysa kvantitativt robusta insikter i utvärderingen av start-up-team, och minska bias i investeringsprocessen. Arbetet är också en del av en satsning att bidra med insikter till befintliga och aspirerande entreprenörer om vilken karakteristik som är viktigast för att grunda ett framgångsrikt företag, något som kan användas för att bli en bättre entreprenör eller för att bygga ett mer effektivt och välbalanserat team.

Denna studie introducerar restricted Boltzmann machines (RBMs) som rekommendationsmodell i kontexten av riskkapital. Ett nätverk av relationer används som proxy för att modellera investerares bolagspreferenser. Studiens huvudfokus är att undersöka hur RBMs kan implementeras för ett dataset bestående av relationer mellan personer och bolag, samt att undersöka om modellen går att förbättra genom att tillföra av ytterligare information. Nätverket skapas från styrelsesammansättningar för svenska bolag. För nätverket implementeras RBMs både med och utan den extra informationen om bolagens ursprungsort. Vardera RBM-modell undersöks genom att utvärdera dess inlärningsförmåga samt förmåga att återskapa manuellt gömda relationer. Resultatet påvisar att RBM-modellerna har en bristfällig förmåga att återskapa borttagna relationer, dock noteras god inlärningsförmåga. Genom att addera ursprungsort som extra information förbättras modellerna markant och god potential som rekommendationsmodell går att urskilja, både med avseende på inlärningsförmåga samt förmåga att återskapa gömda relationer. / In this thesis, we introduce restricted Boltzmann machines (RBMs) as a recommendation model in the context of venture capital. A network of connections is used as a proxy for investors’ preferences of companies. The main focus of the thesis is to investigate how RBMs can be implemented on a network of connections and investigate if conditional information can be used to boost RBMs. The network of connections is created by using board composition data of Swedish companies. For the network, RBMs are implemented with and without companies’ place of origin as conditional data, respectively. The RBMs are evaluated by their learning abilities and their ability to recreate withheld connections. The findings show that RBMs perform poorly when used to recreate withheld connections but can be tuned to acquire good learning abilities. Adding place of origin as conditional information improves the model significantly and show potential as a recommendation model, both with respect to learning abilities and the ability to recreate withheld connections.

Bakgrund: Venture Capital-bolag spelar en stor roll i finansieringen och utvecklingen av nya och innovativa företag. Bolagen verkar i en miljö där investeringarna innebär ett högt risktagande, och därför är det viktigt att de har en strategi för hur de ska investera. Deras investeringsstrategier är komplexa och tidigare studier visar på olika resultat kopplat till faktorerna portföljsammansättning, avkastningskrav, riskhantering och styrning av portföljbolag. Det är därför viktigt att analysera och bidra med ny kunskap för hur Venture Capital-bolagen går tillväga när de investerar, hanterar risk och samtidigt försöker skapa värde i portföljbolagen. Syfte: Syftet med denna uppsats är att analysera VC-bolagens investeringsstrategier utifrån portföljsammansättning, avkastningskrav, risk och styrning i en svensk kontext. Metod: Studien baseras på en deduktiv ansats och använder en kvalitativ metod. Datainsamlingen består av semistrukturerade intervjuer med 15 representanter från Venture Capital-bolag verksamma på den svenska marknaden. Slutsats: VC-bolagen tenderar att specialisera sig på specifika branscher och investeringsstadier, medan antal bolag och geografiskt fokus varierar. Det enskilt vanligaste avkastningskravet är 25 procent, och relativvärdering är den mest förekommande värderingsmetoden. Både interna och externa risker analyseras, och två riskhanteringsmetoder identifieras. VC-bolagen vill vara aktiva ägare, samtidigt som de ser till portföljbolagens behov för grad av involvering. VC-bolagens investeringsbeslut baseras huvudsakligen på deras riskbenägenhet, kompetens och erfarenhet. / Background: Venture Capital firms play a significant role in financing and developing new and innovative ventures. These firms operate in an environment where investments involve high risk, making it essential for them to have a well-defined investment strategy. Their investment strategies are complex, and previous studies have shown varying results related to factors such as portfolio composition, return requirements, risk management, and governance of portfolio companies. Therefore, it is important to analyze and contribute new knowledge on how Venture Capital firms approach investing, manage risk, and simultaneously strive to create value in their portfolio companies. Purpose: The purpose of this study is to analyze the investment strategies of Venture Capital firms in a Swedish context, focusing on portfolio composition, required return, risk, and governance. Methodology: The study is based on a deductive approach and uses a qualitative method. Data collection consists of semi-structured interviews with 15 representatives from Venture Capital firms operating in the Swedish market. Conclusion: Venture Capital firms tend to specialize in specific industries and investment stages, while the number of companies and geographic focus vary. The single most common required return is 25 percent, and relative valuation is the most frequently used valuation method. Both internal and external risks are analyzed, and two risk management methods are identified. VC firms aim to be active owners, adjusting their level of involvement based on the needs of the portfolio companies. Their investment decisions are primarily based on their risk tolerance, expertise, and experience.

EXECUTIVE SUMMARY<p><p>This thesis aims at analysing some aspects of Venture Capital (VC) and high-tech entrepreneurship. The focus is both at the macroeconomic level, comparing venture capital from an international point of view and Technology-Based Small Firms (TBSF) at company and founder’s level in Belgium. The approach is mainly empirical.<p>This work is divided into two parts. The first part focuses on venture capital. First of all, we test the impact of VC on productivity. We then identify the determinants of VC and we test their impact on the relative level of VC for a panel of countries.<p>The second part concerns the technology-based small firms in Belgium. The objective is twofold. It first aims at creating a database on Belgian TBSF to better understand the importance of entrepreneurship. In order to do this, a national survey was developed and the statistical results were analysed. Secondly, it provides an analysis of the role of universities in the employment performance of TBSF.<p>A broad summary of each chapter is presented below.<p><p>PART 1: VENTURE CAPITAL<p><p>The Economic Impact of Venture Capital<p><p>The objective of this chapter is to perform an evaluation of the macroeconomic impact of venture capital. The main assumption is that VC can be considered as being similar in several respects to business R&D performed by large firms. We test whether VC contributes to economic growth through two main channels. The first one is innovation, characterized by the introduction of new products, processes or services on the market. The second one is the development of an absorptive capacity. These hypotheses are tested quantitatively with a production function model for a panel data set of 16 OECD countries from 1990 to 2001. The results show that the accumulation of VC is a significant factor contributing directly to Multi-Factor Productivity (MFP) growth. The social rate of return to VC is significantly higher than the social rate of return to business or public R&D. VC has also an indirect impact on MFP in the sense that it improves the output elasticity of R&D. An increased VC intensity makes it easier to absorb the knowledge generated by universities and firms, and therefore improves aggregate economic performance.<p><p>Technological Opportunity, Entrepreneurial Environment and Venture Capital Development<p><p>The objective of this chapter is to identify the main determinants of venture capital. We develop a theoretical model where three main types of factors affect the demand and supply of VC: macroeconomic conditions, technological opportunity, and the entrepreneurial environment. The model is evaluated with a panel dataset of 16 OECD countries over the period 1990-2000. The estimates show that VC intensity is pro-cyclical - it reacts positively and significantly to GDP growth. Interest rates affect the VC intensity mainly because the entrepreneurs create a demand for this type of funding. Indicators of technological opportunity such as the stock of knowledge and the number of triadic patents affect positively and significantly the relative level of VC. Labour market rigidities reduce the impact of the GDP growth rate and of the stock of knowledge, whereas a minimum level of entrepreneurship is required in order to have a positive effect of the available stock of knowledge on VC intensity.<p><p>PART 2: TECHNOLOGY-BASED SMALL FIRMS<p><p>Survey in Belgium<p><p>The first purpose of this chapter is to present the existing literature on the performance of companies. In order to get a quantitative insight into the entrepreneurial growth process, an original survey of TBSF in Belgium was launched in 2002. The second purpose is to describe the methodology of our national TBSF survey. This survey has two main merits. The first one lies in the quality of the information. Indeed, most of national and international surveys have been developed at firm-level. There exist only a few surveys at founder-level. In the TBSF database, information both at firm and at entrepreneur-level will be found.<p>The second merit is about the subject covered. TBSF survey tackles the financing of firms (availability of public funds, role of venture capitalists, availability of business angels,…), the framework conditions (e.g. the quality and availability of infrastructures and communication channels, the level of academic and public research, the patenting process,…) and, finally, the socio-cultural factors associated with the entrepreneurs and their environment (e.g. level of education, their parents’education, gender,…).<p><p>Statistical Evidence<p><p>The main characteristics of companies in our sample are that employment and profits net of taxation do not follow the same trend. Indeed, employment may decrease while results after taxes may stay constant. Only a few companies enjoy a growth in both employment and results after taxes between 1998 and 2003.<p>On the financing front, our findings suggest that internal finance in the form of personal funds, as well as the funds of family and friends are the primary source of capital to start-up a high-tech company in Belgium. Entrepreneurs rely on their own personal savings in 84 percent of the cases. Commercial bank loans are the secondary source of finance. This part of external financing (debt-finance) exceeds the combined angel funds and venture capital funds (equity-finance).<p>On the entrepreneur front, the preliminary results show that 80 percent of entrepreneurs in this study have a university degree while 42 percent hold postgraduate degrees (i.e. master’s, and doctorate). In term of research activities, 88 percent of the entrepreneurs holding a Ph.D. or a post-doctorate collaborate with Belgian higher education institutes. Moreover, more than 90 percent of these entrepreneurs are working in a university spin-off.<p><p>The Contribution of Universities to Employment Growth<p><p>The objective of this chapter is to test whether universities play a role amongst the determinants of employment growth in Belgian TBSF. The empirical model is based on our original survey of 87 Belgian TBSF. The results suggest that both academic spin-offs and TBSF created on the basis of an idea originating from business R&D activities are associated with an above than average growth in employees. As most ‘high-tech’ entrepreneurs are at least graduated from universities, there is no significant impact of the level of education. Nevertheless, these results must be taken with caution, as they are highly sensitive to the presence of outliers. Young high-tech firms are by definition highly volatile, and might be therefore difficult to understand.<p><p>CONCLUSION<p><p>In this last chapter, recommendations for policy-makers are drawn from the results of the thesis. The possible interventions of governments are classified according to whether they influence the demand or the supply of entrepreneurship and/or VC. We present some possible actions such as direct intervention in the VC funds, interventions of public sector through labour market rigidities, pension system, patent and research policy, level of entrepreneurial activities, bankruptcy legislation, entrepreneurial education, development of university spin-offs, and creation of a national database of TBSF.<p> / Doctorat en Sciences économiques et de gestion / info:eu-repo/semantics/nonPublished

Thesis (MComm (Business Management))--University of Stellenbosch, 2009. / ENGLISH ABSTRACT: For any country, including South Africa, new business development is critical for the sustained growth and development of the economy. In this study the impact of the transfer of knowledge and skills by the investor to the investee and the impact on the success of private equity, venture capital and angel investments, new business development in South Africa and internationally is researched. A literature study is firstly conducted to determine, from literature, the importance of the transfer of knowledge and skills by the investor to the investee of a new venture. The results from recent research conducted in the United States of America and Europe is also included to determine current global development tendencies. The research highlighted factors, other than merely having a good business idea, which determines the success of a new venture. The global research clearly demonstrates that the active involvement of the angel investors, venture capitalists and private equity investors in new ventures, through the transfer of knowledge and skills, determines the success of the investment in new business development. The survey that was done in the South African venture capital environment seems to support this outcome although the South African market sector is in the early stages of development and focuses mainly on private equity and not so much new business development. / AFRIKAANSE OPSOMMING: Nuwe besigheidsontwikkeling is krities vir enige land, ingeslote Suid Afrika, om deurlopende en volhoubare groei en ontwikkeling van die land se ekonomie te verseker. Hierdie studie het die impak van die oordrag van kennis en vaardighede op die sukses van privatekapitaal- , waagkapitaal- (alternatiewelik – nuwebesigheidsbeleggings) en engelbeleggings in nuwebesigheidsbeleggings vir Suid Afrika en Internationaal, nagevors. ‘n Literatuurstudie om die belangrikeid van die oordrag van kennis en vaardighede, van die belegger na die nuwe besighede, in die gemelde belggingsprosesse vir nuwebesigheidsbeleggings te bepaal, is eerstens gedoen. Die uitkoms van navorsings wat onlangs in die Verenigde State van Amerika en Europa gedoen is, is ook ingesluit om die huidige internationale ontwikkelingstendense rakende nuwebesigheidsbeleggings te bepaal. Die navorsing het die klem geplaas op ander belangrike faktore anders as slegs ’n goeie besigheidsidee, wat die sukses van ‘n nuwe besigheid bepaal. Die internasionale navorsing het duidelik aangedui dat die aktiewe betrokkenheid van beleggers, engel-, waagkapitaal en privatebeleggers, deur die oordrag van kennis en vaardigheid aan die nuwe besigheid, die sukses van die nuwe besigheid en dus die belegging bepaal. Die opname wat in Suid Afrika gedoen is, ondersteun hierdie internasionale bevinding alhoewel die Suid Afrikaanse nuwebesigheidsbeleggings sektor in die vroeë stadium van ontwikkeling is en daar hoofsaaklik gekonsentreer word op privatekapitaalbeleggings, “private equity investments”, terwyl die werklike nuwebesigheidsbeleggings nie soveel aandag geniet nie.

Sverige är ett land med förhållandevis många start-ups och Stockholm är den stad i världen med näst mest VC per capita. Ökningen av svenska start-ups är däremot oproportionerlig gentemot ökningen av svenskt VC. Det medför en hårdare konkurrens om riskkapitalet mellan svenska start-ups, vilket i sin tur leder till att det blir svårare för dem att finansiera sin verksamhet. Vidare existerar ett kunskapsgap inom forskningslitteraturen kring VCs finansiella investeringskriterier i allmänhet, och om svenska VCs finansiella investeringskriterier i synnerhet. Studiens syfte är att undersöka och därigenom öka förståelsen kring vilka finansiella investeringskriterier svenska VCs använder sig av för att utvärdera en investeringsmöjlighet i en start-up. En kvantitativ enkätundersökning har genomförts med en kvasiexperimentell design. Studien har tillämpat en deduktiv ansats och utgått från ett realistiskt perspektiv. 27 enkätsvar har genererats som analyserats med hjälp av en Conjoint Analysis och en hierarkisk multipel regression. Resultaten från båda analysmetoderna indikerar att de finansiella investeringskriterier som inkluderats i studien rangordnas enligt följande av våra respondenter: (1) tillväxtpotential internationellt, (2) potentiell avkastning, (3) risk/osäkerhet, (4) tillgång till finansiell information och (5) exit. / Sweden is a country that houses a relatively large amount of start-ups and Stockholm is a city that has the second most invested venture capital per capita in the world. However, the increase of Swedish start-ups is disproportional to the increase of Swedish Venture Capital. As a consequence, the competition between Swedish start-ups to access venture capital is intensifying and it is therefore becoming more difficult for Swedish start-ups to raise capital. Furthermore, research in regard of Venture Capitalits’ financial investment criterions is overall sparse and on the Swedish market almost non-existent. The purpose of this study is to investigate what financial investment criterions bare most importance to Swedish Venture Capitalists when evaluating an investment opportunity. This study uses a quantitative methodology with a survey design. The study takes a deductive approach and applies a realistic perspective. 27 responses were collected and analyzed using a conjoint analysis- and hierarchical multiple regression modell. Our results show that the financial investment criterions included in our study are ranked by our respondents as follows: (1) international growth potential, (2) potential rate of return, (3) risk/uncertainty, (4) accessibility to financial information, and (5) exit.

This bachelor thesis evaluates how high-engagement investors contribute to the development and growth of for-profit social enterprises by providing both funding and non-financial advisory services focused on organisational capacity-building. Case studies on three social enterprises describe the structure of funding deals, what considerations affected these due to the high social character of the ventures, and inquire into the relationship between social enterprise and their investors to evaluate how the investors provide value for their investees beyond capital. The investor types involved include commercial venture capital funds, angel investors, accelerator programs and venture philanthropy funds; a sort of social impact investment fund which combines the high- engagement mentoring of venture capital funds with lower expectations on financial returns in exchange for higher demands on social impact. The findings indicate that high-engagement investors in general provide a wide range of services to the social enterprises studied, where strategic advisory services and networks introductions are identified as key enablers for development. Aligning philosophies on the combination of business and social impact is also identified as critical for a constructive relationship between investor and investee. The perceived value of venture philanthropy funding diverges between the cases; while filling an empty space in the social enterprise capital market, some findings question their capabilities and investment model. Apart from the initial research questions on how high-engagement investors add value to social enterprises, the study raises further questions on social enterprise funding in general and the issues that obstructs these organisations from introducing innovation and growth to underdeveloped markets.

Venture capital é espécie de empreendimento que vincula dois agentes econômicos, empreendedor e investidor, visando ao desenvolvimento de uma ideia inovadora para posterior comercialização no mercado. O empreendedor é detentor de conhecimento sobre a ideia e o investidor possui os recursos para desenvolver o projeto. O negócio se diferencia dos demais pelo alto grau de incerteza e risco do empreendimento e requer o uso de tipos contratuais adequados para sua limitação. O projeto se inicia com a etapa de contratação, na qual as partes negociam a divisão de riscos e retorno do negócio, seguindo-se a etapa de monitoramento do desenvolvimento das atividades. Ao final ocorre o desinvestimento, com a saída do investidor e venda do negócio. Do ponto de vista da Economia, utilizamos a Teoria dos Jogos e apresentamos os problemas informacionais, riscos e incertezas do negócio, e os incentivos para organizar a cooperação entre as partes. Do ponto de vista de Finanças, debatemos a decisão de financiamento do negócio e as alternativas para diversificação dos riscos do investimento, isto é, a possibilidade de limitação dos riscos pela adoção de estratégias de contenção, que aumentam o interesse em contratar o negócio. Do ponto de vista do Direito, avaliamos qual a estrutura contratual ideal para organizar esse tipo de empreendimento. Analisamos as principais formas usadas para organização do negócio, em especial as sociedades limitadas e as sociedades anônimas fechadas. Avaliamos o suporte normativo aplicável, com destaque para a possibilidade de limitação dos riscos do projeto pela aplicação das normas de Direito Societário a esses empreendimentos. Os principais riscos aplicáveis são os riscos de contratação do negócio, os riscos de alocação do poder de decisão entre os sócios e os riscos de interrupção prematura do projeto. Devido à natureza e características do negócio de venture capital, concluímos que esse tipo de projeto é mais bem organizado como um contrato plurilateral e que não há tipo contratual ideal para alinhar os interesses. Dos tipos existentes, a sociedade anônima fechada é o mais adequado, mas incapaz de limitar todos os riscos do negócio. A conclusão é confirmada, parcialmente, pelas evidências empíricas apresentadas. / Venture capital is a business that links two economic agents, entrepreneur and investor, aiming to develop an innovative idea for future sale on the market. The entrepreneur holds knowledge about the idea and the investor has the resources to develop the project. It is distinguished from others by the high degree of uncertainty and risk of the project and requires the use of appropriate contract types for its restriction. The project begins with the contracting stage, in which the parties negotiate the division of risks and return business, followed by the monitoring of the development of the business activities. At the end occurs the divestment, in which the finished business is sold by the investor. From the point of view of Economics, we use Game Theory to present the informational problems, business risks and uncertainties, and the incentives to organize the cooperation between the parties. From the standpoint of Finance, we discuss the decision to finance the business, and alternatives for risk diversification, that is, the possibility of limiting the risks by adopting containment strategies that may increase the interest in contracting. From the point of view of Law, we evaluate the ideal contractual structure for organizing this kind of project. We analyze the main existing contract types, in particular, the limited liability companies and the closed corporations. We present our concerns about the normative support applicable to that type of business, emphasizing the Corporate Law problems. We evaluate the normative support applicable, emphasizing the possibility of limiting the project risks by applying the Corporate Law rules to such ventures. The main risks are the risks applicable to the contracting phase, the risk of incorrect allocation of decision rights between the partners and the risk of premature termination of the project. Due to the nature and characteristics of the venture capital business, we conclude that this type of design is best organized as a plurilateral agreement and that there is no contract type that can be considered ideal to align the interests. Considering all the existing types, the private corporation contract is the most appropriate form, but also unable to limit all the business risks. The conclusion is partially supported by the empirical evidence presented.

Le sujet développé dans cette thèse pose comme objectif de répondre à trois problématique résumables par une corrélation entre trois points principaux :(a) la relation entre l'usage des nouveaux outils des plateformes 2.0 dans l’intermédiation de la finance et l’émergence d’un nouvel archétype de financement ; (b) la distinction observée entre le capital-risque conventionnel et les financements opérant actuellement dans un environnement 2.0 et (c) l’approche optimale pour construire un environnement juridique modulé à l’évolution récente introduite par les outils 2.0 dans le financement de l’innovation. La recherche aborde la problématique en déconstruisant la dynamique institutionnelle de l’évolution économique contemporaine. Par cela la recherche tente de déterminer la nature et l’étendue des changements subis par l’économie en interaction constante avec le progrès technologique des nouvelles technologies d’information et de communication. La méthodologie du fond adoptée dans cette recherche fait partie de l’analyse économique de droit (Law and Economics). Néanmoins, l’analyse est enrichie par une référence aux outils théorétiques du courant économique néo-institutionnaliste américain et la sociologie économique critique française. Cette transdisciplinarité permet ainsi de comprendre la nature de l’évolution d’une manière plus élaborée. Le fil conducteur de cette recherche réside dans le phénomène de la financiarisation de l’économie. Cette recherche supporte l’idée selon laquelle les bouleversements du format et fonctionnement économiques actuels sont majoritairement le résultat d’un double mouvement institutionnel de nature financière et technologique. La recherche identifie trois institutions de nature économique et juridique au cœur du modèle de financement de l’innovation américain : la gouvernance par la flexibilité contractuelle fondée sur la notion du private ordering, la liquidité financière et l’externalisation du processus de l’innovation par rapport à la firme. Une analyse comparative de différents cadres règlementaires portant sur le capital risque en vigueur à travers le monde confirme la centralité de ces trois institutions. En conclusion de la recherche, il est ainsi nécessaire pour un Etat de reconnaître la nature institutionnelle du modèle de financement par lequel il compte supporter l’innovation. Pour le modèle de financement par capital-risque dominant aux Etats-Unis, un point d’équilibre entre d’une part un cadre règlementaire visant la protection des investisseurs et d’autre part des mesures favorisant la création de la liquidité financière devient indispensable. Néanmoins,l’oscillation règlementaire entre des mesures de support de liquidité et des règlements restrictifs reste en effet inévitable. L’évolution de la financiarisation de l’économie en alliance avec une concurrence pour l’innovation technologique ramènera les acteurs privés à assurer eux-mêmes la création de la liquidité. L’émergence des nouveaux types de contrats de financement par fonds propres allégés aux Etats- Unis (KISS contracts) puis reconfigurés pour le système juridique français (Contrats AIR) sert de preuve à cette hypothèse. La tâche la plus signifiante aujourd’hui pour les législateurs sera ainsi la création d’un ensemble de mesures protectrices contre les risques déraisonnables et démesurés. Ceci tout en assurant que les deux éléments irréductibles propres à l’institution du capital-risque – la spéculation conditionnelle et l’autonomie contractuelle – soient assurés par une marge de manœuvre suffisante requise pour supporter l’innovation. / The present doctorate research thesis attempts to resolve three correlated problematics summarized as following: (a) the relation between the use of new tools provided by the 2.0 platforms especially in the field of financial intermediation and the advent of a new financial archetype; (b) the difference between venture capital 2.0 and the conventional venture capital and (c) the concern over the utmost optimum approach in constructing a legal environment adapted to the current evolution introduced by the use of 2.0 tools in the financing of innovation. The research confronts the problematic by conducting a preliminary deconstruction of the ongoing institutional dynamic in regards to the current economical transformation. Subsequently, the research would attempt to define the nature and extent of the economical mutations in constant exposure to the new technologies in information and communication. This research fundamentally adopts a law and economics (L&E) analysis. In addition, the research would complement the traditional L&E analysis with further theoretical instruments by referral to the American neo-institutionnalist school of thought along with the French critical socio-economic theories. This transdisciplinarity would grant the possibility of attaining a more indepth understanding of nature of the economical mutation. The central unifying theme throughout the research resides on the concept of financialization of the economy. The research attributes the major disruption in the form and functioning of contemporary economy to an institutional financial and technological wave of change. The research identifies three economical and legal institutions residing at the core of the American financing of innovation model : the governance through contractual flexibility based on the notion of “private ordering”, financial liquidity and the externalization of the innovation process. A comparative analysis of different venture capital regulatory framework in various national jurisdictions confirms the major importance of the three stated institutions. In sum, the institutional nature of the financing model adopted by the government in support of innovation should be fully considered by national governments. For the case of the US venture capital model, an equilibrium point should be attained between two main regulatory framework objectives: the protection of investors and the creation of financial liquidity. A regulatory oscillation between liquidity creation and regulation would always prevail. Nonetheless, the financialization of the economy in conjunction with IT innovation would oblige private actors to maintain the creation of financial liquidity through private initiative. The emergence of new types of simplified equity financing model contracts such as the KISS contracts and the French variant, AIR contracts confirms this statement. Legislators would have to provide protection against unreasonable risk taking while ensuring that the two main elements of venture capital rest unhindered : conditional speculation and sufficient contractual autonomy to support innovation.

[pt] Todos os negócios têm certos elementos em comum, e como característica principal um ambiente de incerteza. Isso tudo gera algumas questões chave: Como o risco e o caixa são alocados? Quais os incentivos para as partes interessadas no negócio? Esse trabalho sugere possibilidades de estruturação de negócios e distingue as características de um negócio de alto potencial e um mau negócio. Essas abordagens demonstraram que os termos do financiamento podem ser cruciais na determinação do valor do investimento - tanto para o empreendedor quanto para o - venture capitalist - (VC).Considerando que a interação entre empreendedor e VC tem resultado na evolução de uma série de contratos financeiros, essa dissertação sugere diversas possibilidades para estruturar diferentes Term-Sheets , aplicando a simulação de Monte-Carlo. Essa modelagem analisa como as características dos contratos podem ser determinantes no valor de retorno do investimento para o investidor e para o empreendedor. / [en] Deals in Venture Capital have certain elements in common: they take place in an uncertain environment. Thus, they require resolution of a few key questions, as: How are cash and risk allocated? What are the incentives for each of the partners in the deal? Beyond these basics, endless variations on a theme are possible. Through a series of examples illustrating important aspects in transactions between an entrepreneur and a venture capitalist, this dissertation suggests the various possibilities for structuring different term-sheets in a application using Monte Carlo simulation. This approach analyzes how the characteristics of contracts can be crucial in determining the ultimate value of the investment for both entrepreneur and venture capitalist.