Entrepreneuriat répété, capital organisationnel et accès au financement par capital-risque

This article is about the existence of potential differences in access to venture capital between serial entrepreneurs (who have founded several businesses, either one after the other or simultaneously) and new entrepreneurs (who create a business for the first time). Even though the empirical results differ regarding the serial entrepreneurs’ outperformance compared to new entrepreneurs, numerous examples seem to suggest that serial entrepreneurs have an easier access to venture capital. This paradox can be explained through organisational theory. The distribution of venture capital is characterized by an information asymmetry between the investor and the entrepreneur. This problem can either be solved through contracts or rely on a mutual confidence. If we look at the second solution, the entrepreneurial experience, because considered as entrepreneurial training, is an advantage for the serial entrepreneur, because he or she has both more human capital (experience) and social capital (network) than a new entrepreneur. These are advantages that can give the entrepreneur easier access to venture capital. A review of empirical studies points towards an easier access to venture capital for serial entrepreneurs. They access funds more quickly, and receive bigger amounts than new entrepreneurs. But the studies are less conclusive if we look for a higher valuation of the serial entrepreneurs’ businesses compared to those of the new entrepreneurs.