Cognition collective et investissement en early-stage: le cas des groupes de Business Angels

Abdel Malik Ola, Catherine Deffains-Crapsky and Régis Dumoulin

Revue de l'Entrepreneuriat, 2022, vol. 21, issue 4, 129-166

Abstract: Business Angels (BA) are increasingly coming together to form business angel groups. However, the influence that belonging to a group has on decision-making in situations of uncertainty has been little studied. Through a qualitative study in six French BA groups, our aim is to highlight the existence of a collective cognition that orchestrates informal interaction practices while preserving individual will in investment decisions. Rather than a logic of access to information that considers the group as a source of biases and conformism with a risk of increased standardization, our results, thanks to a solid theoretical anchoring, highlight a clear knowledge creation approach. We contribute to the debate on understanding investment decisions in entrepreneurial finance and on the investment process of BAs within a group. Our results are transferable to entrepreneurial teams that also operate in an uncertain environment.

Keywords: collective cognition; uncertainty; intersubjectivity; decision-making (search for similar items in EconPapers)
Date: 2022
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