customers. There are many criteria that the authors have highlighted.
The steps explained are too numerous for me to describe. Their succession is partly logical, but it is good to specify them.
Contractors must, of course, be tenacious and meticulous, ensure that the needs of potential clients are met, and know what criteria apply.
What is certain is that start-ups are not likely to succeed, but each failure gives you a better understanding of the market. There is nothing unfortunate about that, and in the United States, the kingdom of successful start-ups, it is often said that it is better to finance a team that has had one or more failures!
I mention the United States, because it must be said that many European start-ups – and often the best ones – migrate there to find financing quickly, which leads to a very large number of the most talented entrepreneurs migrating to the United States for this purpose.
This is one of the reasons why this book is important, as it seems that 1 million European entrepreneurs have emigrated to the United States, leading to the strengthening of that country’s technical domination over Europe. Little research has clarified this figure. However, it seems that the British are the most numerous, ahead of the Germans and the French.
I also suggest that following this book, we try to create in Sophia Antipolis – because why not in Valbonne or Vallauris, France – a training structure for start-ups based on the appendices built up over the years before the initial book, to demonstrate its importance. And the foreword would have had the significance of a foreword: proposing a future!
And to make this future a reality, why not give an annual prize to one of the contributors who has a major ecological impact? Impact, for example, in the field of hydrogen fuel, or the transformation of an innovation that would halve the energy consumption of old buildings with the industrialization of silica hydride, a crystalline solid that weighs 1% of the weight of water because it is 99% air, and which enables ultra-light and ultra-insulating concrete to be sprayed on walls?
In France, we also benefit from an important legal innovation: the creation of “sociétés à mission” companies, whose articles of association make it possible to avoid hostile takeover bids thanks to board members (staff, suppliers, customers, representatives of environmental priorities), other than financial shareholders. In this way, sustainability would be privileged over the dangerous “short-termist” views of some traders.
Pierre LAFFITTE
Honorary Senator
General Engineer at the Corps des Mines Creator of Sophia Antipolis, the Club des Technopoles and the Club des Cités Côtières Creator of the Conférence des Grandes Écoles January 2021
Introduction
From start-up to the stock exchange is a long, often complicated, journey which we have tried to popularize and systematize in this book. We have chosen to structure this book through the major stages of an entrepreneur’s life. It is addressed to all those interested in the business world, with or without prior experience. Both entrepreneurs and students will find a practical and accessible guide to increase their chances of transforming an original idea into a profitable business.
In Chapter 1, we present, in an original way and based on the personal experience of Georges Kayanakis, the different stages from the initial idea to the initial public offering. The practical highlighting of these different stages constitutes an unprecedented contribution to the literature on the subject.
Chapter 2 focuses on the elements that foster innovation in a company. Three elements emerge: siphoning requests to produce an idea, having the required skills and having a focused organization.
Chapter 3 returns to the challenges of innovation for companies. It is first of all a survival issue – without innovation the company can quickly become obsolete and disappear. But innovation is also about improving and creating new products/services, having a distinction, and being a leader. It is also the importance of reducing production costs, entering new markets, or creating a competitive advantage in CSR and/or the GDPR.
In Chapters 4 and 5, we elaborate on the financial elements for the company. Chapter 4 covers the main elements of the financial evaluation of an innovation project. Chapter 5 discusses the different sources of financing for innovation.
Starting in Chapter 6, we move from the prism of the company to that of the financial markets: once a company is listed on the stock market, how innovation is valued by the financial markets. In this way, we review the main models for valuing financial assets and try to make them accessible in a practical way through the use of Microsoft Excel.
In Chapter 7, we move from equity markets to bond markets. We will attempt to answer the question of the impact of innovation on corporate credit risk.
Finally, in Chapter 8, we will deal with financial innovation itself. Do new financial products provide investors with additional opportunities for diversification or do they contribute to increasing the risk of financial asset portfolios?
Resolutely practical and pragmatic, this book nevertheless provides numerous references to professional and academic literature to make it possible for readers to dig deeper into their favorite subjects.
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