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The Impact of Venture Capital Investors on their Portfolio Firms. A Comparison between Belgium and France.

Buggenhout, Jérôme
(2017)

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Buggenhout_86861400_2017.pdf
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Buggenhout_86861400_2017_Annexe1.pdf
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Details

Supervisors
Funhoff, Axel
Faculty
Louvain School of Management
Degree label
Master [120] en sciences de gestion
Abstract
The following paper describes the relationship between Venture Capital investors and entrepreneurs by analyzing both ends of the relationship in one single survey. A detailed literature review at the beginning of this master thesis helped us to gather a broad knowledge basis of the subject, on the basis of which we built our survey questionnaires. Following this preparation, we interviewed 10 VC firms and 4 ex-VC backed corporates which are active in either the Belgian or French Life Science sector. We find that from a technical perspective, there are few differences between the way Belgian or French VCs work. However, we found that there are differences, the most striking of which are related to VC market specificities. Finally, our analysis shows that entrepreneurs are overall satisfied with the support of VC’s, but notably with important reservations. This paper’s findings could be useful to conduct a broader quantitative survey with the goal to find out whether or not the results are applicable to the entire Belgian and French Venture Capital industry.