{"id":767,"date":"2016-02-08T13:21:15","date_gmt":"2016-02-08T13:21:15","guid":{"rendered":"https:\/\/cityfalcon.com\/blog\/?p=767"},"modified":"2017-10-05T11:44:34","modified_gmt":"2017-10-05T11:44:34","slug":"why-we-entrepreneurs-are-responsible-for-the-risk-aversion-of-investors-in-the-uk-and-europe","status":"publish","type":"post","link":"https:\/\/www.cityfalcon.ai\/blog\/fr\/the-startup-journey\/why-we-entrepreneurs-are-responsible-for-the-risk-aversion-of-investors-in-the-uk-and-europe\/","title":{"rendered":"Pourquoi nous, entrepreneurs, sommes responsables de l&#039;aversion au risque des investisseurs au Royaume-Uni et en Europe"},"content":{"rendered":"<br \/>\n<style>\n.wp-caption {\nmax-width: 100% !important;\n}\n iframe {\nmax-width: 100%; hight: auto;\n}\n<\/style>\n<p>Je porte deux casquettes: un entrepreneur fintech et un investisseur providentiel. En outre, j&#039;ai pass\u00e9 les 15 derni\u00e8res ann\u00e9es \u00e0 investir et \u00e0 n\u00e9gocier divers types de titres sur les march\u00e9s publics et j&#039;ai travaill\u00e9 dans des transactions publiques \u00e0 priv\u00e9es en milliards de livres sterling.<\/p>\n<p>Au cours des 18 derniers mois, nous <a title=\"http:\/\/hubs.ly\/y0Vg8X0\" href=\"http:\/\/hubs.ly\/y0Vg8X0\" target=\"_blank\" rel=\"noopener noreferrer\">CityFALCON<\/a> ont lev\u00e9 400K \u00a3 en deux tours. Au cours de ce processus, j&#039;ai rencontr\u00e9 au moins 50 investisseurs, des investisseurs providentiels, des VC et des family offices. Notre entreprise a remport\u00e9 plusieurs prix et a obtenu une presse positive, nous avons donc suscit\u00e9 beaucoup d&#039;int\u00e9r\u00eat. Mais m\u00eame avec tout cela, la collecte de fonds a \u00e9t\u00e9 une vraie salope.<\/p>\n<p>On parle beaucoup de la nature conservatrice des investisseurs au Royaume-Uni et en Europe par rapport \u00e0 nos amis de la Silicon Valley ou de New York - et tout n&#039;est pas sans fondement. Mais j&#039;ai \u00e9t\u00e9 des deux c\u00f4t\u00e9s de la cl\u00f4ture, donc je sais que ce n&#039;est pas uniquement la faute des investisseurs timides. Nous, les entrepreneurs, faisons plusieurs choses mal.<\/p>\n<ul>\n<li><strong>Il n&#039;y a `` aucun risque de perdre &#039;&#039; au Royaume-Uni et en Europe<\/strong><\/li>\n<\/ul>\n<p>Quand un investisseur signe-t-il r\u00e9ellement le ch\u00e8que pour investir dans une entreprise, qu&#039;elle soit publique ou priv\u00e9e? La plupart du temps, c&#039;est lorsqu&#039;ils ont peur de perdre une opportunit\u00e9. Par exemple, le p\u00e9trole est en dessous de $30 et tout le monde sait qu&#039;il y a de la valeur l\u00e0-bas, en raison du co\u00fbt de production et de la dynamique de l&#039;offre et de la demande \u00e0 long terme. Mais combien d&#039;investisseurs et de commer\u00e7ants ach\u00e8tent du p\u00e9trole? Tout le monde veut faire partie du rebond, mais attend le moment o\u00f9 il voit un \u00e9lan positif.<\/p>\n<ul>\n<li><strong>Il y a eu tr\u00e8s peu de sorties par rapport au nombre de start-up levant des fonds<\/strong><\/li>\n<\/ul>\n<p>Au Royaume-Uni, vous n&#039;entendez pas d&#039;histoires de personnes investissant 10K \u00a3 dans une start-up puis en sortant pour 100000 \u00a3 - apparemment un \u00e9v\u00e9nement r\u00e9gulier dans la vall\u00e9e. Il est tentant de bl\u00e2mer les entrepreneurs pour cela, mais ce n&#039;est pas toute l&#039;histoire. La raison principale en est que nous n&#039;avons pas l&#039;\u00e9cosyst\u00e8me de start-up de mentors, d&#039;investisseurs et d&#039;employ\u00e9s qui ont construit ou travaill\u00e9 dans des start-ups. Au Royaume-Uni, nous manquons d&#039;exp\u00e9rience et de soutien de personnes qui ont travers\u00e9 les diff\u00e9rentes phases de croissance et qui ont connu leurs propres succ\u00e8s et \u00e9checs. Nous avons ici des investisseurs \u00abintelligents\u00bb, et nous avons de la chance, mais la plupart de l&#039;argent au Royaume-Uni est de l&#039;argent \u00abstupide\u00bb.<\/p>\n<p>Dans l&#039;\u00e9tat actuel des choses, un investisseur rationnel resterait \u00e0 l&#039;\u00e9cart des start-ups. La plupart du temps, investir dans les startups est principalement pour les avantages fiscaux (SEIS, EIS, etc.).<\/p>\n<ul>\n<li><strong>Oubliez les sorties, certains entrepreneurs ne mettent m\u00eame pas r\u00e9guli\u00e8rement \u00e0 jour leurs investisseurs<\/strong><\/li>\n<\/ul>\n<p>L&#039;une des choses les plus frustrantes auxquelles les investisseurs providentiels sont confront\u00e9s au Royaume-Uni est de ne pas recevoir de mises \u00e0 jour de la part d&#039;une entreprise dans laquelle ils ont investi. Et demandez-vous quelle est la probabilit\u00e9 que quelqu&#039;un donne un investissement de suivi apr\u00e8s avoir re\u00e7u aucune mise \u00e0 jour. \u00c0 <a title=\"http:\/\/hubs.ly\/y0Vg8X0\" href=\"http:\/\/hubs.ly\/y0Vg8X0\" target=\"_blank\" rel=\"noopener noreferrer\">CityFALCON<\/a>, Je demande \u00e0 l&#039;\u00e9quipe de me fournir toutes les m\u00e9triques afin que nous envoyions une mise \u00e0 jour dans les 5 jours suivant la cl\u00f4ture de chaque mois. C&#039;est d&#039;une importance vitale, et pas si difficile!<\/p>\n<ul>\n<li><strong>C&#039;est devenu un march\u00e9 d&#039;investisseurs \u00e0 un stade pr\u00e9coce<\/strong><\/li>\n<\/ul>\n<p>Il y a une id\u00e9e fausse populaire construite par les m\u00e9dias selon laquelle le Royaume-Uni a une abondance d&#039;argent, n&#039;attendant que des entrepreneurs affam\u00e9s pour venir tout saisir. Cela a conduit des entrepreneurs de toute l&#039;Europe et de l&#039;Asie \u00e0 chercher \u00e0 lever des capitaux au Royaume-Uni. Bien qu&#039;il y ait de l&#039;argent au Royaume-Uni,<a title=\"http:\/\/www.financeforfounders.com\/abundance-of-start-up-funding-in-the-uk-but-not-necessarily-for-you\" href=\"http:\/\/www.financeforfounders.com\/abundance-of-start-up-funding-in-the-uk-but-not-necessarily-for-you\" target=\"_blank\" rel=\"noopener noreferrer\"> beaucoup ce n&#039;est pas pour toi<\/a>. Les investisseurs traditionnellement r\u00e9ticents au risque au Royaume-Uni, associ\u00e9s \u00e0 l&#039;inondation de certains des meilleurs entrepreneurs du monde entier, ont donn\u00e9 plus de choix aux investisseurs et ont rendu plus difficile le d\u00e9marrage de nombreuses start-ups.<\/p>\n<ul>\n<li><strong>Bousculer, c&#039;est bien, mais spammer les investisseurs pour lever des fonds n&#039;est pas cool<\/strong><\/li>\n<\/ul>\n<p>Tous les deux ou trois jours, je re\u00e7ois un e-mail qui dit quelque chose comme: \u00abNous cl\u00f4turons notre cycle EIS, retour sur investissement attendu de x%\u2026\u00bb. La plupart des investissements providentiels fonctionnent sur des r\u00e9f\u00e9rences, et je ne sais pas combien d&#039;entrepreneurs obtiennent un financement en utilisant cette approche. C&#039;est comme bombarder votre CV \u00e0 200 entreprises lorsque vous cherchez un emploi.<\/p>\n<p>Nous, entrepreneurs, pouvons apprendre beaucoup de choses sur l&#039;\u00e9tablissement de relations avec les dirigeants du d\u00e9veloppement des affaires. Ceux qui r\u00e9ussissent ne commencent pas \u00e0 vendre \u00e0 partir de ma premi\u00e8re phrase, ils travaillent d&#039;abord \u00e0 \u00e9tablir un rapport, une connexion avec le client potentiel.<\/p>\n<p>Ce n&#039;est pas l&#039;abondance mais la raret\u00e9 des actifs qui fait monter sa valeur. Laissez les investisseurs chasser les opportunit\u00e9s au lieu que nous les poursuivions.<\/p>\n<ul>\n<li><strong>Soyez pr\u00eat \u00e0 partir<\/strong><\/li>\n<\/ul>\n<p>Certains investisseurs potentiels prendront trop de votre temps. Ils demanderont des tonnes de documents et d&#039;informations sans aucune r\u00e9elle intention d&#039;investir dans l&#039;entreprise. J&#039;ai \u00e9t\u00e9 coupable de \u00e7a aussi. La plupart des investissements que nous avons lev\u00e9s ont \u00e9t\u00e9 r\u00e9alis\u00e9s en moins de trois rencontres avec l&#039;investisseur potentiel. Nous devons revenir aux bases de la n\u00e9gociation.<\/p>\n<p><strong>Les entrepreneurs en retard et \u00abprosp\u00e8res\u00bb donnent trop<\/strong><\/p>\n<ul>\n<li><strong>Plusieurs start-up en demande sont sous-\u00e9valu\u00e9es<\/strong><\/li>\n<\/ul>\n<p>Prenez une entreprise comme Crowdcube. Leur collecte de fonds a \u00e9t\u00e9 souscrite en 15 minutes. En termes purement financiers, ils en ont laiss\u00e9 trop sur la table. Ils auraient pu collecter des fonds \u00e0 une \u00e9valuation beaucoup plus \u00e9lev\u00e9e. Cela a \u00e9t\u00e9 le cas avec Seedrs et d&#039;autres marques populaires qui ont lev\u00e9 des fonds et ont \u00e9t\u00e9 sursouscrites. J&#039;esp\u00e8re que les sites de financement participatif \u00e0 l&#039;avenir commenceront \u00e0 r\u00e9fl\u00e9chir aux principes de base de la demande et de l&#039;offre, et auront un processus de cr\u00e9ation de livres sur le site.<\/p>\n<ul>\n<li><strong>Les investisseurs \u00e0 un stade avanc\u00e9 veulent une hausse des actions ordinaires avec une protection contre la baisse de la dette - un capital vraiment co\u00fbteux<\/strong><\/li>\n<\/ul>\n<p>L&#039;un des plus gros chocs pour moi apr\u00e8s \u00eatre entr\u00e9 dans le monde de l&#039;entrepreneuriat a \u00e9t\u00e9 les feuilles de termes que les entrepreneurs sont oblig\u00e9s de signer. Sur les march\u00e9s publics, lorsque vous achetez une action dans une entreprise, vous obtenez des capitaux propres dans l&#039;entreprise aux m\u00eames conditions que les autres investisseurs. Mais dans le monde des start-up, les investisseurs en phase finale qui sont moins expos\u00e9s que les investisseurs, les employ\u00e9s et les entrepreneurs en phase de d\u00e9marrage, exigent des liquidations pr\u00e9f\u00e9rentielles, des warrants, etc. que c&#039;est juste! Malheureusement, la plupart d&#039;entre nous devront signer ces feuilles de conditions, car elles sont devenues la norme, mais n&#039;oubliez pas que vous en donnez trop.<\/p>\n<p>Le graphique ci-dessous montre le profil risque-rendement de la dette et des actions sur les march\u00e9s publics.<\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" title=\"1\" src=\"http:\/\/financeforfounders.com\/system\/images\/W1siZiIsIjIwMTYvMDIvMDgvMDdfNTlfMzJfNzAwXzEucG5nIl1d\/1.png\" alt=\"1\" width=\"1600\" height=\"1131\" data-rel=\"225x255\" \/><\/p>\n<p>\u00c9tant donn\u00e9 que la plupart des investisseurs en phase finale obtiennent beaucoup lors des investissements, voici \u00e0 quoi ressemble leur position sur le m\u00eame graphique<\/p>\n<p><img decoding=\"async\" title=\"2\" src=\"http:\/\/financeforfounders.com\/system\/images\/W1siZiIsIjIwMTYvMDIvMDgvMDhfMDBfMTBfNzQzXzIucG5nIl1d\/2.png\" alt=\"2\" width=\"1600\" height=\"1131\" data-rel=\"225x255\" \/><\/p>\n<p>Le capital-risque b\u00e9n\u00e9ficiant de r\u00e9compenses pr\u00e9f\u00e9rentielles, la combinaison risque-r\u00e9compense pour les entrepreneurs, les employ\u00e9s et les premiers investisseurs providentiels devient d\u00e9favorable, bien que certains des risques des investisseurs providentiels soient r\u00e9duits en raison de r\u00e9gimes fiscaux tels que SEIS et EIS.<\/p>\n<p><img decoding=\"async\" title=\"3\" src=\"http:\/\/financeforfounders.com\/system\/images\/W1siZiIsIjIwMTYvMDIvMDgvMDhfMDBfMTFfMjcyXzMucG5nIl1d\/3.png\" alt=\"3\" width=\"1600\" height=\"1131\" data-rel=\"225x255\" \/><\/p>\n<p>Pourquoi les investisseurs \u00e0 un stade avanc\u00e9 voudraient-ils agir t\u00f4t alors qu&#039;ils peuvent obtenir un ratio risque-rendement favorable de la part de start-ups qui ont d\u00e9j\u00e0 suffisamment r\u00e9ussi pour atteindre le stade de la s\u00e9rie A et au-del\u00e0?<\/p>\n<p><strong>Mon appel \u00e0 tous les entrepreneurs<\/strong><\/p>\n<p>Les investisseurs s&#039;assoient dans une pi\u00e8ce, jugent les start-ups et travaillent ensemble pour d\u00e9cider collectivement d&#039;investir dans des entreprises de promotion. Il est temps pour les entrepreneurs de se rassembler et d&#039;am\u00e9liorer l&#039;environnement de collecte de fonds pour nous-m\u00eames et pour d&#039;autres entreprises qui collecteront des fonds apr\u00e8s nous.<\/p>\n<p>Nous avons besoin du soutien des entrepreneurs en phase terminale qui r\u00e9ussissent \u00e0 offrir le m\u00eame profil risque-r\u00e9compense aux VC et aux investisseurs en phase finale comme ils le font aux investisseurs en d\u00e9marrage et \u00e0 leurs employ\u00e9s. Cela peut amener certains de ces investisseurs \u00e0 un stade avanc\u00e9 \u00e0 passer \u00e0 un stade pr\u00e9coce pour g\u00e9n\u00e9rer des rendements potentiels plus \u00e9lev\u00e9s. Et bien s\u00fbr, vous montrerez que vous vous souciez de ceux qui vous ont soutenu en premier lieu: vos premiers investisseurs et vos employ\u00e9s.<\/p>\n<p>&nbsp;<\/p>","protected":false},"excerpt":{"rendered":"<p>Je porte deux casquettes: un entrepreneur fintech et un investisseur providentiel\u2026<\/p>\n<p><a href=\"http:\/\/www.cityfalcon.com\/blog\/the-startup-journey\/why-we-entrepreneurs-are-responsible-for-the-risk-aversion-of-investors-in-the-uk-and-europe\/\">Continuer la lecture \u2192<\/a><\/p>","protected":false},"author":1,"featured_media":768,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[144],"class_list":["post-767","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-startup-journey","tag-finance-for-founders"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.3.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Why we entrepreneurs are responsible for the risk aversion<\/title>\n<meta name=\"description\" content=\"I wear two hats: a fintech entrepreneur and an angel investor. Also, I\u2019ve spent the last 15 years investing and trading in various types of securities in public markets\" \/>\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.cityfalcon.com\/blog\/the-startup-journey\/why-we-entrepreneurs-are-responsible-for-the-risk-aversion-of-investors-in-the-uk-and-europe\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why we entrepreneurs are responsible for the risk aversion\" \/>\n<meta property=\"og:description\" content=\"I wear two hats: a fintech entrepreneur and an angel investor. Also, I\u2019ve spent the last 15 years investing and trading in various types of securities in public markets\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.cityfalcon.com\/blog\/the-startup-journey\/why-we-entrepreneurs-are-responsible-for-the-risk-aversion-of-investors-in-the-uk-and-europe\/\" \/>\n<meta property=\"og:site_name\" content=\"CityFALCON Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/cityfalconfollow\/\" \/>\n<meta property=\"article:published_time\" content=\"2016-02-08T13:21:15+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2017-10-05T11:44:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.cityfalcon.com\/blog\/wp-content\/uploads\/2016\/03\/08_00_11_272_3.png\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"565\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Ruzbeh Bacha\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cityfalcon\" \/>\n<meta name=\"twitter:site\" content=\"@cityfalcon\" \/>\n<meta name=\"twitter:label1\" content=\"\u00c9crit par\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ruzbeh Bacha\" \/>\n\t<meta name=\"twitter:label2\" content=\"Dur\u00e9e de lecture estim\u00e9e\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":[\"Article\",\"BlogPosting\"],\"@id\":\"https:\/\/www.cityfalcon.com\/blog\/the-startup-journey\/why-we-entrepreneurs-are-responsible-for-the-risk-aversion-of-investors-in-the-uk-and-europe\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.cityfalcon.com\/blog\/the-startup-journey\/why-we-entrepreneurs-are-responsible-for-the-risk-aversion-of-investors-in-the-uk-and-europe\/\"},\"author\":{\"name\":\"Ruzbeh Bacha\",\"@id\":\"https:\/\/www.cityfalcon.ai\/blog\/#\/schema\/person\/adaf6e70ee43cd981606acd8ec46cecd\"},\"headline\":\"Why we entrepreneurs are responsible for the risk aversion of investors in the UK and Europe\",\"datePublished\":\"2016-02-08T13:21:15+00:00\",\"dateModified\":\"2017-10-05T11:44:34+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.cityfalcon.com\/blog\/the-startup-journey\/why-we-entrepreneurs-are-responsible-for-the-risk-aversion-of-investors-in-the-uk-and-europe\/\"},\"wordCount\":1309,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.cityfalcon.ai\/blog\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.cityfalcon.com\/blog\/the-startup-journey\/why-we-entrepreneurs-are-responsible-for-the-risk-aversion-of-investors-in-the-uk-and-europe\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/03\/08_00_11_272_3.png\",\"keywords\":[\"Finance for Founders\"],\"articleSection\":[\"The Startup Journey\"],\"inLanguage\":\"fr-FR\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.cityfalcon.com\/blog\/the-startup-journey\/why-we-entrepreneurs-are-responsible-for-the-risk-aversion-of-investors-in-the-uk-and-europe\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.cityfalcon.com\/blog\/the-startup-journey\/why-we-entrepreneurs-are-responsible-for-the-risk-aversion-of-investors-in-the-uk-and-europe\/\",\"url\":\"https:\/\/www.cityfalcon.com\/blog\/the-startup-journey\/why-we-entrepreneurs-are-responsible-for-the-risk-aversion-of-investors-in-the-uk-and-europe\/\",\"name\":\"Why we entrepreneurs are responsible for the risk aversion\",\"isPartOf\":{\"@id\":\"https:\/\/www.cityfalcon.ai\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.cityfalcon.com\/blog\/the-startup-journey\/why-we-entrepreneurs-are-responsible-for-the-risk-aversion-of-investors-in-the-uk-and-europe\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.cityfalcon.com\/blog\/the-startup-journey\/why-we-entrepreneurs-are-responsible-for-the-risk-aversion-of-investors-in-the-uk-and-europe\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/03\/08_00_11_272_3.png\",\"datePublished\":\"2016-02-08T13:21:15+00:00\",\"dateModified\":\"2017-10-05T11:44:34+00:00\",\"description\":\"I wear two hats: a fintech entrepreneur and an angel investor. 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