Jeoff Cornwall rapporte un phénomène quelque peu inquiétant: les anges financiers exercent un passage de plus en plus marqué vers des investissements à des stades ultérieurs à leur traditionnelles mises initiales (seed funding), stades jusqu’alors réservés aux VC, qui eux se déplacent vers des deals plus avancés encore, avec des entreprises beaucoup plus matures.
Nous avions déjà remarqué ce coup de barre au Québec. Mon premier réflexe a été d’être profondément alarmé par cette situation qui pouvait devenir critique pour les entrepreneurs, les démarreurs d’entreprises. Mais Cornwall apporte un autre point de vue:
But before we panic and predict the end of the entrepreneurial economy we need to step back and look at the context of all of this.- There are more angel investors than ever with lots of cash. There are only so many seed deals to go around that meet their requirements for investment.
- Some angels are gathering in packs, called angel networks, that are mimicking venture capital firms in many ways, including more pooling of funds on deals and professional management. It is not surprising that this also includes developing investment strategies that look a lot like those of venture capital firms.
- Angels that do smaller deals are off the radar. They are hard to get data on in the first place because there is no formal reporting mechanism. Add to that their intense desire for privacy, and it is no surprise that we are seeing mostly the larger deal angels working in networks.
C’est plus rassurant vu comme ça. Mais il faudra penser à remettre le mot risque dans l’expression capitaux de risque. Ce n’est pas avec du prêt bancaire qu’on lève une entreprise technologique.
The Entrepreneurial Mind: Are Angels Changing Their Strategy?
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