{"id":21690,"date":"2019-06-11T09:55:26","date_gmt":"2019-06-11T08:55:26","guid":{"rendered":"https:\/\/www.inovallee.com\/?p=21690"},"modified":"2019-06-11T09:55:26","modified_gmt":"2019-06-11T08:55:26","slug":"valorisation-et-levee-de-fonds-les-bonnes-pratiques","status":"publish","type":"post","link":"https:\/\/www.inovallee.com\/en\/valorisation-et-levee-de-fonds-les-bonnes-pratiques\/","title":{"rendered":"Valorisation et lev\u00e9e de fonds : les bonnes pratiques"},"content":{"rendered":"<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.inovallee.com\/wp-content\/uploads\/2019\/06\/IMG_0352-900x675.jpg\" alt=\"\" class=\"wp-image-21691\"\/><\/figure>\n\n\n<p>Suite \u00e0 la table ronde co-organis\u00e9e par la <a href=\"https:\/\/www.bpaura.banquepopulaire.fr\/portailinternet\/Pages\/default.aspx\">Banque Populaire Auvergne-Rh\u00f4ne-Alpes<\/a>, le cabinet <a href=\"https:\/\/www.mazars.fr\/\">Mazars<\/a>, <a href=\"https:\/\/www.inria.fr\/\">Inria <\/a>et le Tarmac le 14 f\u00e9vrier dernier, voici une rapide synth\u00e8se des bonnes pratiques en mati\u00e8re de valorisation et de lev\u00e9e de fonds.<\/p>\n\n\n<h3 class=\"wp-block-heading\"><strong><em>La valo&nbsp;: de quoi parle-t-on, comment l\u2019estimer, quels pi\u00e8ges \u00e9viter&nbsp;?<\/em><\/strong><\/h3>\n\n\n<p>Quand on parle de valorisation, il s\u2019agit de bien distinguer\ndeux notions diff\u00e9rentes, bien que partiellement compl\u00e9mentaires&nbsp;:<\/p>\n\n\n<ul class=\"wp-block-list\"><li>La valorisation des technologies issues de la\nRecherche (transfert de technologie), dont le co\u00fbt de transfert est calcul\u00e9 par\nles instituts de valo (SATTs, Inria, floralis \u2026) sur la base de plusieurs\ncrit\u00e8res dont certains sont directement li\u00e9s \u00e0 la technologie (type de licence\net niveau d\u2019exclusivit\u00e9 par exemple, co\u00fbt humain de la Recherche, etc), et\nd\u2019autres fond\u00e9s sur les potentiels march\u00e9s que la technologie ouvre.<\/li><li>La valorisation d\u2019une entreprise est le moyen\npar lequel on estime la valeur d\u2019une entreprise lors d\u2019une lev\u00e9e de fonds, soit\nen pr\u00e9-money, soit en post-money. Ce calcul de la valo est toujours complexe et\ncombine souvent plusieurs m\u00e9thodes qui se fondent \u00e0 la fois sur la PI (et donc\nle r\u00e9sultat de la valorisation au sens 1 et\/ou de la R&amp;D d\u00e9j\u00e0 aux actifs de\nl\u2019entreprise, int\u00e9ressants en terme de barri\u00e8res d\u2019entr\u00e9e), et sur des crit\u00e8res\nbeaucoup plus li\u00e9s au BP (\u00e9quipe, ad\u00e9quation produit \/ march\u00e9, perspectives de\nCA, etc) et aux ratios financiers (cash burn et burn rate). <\/li><\/ul>\n\n\n<p>Dans tous les cas, le principal pi\u00e8ge \u00e0 \u00e9viter c\u00f4t\u00e9 startup\nest celui de la survalorisation au premier tour de table.<\/p>\n\n\n<p>En effet, si les dirigeants ont peur de la dilution, et se\nsentent l\u00e9s\u00e9s par une valorisation jug\u00e9e trop faible au premier tour qui les\ndilue plus qu\u2019ils ne le souhaiteraient, il ne faut pas oublier que&nbsp;<\/p>\n\n\n<ul class=\"wp-block-list\"><li>Le premier tour de table sera n\u00e9cessairement\nsuivi d\u2019autres o\u00f9 ils pourront se \u00ab&nbsp;reluer&nbsp;\u00bb s\u2019ils ont atteint ou\nd\u00e9pass\u00e9 leur BP, alors qu\u2019il sera tr\u00e8s difficile de r\u00e9aliser un second tour de\ntable avec un BP d\u00e9cal\u00e9 et des probl\u00e8mes de tr\u00e9sorerie qui n\u00e9cessite de revoir\nla valo initiale \u00e0 la baisse<\/li><li>Toute n\u00e9gociation doit \u00eatre gagnante \/ gagnante\npour toutes les parties sur le long terme<\/li><li>Il est tout aussi (voire bien plus) important de\nbien regarder les conditions du pacte d\u2019actionnaires, qui peuvent en\ncontrepartie d\u2019une valo trop \u00e9lev\u00e9e comprendre des clauses drastiques pour les\nfondateurs<\/li><\/ul>\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.inovallee.com\/wp-content\/uploads\/2019\/06\/image0000001-900x450.jpg\" alt=\"\" class=\"wp-image-21692\"\/><\/figure>\n\n\n<h3 class=\"wp-block-heading\"><strong><em>Lev\u00e9e de fonds&nbsp;: pour qui, \u00e0 quelle \u00e9tape et comment&nbsp;?<\/em><\/strong><\/h3>\n\n\n<p>La lev\u00e9e de fonds n\u2019est qu\u2019une \u00e9tape (non obligatoire et pas\nforc\u00e9ment adapt\u00e9e \u00e0 tous les business models) de la strat\u00e9gie de financement\nglobale d\u2019une entreprise&nbsp;qui combine les financements publics pour la\nR&amp;D, les VC pour l\u2019acc\u00e9l\u00e9ration commerciale et industrielle, la dette\nbancaire pour le BFR ET le CA, qui doit rester l\u2019objectif premier de toute\nentreprise.<\/p>\n\n\n<p>La lev\u00e9e de fonds est une \u00e9tape cl\u00e9 pour le mod\u00e8le startup\nau sens strict, qui a besoin d\u2019un acc\u00e8s rapide \u00e0 un march\u00e9 international qu\u2019un\nd\u00e9veloppement classique en mode PME ne lui permettrait pas&nbsp;: c\u2019est donc\nl\u2019acc\u00e9l\u00e9ration que permet la lev\u00e9e de fonds aux mod\u00e8les qui s\u2019y pr\u00eatent\n(c\u2019est-\u00e0-dire aux startups ambitieuses avec une croissance rapide capable de\nconqu\u00e9rir rapidement un march\u00e9 important avec une valorisation rapide qui\npermettra aux premiers investisseurs de sortir sur les prochains tours).<\/p>\n\n\n<p>Car qui dit lev\u00e9e de fonds, dit forc\u00e9ment exit, avec 3\nsorties possibles&nbsp;:<\/p>\n\n\n<ul class=\"wp-block-list\"><li>D\u2019autres VC qui prennent le relais<\/li><li>Un rachat total par un industriel (corporate\nleader)<\/li><li>Ou une entr\u00e9e en bourse.<\/li><\/ul>\n\n\n<p>Il existe donc plusieurs cat\u00e9gories de fonds pour couvrir\nles premi\u00e8res \u00e9tapes&nbsp;: fond d\u2019amor\u00e7age, capitaux risqueurs, fonds de\nd\u00e9veloppement. Il convient de bien les choisir, en fonction du stade de maturit\u00e9\nsur lequel ils interviennent, mais aussi de leurs secteurs d\u2019activit\u00e9s et des\nmontants investis. Sans oublier de regarder les entreprises dans lesquelles les\nfonds vis\u00e9s ont d\u00e9j\u00e0 investi, voire les industriels qui ont investi dans le\nfonds.<\/p>\n\n\n<p>En terme de timing, une lev\u00e9e de fonds prend de 12 \u00e0 18 mois, avec des \u00e9tapes cl\u00e9s&nbsp;: voir nos articles sur la lev\u00e9e de fonds <\/p>\n\n\n<p>Les conseils&nbsp;:<\/p>\n\n\n<ul class=\"wp-block-list\"><li>Int\u00e9grer la lev\u00e9e de fonds dans sa strat\u00e9gie\nglobale d\u2019entreprise (et v\u00e9rifier l\u2019alignement des co-fondateurs sur cette\nstrat\u00e9gie)<\/li><li>Se faire accompagner et bien choisir ses\npartenaires<\/li><li>Ne pas sous-estimer le temps et l\u2019\u00e9nergie \u00e0\nconsacrer<\/li><li>Ne jamais oublier l\u2019importance de \u2026 la traction\nmarch\u00e9&nbsp;!<\/li><\/ul>","protected":false},"excerpt":{"rendered":"<p>Suite \u00e0 la table ronde co-organis\u00e9e par la Banque Populaire Auvergne-Rh\u00f4ne-Alpes, le cabinet Mazars, Inria et le Tarmac le 14 f\u00e9vrier dernier, voici une rapide synth\u00e8se des bonnes pratiques en mati\u00e8re de valorisation et de lev\u00e9e de fonds. La valo&nbsp;: de quoi parle-t-on, comment l\u2019estimer, quels pi\u00e8ges \u00e9viter&nbsp;? Quand on parle de valorisation, il s\u2019agit [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":21691,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[41,50,44],"tags":[],"class_list":["post-21690","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-entrepreneur-competences","category-financer-sa-startup","category-tarmac-incubator"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Valorisation et lev\u00e9e de fonds : les bonnes pratiques - inovall\u00e9e<\/title>\n<meta name=\"description\" content=\"Valorisation technologique, valorisation pr\u00e9-money et post money, exit : retours d&#039;exp\u00e9rience en mati\u00e8re de lev\u00e9e de fonds\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.inovallee.com\/en\/valorisation-et-levee-de-fonds-les-bonnes-pratiques\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Valorisation et lev\u00e9e de fonds : les bonnes pratiques - inovall\u00e9e\" \/>\n<meta property=\"og:description\" content=\"Valorisation technologique, valorisation pr\u00e9-money et post money, exit : retours d&#039;exp\u00e9rience en mati\u00e8re de lev\u00e9e de fonds\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.inovallee.com\/en\/valorisation-et-levee-de-fonds-les-bonnes-pratiques\/\" \/>\n<meta property=\"og:site_name\" content=\"inovall\u00e9e\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/technopoleinovallee\/\" \/>\n<meta property=\"article:published_time\" content=\"2019-06-11T08:55:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.inovallee.com\/wp-content\/uploads\/2019\/06\/IMG_0352.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"3264\" \/>\n\t<meta property=\"og:image:height\" content=\"2448\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Inovallee\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@inovallee\" \/>\n<meta name=\"twitter:site\" content=\"@inovallee\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Inovallee\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.inovallee.com\\\/valorisation-et-levee-de-fonds-les-bonnes-pratiques\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.inovallee.com\\\/valorisation-et-levee-de-fonds-les-bonnes-pratiques\\\/\"},\"author\":{\"name\":\"Inovallee\",\"@id\":\"https:\\\/\\\/www.inovallee.com\\\/#\\\/schema\\\/person\\\/a45b15518aad3111b2d61d257a3e023b\"},\"headline\":\"Valorisation et lev\u00e9e de fonds : les bonnes pratiques\",\"datePublished\":\"2019-06-11T08:55:26+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.inovallee.com\\\/valorisation-et-levee-de-fonds-les-bonnes-pratiques\\\/\"},\"wordCount\":826,\"publisher\":{\"@id\":\"https:\\\/\\\/www.inovallee.com\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.inovallee.com\\\/valorisation-et-levee-de-fonds-les-bonnes-pratiques\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.inovallee.com\\\/wp-content\\\/uploads\\\/2019\\\/06\\\/IMG_0352.jpg\",\"articleSection\":[\"Entreprendre et d\u00e9velopper ses comp\u00e9tences\",\"Financement &amp; 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