4.2.2 Panorama des besoins et des sources de financement de l’innovation 2/4

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来自 École Polytechnique 的课程

Créer et développer une startup technologique

238 个评分

École Polytechnique

Créer et développer une startup technologique

238 个评分

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.

从本节课中

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

与讲师见面

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

At the beginning of your project, you are going to mainly study the market and the

potential uses of your technology.

You are then going to reinforce the intellectual property and develop then test

the offer corresponding to the priority need you have found.

Next you are going to market this offer and improve it gradually to

achieve an increasing clientele.

From a financial point of view, this is going to require investments,

recruitment, rental of office base and various commercial costs,

technical and administrative.

Additionally and as a matter of fact, the dilemma of an entrepreneur is often to know what

he is going to be able to develop with the means available to him at the start and

from when he will have to raise the funds in order to finish what he has started.

We join here the very pragmatic thesis of our colleagues Saras Sarasvathyre

and Philippe Silberzahn, according to whom the creation of an innovative company is

more an business of effectuation than of pure planning.

The entrepreneurs compare their ideas with other people and restructure

their project as it is progressing.

My intention is not to give you a lecture on financing but we still have to

review the main financing needs in order to prevent you from

forgetting or making miscalculations.

The approach I am going to introduce to you applies to the whole team of creators

and company directors.

The nature of the financing needs and the resources to pay for them are going to,

however, vary considerably according to your industries,

of the stage of development of your company and of your business model.

The main financing needs of a company is relevant to the

investments, a variation of the need for working capital,

the ability to self-finance when it is negative, the refunds

of loans and of public advances, the possible payment of dividends.

It goes without saying that these need are deeply linked to the objectives and to the plan

of action that you and your associates would have preset.

We will be touch on this point in the session relative to the business plan.

If we explain in detail the differents types de needs,

we can see that the investments relate to the patent registration,

the purchase of equipment, the works and fitting, of computing material,

furniture or even vehicles.

Next comes the variation of the need for working capital.

The need for working capital, or BFR,

is mainly a result of your stock and finance gaps between

the cash receipts from customers and the payment of your suppliers.

The BFR is often under estimated, even totally overshadowed, by the

entrepreneurs whereas it can be significant for the companies whose

customers pay late and for whom the growh will devour important capital.

On the contrary, some entrepreneurs manage to make their clients

pay in advance, in this case they take advantage of a negative BFR

and of a large capital when the margins are also there.

Remember at this stage that you should still be paid as soon as

possible to avoid having to constantly juggle with a very

tense capital.

Let's move on to the ability to self-finance.

It is indeed a need when it is negative,

which is often the case for a new innovative company.

CAF measures the potential flow of the capital generated by your current

activity.

The flow that you would notice if there was gap in revenues and

expenditures.

The main charges which have an impact on your ability to self-finance are

sales cost, made of purchases of materials and products,

and product costs, the expenditure of development research,

it is mainly about salary costs of your R&D team and

and the subcontracting of certain works.

The commercial costs are essentially salary costs of your

marketing and sales teams as well as advertising and promotional expenditures.

Administrative costs, these charges relate to the salaries of the head

office and the administrative teams as well as the rents,

the fees and other general expenses.

The financial expenses,

concerning the interests on the loans that you have possible taken.

The fourth category of financing needs relate to the refund of

loans and public advances, it is the primary one which is recorded in

the balance sheet and not the financial costs which have just reduced the net earnings.

Thus, a loan of 100 000 euros over five years will come to, for example,

an annual payment of 20 000 euros as well as

financial costs on the remaining balance to pay.

When your company foresees advances which are refundable at a 0% rate,

granted for example by BPI France, the refund of these public advances is

also to be taken into account according to the planned schedule.

The entrepreneurs whose activity doesn't release enough

cash are often taken by surprise by these repayment terms which

are difficult to renegotiate.

The fifth and last category of financing needs relate to the

dividends.

These dividends are paid out of the net benefit of the exercice or out of the

company reserves.

The dividends are therefore irrelevant as long as the company is overdrawn

and they are rarely paid in the case of growing companies,

which reinvest the whole of their benefits to develop in the shortest

time possible.

We have just seen that you have to not only finance investments,

development research costs,

marketing costs but also gaps in payments.

Therefore you have to raise enough money to survive the

development steps which separate you from your self-financing.

We will see in the part relating to the main sources of funding how

an entrepreneur can combine different resources to distribute evenly his financing

plan and to finance the development of his innovation.

A small exercise in way of conclusion : If your customers payment is delayed

by over three months, small one, all you will need to do is to put into practice the same

payment delays with your own providers, small two, you risk

to come across finance problems even if you make profits.

Thirdly, you will still be able to rely on your bank to finance these

gaps and fourthly,

you will obtain better payment delays if you lower your prices.

The right answer is the second suggestion as such payment delays

are the classic symptoms of a need of high working capital

which can cause a company serious financing problems,

even when it is profitable.

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