Elodie MAUREAU

Composition of the Jury

Abstract

The entrepreneur-investor relationship is a key factor in performance and value creation for startups. A relationship based on cooperation and trust, for example, can optimize performance and facilitate refinancing. Furthermore, certain types of conflicts can have a positive or negative impact on performance. Several studies highlight the importance of considering individual factors—such as the perceptions of entrepreneurs and investors—to better understand this entrepreneur-investor relationship. These perceptions influence decisions, as well as the perception of risks and opportunities. The alignment of cognitive frameworks between investors and entrepreneurs appears to be a key challenge in the relationship. However, the cognitive differences between venture capitalists and entrepreneurs—and how these differences influence the relationship—have not yet been studied in research focused on venture capital firms.

The objective of this dissertation is to examine the role played by perceptions and the alignment of perceptions in the entrepreneur–venture capitalist relationship in order to deepen our understanding of this relational dynamic. The goal is to develop managerial tools to support the post-investment relationship.

From a theoretical perspective, the first part of this dissertation presents the theoretical foundations of the entrepreneur-investor relationship, drawing on the contractual approach and resource-based theories (Chapter 1).

An in-depth analysis is conducted on governance mechanisms and the quality of the investor-entrepreneur relationship (Chapter 2).

The second part of the dissertation describes the empirical work conducted, which is based on a qualitative study and an analysis using multithematic coding and cognitive mapping (Chapter 3).

The presentation of the results is structured around three academic articles (Chapter 4). Taken together, these contributions provide a conceptual model that highlights the links between mental models, relationship management, the alignment of mental models, and relationship quality. Finally, a general conclusion presents the main theoretical, methodological, and managerial contributions, as well as the limitations of this study and directions for future research.