Le capital-investissement parait jouer un rôle essentiel dans la croissance des entreprises. Pourtant les liens entre modèles d'investissement et croissance restent mal compris. De plus, depuis quelques années, les doutes s’accumulent sur la compatibilité entre valorisation financière et développement pérenne et vertueux des entreprises, en particulier matures. Centrée plus spécifiquement sur le cas des entreprises de taille intermédiaire (ETI), cette thèse montre qu’une forme de capital-investissement, que nous appelons le « capital-régénération », demande à être mieux conceptualisée pour favoriser les dynamiques de croissance soutenables et outiller les politiques publiques en matière de financement des entreprises. Le capital-régénération, contrairement à la segmentation classique du capital-investissement, est moins lié au stade de développement des entreprises qu’à la nature de la croissance visée. Au lieu de porter sur une augmentation des performances à partir des produits existants, la thèse met en évidence une autre forme de croissance dite « générative », liée à l’innovation et qui s’appuie sur la dynamique de régénération des produits et des ressources de l’entreprise. A partir d’une analyse des besoins en financement des ETI, ainsi que de cas approfondis issus du portefeuille de Bpifrance, la thèse montre que le déficit de croissance des ETI ne s’explique pas par un défaut de capital (« equity gap »), mais plutôt par un manque de valorisation de la croissance générative par les modèles d’investissement classiques. La thèse explore alors comment, en s’appuyant sur des données existantes, il est possible d’enrichir les analyses en intégrant les capacités d’innovation des entreprises et les promesses de retours sur des produits encore à concevoir. Sont alors discutés à la fois les principes mais aussi les risques et les conditions d’un capital-régénération. Ce modèle, tout en expliquant une partie des difficultés des ETI à croître, ouvre des perspectives nouvelles sur les liens entre théorie financière et théories de la conception. / Private equity seems to play a key role in firms’ growth. However, the relationship between investment and growth remains poorly understood. Moreover, in recent years, doubts have arisen regarding the correlation between financial valuation and firms’ long-term and virtuous development - especially for mature firms. With a focus on French medium-sized companies (“ETI”), this thesis shows that a specific kind of private equity - that we propose to call “regeneration capital”- could be better conceptualized in order to support firms’ sustainable economic growth and to empower public policy with respect to corporate funding. Regeneration capital, unlike usual private equity asset class, is less related to the firm’s life cycle stage than to the nature of targeted growth. Rather than increasing the performance of existing products, this type of growth emerges from another growth dynamic, that we call “generative growth”, which results from the regeneration of the firm’s products and resources. Based on an analysis of the financial needs of medium-sized companies, as well as on an in-depth case study of medium-sized firms extracted from Bpifrance's investment portfolio, the thesis demonstrates that the growth shortage of medium-sized firms is not due to an equity gap. Empirical evidence rather suggests a lack of valuation of generative growth by traditional investment models. Drawing on existing data, the thesis hence investigates how investors’ financial analysis can be enhanced by integrating an assessment of firms’ innovation capabilities and of the return promises of yet unknown product to be developed. We then discuss the principles but also the risks and prerequisites of regeneration capital. This model not only explains part of medium-sized firms’ difficulties to grow but opens new perspectives on the relationship between corporate finance and design theories.

Syfte Syftet är att undersöka de brister entreprenörer upplevt efter att ha använt sig av Crowdfunding och om Internetbaserade plattformar underlättar informationsasymmetrin mellan finansiär och entreprenör. Samt om entrprenörer anser att Crowdfunding har potential att fungera som självstående finansieringskälla. Teori Tidigare studier visar att finansieringsformen Crowdfunding ofta är bristfällig. Få entreprenörer får tillräckligt kapital och finansieringsformen saknar kompetens och resurser. Metod Kvantitativ enkätundersökning under perioden 11 november 2015 till och med 25 november 2015. Resultat Resultatet från enkätundersökningen bestående av 40 deltagare presenteras i diagram. Analys I analysen jämförs tidigare studier och teorier med resultat och letar samband och kopplingar som förklarar resultatet. Respondenterna ser potential i Crowdfunding. De flesta upplever att de fått tillräckligt kapital och är positivt inställda till skillnad mot tidigare teorier. Slutsats Slutsatsen i undersökningen blir att en del Crowdfuninganvändare använder en annan finansieringskälla också där eget kapital och banklån är vanligast. Tekniken och dålig exponering var de problem entreprenörer ansåg Crowdfundingplattformarna ha, dock har de flesta tro på att Crowdfunding har potential att fungera som en själv-stående finansieringsform.

This thesis has been carried out within the framework of the Master of ScienceProgramme in Sociotechnical Systems Engineering and performed for the SwedishTrade Council in London. The author investigates how the Swedish Trade Councilcan facilitate and bridge the contacts between venture capitalists in the UK andhigh-tech start-ups in Sweden. High-tech ventures in the start-up phases often face a challenge in accumulatingsufficient financial resources and skills to successfully move from concept stage tobusiness, particularly within the life sciences’. High costs associated to time consumingand demanding product development cycles may require external investors whichprovide venture capital and expertise. However, many face difficulties in attractingventure capital partly due to the so-called equity gap, which relates to financiersunwillingness for taking on risk and investing in the early-stages. The study shows that venture capital largely rely on local networks and are limited intheir investments’ geographical distribution. The interviewed market players alsoemphasise the importance of local networks in the investment processes. Given thesecharacteristics, it may be difficult for a Swedish company seeking venture capitalabroad without help from intermediaries. Although there is a role to fill forintermediaries in assisting in the investment discovery process, it is likely to provedifficult over time as tasks become increasingly cumbersome.

Philosophiae Doctor - PhD / This study addresses the issue of the low participation in or enrolment of the poor in Ghana’s National Health Insurance Scheme (NHIS). The low enrolment of the poor in the NHIS is attributed to the difficulty in identifying who qualifies for exemptions from paying health insurance premiums. In an attempt to address this problem, the purpose of this study was, therefore, to develop a model for identifying very poor households for health insurance premium exemptions in the Kassena-Nankana District of Northern Ghana in an effort to increase their access to equitable health care

Under de senaste åren har risk kapitalmarknaderna stått inför flera signifikanta problem. Den svenska VC industrin har minskat med över 60 % sedan Dotcom-kraschen. Antalet aktiva VC- företag har minskat i antal från 100-200 till endast 5-10 större VC-företag. Jämför man dagens marknad med hur den såg ut innan Dotcom-kraschen, så fanns det betydligt fler aktiva företag inom den svenska VC-industrin. Nya finansieringsformer har trätt in på marknaden som bland annat Evergreen fonder och crowd-funding. Den svenska VC-industrin har kännetecknats av en "rensning" av marknaden var tionde år, och var femte år uppstår en mindre krasch på marknaden. De svenska riskkapitalaktörerna har tagit en högre risk än vad som faktiskt var motiverat. Syndikatinvesteringar görs för att undvika investerarnas enskilda risk. Detta fenomen kan illustreras genom de två lyckosamma Svenska investeringarna, Spotify och iZettle. Riskkapitalmarknaden har varit karakteriserad av legala hinder vilket skapat flera stora problem. Trots detta finns det positiva trender och förändringar som idag genomförs på marknaden. Dett kommer lyfts fram ytterligare i arbetet. Bland annat har det diskuterats att införa ett skatteavdrag vilket anses vara fördelaktigt för riskkapitalbolagen. Detta arbete fokuserar huvudsakligen på de olika finanseringsformerna och de olika marknadsaktörerna. Fokus ligger på utvecklingen av industrin och dess aktuella trender, men även på den kommande framtiden. Studien är baserad på intervjuer med marknadsaktörer och på befintlig forskning vilket ger en god insikt i den Svenska riskkapitalbranschen.

This study investigates which mechanisms that needs to be improved in order to facilitate more early stage venture capital (VC) investments on emerging markets. For this purpose a qualitative case study of the VC scene in Nairobi, Kenya was performed. The study has a 'best-practice' viewpoint aiming to provide insights to venture capitalists on how to operate within the Kenyan startup scene. The empirical findings of the case study indicate that the region is still an untapped market for VC investments, partly as a result of an equity gap towards early stage startups. The success stories of mobile money transfer startup M-Pesa and information crowdsourcing startup Ushahidi ignited the Nairobi startup scene in 2008 and enabled the city to become the startup hub of East Africa. M-Pesa has not only demonstrated that it is possible to develop highly successful tech companies but also created a payment infrastructure that facilitates for future startups. In light of this, Kenya presents an interesting case study, as the market poses opportunities as well as challenges. Our result indicates that the present equity gap hampers early stage VC and is derived from a lack of experience and knowledge from investor’s and entrepreneurs. In conclusion, the entire "ecosystem" needs to be aligned in order to diminish the gap; VC’s must adopt a more hands on approach in their investment strategy, entrepreneurs need a global mindset, development financial institutions (DFIs) and private equity (PE) funds should act more catalytic in early stage rounds and governmental entities should focus on enhancing entrepreneurial education and the overall economic performance. These alignments will in the long run lead to a more effective startup and VC scene and should be applicable on similar markets. However, specific adjustments for the subject market should always be considered before implemented. / Denna studie undersöker vilka mekanismer som behöver förbättras på tillväxtmarknader i syfte att attrahera tidigt riskkapital. Arbetet har utförts genom en kvalitativ studie över riskkapitalscenen i Nairobi, Kenya. Studien syftar till att beskriva god praxis samt underlätta och vägleda riskkapitalister inom den Kenyanska startup-scenen. En litteraturstudie och granskning av den Kenyanska marknaden indikerar att det finns investeringsmöjligheter inom startup-scenen. Möjligheterna grundas i en bristande konkurrenssituation, där få aktörer erbjuder finansiering till startups i uppstartsfas. Startup-scenen i Kenya är förhållandevis ung men framgångarna för M-Pesa och Ushahidi har bidragit till ett ökat intresse för scenen i Kenya. M-Pesa bevisade inte bara att det går att starta högteknologiska startups i Kenya utan utvecklade även en infrastruktur för mobilbetalningar som i sin tur främjar företagande. Med hänsyn till detta utgör Kenya en intressant fallstudie, då marknaden är kantad av både möjligheter och utmaningar. Resultaten indikerar att bristen på kapital för startups härstammar från en brist av erfarenhet och kunskap från investerare och entreprenörer. Slutsatsen är att hela "ekosystemet" behöver förändras för att minska bristen på kapital; riskkapitalister bör understödja portföljbolag med handledning, lokala entreprenörer behöver tänka mer globalt, Development Finance Institutions (DFI) och Private Equity (PE) firmor bör agera mer katalytiskt och staten bör fokusera på att erbjuda och förbättra utbildning inom entreprenörskap. Dessa anpassningar kommer med tiden leda till en mer effektiv startup och riskkapitalscen. Lärdomar och slutsatser från studien bör med framgång kunna användas på andra tillväxtmarknader, men bör anpassas utefter dess lokala förutsättningar.

<p>Background: Growth oriented entrepreneurial businesses need funding for the development of their idea, technology, product etc. However, for the businesses in the very earliest stages of development, access to funding is very limited. Growing young ventures are important job creators and positively affect growth in an economy. Bridging the gap of funding to these companies is therefore on the agenda of governments around the world. </p><p>Purpose: To describe the situation facing seed stage investing venture capitalists. I will emphasize difficulties and evaluate venture capitalists ability in addressing them. Effects of the difficulties in form of access to financing for entrepreneurs and a possible need for government intervention will be examined. </p><p>Method: Empirical information from seed stage investing venture capital organizations have been collected in the form of face-to-face interviews, email- questionnaires and a telephone interview. Organizations from Sweden, Denmark and Germany are included in the study. </p><p>Result: Several factors make seed stage investing unattractive compared to later stages. Important difficulties are higher risks, high costs for fund management, goal incongruence in the investor – venture capitalist relation and lack of bargaining power for seed venture capitalists. Environmental factorsthat have an impact on seed investing are the deal flow, the investment climate and access to soft funding. Seed stage investing is a very challenging business and the difficulties are to a large extent hard to overcome. The investors more likely have to accept them and I conclude that long term profitability of seed funds is unlikely, at least in absence of government support in form of soft funding towards the entrepreneurial businesses.</p>

Background: Growth oriented entrepreneurial businesses need funding for the development of their idea, technology, product etc. However, for the businesses in the very earliest stages of development, access to funding is very limited. Growing young ventures are important job creators and positively affect growth in an economy. Bridging the gap of funding to these companies is therefore on the agenda of governments around the world. Purpose: To describe the situation facing seed stage investing venture capitalists. I will emphasize difficulties and evaluate venture capitalists ability in addressing them. Effects of the difficulties in form of access to financing for entrepreneurs and a possible need for government intervention will be examined. Method: Empirical information from seed stage investing venture capital organizations have been collected in the form of face-to-face interviews, email- questionnaires and a telephone interview. Organizations from Sweden, Denmark and Germany are included in the study. Result: Several factors make seed stage investing unattractive compared to later stages. Important difficulties are higher risks, high costs for fund management, goal incongruence in the investor – venture capitalist relation and lack of bargaining power for seed venture capitalists. Environmental factorsthat have an impact on seed investing are the deal flow, the investment climate and access to soft funding. Seed stage investing is a very challenging business and the difficulties are to a large extent hard to overcome. The investors more likely have to accept them and I conclude that long term profitability of seed funds is unlikely, at least in absence of government support in form of soft funding towards the entrepreneurial businesses.

Equity crowdfunding (ECF) is the smallest of four main types of crowdfunding (CF) and has emerged as a new form of investment, where investors receive equity of a company in return for capital. Over the past years, the development of CF has given entrepreneurs the option to seek funding from a new source, instead of relying solely on venture capital (VC) and other sources of funding (Mollick, 2013). However, the implementation of regulations for ECF has not yet developed enough to make such investing equally consistent for everyone.   Equity crowdfunded ventures can potentially attract a large number of investors that can possibly create corporate governance issues between the entrepreneur and investors. Additionally, individual investors might both lack the competence or incentive to extensively research and assess a venture and make an investment. Due to the growth in ECF and the lack of knowledge of it, the purpose of this thesis was to discover the perceptions of Swedish fund managers (FMs) regarding the nature of ECF and their interest in it.   In order to fulfill the purpose of this study, previous studies were carefully examined to gain a thorough understanding of the area of study. Furthermore, the empirical findings were gathered through a course of seven semi-structured interviews of Swedish FMs.   Empirical findings suggested that ECF has remained as a means of providing only seed-stage funding for ventures and that it is a marginal phenomenon in Sweden. ECF was believed to potentially disturb the VC industry if it grew and moved to a later stage. Additionally, ECF was found to be a good option for companies that were unable to receive funding from traditional funding methods. Risks of fraud and other scandals should be prevented for ECF to maintain its popularity. The findings implied that the future of ECF remains uncertain. Based on the perceptions of Swedish FMs, ECF neither would replace nor be a threat to traditional methods.

This thesis explores the rapidly growing phenomenon of equity crowdfunding from the perspective of professional investors. The aim was to contribute to the relatively thin aca-demic field of equity crowdfunding, shedding light on why it is yet to be recognized as an important instrument for raising capital and provide suggestions for improvement. The data was collected through semi-structured in-depth interviews with Angel Investors that through their experience could identify benefits and constraints with equity crowd-funding not obvious to the crowd. Benefits of using equity crowdfunding platforms were outweighed by the identified constraints such as corporate governance issues, uncertainties concerning laws and regulations, high risk, and lack of intellectual capital. This eventually led to suggestions for improvements that included channelling the crowd investments through a mutual fund, and allowing the crowd to co-invest with Angel Investors to get around the constraints. Conclusively, the Angel Investors were positive towards the underlying ideology of equity crowdfunding of helping more entrepreneurial ventures reaching their full potential by tapping a previously unutilized source of capital, the crowd. However, there is scepticism to how the phenomenon is currently working in practice.