[{"id":430225,"date":"2026-03-17T13:02:02","date_gmt":"2026-03-17T13:02:02","guid":{"rendered":"https:\/\/seedlegals.com\/?p=430225"},"modified":"2026-03-17T13:02:02","modified_gmt":"2026-03-17T13:02:02","slug":"formalites-juridiques-startup-guide-complet-pour-etre-a-jour-et-eviter-les-blocages","status":"publish","type":"post","link":"https:\/\/seedlegals.com\/fr\/resources\/formalites-juridiques-startup-guide-complet-pour-etre-a-jour-et-eviter-les-blocages\/","title":{"rendered":"Formalit\u00e9s juridiques startup : guide complet pour \u00eatre \u00e0 jour et \u00e9viter les blocages"},"content":{"rendered":"","protected":false},"excerpt":{"rendered":"<p>Quand on cr\u00e9e une startup, l\u2019\u00e9nergie est tourn\u00e9e vers le produit, la traction et la lev\u00e9e de fonds. Pourtant, un \u00e9l\u00e9ment beaucoup plus administratif (mais tr\u00e8s important) peut ralentir, voire bloquer votre croissance : les formalit\u00e9s juridiques.<\/p>\n","protected":false},"author":119,"featured_media":430226,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[179,62],"tags":[],"event_tags":[],"class_list":["post-430225","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-le-juridique-simplifie","category-guides-startups"],"acf":{"post_content_width":"default","post_content":[{"acf_fc_layout":"text","text":"<p><span style=\"font-weight: 400;\">Quand on cr\u00e9e une startup, l\u2019\u00e9nergie est tourn\u00e9e vers le produit, la traction et la lev\u00e9e de fonds. Pourtant, un \u00e9l\u00e9ment beaucoup plus administratif (mais tr\u00e8s important) peut ralentir, voire bloquer votre croissance : <\/span><b>les formalit\u00e9s juridiques<\/b><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Cet article s\u2019adresse aux fondatrices et fondateurs qui veulent comprendre clairement :<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">ce que sont les formalit\u00e9s d\u2019entreprise,<\/span><span style=\"font-weight: 400;\">\n<p><\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">pourquoi elles sont obligatoires,<\/span><span style=\"font-weight: 400;\">\n<p><\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">dans quels cas elles s\u2019imposent,<\/span><span style=\"font-weight: 400;\">\n<p><\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">et comment \u00e9viter les erreurs qui peuvent retarder une lev\u00e9e de fonds ou un closing.<\/span><\/li>\n<\/ul>\n"},{"acf_fc_layout":"text","text":"<h2><b>D\u00e9finition : qu\u2019est-ce qu\u2019une formalit\u00e9 juridique pour une startup ?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Les formalit\u00e9s juridiques consistent \u00e0 <\/span><b>d\u00e9clarer officiellement au greffe du tribunal des activit\u00e9s \u00e9conomiques<\/b><span style=\"font-weight: 400;\"> les informations relatives \u00e0 votre soci\u00e9t\u00e9, ainsi que toute modification qui intervient au cours de sa vie.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Cette obligation permet de maintenir \u00e0 jour votre <\/span><b>Kbis<\/b><span style=\"font-weight: 400;\">, le document officiel qui atteste de l\u2019existence juridique de votre entreprise.<\/span><\/p>\n<p><b>Autrement dit : si les informations d\u00e9clar\u00e9es ne correspondent plus \u00e0 la r\u00e9alit\u00e9, votre soci\u00e9t\u00e9 n\u2019est plus en conformit\u00e9.<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Les formalit\u00e9s ne sont donc pas une simple d\u00e9marche administrative \u00e0 prendre \u00e0 la l\u00e9g\u00e8re. Elles garantissent la validit\u00e9 juridique de votre structure.<\/span><\/p>\n"},{"acf_fc_layout":"cta","cta":{"type":"default","subheading":"","heading":"Besoin d\u2019aide pour g\u00e9rer vos formalit\u00e9s juridiques ?","content":"Notre \u00e9quipe vous accompagne \u00e0 chaque \u00e9tape.","bullet_points":false,"form":{"type":"none","hubspot_form":{"layout":"newsletter","hide_founderinvestor_toggle":false,"default_community":"founder","custom_form_id":"","gdpr_disclaimer":"By subscribing, you agree to receive information from SeedLegals. You can unsubscribe anytime. View our <a href=\"\/privacy-policy\/\" target=\"_blank\" rel=\"noopener noreferrer\">privacy policy<\/a>"},"custom":{"embed":""},"gtm_form_type":"default","gtm_form_location":"default"},"button":{"title":"Discutez avec un expert","url":"https:\/\/seedlegals.com\/fr\/discutez-avec-nos-experts\/","target":"_blank"},"image":408355}},{"acf_fc_layout":"text","text":"<h2><b>Le Kbis : la pi\u00e8ce d\u2019identit\u00e9 officielle de votre startup<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Le Kbis est souvent pr\u00e9sent\u00e9 comme la <\/span><b>carte d\u2019identit\u00e9 de votre startup<\/b><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Il prouve que votre soci\u00e9t\u00e9 :<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">est immatricul\u00e9e au Registre du Commerce et des Soci\u00e9t\u00e9s,<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">existe juridiquement,<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">est \u00e0 jour de ses informations l\u00e9gales.<\/span><span style=\"font-weight: 400;\">\n<p><\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">On y retrouve notamment :<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">la d\u00e9nomination sociale,<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">l\u2019adresse du si\u00e8ge,<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">l\u2019activit\u00e9,<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">le nom du\u00a0 ou des dirigeant(s),<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">le montant du capital social.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Ce document vous sera syst\u00e9matiquement demand\u00e9 pour :<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">ouvrir un compte bancaire professionnel,<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">lever des fonds aupr\u00e8s de la BPI, de VC ou de business angels,<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">signer avec certains partenaires institutionnels,<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">r\u00e9pondre \u00e0 des appels d\u2019offres.<\/span><span style=\"font-weight: 400;\">\n<p><\/span><\/li>\n<\/ul>\n"},{"acf_fc_layout":"content_highlight","highlight_type":"tip","background_colour":"purple","show_icon":true,"content":"ATTENTION : Dans la pratique, un Kbis de plus de trois mois est g\u00e9n\u00e9ralement refus\u00e9. Il doit donc \u00eatre r\u00e9guli\u00e8rement mis \u00e0 jour. ","link":null},{"acf_fc_layout":"text","text":"<h2><b>Quand faut-il r\u00e9aliser des formalit\u00e9s juridiques ?<\/b><\/h2>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\">\n<h3><span style=\"font-weight: 400;\">Formalit\u00e9s de cr\u00e9ation : rendre votre soci\u00e9t\u00e9 juridiquement existante<\/span><\/h3>\n<\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">Au moment de la cr\u00e9ation de votre startup, plusieurs informations doivent \u00eatre officiellement d\u00e9clar\u00e9es.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">La r\u00e9daction des statuts, la nomination du pr\u00e9sident (ou g\u00e9rant), la fixation du capital social et l\u2019adresse du si\u00e8ge constituent des \u00e9l\u00e9ments essentiels. Mais tant que ces informations ne sont pas transmises et enregistr\u00e9es par le greffe, votre soci\u00e9t\u00e9 n\u2019existe pas juridiquement.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">La formalit\u00e9 de cr\u00e9ation permet d\u2019obtenir le premier Kbis. C\u2019est cette immatriculation qui donne \u00e0 votre entreprise sa personnalit\u00e9 morale et sa capacit\u00e9 \u00e0 agir (ouvrir un compte, contracter, facturer).<\/span><\/p>\n"},{"acf_fc_layout":"text","text":"<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\">\n<h3><span style=\"font-weight: 400;\">En cas de modification administrative<\/span><\/h3>\n<\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">Les formalit\u00e9s ne concernent pas uniquement la cr\u00e9ation. Elles interviennent \u00e0 chaque \u00e9volution structurante de votre startup.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Tout changement doit \u00eatre d\u00e9clar\u00e9 comme par exemple :<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">un transfert de si\u00e8ge social,<\/span><span style=\"font-weight: 400;\">\n<p><\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">une modification d\u2019activit\u00e9,<\/span><span style=\"font-weight: 400;\">\n<p><\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">un changement de dirigeant,<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">une modification de la valeur nominale.<\/span><\/li>\n<\/ul>\n"},{"acf_fc_layout":"content_highlight","highlight_type":"tip","background_colour":"blue","show_icon":true,"content":"La r\u00e8gle est claire : ces modifications doivent \u00eatre enregistr\u00e9es dans un d\u00e9lai de 30 jours.<br \/>\r\nUne fois valid\u00e9e par le greffe, la modification entra\u00eene l\u2019\u00e9dition d\u2019un nouveau Kbis actualis\u00e9.<br \/>\r\n","link":null},{"acf_fc_layout":"text","text":"<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\">\n<h3><span style=\"font-weight: 400;\">Lors d\u2019une modification du capital\u00a0<\/span><\/h3>\n<\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">Le capital social figure express\u00e9ment sur le Kbis. Il doit refl\u00e9ter fid\u00e8lement la r\u00e9alit\u00e9 de votre cap table (table de capitalisation)\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Ainsi, une formalit\u00e9 est obligatoire si vous r\u00e9alisez une augmentation de capital dans l\u2019un des cas suivants :<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">conversion de BSA Air,<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">exercice de BSPCE,<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">exercice de BSA Advisor,<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">lev\u00e9e de fonds en equity,<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Si cette formalit\u00e9 n\u2019est pas effectu\u00e9e, votre capital affich\u00e9 sera incorrect. Cons\u00e9quence : blocage possible d\u2019une lev\u00e9e, d\u2019un closing ou d\u2019un audit juridique.<\/span><\/p>\n"},{"acf_fc_layout":"expert_highlight","expert_highlight":{"":null,"image":{"ID":425802,"id":425802,"title":"Pepita (1)","filename":"Pepita-1.png","filesize":193571,"url":"https:\/\/seedlegals.com\/wp-content\/uploads\/2025\/10\/Pepita-1.png","link":"https:\/\/seedlegals.com\/wp-content\/uploads\/2025\/10\/Pepita-1.png","alt":"Pepita (1)","author":"85","description":"Pepita (1)","caption":"Pepita (1)","name":"pepita-1-2","status":"inherit","uploaded_to":9643,"date":"2025-10-22 14:43:58","modified":"2025-10-22 14:43:59","menu_order":0,"mime_type":"image\/png","type":"image","subtype":"png","icon":"https:\/\/seedlegals.com\/wp-includes\/images\/media\/default.png","width":400,"height":400,"sizes":{"thumbnail":"https:\/\/seedlegals.com\/wp-content\/uploads\/2025\/10\/Pepita-1-150x150.png","thumbnail-width":150,"thumbnail-height":150,"medium":"https:\/\/seedlegals.com\/wp-content\/uploads\/2025\/10\/Pepita-1-300x300.png","medium-width":300,"medium-height":300,"medium_large":"https:\/\/seedlegals.com\/wp-content\/uploads\/2025\/10\/Pepita-1.png","medium_large-width":400,"medium_large-height":400,"large":"https:\/\/seedlegals.com\/wp-content\/uploads\/2025\/10\/Pepita-1.png","large-width":400,"large-height":400,"_themosis_media":"https:\/\/seedlegals.com\/wp-content\/uploads\/2025\/10\/Pepita-1-100x100.png","_themosis_media-width":100,"_themosis_media-height":100,"1536x1536":"https:\/\/seedlegals.com\/wp-content\/uploads\/2025\/10\/Pepita-1.png","1536x1536-width":400,"1536x1536-height":400,"2048x2048":"https:\/\/seedlegals.com\/wp-content\/uploads\/2025\/10\/Pepita-1.png","2048x2048-width":400,"2048x2048-height":400,"themosis":"https:\/\/seedlegals.com\/wp-content\/uploads\/2025\/10\/Pepita-1-200x150.png","themosis-width":200,"themosis-height":150,"tog-small":"https:\/\/seedlegals.com\/wp-content\/uploads\/2025\/10\/Pepita-1-300x300.png","tog-small-width":300,"tog-small-height":300,"tog-medium":"https:\/\/seedlegals.com\/wp-content\/uploads\/2025\/10\/Pepita-1.png","tog-medium-width":400,"tog-medium-height":400,"tog-large":"https:\/\/seedlegals.com\/wp-content\/uploads\/2025\/10\/Pepita-1.png","tog-large-width":400,"tog-large-height":400,"tog-huge":"https:\/\/seedlegals.com\/wp-content\/uploads\/2025\/10\/Pepita-1.png","tog-huge-width":400,"tog-huge-height":400}},"quote":"<p><em>Pour un fondateur, les formalit\u00e9s sont chronophages. Elles sont pourtant obligatoires, techniques et parfois urgentes.<\/em><\/p>\n<p><em>Les g\u00e9rer en interne signifierait : comprendre la proc\u00e9dure, r\u00e9diger les bons documents, publier une annonce l\u00e9gale conforme, \u00e9changer avec le greffe, suivre les d\u00e9lais\u2026 Le tout pour une t\u00e2che \u00e0 \u201cfaible valeur ajout\u00e9e&#8221;.<\/em><\/p>\n","name":{"title":"Pepita Bechet","url":"https:\/\/www.linkedin.com\/in\/pepitabechet\/","target":""},"role":"Experte Juridique Senior & Charg\u00e9e Relations Client(e)","company":"","linkedin":"","facebook":"","instagram":"","twitter":"","hide_image":false}},{"acf_fc_layout":"text","text":"<h3><b>L\u2019accompagnement SeedLegals<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Faire appel \u00e0 SeedLegals, c\u2019est b\u00e9n\u00e9ficier :<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>d\u2019une qualit\u00e9 juridique rigoureuse<\/b><span style=\"font-weight: 400;\">, conforme aux exigences des greffes ;<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>d\u2019une rapidit\u00e9 d\u2019ex\u00e9cution<\/b><span style=\"font-weight: 400;\">, essentielle lors d\u2019une lev\u00e9e de fonds ;<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>d\u2019une flexibilit\u00e9 adapt\u00e9e aux startups<\/b><span style=\"font-weight: 400;\">, dont les op\u00e9rations sur le capital sont fr\u00e9quentes ;<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>d\u2019un accompagnement global si besoin<\/b><span style=\"font-weight: 400;\">, de la cr\u00e9ation \u00e0 la lev\u00e9e, en passant par le partage de capital avec salari\u00e9s et advisors.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>d\u2019un formaliste juridique d\u00e9di\u00e9 en interne<\/b><span style=\"font-weight: 400;\"> qui g\u00e8re les annonces l\u00e9gales, les d\u00e9p\u00f4ts et la communication avec les greffes partout en France.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">En bref :<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Vous d\u00e9l\u00e9guez une contrainte administrative.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Vous s\u00e9curisez votre conformit\u00e9.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Vous vous concentrez sur votre croissance.<\/span><\/li>\n<\/ul>\n"},{"acf_fc_layout":"cta","cta":{"type":"default","subheading":"","heading":"G\u00e9rez vos formalit\u00e9s juridiques sans perdre de temps ni prendre de risques. ","content":"Confiez-les \u00e0 nos experts pour avancer sereinement dans votre croissance.","bullet_points":false,"form":{"type":"none","hubspot_form":{"layout":"newsletter","hide_founderinvestor_toggle":false,"default_community":"founder","custom_form_id":"","gdpr_disclaimer":"By subscribing, you agree to receive information from SeedLegals. You can unsubscribe anytime. View our <a href=\"\/privacy-policy\/\" target=\"_blank\" rel=\"noopener noreferrer\">privacy policy<\/a>"},"custom":{"embed":""},"gtm_form_type":"default","gtm_form_location":"default"},"button":{"title":"C'est parti !","url":"https:\/\/seedlegals.com\/fr\/discutez-avec-nos-experts\/","target":"_blank"},"image":408355}}],"blog_layout":"v2","v2":{"hero":{"image_background_color":"#E7F1FF","image_fit":"img--contain"},"adverts":[{"type":"selector","selected_advert":{"ID":418366,"post_author":"179","post_date":"2025-02-28 14:32:35","post_date_gmt":"2025-02-28 14:32:35","post_content":"","post_title":"FR - TTAE lancement startup","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"fr-ttae-board","to_ping":"","pinged":"","post_modified":"2026-03-17 12:53:24","post_modified_gmt":"2026-03-17 12:53:24","post_content_filtered":"","post_parent":0,"guid":"https:\/\/seedlegals.com\/?post_type=blog_advert&#038;p=418366","menu_order":0,"post_type":"blog_advert","post_mime_type":"","comment_count":"0","filter":"raw"},"custom_advert":{"advert_tracking_id":"","layout":"default","image":{"image":false,"link":""},"text":{"heading":"","content":"","button":null,"background_color":"#EEF4FF","text_color":"#000646"},"form":{"form":{"type":"none","hubspot_form":{"layout":"newsletter","hide_founderinvestor_toggle":false,"default_community":"founder","custom_form_id":"","gdpr_disclaimer":"By subscribing, you agree to receive information from SeedLegals. 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You can unsubscribe anytime. View our <a href=\"\/privacy-policy\/\" target=\"_blank\" rel=\"noopener noreferrer\">privacy policy<\/a>"},"custom":{"embed":""},"gtm_form_type":false,"gtm_form_location":false}},"cta_and_testimonials":{"heading":"","button":null,"bullet_points":false,"testimonials":false}}}],"related_sidebar_posts":false},"show_author_card":false,"revision_date":"","hero_image":429446,"has_custom_post_authors":true,"is_expert_reviewed":true,"expert_reviewed":{"heading":"Expert reviewed","tooltip_message":"This article has been fact-checked by a SeedLegals subject matter expert.<br><br><a href=\"https:\/\/seedlegals.com\/authors-and-experts\/\" target=\"_blank\">Meet our experts<\/a> and learn more about our review process and quality assurance in our <a href=\"https:\/\/seedlegals.com\/editorial-policy\/\" target=\"_blank\">editorial policy<\/a>."},"post_content_width":"default","post_content":[{"acf_fc_layout":"text","text":"<p><span style=\"font-weight: 400;\">Cr\u00e9er une startup seul est possible. Mais dans la majorit\u00e9 des cas, les startups qui r\u00e9ussissent sont port\u00e9es par plusieurs fondateurs.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Pourquoi ? Parce qu\u2019une startup demande <\/span><b>des comp\u00e9tences multiples<\/b><span style=\"font-weight: 400;\">, une <\/span><b>capacit\u00e9 d\u2019ex\u00e9cution rapide<\/b><span style=\"font-weight: 400;\"> et surtout une <\/span><b>r\u00e9silience \u00e9norme<\/b><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Mais s\u2019associer n\u2019est pas juste une question d\u2019entente humaine. C\u2019est une d\u00e9cision business majeure. Et mal structur\u00e9e, elle peut mettre votre startup en danger.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Dans cet article, on vous explique :<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Comment choisir le bon co-fondateur<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Comment structurer la relation d\u00e8s le d\u00e9part<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Pourquoi le pacte d\u2019associ\u00e9s est indispensable<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Les erreurs les plus fr\u00e9quentes (et comment les \u00e9viter)<\/span><\/li>\n<\/ul>\n<h2><b>Pourquoi s\u2019associer en startup ?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Au d\u00e9but de la vie d\u2019une startup, tout va vite : produit, premiers clients, lev\u00e9e de fonds, recrutement\u2026<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Avoir un co-fondateur permet de :<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Partager la charge mentale et op\u00e9rationnelle<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Combiner des expertises (tech, business, produit\u2026)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Rassurer et envoyer les bons signaux aux investisseurs<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Prendre de meilleures d\u00e9cisions strat\u00e9giques<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Dans l\u2019\u00e9cosyst\u00e8me startup, une \u00e9quipe fondatrice compl\u00e9mentaire est souvent vue comme un <\/span><b>signal fort de cr\u00e9dibilit\u00e9<\/b><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Mais attention : s\u2019associer, c\u2019est comme un mariage business.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Vous allez :<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">partager la vision<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">partager le capital<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">partager les d\u00e9cisions cl\u00e9s<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">relever des challenges <\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">D\u2019o\u00f9 l\u2019importance de <\/span><b>tout cadrer d\u00e8s le d\u00e9but<\/b><span style=\"font-weight: 400;\">.<\/span><\/p>\n<h3><b>Avant de vous associer : les questions essentielles \u00e0 clarifier<\/b><\/h3>\n"},{"acf_fc_layout":"content_highlight","highlight_type":"tip","background_colour":"blue","show_icon":true,"content":"S\u2019associer \u00e0 un co-fondateur ne se r\u00e9sume pas \u00e0 trouver quelqu\u2019un avec qui on s\u2019entend bien, avec qui on a d\u00e9j\u00e0 travaill\u00e9, ou qui partage la m\u00eame id\u00e9e. Ces affinit\u00e9s sont utiles, mais elles ne suffisent pas \u00e0 garantir une collaboration durable et efficace.\u00a0","link":null},{"acf_fc_layout":"text","text":"<p><span style=\"font-weight: 400;\">Avant de franchir le pas, il est crucial de se poser les bonnes questions sur la vision, l\u2019implication et les responsabilit\u00e9s.<\/span><\/p>\n<p><b>La vision long terme<\/b><span style=\"font-weight: 400;\"> est le premier point \u00e0 clarifier. Il faut s\u2019assurer que vous partagez les m\u00eames ambitions, car un d\u00e9salignement ici est souvent \u00e0 l\u2019origine de conflits majeurs.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Par exemple :<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Souhaitez-vous lever des fonds rapidement ou rester en bootstrap ?<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Visez-vous une exit (sortie) rapide ?<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Quelle est votre tol\u00e9rance au risque ?<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Quelle ambition internationale avez-vous pour la startup ?<\/span><\/li>\n<\/ul>\n<p><b>L\u2019implication r\u00e9elle<\/b><span style=\"font-weight: 400;\"> de chacun est tout aussi d\u00e9terminante. Un co-fondateur doit \u00eatre pr\u00eat \u00e0 s\u2019investir pleinement, et la r\u00e9partition des responsabilit\u00e9s doit \u00eatre transparente. V\u00e9rifiez notamment si la personne :<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Sera engag\u00e9e \u00e0 temps plein (dans la plupart des cas) ?<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Acceptera une r\u00e9mun\u00e9ration plus faible au d\u00e9but de l\u2019aventure ?<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Est pr\u00eate \u00e0 prendre un risque personnel important ?<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Si l\u2019un des associ\u00e9s assume moins de responsabilit\u00e9s ou de risques que l\u2019autre, cette diff\u00e9rence doit se refl\u00e9ter dans la r\u00e9partition du capital et dans les accords de gouvernance.<\/span><\/p>\n"},{"acf_fc_layout":"text","text":"<h2><b>Le pacte d\u2019associ\u00e9s : un document essentiel d\u00e8s le d\u00e9part<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Le pacte d\u2019associ\u00e9s est souvent associ\u00e9 aux lev\u00e9es de fonds. Mais en r\u00e9alit\u00e9, il est essentiel <\/span><b>d\u00e8s qu\u2019il y a plusieurs fondateurs.<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Son r\u00f4le est simple : <\/span><b>encadrer les relations entre associ\u00e9s et s\u00e9curiser le projet.<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Sans pacte d\u2019associ\u00e9s, une startup est beaucoup plus fragile. Certains investisseurs peuvent m\u00eame refuser un financement si aucun pacte n&#8217;est mis en place.<\/span><\/p>\n"},{"acf_fc_layout":"cta","cta":{"type":"default","subheading":"","heading":"Besoin d'aide pour structurer votre pacte d'associ\u00e9s ?","content":"Notre \u00e9quipe vous accompagne \u00e9tape par \u00e9tape","bullet_points":false,"form":{"type":"none","hubspot_form":{"layout":"newsletter","hide_founderinvestor_toggle":false,"default_community":"founder","custom_form_id":"","gdpr_disclaimer":"By subscribing, you agree to receive information from SeedLegals. You can unsubscribe anytime. View our <a href=\"\/privacy-policy\/\" target=\"_blank\" rel=\"noopener noreferrer\">privacy policy<\/a>"},"custom":{"embed":""},"gtm_form_type":"default","gtm_form_location":"default"},"button":{"title":"C'est parti !","url":"https:\/\/seedlegals.com\/fr\/discutez-avec-nos-experts\/","target":""},"image":408355}},{"acf_fc_layout":"text","text":"<h2><b>Que contient un pacte d\u2019associ\u00e9s ?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Un pacte d\u2019associ\u00e9s comporte g\u00e9n\u00e9ralement trois grandes parties.<\/span><\/p>\n<h3><b>1. Les r\u00e8gles li\u00e9es aux actions<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Cette partie d\u00e9finit :<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Qui d\u00e9tient combien d\u2019actions<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Qui peut vendre ses actions<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u00c0 qui elles peuvent \u00eatre vendues<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Les droits attach\u00e9s aux actionsPar exemple, le droit de pr\u00e9emption : Un associ\u00e9 souhaitant vendre ses actions doit d\u2019abord les proposer aux autres associ\u00e9s.<\/span><\/li>\n<\/ul>\n<h3><b>2. Les droits \u00e9conomiques<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Cette partie concerne g\u00e9n\u00e9ralement les investisseurs :<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Droits financiers<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Liquidation pr\u00e9f\u00e9rentielle<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Dividendes<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Elle est surtout n\u00e9goci\u00e9e lors des lev\u00e9es de fonds.<\/span><\/p>\n<h3><b>3. La gouvernance<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">La gouvernance d\u00e9finit :<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Qui dirige la soci\u00e9t\u00e9<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Qui prend les d\u00e9cisions<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Qui est CEO<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Qui est CTO<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Qui g\u00e8re le marketing ou le commercial<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Elle peut aussi inclure :<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Le comit\u00e9 strat\u00e9gique ou board<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Les droits de vote<\/span><\/li>\n<\/ul>\n"},{"acf_fc_layout":"content_highlight","highlight_type":"link","background_colour":"blue","show_icon":true,"content":"","link":{"title":"D\u00e9couvrez comment un pacte d\u2019associ\u00e9s bien structur\u00e9 peut prot\u00e9ger votre startup et convaincre vos investisseurs d\u00e8s le d\u00e9part.","url":"https:\/\/seedlegals.com\/fr\/resources\/pacte-associes-fondateur-definition\/","target":"_blank"}},{"acf_fc_layout":"text","text":"<h2><b>Pourquoi les investisseurs regardent le pacte d\u2019associ\u00e9s attentivement<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Le pacte d\u2019associ\u00e9s n\u2019est pas qu\u2019un document juridique : pour les investisseurs, c\u2019est un v\u00e9ritable signal de maturit\u00e9. Investisseurs, banques ou organismes publics veulent s\u2019assurer que les relations entre associ\u00e9s sont s\u00e9curis\u00e9es, que les r\u00f4les sont clairement d\u00e9finis et que la gouvernance est stable et anticip\u00e9e.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Un pacte solide montre que vous avez pens\u00e9 aux situations sensibles : d\u00e9part d\u2019un fondateur, d\u00e9saccord strat\u00e9gique, prise de d\u00e9cisions cl\u00e9s et que votre startup peut traverser les impr\u00e9vus. Concr\u00e8tement, ils v\u00e9rifient notamment :<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">la clart\u00e9 dans la r\u00e9partition des r\u00f4les et des pouvoirs<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">l\u2019existence de m\u00e9canismes pour \u00e9viter les blocages<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">les r\u00e8gles encadrant la sortie d\u2019un associ\u00e9 (que ce soit en bon ou mauvais termes)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">la coh\u00e9rence entre la gouvernance actuelle et une future lev\u00e9e de fonds<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">\u00c0 l\u2019inverse, un pacte mal structur\u00e9 (ou absent) peut ralentir une lev\u00e9e de fonds, compliquer l\u2019obtention d\u2019un pr\u00eat ou retarder une subvention. En early-stage, la confiance ne repose pas seulement sur le produit : elle repose aussi sur la structure.<\/span><\/p>\n<p>Pour aller plus loin sur ces sujets, <strong data-start=\"541\" data-end=\"575\"><a href=\"https:\/\/www.linkedin.com\/in\/rapha%C3%ABlle-m-13858b17a\/\">Raphaelle Marquet <\/a><\/strong>(SeedLegals) et <strong data-start=\"579\" data-end=\"618\"><a href=\"https:\/\/www.linkedin.com\/in\/valentin-a-41496b13b\/\">Valentin Allan <\/a><\/strong>(3 iii Financements) reviennent dans ce webinar sur l\u2019importance de bien structurer la r\u00e9partition du capital et le pacte d\u2019associ\u00e9s pour envoyer les bons signaux aux investisseurs et pr\u00e9parer ses financements.<\/p>\n<p><iframe loading=\"lazy\" src=\"\/\/www.youtube.com\/embed\/mXVazsQrCOo?si=xZa56GxnRQqLHYVp\" width=\"560\" height=\"314\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n"},{"acf_fc_layout":"text","text":"<h2><b>R\u00e9partition du capital : les questions essentielles des investisseurs<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">La r\u00e9partition du capital est l\u2019un des premiers \u00e9l\u00e9ments \u00e9tudi\u00e9s par les investisseurs et organismes financiers.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Les principales questions sont :<\/span><\/p>\n<h3><b>Qui fait quoi ?<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Les financeurs veulent comprendre :<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Qui est responsable de la technique<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Qui est responsable du business<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Qui est responsable du produit<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Une \u00e9quipe compl\u00e9mentaire est toujours mieux per\u00e7ue.<\/span><\/p>\n<h3><b>Qui est engag\u00e9 \u00e0 temps plein ?<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Un fondateur \u00e0 temps plein aura g\u00e9n\u00e9ralement :<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">plus de responsabilit\u00e9s<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">plus de capital<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Les investisseurs regardent attentivement :<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">le niveau d\u2019implication<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">la disponibilit\u00e9<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">l\u2019exp\u00e9rience<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">M\u00eame si tout le monde touche \u00e0 tout au d\u00e9but, un <\/span><b>ownership clair<\/b><span style=\"font-weight: 400;\"> \u00e9vite \u00e9norm\u00e9ment de tensions.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Focus sur le financement de l\u2019innovation\u00a0<\/span><\/h2>\n<h3><b>Faire entrer un co-fondateur technique : un point cl\u00e9 pour rassurer la BPI et les investisseurs<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Dans les startups tr\u00e8s orient\u00e9es innovation, l\u2019arriv\u00e9e d\u2019un co-fondateur technique, souvent un CTO, devient rapidement indispensable. Au d\u00e9part, un fondateur seul peut g\u00e9rer toutes les missions, mais sur le long terme, ce n\u2019est pas viable : quelqu\u2019un doit <\/span><b>piloter la R&amp;D et les roadmaps techniques<\/b><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Pour les financeurs comme la BPI, ce point est crucial : ils veulent s\u2019assurer qu\u2019une personne comp\u00e9tente est <\/span><b>responsable de la propri\u00e9t\u00e9 intellectuelle et du d\u00e9veloppement technique<\/b><span style=\"font-weight: 400;\">, car ce sont ces \u00e9l\u00e9ments qui conditionnent la r\u00e9ussite du projet et la s\u00e9curisation de leur financement.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">L\u2019entr\u00e9e d\u2019un CTO peut intervenir <\/span><b>quelques mois apr\u00e8s la cr\u00e9ation<\/b><span style=\"font-weight: 400;\"> de la startup, g\u00e9n\u00e9ralement entre 6 et 9 mois, et implique des d\u00e9cisions sur <\/span><b>le capital, le r\u00f4le et l\u2019engagement \u00e0 temps plein<\/b><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Formaliser cette entr\u00e9e via un <\/span><b>pacte d\u2019associ\u00e9s et un vesting<\/b><span style=\"font-weight: 400;\"> permet de s\u00e9curiser la startup, de rassurer les investisseurs et de montrer que l\u2019\u00e9quipe fondatrice est solide et pr\u00eate \u00e0 porter le projet. En r\u00e9sum\u00e9, int\u00e9grer un co-fondateur technique est non seulement un atout op\u00e9rationnel, mais aussi un signal de cr\u00e9dibilit\u00e9 strat\u00e9gique pour la lev\u00e9e de fonds et le suivi par la BPI. <\/span><\/p>\n"},{"acf_fc_layout":"cta","cta":{"type":"default","subheading":"","heading":"Dispositif JEI : \u00eates-vous \u00e9ligible ?","content":"Le simulateur SeedLegals x iii-Financements vous permet d'\u00e9valuer rapidement si votre startup peut b\u00e9n\u00e9ficier du statut JEI.","bullet_points":false,"form":{"type":"none","hubspot_form":{"layout":"newsletter","hide_founderinvestor_toggle":false,"default_community":"founder","custom_form_id":"","gdpr_disclaimer":"By subscribing, you agree to receive information from SeedLegals. You can unsubscribe anytime. View our <a href=\"\/privacy-policy\/\" target=\"_blank\" rel=\"noopener noreferrer\">privacy policy<\/a>"},"custom":{"embed":""},"gtm_form_type":"default","gtm_form_location":"default"},"button":{"title":"Testez votre \u00e9ligibilit\u00e9","url":"https:\/\/tally.so\/r\/3j7EgQ","target":""},"image":417528}},{"acf_fc_layout":"text","text":"<h3><b>Attention : toutes les personnes cl\u00e9s ne deviennent pas forc\u00e9ment co-fondatrices<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Si l\u2019arriv\u00e9e d\u2019un co-fondateur avec un profil tech est souvent essentielle, toutes les personnes qui contribuent au projet <\/span><b>n\u2019ont pas besoin d\u2019entrer imm\u00e9diatement au capital<\/b><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Les fondatrices et fondateurs doivent \u00eatre <\/span><b>signataires du pacte et au capital<\/b><span style=\"font-weight: 400;\">, car ce sont eux qui portent le projet et rassurent investisseurs et financeurs comme la BPI.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">En revanche, d\u2019autres talents cl\u00e9s, advisors ou freelances, peuvent \u00eatre <\/span><b>int\u00e9ress\u00e9s au projet sans devenir actionnaires directement<\/b><span style=\"font-weight: 400;\">. Plusieurs m\u00e9canismes existent pour cela :<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/seedlegals.com\/fr\/resources\/guide-complet-sur-les-bspce\/\"><b>BSPCE<\/b><\/a><span style=\"font-weight: 400;\"> (pour les salari\u00e9s)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/seedlegals.com\/fr\/resources\/les-bsa-advisor-comment-ca-marche\/\"><b>BSA Advisors<\/b><\/a><span style=\"font-weight: 400;\"> (pour les consultants ou advisors)<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Ces outils permettent de motiver et fid\u00e9liser des contributeurs importants tout en <\/span><b>limitant la dilution et les droits de gouvernance<\/b><span style=\"font-weight: 400;\">. Ils font partie int\u00e9grante de l\u2019<\/span><b>attraction des talents dans l\u2019aventure<\/b><span style=\"font-weight: 400;\">, car ils offrent une forme de participation au succ\u00e8s de la startup sans c\u00e9der imm\u00e9diatement une part importante du capital. En pratique, les participations attribu\u00e9es \u00e0 ces profils restent souvent modestes (1 \u00e0 3\u202f% du capital), tandis que les co-fondateurs et dirigeants conservent le contr\u00f4le strat\u00e9gique. Cette approche permet d\u2019<\/span><b>\u00e9quilibrer s\u00e9curit\u00e9 juridique, d\u2019assurer la motivation des talents et gouvernance saine<\/b><span style=\"font-weight: 400;\">, tout en pr\u00e9parant la startup \u00e0 une lev\u00e9e de fonds.<\/span><\/p>\n<h2><b>Que doit contenir un bon pacte d\u2019associ\u00e9s ?<\/b><\/h2>\n"},{"acf_fc_layout":"content_highlight","highlight_type":"tip","background_colour":"blue","show_icon":true,"content":"Un pacte d\u2019associ\u00e9s efficace ne se contente pas d\u2019aligner des mentions juridiques standard.","link":null},{"acf_fc_layout":"text","text":"<p><span style=\"font-weight: 400;\">Voici quelques exemples de clauses incontournables, surtout en early-stage.<\/span><\/p>\n<h3><b>1. Le vesting des fondateurs<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">C\u2019est probablement la clause la plus critique.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Le vesting permet que les parts d\u2019un fondateur soient acquises progressivement dans le temps.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Exemple classique :<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Vesting sur 4 ans<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Cliff de 1 an<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Si un fondateur part trop t\u00f4t, il ne garde pas toutes ses parts.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Pourquoi c\u2019est essentiel :<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Prot\u00e8ge la startup<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Prot\u00e8ge les autres fondateurs<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Rassure les investisseurs<\/span><\/li>\n<\/ul>\n<h3><b>2. Les r\u00e8gles de prise de d\u00e9cision<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Le pacte doit pr\u00e9ciser :<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Quelles d\u00e9cisions n\u00e9cessitent unanimit\u00e9<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Quelles d\u00e9cisions n\u00e9cessitent majorit\u00e9<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Qui a le dernier mot sur certains sujets<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Sans r\u00e8gles claires, un blocage peut paralyser votre activit\u00e9.<\/span><\/p>\n<h3><b>3. Les r\u00e8gles de sortie<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Le pacte pr\u00e9voit :<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Que se passe-t-il si un fondateur veut partir ?<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Peut-il vendre ses parts librement ?<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Qui peut racheter ?<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">On retrouve souvent :<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Clause de pr\u00e9emption<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Clause d\u2019agr\u00e9ment<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Clause de bad leaver \/ good leaver<\/span><\/li>\n<\/ul>\n"},{"acf_fc_layout":"text","text":"<h2><b>Les erreurs les plus fr\u00e9quentes entre co-fondateurs<\/b><\/h2>\n<h3><b>Ne rien formaliser<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">\u201cOn se fait confiance\u201d \u2192 Mauvais r\u00e9flexe.<\/span><\/p>\n<h3><b>Attendre la lev\u00e9e de fonds pour structurer<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Prot\u00e9gez-vous le plus t\u00f4t possible et donnez-vous toutes les chances d\u2019envoyer les bons signaux aux investisseurs.<\/span><\/p>\n<h3><b>Copier un pacte trouv\u00e9 en ligne<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Chaque startup est diff\u00e9rente.<\/span><\/p>\n<h3><b>Ne pas parler des sujets inconfortables<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Sortie, conflit, baisse d\u2019implication\u2026qui sont pourtant les sujets les plus importants.<\/span><\/p>\n<h2><b>En r\u00e9sum\u00e9 : le pacte d\u2019associ\u00e9s est votre filet de s\u00e9curit\u00e9<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">C\u2019est \u00e0 cette \u00e9tape que beaucoup de startups font l\u2019erreur.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Cr\u00e9er une soci\u00e9t\u00e9 sans pacte d\u2019associ\u00e9s, c\u2019est comme lever des fonds sans Term Sheet.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Le pacte d\u2019associ\u00e9s d\u00e9finit <\/span><b>les r\u00e8gles du jeu entre associ\u00e9s<\/b><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Et surtout :<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">Il prot\u00e8ge la startup si quelque chose se passe mal.<\/span><\/p>\n<h2><b>Comment SeedLegals peut vous aider<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Chez SeedLegals, l\u2019objectif est simple :<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">Vous permettre de structurer votre startup rapidement, proprement et sans complexit\u00e9 inutile.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Avec SeedLegals, vous pouvez :<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Mettre en place un pacte d\u2019associ\u00e9s adapt\u00e9 aux startups<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Structurer le vesting des fondateurs<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">G\u00e9rer les \u00e9volutions dans le temps<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Le tout avec :<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Des templates pens\u00e9s pour les startups<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Un accompagnement d\u2019expert<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Une plateforme simple \u00e0 utiliser<\/span><\/li>\n<\/ul>\n"},{"acf_fc_layout":"cta","cta":{"type":"default","subheading":"","heading":"Mettez en place votre pacte d'associ\u00e9 en quelques clics","content":"Choisissez les principaux termes de votre contrat pour d\u00e9velopper votre projet en toute s\u00e9r\u00e9nit\u00e9","bullet_points":false,"form":{"type":"none","hubspot_form":{"layout":"newsletter","hide_founderinvestor_toggle":false,"default_community":"founder","custom_form_id":"","gdpr_disclaimer":"By subscribing, you agree to receive information from SeedLegals. You can unsubscribe anytime. View our <a href=\"\/privacy-policy\/\" target=\"_blank\" rel=\"noopener noreferrer\">privacy policy<\/a>"},"custom":{"embed":""},"gtm_form_type":"default","gtm_form_location":"default"},"button":{"title":"Discutez avec un expert","url":"https:\/\/seedlegals.com\/fr\/discutez-avec-nos-experts\/","target":""},"image":36154}}],"has_sources":false,"related_posts":[{"post":{"ID":36590,"post_author":"79","post_date":"2022-12-13 11:10:40","post_date_gmt":"2022-12-13 11:10:40","post_content":"","post_title":"Le pacte d\u2019associ\u00e9s entre fondateurs : pourquoi est-il un \u201cmust have\u201d ?","post_excerpt":"Avez-vous d\u00e9j\u00e0 pens\u00e9 \u00e0 encadrer les relations avec vos cofondateurs ? Connaissez-vous le pacte d\u2019associ\u00e9s entre fondateurs ? Ce document est indispensable pour encadrer les relations entre actionnaires.","post_status":"publish","comment_status":"open","ping_status":"open","post_password":"","post_name":"pacte-associes-fondateur-definition","to_ping":"","pinged":"","post_modified":"2022-12-13 11:10:40","post_modified_gmt":"2022-12-13 11:10:40","post_content_filtered":"","post_parent":0,"guid":"https:\/\/seedlegals.com\/?p=36590","menu_order":52,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}},{"post":{"ID":418672,"post_author":"33","post_date":"2025-04-10 13:06:27","post_date_gmt":"2025-04-10 12:06:27","post_content":"","post_title":"Guide complet sur le statut de Jeune Entreprise Innovante (JEI)","post_excerpt":"Le statut de Jeune Entreprise Innovante (JEI) est un dispositif fran\u00e7ais qui offre des avantages fiscaux et sociaux pour encourager la recherche et le d\u00e9veloppement (R&amp;D) au sein des petites et moyennes entreprises (PME). C\u2019est un avantage cons\u00e9quent pour toute startup qui r\u00e9pondrait aux c","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"guide-complet-sur-le-statut-de-jeune-entreprise-innovante-jei","to_ping":"","pinged":"","post_modified":"2025-04-10 13:06:27","post_modified_gmt":"2025-04-10 14:06:27","post_content_filtered":"","post_parent":0,"guid":"https:\/\/seedlegals.com\/?p=418672","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}},{"post":{"ID":410584,"post_author":"33","post_date":"2024-10-24 10:44:31","post_date_gmt":"2024-10-24 09:44:31","post_content":"","post_title":"Startup : comment r\u00e9partir le capital entre fondateurs ?","post_excerpt":"Le plus souvent, les startups sont constitu\u00e9es par au moins deux associ\u00e9s fondateurs. Se pose alors in\u00e9vitablement la question suivante : comment r\u00e9partir le capital entre les fondateurs ? Faut-il absolument choisir une r\u00e9partition \u00e9galitaire ? Loin de se r\u00e9sumer \u00e0 une question de propri\u00e9t\u00e9, le sujet de la r\u00e9partition des actions a un impact fort sur de nombreux domaines. Il est donc important de faire son choix en toute connaissance de cause.\u00a0\u00a0","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"startup-comment-repartir-le-capital-entre-fondateurs","to_ping":"","pinged":"","post_modified":"2024-10-24 10:44:31","post_modified_gmt":"2024-10-24 09:44:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/seedlegals.com\/?p=410584","menu_order":302,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}}],"custom_post_authors":{"authors":[{"author":{"ID":119,"user_firstname":"Rapha\u00eblle","user_lastname":"Marquet","nickname":"Raphaelle Marquet","user_nicename":"raphaelle-marquet","display_name":"Raphaelle Marquet","user_email":"wordpress31@seedlegals.com","user_url":"","user_registered":"2022-09-14 15:57:28","user_description":"","user_avatar":"<img alt='' src='https:\/\/secure.gravatar.com\/avatar\/5d65e8c83e28efe0101f3a9131f518747a60464104839ce4c2f87eba6956de92?s=96&#038;d=mm&#038;r=g' srcset='https:\/\/secure.gravatar.com\/avatar\/5d65e8c83e28efe0101f3a9131f518747a60464104839ce4c2f87eba6956de92?s=192&#038;d=mm&#038;r=g 2x' class='avatar avatar-96 photo' height='96' width='96' loading='lazy' decoding='async'\/>"},"role":""}]}},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Comment bien s&#039;associer avec un co-fondateur<\/title>\n<meta name=\"description\" content=\"D\u00e9couvrez comment choisir le bon co-fondateur, structurer votre startup et s\u00e9curiser votre projet gr\u00e2ce \u00e0 un pacte d\u2019associ\u00e9s solide.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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d\u2019exit startup : quand, comment et pourquoi pr\u00e9parer votre sortie"},"content":{"rendered":"","protected":false},"excerpt":{"rendered":"<p>Qu\u2019est-ce qu\u2019une \u00ab exit \u00bb (sortie) exactement ? Pour une startup, une \u00ab exit \u00bb (ou sortie) correspond au moment o\u00f9 le(s) fondateur(s) quittent l\u2019entreprise. Concr\u00e8tement, cela signifie : qu\u2019ils vendent leurs parts (action ou participation majoritaire), ou que la soci\u00e9t\u00e9 est vendue.<\/p>\n","protected":false},"author":85,"featured_media":429246,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[178,62,133],"tags":[],"event_tags":[],"class_list":["post-429245","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-recherche-dinvestisseurs","category-guides-startups","category-levee-de-fonds"],"acf":{"blog_layout":"v2","v2":{"hero":{"image_background_color":"#E7F1FF","image_fit":"img--contain"},"adverts":[{"type":"selector","selected_advert":{"ID":417986,"post_author":"85","post_date":"2025-02-25 17:03:24","post_date_gmt":"2025-02-25 17:03:24","post_content":"","post_title":"FR - TTAE roadshow","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"fr-ttae-roadshow","to_ping":"","pinged":"","post_modified":"2025-02-25 17:10:46","post_modified_gmt":"2025-02-25 17:10:46","post_content_filtered":"","post_parent":0,"guid":"https:\/\/seedlegals.com\/?post_type=blog_advert&#038;p=417986","menu_order":0,"post_type":"blog_advert","post_mime_type":"","comment_count":"0","filter":"raw"},"custom_advert":{"advert_tracking_id":"","layout":"default","image":{"image":false,"link":""},"text":{"heading":"","content":"","button":null,"background_color":"#EEF4FF","text_color":"#000646"},"form":{"form":{"type":"none","hubspot_form":{"layout":"newsletter","hide_founderinvestor_toggle":false,"default_community":"founder","custom_form_id":"","gdpr_disclaimer":"By subscribing, you agree to receive information from SeedLegals. You can unsubscribe anytime. View our <a href=\"\/privacy-policy\/\" target=\"_blank\" rel=\"noopener noreferrer\">privacy policy<\/a>"},"custom":{"embed":""},"gtm_form_type":false,"gtm_form_location":false}},"cta_and_testimonials":{"heading":"","button":null,"bullet_points":false,"testimonials":false}}}],"related_sidebar_posts":false},"show_author_card":false,"revision_date":"","hero_image":429246,"has_custom_post_authors":false,"is_expert_reviewed":true,"post_content_width":"default","post_content":[{"acf_fc_layout":"text","text":"<h2><b>Qu\u2019est-ce qu\u2019une \u00ab exit \u00bb (sortie) exactement pour une startup ?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Pour une startup, une \u00ab exit \u00bb (ou sortie) correspond au moment o\u00f9 le(s) fondateur(s) quittent l\u2019entreprise. Concr\u00e8tement, cela signifie : qu\u2019ils vendent leurs parts (action ou participation majoritaire), ou que la soci\u00e9t\u00e9 est vendue dans son ensemble.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Le sc\u00e9nario id\u00e9al ? Votre startup conna\u00eet un tel succ\u00e8s, gr\u00e2ce \u00e0 l\u2019introduction en bourse (IPO) ou l\u2019acquisition par une soci\u00e9t\u00e9 plus grande, que vos parts se revendent \u00e0 un prix \u00e9lev\u00e9. Vous et ceux qui vous ont accompagn\u00e9s encaissez alors la valeur cr\u00e9\u00e9e.<\/span><a href=\"https:\/\/seedlegals.com\/resources\/exit-strategy\/\"><span style=\"font-weight: 400;\">\u00a0<\/span><\/a><\/p>\n<p><span style=\"font-weight: 400;\">Mais \u00ab exit \u00bb ne signifie pas uniquement viser le succ\u00e8s d\u2019une licorne. De nombreuses raisons peuvent vous pousser \u00e0 envisager une sortie.\u00a0<\/span><\/p>\n<h3><b>Exit de startup : les raisons les plus courantes qui poussent les fondateurs \u00e0 pr\u00e9parer une sortie<\/b><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Vous avez atteint une valorisation int\u00e9ressante, avec une \u00e9quipe solide, un produit performant et des clients satisfaits : un futur acqu\u00e9reur vous propose une offre : pourquoi refuser ?<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Vous souhaitez passer la main : vous avez consacr\u00e9 du temps et de l\u2019\u00e9nergie \u00e0 la construction de l\u2019entreprise, mais vos aspirations ont \u00e9volu\u00e9. Confier le projet \u00e0 des acteurs plus \u00e0 m\u00eame d\u2019en assurer la prochaine phase de d\u00e9veloppement peut alors s\u2019imposer comme une option naturelle.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Vous aviez envisag\u00e9 une exit d\u00e8s le d\u00e9part : d\u00e8s la cr\u00e9ation de l\u2019entreprise, l\u2019objectif \u00e9tait clair : organiser, \u00e0 terme, une cession, par exemple \u00e0 un concurrent ou \u00e0 un acteur strat\u00e9gique du secteur.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Raisons personnelles : un d\u00e9sir de changer de projet peut vous amener \u00e0 quitter l\u2019aventure.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Le rythme de croissance ralentit (plateau, conjoncture difficile, difficult\u00e9s \u00e0 lever des fonds\u2026) : une sortie peut alors devenir l\u2019option la plus r\u00e9aliste.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">L\u2019entreprise ne rencontre pas le succ\u00e8s escompt\u00e9 : dans ce cas, plut\u00f4t que de poursuivre, il peut \u00eatre pertinent de vendre certains actifs, le portefeuille clients, voire l\u2019\u00e9quipe, ou de c\u00e9der l\u2019entreprise \u00e0 un repreneur capable de lui redonner une nouvelle dynamique.<\/span><\/li>\n<\/ul>\n"},{"acf_fc_layout":"text","text":"<h2><b>Strat\u00e9gie de sortie (exit) pour startups : pourquoi planifier la fin d\u00e8s la cr\u00e9ation et comment s\u2019y pr\u00e9parer<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">M\u00eame si vous \u00eates enti\u00e8rement concentr\u00e9 sur la croissance, le recrutement, le d\u00e9veloppement du produit ou la lev\u00e9e de fonds, il reste essentiel d\u2019adopter une vision long terme. Comprendre les diff\u00e9rentes options de sortie possibles peut transformer votre strat\u00e9gie et vos d\u00e9cisions du tout au tout.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Voici pourquoi anticiper une sortie est fondamental :\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Lorsqu\u2019un business angel ou un VC (fonds de Venture Capital) investi, l\u2019un de leurs principaux objectifs est de s\u00e9curiser un <\/span><b>retour sur investissement<\/b><span style=\"font-weight: 400;\">, g\u00e9n\u00e9ralement via une <\/span><b>sortie (exit)<\/b><span style=\"font-weight: 400;\"> planifi\u00e9e. Anticiper cette sortie d\u00e8s le d\u00e9part permet non seulement de structurer votre croissance, mais aussi de rassurer vos investisseurs sur la vision et la strat\u00e9gie \u00e0 long terme de votre entreprise.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>La strat\u00e9gie de sortie comme de feuille de route.<\/b><span style=\"font-weight: 400;\"> En sachant vers quelle sortie vous visez : vente, rachat, IPO, vous pouvez orienter vos d\u00e9cisions strat\u00e9giques : d\u00e9veloppement produit, recrutement, structuration juridique, etc., pour maximiser votre attractivit\u00e9 vis-\u00e0-vis d\u2019un acheteur ou du march\u00e9.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Transformation de la valeur \u201cvirtuelle\u201d en valeur concr\u00e8te.<\/b><span style=\"font-weight: 400;\"> Une valorisation \u00e9lev\u00e9e sur le papier ne vaut rien tant qu\u2019il n\u2019y a pas eu de sortie. C\u2019est la sortie qui permet \u00e0 vous, vos investisseurs et vos premiers salari\u00e9s de mon\u00e9tiser la valeur cr\u00e9\u00e9e.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Une sortie peut \u00eatre un filet de s\u00e9curit\u00e9.<\/b><span style=\"font-weight: 400;\"> Si l\u2019entreprise ne fonctionne pas comme pr\u00e9vu ou si le contexte se durcit, une sortie planifi\u00e9e permet de limiter les pertes, notamment pour les investisseurs, plut\u00f4t que de voir l\u2019entreprise <\/span><b>d\u00e9cliner<\/b><span style=\"font-weight: 400;\">.<\/span><\/li>\n<\/ul>\n<h2><b>Quelles sont les principales formes de sortie (exit) pour une startup ?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Voici les trajectoires les plus communes pour vendre une startup, chacune avec ses avantages, ses d\u00e9fis et ses implications.<\/span><\/p>\n<h3><b>Introduction en bourse (IPO \/ introduction en bourse)<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">C\u2019est la voie embl\u00e9matique, celle des \u00ab licornes \u00bb. L\u2019IPO signifie rendre les actions de votre soci\u00e9t\u00e9 accessibles au public via un march\u00e9 boursier, ce qui permet d\u2019\u00e9mettre de nouvelles actions pour lever des fonds tout en offrant la possibilit\u00e9 aux fondateurs et investisseurs de vendre leurs parts.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Les atouts : lev\u00e9e de capitaux importante, visibilit\u00e9 m\u00e9diatique, acc\u00e8s \u00e0 un large march\u00e9. Mais l\u2019IPO implique une forte r\u00e9glementation et une transformation profonde de la gouvernance.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">C\u2019est aussi une sortie rare\u202f: par exemple, en 2025,<\/span><a href=\"https:\/\/www.ey.com\/fr_fr\/insights\/ipo\/evolution-du-marche-mondial-des-ipo\"> <i><span style=\"font-weight: 400;\">l\u2019activit\u00e9 fran\u00e7aise <\/span><\/i><i><span style=\"font-weight: 400;\">reste limit\u00e9e \u00e0 deux IPO (Semco Technologies et Kaleon), pour des montants respectifs de 46,2\u202fM\u20ac et 18\u202fM\u20ac.<\/span><\/i><\/a><\/p>\n<h3><b>Fusion \/ Acquisition (M&amp;A)<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">La voie la plus fr\u00e9quente : une entreprise plus importante ach\u00e8te votre startup pour votre produit, votre \u00e9quipe, votre march\u00e9, votre base clients ou votre avantage comp\u00e9titif.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">La vente peut se faire par cession de parts ou de <\/span><b>biens\/actifs<\/b><span style=\"font-weight: 400;\">. Dans le premier cas, l\u2019acqu\u00e9reur prend le contr\u00f4le complet de la soci\u00e9t\u00e9 ; dans le second, il acquiert seulement certaines parties (propri\u00e9t\u00e9 intellectuelle, clients, code, etc.).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Quand l\u2019entreprise ne tient pas ses promesses de croissance, l\u2019asset sale peut permettre de revendre les actifs \u00ab forts \u00bb, m\u00eame si ce n\u2019est pas un succ\u00e8s flamboyant.<\/span><\/p>\n<h3><b>Rachat par la direction (MBO \/ rachat par le management)<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Si l\u2019\u00e9quipe dirigeante actuelle croit encore au potentiel de l\u2019entreprise, elle peut racheter les parts existantes. C\u2019est un bon compromis : le fondateur sort, l\u2019entreprise continue entre des mains famili\u00e8res.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">C\u2019est souvent plus fluide qu\u2019un rachat externe, l\u2019\u00e9quipe conna\u00eet le fonctionnement, la culture, les forces et les d\u00e9fis de l\u2019entreprise.<\/span><\/p>\n<h3><b>Liquidation<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Quand l\u2019entreprise est \u00e0 court de tr\u00e9sorerie par exemple, la liquidation (vente des actifs, remboursement des cr\u00e9anciers), peut \u00eatre la seule issue. <\/span><\/p>\n"},{"acf_fc_layout":"content_highlight","highlight_type":"tip","background_colour":"blue","show_icon":true,"content":"M\u00eame si les actionnaires peuvent ne rien r\u00e9cup\u00e9rer, la liquidation permet au moins de redonner un peu de transparence, de clore l\u2019histoire, et de limiter les pertes, surtout pour les cr\u00e9anciers.","link":null},{"acf_fc_layout":"text","text":"<h2><b>Pourquoi les investisseurs tiennent tant \u00e0 l\u2019exit<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Une sortie, c\u2019est plus qu\u2019un changement pour les fondateurs : c\u2019est la concr\u00e9tisation financi\u00e8re pour tous ceux qui ont mis\u00e9 sur votre projet.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Quand des investisseurs externes, business angels, fonds de capital-risque (Venture Capital ou VC) placent de l\u2019argent dans une startup, ils cherchent un \u00ab \u00e9v\u00e9nement de liquidit\u00e9 \u00bb : autrement dit, une sortie qui leur permette de revendre leurs parts.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Sans perspective d\u2019exit ambitieuse, il sera difficile de convaincre ces investisseurs de prendre le risque. Car pour eux, l\u2019horizon d\u2019investissement est souvent de 5 \u00e0 10 ans.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">M\u00eame si la valorisation sur le papier semble \u00e9lev\u00e9e, elle ne vaut rien sans exit : tant qu\u2019il n\u2019y a pas de vente, les gains restent virtuels et intangibles.<\/span><\/li>\n<\/ul>\n<h2><b>Faut-il mentionner votre strat\u00e9gie de sortie dans votre business plan \/ pitch deck ?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Cela pourrait sembler pr\u00e9matur\u00e9, surtout si vous \u00eates au tout d\u00e9but. Mais pour des investisseurs, d\u00e9montrer qu\u2019il existe une strat\u00e9gie de sortie, ou du moins une vision de sortie possible peut rassurer sur le retour sur investissement.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">L\u2019objectif est de savoir <\/span><b>communiquer le potentiel<\/b><span style=\"font-weight: 400;\"> de sortie, sans n\u00e9cessairement figer une strat\u00e9gie trop d\u00e9taill\u00e9e qui pourrait nuire \u00e0 votre cr\u00e9dibilit\u00e9.<\/span><\/p>\n<h2><b>En r\u00e9sum\u00e9 : pourquoi construire aujourd\u2019hui votre strat\u00e9gie de sortie<\/b><\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Mettre en place une strat\u00e9gie de sortie ne signifie pas envisager une vente imm\u00e9diate, c\u2019est avant tout anticiper les prochaines \u00e9tapes et structurer votre vision \u00e0 long terme.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Cela vous aide \u00e0 orienter vos d\u00e9cisions strat\u00e9giques (recrutement, d\u00e9veloppement produit, lev\u00e9e de fonds), pour rendre votre startup la plus attractive possible.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Vous offrez aux investisseurs la garantie qu\u2019un retour est possible : c\u2019est souvent un crit\u00e8re cl\u00e9 pour lever des fonds.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Enfin, en cas de difficult\u00e9s, une sortie planifi\u00e9e vous donne une option s\u00e9rieuse pour limiter les pertes, plut\u00f4t que de vous retrouver bloqu\u00e9 ou forc\u00e9 \u00e0 fermer.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/p>\n"},{"acf_fc_layout":"cta","cta":{"type":"default","subheading":"","heading":"Vous pr\u00e9parez une lev\u00e9e de fonds ?","content":"Nos experts en financement sont \u00e0 votre \u00e9coute pour r\u00e9pondre \u00e0 toutes vos questions.","bullet_points":false,"form":{"type":"none","hubspot_form":{"layout":"newsletter","hide_founderinvestor_toggle":false,"default_community":"founder","custom_form_id":"","gdpr_disclaimer":"By subscribing, you agree to receive information from SeedLegals. 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trouver un investisseurs lead pour votre startup ?"},"content":{"rendered":"","protected":false},"excerpt":{"rendered":"<p>Si vous pr\u00e9parez une lev\u00e9e de fonds, vous avez probablement entendu dire qu\u2019il vous faut un investisseur lead (investisseur principal) mais personne n\u2019explique vraiment comment le trouver ni quel est pr\u00e9cis\u00e9ment son r\u00f4le. On vous explique tout.<\/p>\n","protected":false},"author":85,"featured_media":428474,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[178,62,133],"tags":[],"event_tags":[],"class_list":["post-428430","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-recherche-dinvestisseurs","category-guides-startups","category-levee-de-fonds"],"acf":{"hero_image":428474,"post_content":[{"acf_fc_layout":"text","text":"<p><span style=\"font-weight: 400;\">Si vous pr\u00e9parez une lev\u00e9e de fonds, vous avez probablement entendu dire qu\u2019il vous faut un investisseur lead (investisseur principal) mais personne n\u2019explique vraiment <\/span><b>comment le trouver <\/b><span style=\"font-weight: 400;\">ni <\/span><b>quel est pr\u00e9cis\u00e9ment son r\u00f4le<\/b><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Dans le webinaire ci-dessous, <\/span><a href=\"https:\/\/seedlegals.com\/resources\/author\/hatty-fawcett\/\"><span style=\"font-weight: 400;\">Hatty Fawcett<\/span><\/a><span style=\"font-weight: 400;\"> (fondatrice de<\/span><a href=\"https:\/\/focusedforbusiness.com\/\"><span style=\"font-weight: 400;\"> Focused for Business<\/span><\/a><span style=\"font-weight: 400;\">) et Adam Phillips (CX Associate &#8211; Funding chez SeedLegals) partagent les conseils qu\u2019ils donnent chaque jour aux fondatrices et fondateurs. Ensemble, ils ont aid\u00e9 des centaines de startups \u00e0 lever des fonds avec succ\u00e8s, et connaissent la diff\u00e9rence qu\u2019un bon investisseur lead peut faire.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Ils vous expliquent :<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Comment rep\u00e9rer le bon investisseur.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Comment l\u2019int\u00e9resser \u00e0 votre projet.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Et comment utiliser cet engagement initial pour convaincre les autres des investisseurs.<\/span><\/li>\n<\/ul>\n<div style=\"padding: 56.25% 0 0 0; position: relative;\"><iframe style=\"position: absolute; top: 0; left: 0; width: 100%; height: 100%;\" title=\"How to find a lead investor\" src=\"https:\/\/player.vimeo.com\/video\/1085427785?badge=0&amp;autopause=0&amp;player_id=0&amp;app_id=58479\" frameborder=\"0\"><\/iframe><\/div>\n<p><script src=\"https:\/\/player.vimeo.com\/api\/player.js\"><\/script><\/p>\n"},{"acf_fc_layout":"text","text":"<h3><b>Points cl\u00e9s \u00e0 retenir<\/b><\/h3>\n<p><b>Qu\u2019est-ce qu\u2019un investisseur lead ?\u00a0<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Un <\/span><b>investisseur lead<\/b><span style=\"font-weight: 400;\"> ou <\/span><b>investisseur principal<\/b><span style=\"font-weight: 400;\"> est celui qui prend la t\u00eate d\u2019un tour de financement dans une startup. Il fixe g\u00e9n\u00e9ralement les conditions de l\u2019investissement, n\u00e9gocie les termes du contrat et inspire confiance aux autres investisseurs qui choisissent de le suivre. Son r\u00f4le est crucial, car il apporte souvent une expertise strat\u00e9gique, un r\u00e9seau et une cr\u00e9dibilit\u00e9 qui facilitent la r\u00e9ussite de la lev\u00e9e de fonds.<\/span><\/p>\n<p><b>Pourquoi les investisseurs lead (investisseurs principaux) sont essentiels<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">R\u00e9ussir \u00e0 attirer un premier investisseur et en particulier un lead investor envoie un signal fort aux autres investisseurs : quelqu\u2019un a analys\u00e9 votre projet et y voit un r\u00e9el potentiel.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Cela r\u00e9duit le risque per\u00e7u par les autres investisseurs, en montrant qu\u2019un travail de due diligence (analyse approfondie) a d\u00e9j\u00e0 \u00e9t\u00e9 men\u00e9.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Un lead investor peut \u00e9galement apporter un accompagnement strat\u00e9gique, une expertise sectorielle et des mises en relation pr\u00e9cieuses avec d\u2019autres investisseurs ou des contacts cl\u00e9s pour le d\u00e9veloppement de votre entreprise.<\/span><\/li>\n<\/ul>\n"},{"acf_fc_layout":"expert_highlight","expert_highlight":{"":null,"image":{"ID":415414,"id":415414,"title":"Hatty_Fawcett_Coffee_Sept_2021_cropped","filename":"Hatty_Fawcett_Coffee_Sept_2021_cropped.jpg","filesize":200238,"url":"https:\/\/seedlegals.com\/wp-content\/uploads\/2025\/01\/Hatty_Fawcett_Coffee_Sept_2021_cropped.jpg","link":"https:\/\/seedlegals.com\/wp-content\/uploads\/2025\/01\/Hatty_Fawcett_Coffee_Sept_2021_cropped.jpg","alt":"","author":"77","description":"","caption":"","name":"hatty_fawcett_coffee_sept_2021_cropped-2","status":"inherit","uploaded_to":428430,"date":"2025-01-27 16:06:36","modified":"2025-12-29 15:14:07","menu_order":0,"mime_type":"image\/jpeg","type":"image","subtype":"jpeg","icon":"https:\/\/seedlegals.com\/wp-includes\/images\/media\/default.png","width":813,"height":707,"sizes":{"thumbnail":"https:\/\/seedlegals.com\/wp-content\/uploads\/2025\/01\/Hatty_Fawcett_Coffee_Sept_2021_cropped-150x150.jpg","thumbnail-width":150,"thumbnail-height":150,"medium":"https:\/\/seedlegals.com\/wp-content\/uploads\/2025\/01\/Hatty_Fawcett_Coffee_Sept_2021_cropped-300x261.jpg","medium-width":300,"medium-height":261,"medium_large":"https:\/\/seedlegals.com\/wp-content\/uploads\/2025\/01\/Hatty_Fawcett_Coffee_Sept_2021_cropped.jpg","medium_large-width":768,"medium_large-height":668,"large":"https:\/\/seedlegals.com\/wp-content\/uploads\/2025\/01\/Hatty_Fawcett_Coffee_Sept_2021_cropped.jpg","large-width":813,"large-height":707,"_themosis_media":"https:\/\/seedlegals.com\/wp-content\/uploads\/2025\/01\/Hatty_Fawcett_Coffee_Sept_2021_cropped-100x100.jpg","_themosis_media-width":100,"_themosis_media-height":100,"1536x1536":"https:\/\/seedlegals.com\/wp-content\/uploads\/2025\/01\/Hatty_Fawcett_Coffee_Sept_2021_cropped.jpg","1536x1536-width":813,"1536x1536-height":707,"2048x2048":"https:\/\/seedlegals.com\/wp-content\/uploads\/2025\/01\/Hatty_Fawcett_Coffee_Sept_2021_cropped.jpg","2048x2048-width":813,"2048x2048-height":707,"themosis":"https:\/\/seedlegals.com\/wp-content\/uploads\/2025\/01\/Hatty_Fawcett_Coffee_Sept_2021_cropped-200x150.jpg","themosis-width":200,"themosis-height":150,"tog-small":"https:\/\/seedlegals.com\/wp-content\/uploads\/2025\/01\/Hatty_Fawcett_Coffee_Sept_2021_cropped-300x261.jpg","tog-small-width":300,"tog-small-height":261,"tog-medium":"https:\/\/seedlegals.com\/wp-content\/uploads\/2025\/01\/Hatty_Fawcett_Coffee_Sept_2021_cropped-600x522.jpg","tog-medium-width":600,"tog-medium-height":522,"tog-large":"https:\/\/seedlegals.com\/wp-content\/uploads\/2025\/01\/Hatty_Fawcett_Coffee_Sept_2021_cropped.jpg","tog-large-width":813,"tog-large-height":707,"tog-huge":"https:\/\/seedlegals.com\/wp-content\/uploads\/2025\/01\/Hatty_Fawcett_Coffee_Sept_2021_cropped.jpg","tog-huge-width":813,"tog-huge-height":707}},"quote":"<p>\u00ab Lorsque vous avez un investisseur lead, commencez imm\u00e9diatement \u00e0 en parler aux autres investisseurs en disant : \u201cNous avons [tel investisseur] qui s\u2019est engag\u00e9, et voici pourquoi il a d\u00e9cid\u00e9 de rejoindre le tour.\u201d\u00a0Cela cr\u00e9e de l\u2019enthousiasme et un sentiment d\u2019urgence. Vous pouvez par exemple dire : \u201cNous sommes d\u00e9sormais en term sheet avec notre investisseur lead et nous visons une cl\u00f4ture du tour d\u2019ici la fin du mois. Si vous souhaitez participer \u00e0 ce tour, c\u2019est le moment.\u201d \u00bb<\/p>\n","name":{"title":"Hatty Fawcett","url":"https:\/\/seedlegals.com\/resources\/author\/hatty-fawcett\/","target":""},"role":"Founder","company":{"title":"Focused For Business","url":"https:\/\/focusedforbusiness.com\/","target":""},"linkedin":{"title":"","url":"https:\/\/www.linkedin.com\/in\/hattyfawcett\/","target":""},"facebook":"","instagram":"","twitter":"","hide_image":false}},{"acf_fc_layout":"text","text":"<h2><b>O\u00f9 trouver un lead investor et comment l\u2019identifier<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Trouver un lead investor requiert m\u00e9thode et pr\u00e9paration.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Voici o\u00f9 chercher :<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Ressources gratuites<\/b><span style=\"font-weight: 400;\"> : par exemple, des registres de soci\u00e9t\u00e9s qui permettent d\u2019identifier des personnes ayant d\u00e9j\u00e0 investi dans des startups similaires.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>R\u00e9pertoires d\u2019investisseurs<\/b><span style=\"font-weight: 400;\"> : certains gratuits, d\u2019autres payants, renseignez-vous aupr\u00e8s de l\u2019\u00e9quipe SeedLegals.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Participez \u00e0 des <\/span><a href=\"https:\/\/luma.com\/user\/seedlegals\"><b>\u00e9v\u00e9nements de l\u2019\u00e9cosyst\u00e8me startup<\/b><\/a><span style=\"font-weight: 400;\"> (meetups, pitch nights, demo days, conf\u00e9rences), notamment des formats d\u00e9di\u00e9s comme les <\/span><b>Founders &amp; Investors Connect<\/b><span style=\"font-weight: 400;\"> organis\u00e9s par SeedLegals, qui rassemblent plusieurs investisseurs lors de soir\u00e9es privil\u00e9gi\u00e9es et facilitent les \u00e9changes directs, la cr\u00e9ation de relations de confiance et l\u2019identification de potentiels lead investors.<\/span><\/li>\n<li><b>Bases de donn\u00e9es sp\u00e9cialis\u00e9es<\/b><span style=\"font-weight: 400;\"> : si vous avez le budget, elles offrent une vision d\u00e9taill\u00e9e des investisseurs actifs et des deals qu\u2019ils ont d\u00e9j\u00e0 r\u00e9alis\u00e9s.<\/span><\/li>\n<\/ul>\n"},{"acf_fc_layout":"text","text":"<h2><b>Comment approcher un lead investor<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Trouver un lead investor, ce n\u2019est pas contacter tout le monde au hasard : il faut cibler, filtrer et pr\u00e9parer votre approche.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Voici une m\u00e9thode efficace :<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Construire un \u201cfunnel\u201d d\u2019investisseurs<\/b><span style=\"font-weight: 400;\"> : commencez large, puis \u00e9liminez progressivement les profils qui ne correspondent pas.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Utiliser la m\u00e9thode AIDA<\/b><span style=\"font-weight: 400;\"> (Attention, Int\u00e9r\u00eat, D\u00e9sir, Action) pour structurer vos \u00e9changes.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>V\u00e9rifier l\u2019ad\u00e9quation secteur \/ stade<\/b><span style=\"font-weight: 400;\"> : un investisseur HealthTech n\u2019investira pas dans un projet FinTech, par exemple.<\/span><\/li>\n<\/ol>\n<h3><b>Les documents indispensables<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Avant de contacter des investisseurs, pr\u00e9parez :<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">un <\/span><a href=\"https:\/\/seedlegals.com\/fr\/resources\/template-gratuit-pitch-deck-startup\/\"><b>pitch<\/b> <b>deck<\/b> <\/a><span style=\"font-weight: 400;\">clair et percutant ;<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">un <\/span><b>email d\u2019introduction<\/b><span style=\"font-weight: 400;\"> court pr\u00eat pour envoyer via LinkedIn ou mail si vous avez les contacts ; <\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">gardez votre <\/span><b>pitch deck complet<\/b><span style=\"font-weight: 400;\"> pour la r\u00e9union, pas pour le premier message.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Une fois l\u2019int\u00e9r\u00eat confirm\u00e9, vous pourrez partager :<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">votre deck complet,<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">votre business plan,<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">vos pr\u00e9visions financi\u00e8res.<\/span><\/li>\n<\/ul>\n<h3><b>La Term sheet : les bases pour n\u00e9gocier et g\u00e9rer la relation avec les investisseurs<\/b><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">N\u00e9gociez la <\/span><b>valorisation<\/b><span style=\"font-weight: 400;\"> et les <\/span><b>conditions<\/b><span style=\"font-weight: 400;\"> avant d\u2019accepter l\u2019offre d\u2019un investisseur lead, afin d\u2019obtenir le meilleur accord possible.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Trouvez le bon \u00e9quilibre entre <\/span><b>valorisation<\/b><span style=\"font-weight: 400;\"> et <\/span><b>contr\u00f4le des investisseurs<\/b><span style=\"font-weight: 400;\"> : des valorisations plus \u00e9lev\u00e9es impliquent souvent de conc\u00e9der davantage de contr\u00f4le.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Veillez \u00e0 ce que la <\/span><b>composition du conseil d\u2019administration<\/b><span style=\"font-weight: 400;\"> refl\u00e8te un \u00e9quilibre entre fondateurs, investisseurs et membres ind\u00e9pendants.<\/span><\/p>\n"},{"acf_fc_layout":"expert_highlight","expert_highlight":{"":null,"image":{"ID":419945,"id":419945,"title":"Adam Phillips","filename":"Adam-Phillips-1.jpg","filesize":27177,"url":"https:\/\/seedlegals.com\/wp-content\/uploads\/2025\/04\/Adam-Phillips-1.jpg","link":"https:\/\/seedlegals.com\/wp-content\/uploads\/2025\/04\/Adam-Phillips-1.jpg","alt":"","author":"77","description":"","caption":"","name":"adam-phillips-2-2","status":"inherit","uploaded_to":428430,"date":"2025-04-09 15:20:55","modified":"2025-12-29 15:14:07","menu_order":0,"mime_type":"image\/jpeg","type":"image","subtype":"jpeg","icon":"https:\/\/seedlegals.com\/wp-includes\/images\/media\/default.png","width":445,"height":441,"sizes":{"thumbnail":"https:\/\/seedlegals.com\/wp-content\/uploads\/2025\/04\/Adam-Phillips-1-150x150.jpg","thumbnail-width":150,"thumbnail-height":150,"medium":"https:\/\/seedlegals.com\/wp-content\/uploads\/2025\/04\/Adam-Phillips-1-300x297.jpg","medium-width":300,"medium-height":297,"medium_large":"https:\/\/seedlegals.com\/wp-content\/uploads\/2025\/04\/Adam-Phillips-1.jpg","medium_large-width":445,"medium_large-height":441,"large":"https:\/\/seedlegals.com\/wp-content\/uploads\/2025\/04\/Adam-Phillips-1.jpg","large-width":445,"large-height":441,"_themosis_media":"https:\/\/seedlegals.com\/wp-content\/uploads\/2025\/04\/Adam-Phillips-1-100x100.jpg","_themosis_media-width":100,"_themosis_media-height":100,"1536x1536":"https:\/\/seedlegals.com\/wp-content\/uploads\/2025\/04\/Adam-Phillips-1.jpg","1536x1536-width":445,"1536x1536-height":441,"2048x2048":"https:\/\/seedlegals.com\/wp-content\/uploads\/2025\/04\/Adam-Phillips-1.jpg","2048x2048-width":445,"2048x2048-height":441,"themosis":"https:\/\/seedlegals.com\/wp-content\/uploads\/2025\/04\/Adam-Phillips-1-200x150.jpg","themosis-width":200,"themosis-height":150,"tog-small":"https:\/\/seedlegals.com\/wp-content\/uploads\/2025\/04\/Adam-Phillips-1-300x297.jpg","tog-small-width":300,"tog-small-height":297,"tog-medium":"https:\/\/seedlegals.com\/wp-content\/uploads\/2025\/04\/Adam-Phillips-1.jpg","tog-medium-width":445,"tog-medium-height":441,"tog-large":"https:\/\/seedlegals.com\/wp-content\/uploads\/2025\/04\/Adam-Phillips-1.jpg","tog-large-width":445,"tog-large-height":441,"tog-huge":"https:\/\/seedlegals.com\/wp-content\/uploads\/2025\/04\/Adam-Phillips-1.jpg","tog-huge-width":445,"tog-huge-height":441}},"quote":"<p>\u00ab L\u2019offre et la demande comptent : si plusieurs investisseurs veulent vous accompagner, vous disposez de plus de leviers pour n\u00e9gocier des conditions favorables. \u00bb<\/p>\n","name":{"title":"Adam Phillips","url":"https:\/\/seedlegals.com\/resources\/author\/adam-phillips\/","target":""},"role":"CX Associate - Funding","company":{"title":"SeedLegals","url":"https:\/\/seedlegals.com\/","target":""},"linkedin":"","facebook":"","instagram":"","twitter":"","hide_image":false}},{"acf_fc_layout":"cta","cta":{"type":"default","subheading":"","heading":"Vous pr\u00e9parez une lev\u00e9e de fonds ?","content":"Nos experts en financement sont \u00e0 votre \u00e9coute pour r\u00e9pondre \u00e0 toutes vos questions.","bullet_points":false,"form":{"type":"none","hubspot_form":{"layout":"newsletter","hide_founderinvestor_toggle":false,"default_community":"founder","custom_form_id":"","gdpr_disclaimer":"By subscribing, you agree to receive information from SeedLegals. You can unsubscribe anytime. View our <a href=\"\/privacy-policy\/\" target=\"_blank\" rel=\"noopener noreferrer\">privacy policy<\/a>"},"custom":{"embed":""},"gtm_form_type":"default","gtm_form_location":"default"},"button":{"title":"Discutez avec un expert","url":"https:\/\/seedlegals.com\/fr\/discutez-avec-nos-experts\/","target":""},"image":408355}}],"blog_layout":"v2","show_author_card":false,"v2":{"hero":{"image_background_color":"#E7F1FF","image_fit":"img--contain"},"adverts":[{"type":"selector","selected_advert":{"ID":417986,"post_author":"85","post_date":"2025-02-25 17:03:24","post_date_gmt":"2025-02-25 17:03:24","post_content":"","post_title":"FR - TTAE roadshow","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"fr-ttae-roadshow","to_ping":"","pinged":"","post_modified":"2025-02-25 17:10:46","post_modified_gmt":"2025-02-25 17:10:46","post_content_filtered":"","post_parent":0,"guid":"https:\/\/seedlegals.com\/?post_type=blog_advert&#038;p=417986","menu_order":0,"post_type":"blog_advert","post_mime_type":"","comment_count":"0","filter":"raw"},"custom_advert":{"advert_tracking_id":"","layout":"default","image":{"image":false,"link":""},"text":{"heading":"","content":"","button":null,"background_color":"#EEF4FF","text_color":"#000646"},"form":{"form":{"type":"none","hubspot_form":{"layout":"newsletter","hide_founderinvestor_toggle":false,"default_community":"founder","custom_form_id":"","gdpr_disclaimer":"By subscribing, you agree to receive information from SeedLegals. You can unsubscribe anytime. View our <a href=\"\/privacy-policy\/\" target=\"_blank\" rel=\"noopener noreferrer\">privacy policy<\/a>"},"custom":{"embed":""},"gtm_form_type":false,"gtm_form_location":false}},"cta_and_testimonials":{"heading":"","button":null,"bullet_points":false,"testimonials":false}}}],"related_sidebar_posts":false},"revision_date":"","has_custom_post_authors":false,"is_expert_reviewed":true,"expert_reviewed":{"heading":"Expert reviewed","tooltip_message":"This article has been fact-checked by a SeedLegals subject matter expert.<br><br><a href=\"https:\/\/seedlegals.com\/authors-and-experts\/\" target=\"_blank\">Meet our experts<\/a> and learn more about our review process and quality assurance in our <a href=\"https:\/\/seedlegals.com\/editorial-policy\/\" target=\"_blank\">editorial policy<\/a>."},"post_content_width":"default","has_sources":false,"related_posts":[{"post":{"ID":410426,"post_author":"33","post_date":"2024-10-18 12:23:11","post_date_gmt":"2024-10-18 11:23:11","post_content":"","post_title":"Comment contacter des investisseurs : nos conseils d'experts","post_excerpt":"Vous recherchez des investisseurs pour votre startup ? 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Flexible, rapide \u00e0 mettre en place, il est parfaitement adapt\u00e9 aux startups en p","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"levee-de-fonds-bsa-air-guide-startup","to_ping":"","pinged":"","post_modified":"2025-09-23 14:25:10","post_modified_gmt":"2025-09-23 15:25:10","post_content_filtered":"","post_parent":0,"guid":"https:\/\/seedlegals.com\/?p=423532","menu_order":84,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}}]},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Comment trouver un investisseurs lead pour votre startup ? | SeedLegals<\/title>\n<meta name=\"description\" content=\"D\u00e9couvrez comment identifier et convaincre l&#039;investisseur principal de votre lev\u00e9e de fonds. 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You can unsubscribe anytime. View our <a href=\"\/privacy-policy\/\" target=\"_blank\" rel=\"noopener noreferrer\">privacy policy<\/a>"},"custom":{"embed":""},"gtm_form_type":false,"gtm_form_location":false}},"cta_and_testimonials":{"heading":"","button":null,"bullet_points":false,"testimonials":false}}}],"related_sidebar_posts":false},"show_author_card":false,"revision_date":"","hero_image":427178,"has_custom_post_authors":true,"is_expert_reviewed":true,"post_content_width":"default","post_content":[{"acf_fc_layout":"text","text":"<p><span style=\"font-weight: 400;\">S\u2019associer peut \u00eatre une excellente id\u00e9e pour lancer votre startup, \u00e0 condition de bien r\u00e9fl\u00e9chir \u00e0 la strat\u00e9gie \u00e0 adopter. En effet, pr\u00e8s de 65 % des startups \u00e9choueraient \u00e0 cause de conflits entre co-fondateurs.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Posez-vous les bonnes questions d\u00e8s le d\u00e9but. Quel profil cibler ? Comment s\u00e9curiser vos relations ? O\u00f9 d\u00e9nicher la perle rare ? Quels sont les aspects juridiques \u00e0 consid\u00e9rer ?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">SeedLegals vous d\u00e9voile la m\u00e9thode pour trouver l\u2019associ\u00e9 id\u00e9al et encadrer votre relation sur le long terme. Pacte d\u2019associ\u00e9s fondateurs, cession de titres : notre article vous guide \u00e0 travers toutes ces notions.<\/span><\/p>\n"},{"acf_fc_layout":"content_highlight","highlight_type":"tip","background_colour":"blue","show_icon":true,"content":"\u00c9tapes \u00e0 retenir : <br \/>\r\n<br \/>\r\n- Identifiez un profil type correspondant \u00e0 votre vision, vos besoins et votre objectif.<br \/>\r\n- Explorez votre r\u00e9seau personnel et professionnel pour d\u00e9nicher l\u2019associ\u00e9 parfait. Soyez proactif et faites parler de vous !<br \/>\r\n- Prot\u00e9gez-vous avec les documents juridiques indispensables : le pacte d\u2019associ\u00e9s fondateurs et une cession de titres.<br \/>\r\n- Maintenez des relations de travail saines et p\u00e9rennes.<br \/>\r\n- Pensez \u00e0 discuter avec des experts pour poser des fondations solides.","link":{"title":"Discutez avec un expert","url":"https:\/\/seedlegals.com\/fr\/discutez-avec-nos-experts\/","target":""}},{"acf_fc_layout":"text","text":"<h2><span style=\"font-weight: 400;\">Trouver votre associ\u00e9 : 5 avantages en startup<\/span><\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Diminuer les risques<\/b><span style=\"font-weight: 400;\"> : prendre des d\u00e9cisions strat\u00e9giques \u00e0 plusieurs (investissements, appels d\u2019offres, etc.),permet de partager les responsabilit\u00e9s. L\u2019avantage ? Cela rassure les potentiels investisseurs et partenaires.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>R\u00e9partir les comp\u00e9tences<\/b><span style=\"font-weight: 400;\"> : divisez la charge de travail et concentrez sur votre expertise (marketing, gestion financi\u00e8re, recrutement, etc.).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>\u00c9largir votre r\u00e9seau<\/b><span style=\"font-weight: 400;\"> : votre associ\u00e9 peut vous faire profiter de r\u00e9seau professionnel et de ses exp\u00e9riences pass\u00e9es. Peut-\u00eatre vous d\u00e9nichera-t-il un nouveau client, partenaire ou investisseur ?<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>D\u00e9cupler votre cr\u00e9ativit\u00e9<\/b><span style=\"font-weight: 400;\"> : travailler en \u00e9quipe, c\u2019est acc\u00e9der \u00e0 de nouvelles perspectives pour r\u00e9soudre les probl\u00e8mes et g\u00e9n\u00e9rer des id\u00e9es.<\/span><\/li>\n<\/ul>\n<p><b>Augmenter le capital de d\u00e9part <\/b><span style=\"font-weight: 400;\">: l\u2019associ\u00e9 peut injecter de l\u2019argent dans le capital de votre startup, ce qui facilite son lancement.<\/span><\/p>\n"},{"acf_fc_layout":"text","text":"<div style=\"padding: 56.25% 0 0 0; position: relative;\"><iframe style=\"position: absolute; top: 0; left: 0; width: 100%; height: 100%;\" title=\"How to find a co-founder\" src=\"https:\/\/player.vimeo.com\/video\/1005904593?badge=0&amp;autopause=0&amp;player_id=0&amp;app_id=58479\" frameborder=\"0\" data-mce-fragment=\"1\"><\/iframe><\/div>\n<p><script src=\"https:\/\/player.vimeo.com\/api\/player.js\"><\/script><\/p>\n"},{"acf_fc_layout":"text","text":"<h2><span style=\"font-weight: 400;\">Se poser les bonnes questions pour trouver le bon associ\u00e9<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Trouver un associ\u00e9 pour sa startup est parfois compar\u00e9 \u00e0 un mariage. \u201cAimer, c\u2019est regarder ensemble dans la m\u00eame direction\u201d, comme dirait Saint-Exup\u00e9ry.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Il en va de m\u00eame pour des associ\u00e9s dans une startup. Vous partagez vos quotidiens, vos b\u00e9n\u00e9fices comme les coups durs. La confiance et une vision claire sont donc fondamentales pour une collaboration r\u00e9ussie.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Voici cinq questions cl\u00e9s pour \u00e9tablir le profil cible de votre futur associ\u00e9.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>De quelles comp\u00e9tences et exp\u00e9riences avez-vous besoin ?<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Demandez-vous quelle sera la valeur unique de votre associ\u00e9. Cela peut \u00eatre un savoir-faire (par exemple l\u2019e-commerce), un carnet d\u2019adresses, un esprit innovateur. Pensez en termes de comp\u00e9tences compl\u00e9mentaires.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Prenons l\u2019exemple des co-fondateurs de Microsoft. Tandis que Bill Gates excellait du point de vue commercial, Paul Allen le compl\u00e9tait avec des comp\u00e9tences techniques.<\/span><\/p>\n<ul>\n<li aria-level=\"1\"><b>Quelle est votre vision ?<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Pour travailler ensemble, vous devez partager la m\u00eame intention pour l\u2019avenir de l\u2019entreprise. Votre priorit\u00e9 est-elle de g\u00e9n\u00e9rer un profit rapide, de vendre votre startup, d\u2019\u00e9tendre votre activit\u00e9 \u00e0 l\u2019international ?<\/span><\/p>\n<ul>\n<li aria-level=\"1\"><b>Quelles sont vos valeurs ?<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Pensez en termes d\u2019\u00e9thique, de gestion de conflits, de personnalit\u00e9. L\u2019aspect humain est indispensable pour s\u2019entendre.<\/span><\/p>\n<ul>\n<li aria-level=\"1\"><b>Quelles sont vos attentes ?<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Diff\u00e9rents niveaux d\u2019implication dans le projet peuvent vite devenir source de rancune. Demandez-vous quel r\u00f4le vous visez pour votre associ\u00e9 et quelles seront ses responsabilit\u00e9s.<\/span><\/p>\n<ul>\n<li aria-level=\"1\"><b>Quel sera votre fonctionnement ?<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Il est essentiel de vous aligner sur les retours sur investissement, la r\u00e9mun\u00e9ration, la cession de titres, la sortie de l\u2019associ\u00e9, etc.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Enfin, demandez-vous honn\u00eatement si vous avez besoin d\u2019un associ\u00e9. Cette question est peut-\u00eatre la plus d\u00e9cisive. Pour accomplir une t\u00e2che pr\u00e9cise, faire appel \u00e0 un freelance ou engager un salari\u00e9 peut \u00eatre une solution r\u00e9aliste. Cela peut par exemple \u00eatre le cas si vous recherchez un d\u00e9veloppeur pour cr\u00e9er votre application mobile.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">S\u2019associer est un r\u00e9el engagement, autant pour vous que pour l\u2019associ\u00e9. <\/span><a href=\"https:\/\/seedlegals.com\/fr\/discutez-avec-nos-experts\/\"><span style=\"font-weight: 400;\">Discuter avec un expert<\/span><\/a><span style=\"font-weight: 400;\"> pourra \u00e9clairer vos questionnements.<\/span><\/p>\n"},{"acf_fc_layout":"text","text":"<h2><span style=\"font-weight: 400;\">Comment trouver le bon\u00a0 associ\u00e9 pour sa startup ?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Vous \u00eates au clair sur vos besoins, attentes et objectifs ? C\u2019est parti pour rechercher l\u2019associ\u00e9 id\u00e9al. Plusieurs pistes s\u2019ouvrent \u00e0 vous.<\/span><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Explorer votre r\u00e9seau personnel et professionnel <\/b><span style=\"font-weight: 400;\">: passez en revue vos anciens coll\u00e8gues, vos relations d\u2019\u00e9cole, vos connexions sur LinkedIn. Ce conseil, bien que basique, peut vous mener \u00e0 de belles surprises.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Participer \u00e0 des \u00e9v\u00e8nements<\/b><span style=\"font-weight: 400;\"> : salons, ateliers, conf\u00e9rences, ap\u00e9ros entrepreneurs, hackathons et Startup Weekends. Les possibilit\u00e9s en ligne et en physique sont nombreuses pour rencontrer d&#8217;autres porteurs de projet.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Rejoindre un r\u00e9seau d\u2019entrepreneurs<\/b><span style=\"font-weight: 400;\"> : en plus des r\u00e9seaux virtuels, osez sauter le pas et lier des contacts en physique. Il existe s\u00fbrement des r\u00e9seaux dans votre r\u00e9gion. L\u2019<\/span><a href=\"https:\/\/entreprendre.service-public.fr\/vosdroits\/R60458\"><span style=\"font-weight: 400;\">annuaire du Service Public<\/span><\/a><span style=\"font-weight: 400;\"> liste les clubs d\u2019entrepreneurs de France ou \u00e0 l\u2019international.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Publier une annonce <\/b><span style=\"font-weight: 400;\">: vous pouvez indiquer vos crit\u00e8res de recherche dans <\/span><a href=\"https:\/\/entrepreneurs.lesechos.fr\/creation-entreprise\/reseaux-accompagnement\/start-up-cherche-associees-les-petites-annonces-de-la-french-tech-1990090\"><span style=\"font-weight: 400;\">Les \u00c9chos Entrepreneurs<\/span><\/a><span style=\"font-weight: 400;\"> ou encore sur une communaut\u00e9 de la French Tech.<\/span><\/li>\n<\/ul>\n<\/li>\n<li aria-level=\"1\"><b>Faire appel \u00e0 un cabinet de recrutement sp\u00e9cialis\u00e9 en startup <\/b><span style=\"font-weight: 400;\">: si vous disposez du budget, pourquoi pas vous faire \u00e9pauler ?<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Vous l\u2019aurez compris, l\u2019important est d\u2019\u00eatre curieux, ouvert et d\u2019oser nouer des relations.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Aspects juridiques : que dit la loi ?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Vous avez trouv\u00e9 le bon associ\u00e9 ? Maintenant, il faut encadrer cette nouvelle relation \u00e0 l\u2019aide de documents juridiques. Cette \u00e9tape est indispensable pour vous prot\u00e9ger.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Pacte d\u2019associ\u00e9s fondateurs : pour poser les bases<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Certaines conversations avec votre associ\u00e9 sont fondamentales. Que se passe-t-il si l\u2019un de vous quitte la startup ? Comment seront r\u00e9partis les pouvoirs et les responsabilit\u00e9s ? D\u00e9sirez-vous une hi\u00e9rarchie ou une participation \u00e9galitaire au capital ? Pr\u00e9voyez-vous une r\u00e9mun\u00e9ration ?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Au terme de ces discussions, vous allez mettre par \u00e9crit vos d\u00e9cisions dans le <\/span><a href=\"https:\/\/seedlegals.com\/fr\/resources\/pacte-associes-fondateur-definition\/\"><span style=\"font-weight: 400;\">pacte d\u2019associ\u00e9s fondateurs<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Le pacte d\u2019associ\u00e9s fondateurs :\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">R\u00e9git les relations entre les associ\u00e9s<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">D\u00e9finit les droits et obligations de chaque associ\u00e9<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u00c9tablit le fonctionnement interne de la soci\u00e9t\u00e9<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Rassure les investisseurs<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Voici quelques clauses \u00e0 inclure :<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Clause de non-concurrence : emp\u00eache les associ\u00e9s de cr\u00e9er des entreprises concurrentes.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Clause d\u2019exclusivit\u00e9 : impose de r\u00e9server la majorit\u00e9 de son temps au d\u00e9veloppement du projet.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Clause de d\u00e9part anticip\u00e9 (leaver) : d\u00e9termine les conditions de d\u00e9part d&#8217;un associ\u00e9.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Clause de pr\u00e9emption : donne le droit aux associ\u00e9s de racheter les parts d&#8217;un associ\u00e9 sortant.<\/span><\/li>\n<\/ul>\n"},{"acf_fc_layout":"content_highlight","highlight_type":"tip","background_colour":"blue","show_icon":true,"content":"Le pacte associ\u00e9s fondateurs est un document priv\u00e9 \u00e0 valeur juridique. Contrairement aux statuts de soci\u00e9t\u00e9, le pacte concerne uniquement les associ\u00e9s signataires. Le transgresser vous expose \u00e0 un d\u00e9part anticip\u00e9 et, potentiellement, au versement de dommages et int\u00e9r\u00eats.<br \/>\r\n","link":""},{"acf_fc_layout":"text","text":"<p>Une multitude de clauses sont possibles selon votre situation. Pour vous simplifier la vie, SeedLegals g\u00e9n\u00e8re un pacte d\u2019associ\u00e9s en ligne et en toute s\u00e9curit\u00e9.<br \/>\nVous mettez ainsi toutes les chances de votre c\u00f4t\u00e9 pour vous prot\u00e9ger des litiges. En cas de doute, nos experts r\u00e9pondent \u00e0 vos questions \u00e0 chaque \u00e9tape.<\/p>\n"},{"acf_fc_layout":"cta","cta":{"type":"default","subheading":"","heading":"Mettez en place votre pacte d'associ\u00e9 en quelques clics","content":"Choisissez les principaux termes de votre contrat pour d\u00e9velopper votre projet en toute s\u00e9r\u00e9nit\u00e9","bullet_points":false,"form":{"type":"none","hubspot_form":{"layout":"newsletter","hide_founderinvestor_toggle":false,"default_community":"founder","custom_form_id":"","gdpr_disclaimer":"By subscribing, you agree to receive information from SeedLegals. You can unsubscribe anytime. View our <a href=\"\/privacy-policy\/\" target=\"_blank\" rel=\"noopener noreferrer\">privacy policy<\/a>"},"custom":{"embed":""},"gtm_form_type":"default","gtm_form_location":"default"},"button":{"title":"Discutez avec un expert","url":"https:\/\/seedlegals.com\/fr\/discutez-avec-nos-experts\/","target":""},"image":36154}},{"acf_fc_layout":"text","text":"<h3><span style=\"font-weight: 400;\">Cession de titres : pour transf\u00e9rer vos parts<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Comment vous y prendre pour int\u00e9resser au capital votre nouvel associ\u00e9 ? C\u2019est \u00e0 ce moment que la cession de titres entre en jeu.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Cette op\u00e9ration permet de transf\u00e9rer des actions entre associ\u00e9s notamment. Un encadrement juridique garantit la transparence et la s\u00e9curit\u00e9 des transactions.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">La cession de titres peut para\u00eetre technique et il peut \u00eatre difficile de savoir par o\u00f9 commencer.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Les experts SeedLegals s\u2019occupent de votre cession de titres en toute simplicit\u00e9. Notre plateforme s\u00e9curis\u00e9e g\u00e9n\u00e8re vos documents automatiquement. Il ne vous reste plus qu\u2019\u00e0 signer en ligne.<\/span><\/p>\n"},{"acf_fc_layout":"cta","cta":{"type":"default","subheading":"","heading":"C\u00e9dez vos titres en quelques clics","content":"Simplifiez votre cession de titre en ligne. Nos experts vous accompagnent \u00e9tape par \u00e9tape.","bullet_points":false,"form":{"type":"none","hubspot_form":{"layout":"newsletter","hide_founderinvestor_toggle":false,"default_community":"founder","custom_form_id":"","gdpr_disclaimer":"By subscribing, you agree to receive information from SeedLegals. You can unsubscribe anytime. View our <a href=\"\/privacy-policy\/\" target=\"_blank\" rel=\"noopener noreferrer\">privacy policy<\/a>"},"custom":{"embed":""},"gtm_form_type":"default","gtm_form_location":"default"},"button":{"title":"D\u00e9marrez gratuitement","url":"https:\/\/seedlegals.com\/fr\/creation-startup\/cession-de-titres\/","target":""},"image":408355}},{"acf_fc_layout":"text","text":"<h2><span style=\"font-weight: 400;\">Comment assurer de bonnes relations entre associ\u00e9s<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Construire des relations de travail solides est aussi important que le choix de l\u2019associ\u00e9. Ces astuces vous aideront \u00e0 entretenir une collaboration harmonieuse :<\/span><\/p>\n<ul>\n<li aria-level=\"1\"><b>Un mot d\u2019ordre : communiquez !<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Les malentendus et non-dits sont la source de la plupart des disputes. Faites attention \u00e0 communiquer de mani\u00e8re transparente et r\u00e9guli\u00e8re, m\u00eame pour les sujets qui vous paraissent \u00e9vidents.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">La communication concerne tous les sujets li\u00e9s \u00e0 l\u2019entreprise : vos habitudes de travail (quand et comment vous contacter), vos id\u00e9es pour le d\u00e9veloppement de la startup, le contact avec un partenaire ou encore la prise de d\u00e9cisions en apparence insignifiantes.<\/span><\/p>\n<ul>\n<li aria-level=\"1\"><b>\u00c9tablissez des process clairs<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">D\u00e9finissez des proc\u00e9dures pour la prise de d\u00e9cision. Quelles probl\u00e9matiques n\u00e9cessitent de consulter l\u2019autre ? Comment s\u2019arr\u00eater sur un choix final ? Les process peuvent para\u00eetre formels, mais s\u2019av\u00e8rent utiles pour \u00e9viter les quiproquos.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Anticipez les conflits<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Les conflits sont in\u00e9vitables. Vous pouvez n\u00e9anmoins les g\u00e9rer de mani\u00e8re constructive. Pr\u00e9voyez avec soin la clause de leaver dans votre pacte d&#8217;associ\u00e9s.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Enfin, rappelez-vous qu\u2019un d\u00e9saccord n\u2019est pas synonyme de conflit. Exprimer ses opinions en toute honn\u00eatet\u00e9 est le signe d\u2019un travail d\u2019\u00e9quipe sain. Les confrontations peuvent mener \u00e0 des discussions utiles, voire \u00e0 des avancements.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Envie d\u2019aller plus loin sur le sujet ? Notre expert Florent Artaud vous partage les meilleures pratiques pour <\/span><a href=\"https:\/\/www.youtube.com\/watch?v=UbFQ2YWDsds&amp;ab_channel=SeedLegalsFrance\"><span style=\"font-weight: 400;\">pr\u00e9venir les conflits entre associ\u00e9s en startup<\/span><\/a><span style=\"font-weight: 400;\">. <\/span><\/p>\n"},{"acf_fc_layout":"text","text":"<h2><span style=\"font-weight: 400;\">Les pi\u00e8ges \u00e0 \u00e9viter<\/span><\/h2>\n<ul>\n<li aria-level=\"1\"><b>S\u2019associer avec la famille ou des amis<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Il est tentant de s&#8217;associer avec un ami ou un membre de la famille. Assurez-vous que cette personne poss\u00e8de les comp\u00e9tences n\u00e9cessaires et partage votre vision. Faites-lui passer un entretien professionnel au m\u00eame titre qu\u2019un inconnu.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Si vous vous associez avec un proche, portez une attention particuli\u00e8re aux statuts de la soci\u00e9t\u00e9 et au pacte d\u2019associ\u00e9s. Pr\u00e9voyez toujours des strat\u00e9gies de sortie si un associ\u00e9 d\u00e9cide de partir.<\/span><\/p>\n<ul>\n<li aria-level=\"1\"><b>Foncer sans r\u00e9fl\u00e9chir<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Surtout, prenez le temps avant de vous d\u00e9cider. Choisir un associ\u00e9 par d\u00e9pit est la porte ouverte aux probl\u00e8mes. Construisez une relation de confiance et commencez par collaborer sur des projets de petite envergure.<\/span><\/p>\n<ul>\n<li aria-level=\"1\"><b>N\u00e9gliger les aspects juridiques<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Formaliser la relation avec votre associ\u00e9 est crucial. Un accord verbal ne suffit pas. Un cadre juridique solide est indispensable pour pr\u00e9venir les conflits.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">D\u00e9couvrez davantage de <\/span><a href=\"https:\/\/www.youtube.com\/watch?v=eu6qgBmxeXw&amp;ab_channel=SeedLegalsFrance\"><span style=\"font-weight: 400;\">cl\u00e9s pour r\u00e9ussir l&#8217;entr\u00e9e d&#8217;un nouvel associ\u00e9<\/span><\/a><span style=\"font-weight: 400;\"> dans notre webinaire.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Vous savez maintenant comment choisir le bon associ\u00e9, o\u00f9 le trouver et comment s\u00e9curiser vos relations.\u00a0<\/span><\/p>\n"},{"acf_fc_layout":"cta","cta":{"type":"default","subheading":"","heading":"Besoin d\u2019aide pour structurer votre startup ?","content":"Les experts juridiques de SeedLegals restent \u00e0 vos c\u00f4t\u00e9s dans cette \u00e9tape d\u00e9terminante","bullet_points":false,"form":{"type":"none","hubspot_form":{"layout":"newsletter","hide_founderinvestor_toggle":false,"default_community":"founder","custom_form_id":"","gdpr_disclaimer":"By subscribing, you agree to receive information from SeedLegals. You can unsubscribe anytime. View our <a href=\"\/privacy-policy\/\" target=\"_blank\" rel=\"noopener noreferrer\">privacy policy<\/a>"},"custom":{"embed":""},"gtm_form_type":"default","gtm_form_location":"default"},"button":{"title":"Contactez-nous ! ","url":"https:\/\/seedlegals.com\/fr\/discutez-avec-nos-experts\/","target":""},"image":408355}}],"has_sources":false,"related_posts":false,"expert_reviewed":{"heading":"Expert reviewed","tooltip_message":"This article has been fact-checked by a SeedLegals subject matter expert.<br><br><a href=\"https:\/\/seedlegals.com\/authors-and-experts\/\" target=\"_blank\">Meet our experts<\/a> and learn more about our review process and quality assurance in our <a href=\"https:\/\/seedlegals.com\/editorial-policy\/\" target=\"_blank\">editorial policy<\/a>."},"custom_post_authors":{"authors":[{"author":{"ID":119,"user_firstname":"Rapha\u00eblle","user_lastname":"Marquet","nickname":"Raphaelle Marquet","user_nicename":"raphaelle-marquet","display_name":"Raphaelle Marquet","user_email":"wordpress31@seedlegals.com","user_url":"","user_registered":"2022-09-14 15:57:28","user_description":"","user_avatar":"<img alt='' src='https:\/\/secure.gravatar.com\/avatar\/5d65e8c83e28efe0101f3a9131f518747a60464104839ce4c2f87eba6956de92?s=96&#038;d=mm&#038;r=g' srcset='https:\/\/secure.gravatar.com\/avatar\/5d65e8c83e28efe0101f3a9131f518747a60464104839ce4c2f87eba6956de92?s=192&#038;d=mm&#038;r=g 2x' class='avatar avatar-96 photo' height='96' width='96' loading='lazy' decoding='async'\/>"},"role":""}]}},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Trouver le bon associ\u00e9 pour sa startup : mode d\u2019emploi | SeedLegals<\/title>\n<meta name=\"description\" content=\"Vous recherchez un associ\u00e9 pour votre startup ? 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Mais face \u00e0 la complexit\u00e9 du processus et \u00e0 la multitude d\u2019acteurs (VCs, business angels, family offices, etc.), de nombreux entrepreneurs se demandent par o\u00f9 commencer.<br \/>\nDans cet article, on vous partage les \u00e9<\/p>\n","protected":false},"author":179,"featured_media":426457,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[48],"tags":[],"event_tags":[],"class_list":["post-426146","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-non-classifiee"],"acf":{"blog_layout":"v2","v2":{"hero":{"image_background_color":"#E7F1FF","image_fit":"img--contain"},"adverts":[{"type":"selector","selected_advert":{"ID":417986,"post_author":"85","post_date":"2025-02-25 17:03:24","post_date_gmt":"2025-02-25 17:03:24","post_content":"","post_title":"FR - TTAE roadshow","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"fr-ttae-roadshow","to_ping":"","pinged":"","post_modified":"2025-02-25 17:10:46","post_modified_gmt":"2025-02-25 17:10:46","post_content_filtered":"","post_parent":0,"guid":"https:\/\/seedlegals.com\/?post_type=blog_advert&#038;p=417986","menu_order":0,"post_type":"blog_advert","post_mime_type":"","comment_count":"0","filter":"raw"},"custom_advert":{"advert_tracking_id":"","layout":"default","image":{"image":false,"link":""},"text":{"heading":"","content":"","button":null,"background_color":"#EEF4FF","text_color":"#000646"},"form":{"form":{"type":"none","hubspot_form":{"layout":"newsletter","hide_founderinvestor_toggle":false,"default_community":"founder","custom_form_id":"","gdpr_disclaimer":"By subscribing, you agree to receive information from SeedLegals. You can unsubscribe anytime. View our <a href=\"\/privacy-policy\/\" target=\"_blank\" rel=\"noopener noreferrer\">privacy policy<\/a>"},"custom":{"embed":""},"gtm_form_type":false,"gtm_form_location":false}},"cta_and_testimonials":{"heading":"","button":null,"bullet_points":false,"testimonials":false}}}],"related_sidebar_posts":false},"show_author_card":false,"revision_date":"","hero_image":426238,"has_custom_post_authors":true,"custom_post_authors":{"authors":[{"author":{"ID":85,"user_firstname":"St\u00e9phanie","user_lastname":"Landais","nickname":"Stephanie Landais","user_nicename":"stephanie-landais","display_name":"St\u00e9phanie Landais","user_email":"stephanie@seedlegals.com","user_url":"","user_registered":"2022-05-20 09:43:44","user_description":"","user_avatar":"<img alt='' src='https:\/\/secure.gravatar.com\/avatar\/6ae3405813253b62b79036924763b273fe5576a03e6f7eef2e3f9ecf980b8e2d?s=96&#038;d=mm&#038;r=g' srcset='https:\/\/secure.gravatar.com\/avatar\/6ae3405813253b62b79036924763b273fe5576a03e6f7eef2e3f9ecf980b8e2d?s=192&#038;d=mm&#038;r=g 2x' class='avatar avatar-96 photo' height='96' width='96' loading='lazy' decoding='async'\/>"},"role":""}]},"is_expert_reviewed":true,"expert_reviewed":{"heading":"Expert reviewed","tooltip_message":"This article has been fact-checked by a SeedLegals subject matter expert.<br><br><a href=\"https:\/\/seedlegals.com\/authors-and-experts\/\" target=\"_blank\">Meet our experts<\/a> and learn more about our review process and quality assurance in our <a href=\"https:\/\/seedlegals.com\/editorial-policy\/\" target=\"_blank\">editorial policy<\/a>."},"post_content_width":"default","post_content":[{"acf_fc_layout":"text","text":"<p><span style=\"font-weight: 400;\">Trouver des investisseurs est une \u00e9tape essentielle pour faire grandir sa startup. Mais face \u00e0 la complexit\u00e9 du processus et \u00e0 la multitude d\u2019acteurs (VCs, business angels, family offices, etc.), de nombreux entrepreneurs se demandent par o\u00f9 commencer.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Dans cet article, on vous partage les \u00e9tapes cl\u00e9s pour <\/span><b>trouver des investisseurs pour votre startup<\/b><span style=\"font-weight: 400;\">, tout en vous pr\u00e9sentant l\u2019approche de SeedLegals, qui a accompagn\u00e9 plus de 60 000 startups.<\/span><\/p>\n"},{"acf_fc_layout":"text","text":"<h2><b>Pourquoi est-ce si difficile de trouver des investisseurs ?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Parce qu\u2019il ne s\u2019agit pas simplement de &#8220;financer une startup&#8221; : il s\u2019agit de convaincre des personnes d\u2019investir sur votre vision, votre ex\u00e9cution et votre ambition. Et ce, dans un contexte tr\u00e8s concurrentiel.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Les principales difficult\u00e9s rencontr\u00e9es par les fondateurs :<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Savoir <\/span><b>\u00e0 qui s\u2019adresser<\/b><span style=\"font-weight: 400;\"> (et qui est pertinent pour leur secteur \/ stade)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Obtenir des <\/span><b>r\u00e9ponses aux messages envoy\u00e9s<\/b><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Construire une <\/span><b>strat\u00e9gie de lev\u00e9e de fonds<\/b><span style=\"font-weight: 400;\"> claire et coh\u00e9rente<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Pr\u00e9parer les bons documents<\/b><span style=\"font-weight: 400;\"> (pitch deck, pr\u00e9visionnel, etc.)<\/span><\/li>\n<\/ul>\n<p><b>S\u2019entra\u00eener \u00e0 pitcher<\/b><span style=\"font-weight: 400;\"> et \u00e0 r\u00e9pondre aux questions cl\u00e9s<\/span><\/p>\n"},{"acf_fc_layout":"text","text":"<h2><b>\u00c9tape 1 : Identifier les bons investisseurs pour votre projet<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Avant toute chose, il est essentiel de <\/span><b>qualifier votre cible<\/b><span style=\"font-weight: 400;\"> : quel type d\u2019investisseur est adapt\u00e9 \u00e0 votre stade (amor\u00e7age, seed, S\u00e9rie A&#8230;) et \u00e0 votre secteur ?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Quelques ressources utiles :<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">LinkedIn, Signal.nfx, Dealum, Gust <\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Les bases de donn\u00e9es sp\u00e9cialis\u00e9es (Crunchbase, Dealroom, PitchBook, etc.)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">L\u2019analyse des tours de table de startups proches de la v\u00f4tre<\/span><\/li>\n<\/ul>\n"},{"acf_fc_layout":"content_highlight","highlight_type":"tip","background_colour":"blue","show_icon":true,"content":"Astuce SEO : cherchez \"business angel biotech France\", \"fonds VC climat early stage\", etc., pour des r\u00e9sultats cibl\u00e9s par th\u00e8se d\u2019investissement. ","link":null},{"acf_fc_layout":"text","text":"<p><span style=\"font-weight: 400;\">Chez SeedLegals, nos experts vous aident \u00e0 <\/span><b>constituer une liste personnalis\u00e9e d\u2019investisseurs<\/b><span style=\"font-weight: 400;\"> qualifi\u00e9s, en fonction de votre profil et de vos objectifs.<\/span><\/p>\n<h2><b>\u00c9tape 2 : Pr\u00e9parer les bons documents pour convaincre<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Pour <\/span><b>attirer des investisseurs<\/b><span style=\"font-weight: 400;\">, il ne suffit pas d\u2019avoir une bonne id\u00e9e. Il faut savoir la structurer, la pr\u00e9senter et la d\u00e9fendre.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Les incontournables :<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Pitch deck<\/b><span style=\"font-weight: 400;\"> clair, visuel et orient\u00e9 investisseur<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Pr\u00e9visionnel financier<\/b><span style=\"font-weight: 400;\"> r\u00e9aliste et solide<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Business plan synth\u00e9tique<\/b> ou memo investisseur<\/li>\n<\/ul>\n"},{"acf_fc_layout":"content_highlight","highlight_type":"tip","background_colour":"blue","show_icon":true,"content":"Coaching SeedLegals : nos experts vous accompagnent dans la cr\u00e9ation et la relecture de votre deck, et vous entra\u00eenent \u00e0 pitcher de mani\u00e8re convaincante devant des investisseurs, en condition r\u00e9elles.<br \/>\r\n","link":null},{"acf_fc_layout":"text","text":"<h2><b>\u00c9tape 3 : Contacter les investisseurs et obtenir des rendez-vous<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">La phase de &#8220;go-to-investors&#8221; est souvent chronophage et frustrante. Pourtant, avec la bonne approche, il est possible d\u2019obtenir des taux de r\u00e9ponse sup\u00e9rieurs \u00e0 la moyenne.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Les cl\u00e9s :<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Un message <\/span><b>court, personnalis\u00e9, professionnel<\/b><b><br \/>\n<\/b><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Un envoi <\/span><b>structur\u00e9<\/b><span style=\"font-weight: 400;\"> selon les profils cibl\u00e9s (possible en masse mais pas n\u2019importe comment)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Un bon <b>timing<\/b><\/span><\/li>\n<\/ul>\n"},{"acf_fc_layout":"text","text":"<h2><b>L\u2019accompagnement SeedLegals : pack complet pour votre recherche d\u2019investisseurs<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Avec notre <\/span><b>Pack Roadshow<\/b><span style=\"font-weight: 400;\">, on vous aide \u00e0 chaque \u00e9tape de votre lev\u00e9e de fonds :<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">\u2714\ufe0f <\/span><span class=\"fw--600\">Identifiez les investisseurs adapt\u00e9s \u00e0 votre projet<\/span><\/p>\n<p><span class=\"fw--600\"><span style=\"font-weight: 400;\">\u2714\ufe0f <\/span>D\u00e9terminez les messages cl\u00e9s pour les contacter<\/span><\/p>\n<p><span class=\"fw--600\"><span style=\"font-weight: 400;\">\u2714\ufe0f <\/span>Obtenez des rendez-vous qualifi\u00e9s gr\u00e2ce \u00e0 des campagnes cibl\u00e9es<\/span><\/p>\n<p><span class=\"fw--600\"><span style=\"font-weight: 400;\">\u2714\ufe0f <\/span>Rencontrez les bons investisseurs<\/span><\/p>\n"},{"acf_fc_layout":"cta","cta":{"type":"default","subheading":"","heading":"Prenez rendez-vous avec un expert SeedLegals !","content":"","bullet_points":false,"form":{"type":"none","hubspot_form":{"layout":"newsletter","hide_founderinvestor_toggle":false,"default_community":"founder","custom_form_id":"","gdpr_disclaimer":"By subscribing, you agree to receive information from SeedLegals. You can unsubscribe anytime. View our <a href=\"\/privacy-policy\/\" target=\"_blank\" rel=\"noopener noreferrer\">privacy policy<\/a>"},"custom":{"embed":""},"gtm_form_type":"default","gtm_form_location":"default"},"button":{"title":"R\u00e9server un cr\u00e9neau gratuit","url":"https:\/\/seedlegals.com\/fr\/discutez-avec-nos-experts\/","target":""},"image":412308}},{"acf_fc_layout":"text","text":"<h2><b>Aller plus loin : les ressources gratuites pour r\u00e9ussir votre lev\u00e9e<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">\ud83d\udcd8 <a href=\"https:\/\/seedlegals.com\/fr\/resources\/template-gratuit-pitch-deck-startup\/\">Template de pitch deck pr\u00eat \u00e0 l\u2019emploi<\/a><\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"> \ud83d\udcca <a href=\"https:\/\/seedlegals.com\/fr\/resources\/maitriser-votre-levee-de-fonds-en-bsa-air\/\">Simulateur BSA Air pour anticiper votre dilution<\/a><\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"> \ud83c\udfa5 <a href=\"https:\/\/seedlegals.com\/fr\/formation-levee-de-fonds-startups\/\">Formation vid\u00e9o gratuite : r\u00e9ussir sa lev\u00e9e de fonds<\/a> (3h de contenus enti\u00e8rement gratuits)\u00a0<\/span><\/p>\n<h2><b>Conclusion : bien s\u2019entourer pour trouver les bons investisseurs<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Trouver des investisseurs ne se r\u00e9sume pas \u00e0 \u201cenvoyer un pitch\u201d. Il s\u2019agit de construire une strat\u00e9gie, d\u2019affiner son discours et de s\u2019entourer des bons partenaires. Que vous en soyez \u00e0 votre premi\u00e8re lev\u00e9e ou \u00e0 la suivante, <\/span><b>l\u2019accompagnement fait la diff\u00e9rence<\/b><span style=\"font-weight: 400;\">.<\/span><\/p>\n"},{"acf_fc_layout":"cta","cta":{"type":"default","subheading":"","heading":"","content":"Chez SeedLegals, nos experts sont l\u00e0 pour transformer votre ambition en lev\u00e9e r\u00e9ussie.","bullet_points":false,"form":{"type":"none","hubspot_form":{"layout":"newsletter","hide_founderinvestor_toggle":false,"default_community":"founder","custom_form_id":"","gdpr_disclaimer":"By subscribing, you agree to receive information from SeedLegals. You can unsubscribe anytime. 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Air : D\u00e9finition et fonctionnement"},"content":{"rendered":"<p>Le BSA Air (Bon de Souscription d\u2019Actions par Accord d\u2019Investissement Rapide) est un m\u00e9canisme de financement flexible et rapide con\u00e7u par notre partenaire The Family.<\/p>\n<p>Inspir\u00e9 du mod\u00e8le d\u2019investissement SAFE (\u201cSimple Agreement for Future Equity\u201d) mis en oeuvre aux Etats-Unis par le c\u00e9l\u00e8bre acc\u00e9l\u00e9rateur Y Combinator, le BSA Air offre aux startups en phase d\u2019amor\u00e7age ou r\u00e9alisant un bridge une alternative efficace aux outils de financement traditionnels (augmentations de capital et obligations convertibles).<\/p>\n<p>Depuis son lancement en 2013, ce mode de financement est devenu un standard dans l\u2019\u00e9cosyst\u00e8me. La plateforme SeedLegals vous offre d\u00e9sormais la possibilit\u00e9 de param\u00e9trer et \u00e9mettre vous-m\u00eame vos BSA Air (\u00e9galement appel\u00e9s SeedFAST) : vous en choisissez les param\u00e8tres sur une interface simple et intuitive, puis la plateforme g\u00e9n\u00e8re automatiquement les documents et recueille les signatures. R\u00e9sultat, votre startup re\u00e7oit les fonds dans un temps record.<\/p>\n<p>Nous vous donnons ici tous les \u00e9l\u00e9ments vous permettant de comprendre l&#8217;int\u00e9r\u00eat du BSA Air et vous indiquer comment proc\u00e9der.<\/p>\n<h3>Qu\u2019est-ce qu\u2019un BSA Air ?<\/h3>\n<p>Le BSA Air est un simple contrat qui s\u2019apparente \u00e0 une souscription \u00e0 l\u2019avance de futures actions, selon un process tr\u00e8s simplifi\u00e9. Il s\u2019agit d\u2019un contrat sous seing priv\u00e9 qui permet \u00e0 la soci\u00e9t\u00e9 de recevoir imm\u00e9diatement l\u2019investissement, en r\u00e9servant le droit \u00e0 votre investisseur de convertir ult\u00e9rieurement cet investissement en actions \u00e0 <a href=\"https:\/\/help.seedlegals.com\/en\/articles\/3789803-what-are-the-scenarios-in-which-a-bsa-air-will-convert-to-equity\" target=\"_blank\" rel=\"noopener noreferrer\">l\u2019occasion d\u2019\u00e9v\u00e9nements d\u00e9clencheurs<\/a> futurs d\u00e9crits dans l\u2019accord.<\/p>\n<p>En pratique, votre investisseur devient associ\u00e9 de la soci\u00e9t\u00e9 de mani\u00e8re diff\u00e9r\u00e9e. D\u2019abord, il souscrit \u00e0 un BSA Air et verse les fonds. Plus tard, il exerce son BSA Air et entre au capital de la soci\u00e9t\u00e9, g\u00e9n\u00e9ralement lors du prochain tour de financement.<\/p>\n<h3>Comment \u00e7a marche ?<\/h3>\n<p>Le BSA Air ne peut \u00eatre utilis\u00e9 que par des soci\u00e9t\u00e9s par actions, \u00e0 savoir, des soci\u00e9t\u00e9s anonymes (SA) ou soci\u00e9t\u00e9s par actions simplifi\u00e9es (SAS).<\/p>\n<p>Pour \u00e9mettre un BSA Air, il convient dans un premier temps de d\u00e9finir avec vos investisseurs les param\u00e8tres de l\u2019Accord d\u2019Investissement Rapide :<\/p>\n<ul>\n<li>un taux de d\u00e9cote sur la valorisation du prochain tour de financement afin de r\u00e9compenser votre investisseur qui prend des risques et investit \u00e0 un stade pr\u00e9coce de d\u00e9veloppement. Il paiera donc ses actions moins cher que les futurs investisseurs qui ne rentreront que lors de la lev\u00e9e de fonds future ;<\/li>\n<li>des valorisations plafond et plancher (le \u00ab Cap \u00bb et le \u00ab Floor \u00bb) pour encadrer et anticiper la conversion future des BSA Air en actions. Vous garantissez \u00e0 l\u2019investisseur que ses actions ne seront jamais souscrites \u00e0 une valorisation sup\u00e9rieure au Cap, et en contrepartie vous vous garantissez que cette souscription ne se fera jamais \u00e0 une valorisation de votre soci\u00e9t\u00e9 en dessous du Floor ;<\/li>\n<li>une date butoir ou dur\u00e9e de validit\u00e9 pour pr\u00e9voir une conversion automatique des BSA Air en actions \u00e0 cette date, si aucune lev\u00e9e de fonds ou autre \u00e9v\u00e9nement d\u00e9clencheur n\u2019est intervenu d\u2019ici l\u00e0.<\/li>\n<\/ul>\n<p>Si vous vous demandez comment d\u00e9terminer ces param\u00e8tres, vous pouvez consulter <a href=\"https:\/\/seedlegals.com\/fr\/resources\/bsa-air-seedfast-conseils\/\">notre analyse de milliers de SeedFAST (BSA Air) sur SeedLegals<\/a> faisant ressortir la distribution la plus courante du Cap, du Floor et du taux de d\u00e9cote.<\/p>\n<h3>Quels sont les avantages du BSA Air ?<\/h3>\n<p>Le recours au BSA Air pr\u00e9sente de multiples avantages pour vous, votre soci\u00e9t\u00e9, et vos investisseurs:<\/p>\n<ul>\n<li>Des formalit\u00e9s r\u00e9duites ;<\/li>\n<li>L\u2019absence d&#8217;int\u00e9r\u00eats \u00e0 payer (contrairement \u00e0 un pr\u00eat ou une obligation convertible) ;<\/li>\n<li>Un financement rapide et flexible, \u00e0 un stade pr\u00e9coce de d\u00e9veloppement de votre startup ;<\/li>\n<li>Remettre \u00e0 plus tard la discussion, parfois compliqu\u00e9e, de la valorisation de la soci\u00e9t\u00e9 et de la n\u00e9gociation du pacte d\u2019associ\u00e9s. Celle-ci intervient ult\u00e9rieurement, lors de l\u2019entr\u00e9e de nouveaux investisseurs \u00e0 l\u2019occasion de la lev\u00e9e de fonds proprement dite ;<\/li>\n<li>R\u00e9compenser la prise de risque des investisseurs en leur permettant de souscrire des actions avec une d\u00e9cote par rapport au futur tour et un plafond de valorisation ;<\/li>\n<li>Limiter le risque de dilution des fondateurs gr\u00e2ce \u00e0 la valorisation plancher.<\/li>\n<\/ul>\n<h3>Now, what\u2019s next?<\/h3>\n<p>Une fois ces conditions d\u00e9termin\u00e9es avec vos investisseurs, il est temps de pr\u00e9parer la documentation. Excellente nouvelle, la plateforme SeedLegals se charge de tout et produit la documentation de mani\u00e8re automatique, d\u00e8s que vous avez choisi les param\u00e8tres !<\/p>\n<ol>\n<li>Un rapport du pr\u00e9sident puis une d\u00e9cision unanime des associ\u00e9s pour d\u00e9cider de l\u2019\u00e9mission des BSA Air ;<\/li>\n<li>Un Accord d\u2019Investissement Rapide sign\u00e9 sur SeedLegals par chaque investisseur ;<\/li>\n<li>Un bulletin de souscription du BSA Air sign\u00e9 par l\u2019investisseur et accompagn\u00e9 du virement des fonds.<\/li>\n<\/ol>\n<p>Notre BSA Air (SeedFAST) vous permet de param\u00e9trer les conditions de l\u2019investissement et de g\u00e9n\u00e9rer automatiquement l\u2019ensemble de la documentation n\u00e9cessaire, directement sur notre plateforme.<\/p>\n<p>Nous esp\u00e9rons que ces \u00e9l\u00e9ments vous permettent de mieux comprendre comment fonctionne un BSA Air pour pr\u00e9-financer en un instant votre startup &#8211; puis r\u00e9aliser la prochaine lev\u00e9e de fonds sur une seule et m\u00eame plateforme. Sur SeedLegals, la Cap Table de votre startup refl\u00e8te exactement les op\u00e9rations r\u00e9alis\u00e9es et vous pouvez la partager dynamiquement avec tous vos associ\u00e9s, \u00e0 tous les stades de d\u00e9veloppement de la soci\u00e9t\u00e9, et sans erreur de calcul.<\/p>\n<h5>Nos \u00e9quipes sont \u00e0 votre disposition pour vous accompagner dans chacune de ces \u00e9tapes. <a href=\"https:\/\/seedlegals.com\/fr\/financement-startup\/seedfast-bsa-air\/\">D\u00e9marrez gratuitement aujourd\u2019hui !<\/a><\/h5>\n","protected":false},"excerpt":{"rendered":"<p>Inspir\u00e9 du mod\u00e8le d\u2019investissement SAFE (\u201cSimple Agreement for Future Equity\u201d) mis en oeuvre aux Etats-Unis par le c\u00e9l\u00e8bre acc\u00e9l\u00e9rateur am\u00e9ricain Y Combinator, le BSA Air offre aux startups en phase d\u2019amor\u00e7age ou r\u00e9alisant un bridge une alternative efficace aux outils de financement traditionnels (augmentations de capital ou obligations convertibles).<\/p>\n","protected":false},"author":33,"featured_media":405284,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[133,134],"tags":[],"event_tags":[],"class_list":["post-4160","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-levee-de-fonds","category-bsa-air"],"acf":{"hero_image":405284,"post_content":[{"acf_fc_layout":"text","text":"<p>Le BSA Air (Bon de Souscription d\u2019Actions par Accord d\u2019Investissement Rapide) est un m\u00e9canisme de financement flexible et rapide parfaitement adapt\u00e9 au startup en phase d&#8217;amor\u00e7age.<\/p>\n<p>Inspir\u00e9 du mod\u00e8le d\u2019investissement SAFE (\u201cSimple Agreement for Future Equity\u201d) mis en oeuvre aux Etats-Unis par le c\u00e9l\u00e8bre acc\u00e9l\u00e9rateur Y Combinator, le BSA Air offre aux startups en phase d\u2019amor\u00e7age ou r\u00e9alisant un bridge une alternative efficace aux outils de financement traditionnels (augmentations de capital et obligations convertibles).<\/p>\n<p>Depuis son lancement en 2013, ce mode de financement est devenu un standard dans l\u2019\u00e9cosyst\u00e8me. La plateforme SeedLegals vous offre d\u00e9sormais la possibilit\u00e9 de param\u00e9trer et \u00e9mettre vous-m\u00eame vos BSA Air (\u00e9galement appel\u00e9s SeedFAST) : vous en choisissez les param\u00e8tres sur une interface simple et intuitive, puis la plateforme g\u00e9n\u00e8re automatiquement les documents et recueille les signatures. R\u00e9sultat, votre startup re\u00e7oit les fonds dans un temps record.<\/p>\n<p>Nous vous donnons ici tous les \u00e9l\u00e9ments vous permettant de comprendre l&#8217;int\u00e9r\u00eat du BSA Air et vous indiquer comment proc\u00e9der.<\/p>\n<h2>Qu\u2019est-ce qu\u2019un BSA Air ?<\/h2>\n<p>Le BSA Air est un simple contrat qui s\u2019apparente \u00e0 une souscription \u00e0 l\u2019avance de futures actions, selon un process tr\u00e8s simplifi\u00e9. Il s\u2019agit d\u2019un contrat sous seing priv\u00e9 qui permet \u00e0 la soci\u00e9t\u00e9 de recevoir imm\u00e9diatement l\u2019investissement, en r\u00e9servant le droit \u00e0 votre investisseur de convertir ult\u00e9rieurement cet investissement en actions \u00e0 <a href=\"https:\/\/help.seedlegals.com\/en\/articles\/3789803-what-are-the-scenarios-in-which-a-bsa-air-will-convert-to-equity\" target=\"_blank\" rel=\"noopener noreferrer\">l\u2019occasion d\u2019\u00e9v\u00e9nements d\u00e9clencheurs<\/a> futurs d\u00e9crits dans l\u2019accord.<\/p>\n<p>Avec le BSA Air, votre investisseur devient associ\u00e9 de mani\u00e8re diff\u00e9r\u00e9e, offrant flexibilit\u00e9 et simplicit\u00e9 \u00e0 votre lev\u00e9e de fonds. Dans un premier temps, il souscrit au BSA Air et injecte les fonds n\u00e9cessaires. Ce n\u2019est qu\u2019ensuite, g\u00e9n\u00e9ralement lors du prochain tour de financement, qu\u2019il exerce son droit et entre officiellement au capital de votre soci\u00e9t\u00e9. Un m\u00e9canisme efficace, mais comment en tirer le meilleur parti pour s\u00e9curiser votre financement ? \ud83d\udc49 <strong>Lisez la suite pour tout comprendre.<\/strong><\/p>\n<h2>Comment \u00e7a marche le BSA Air ?<\/h2>\n<p>Le BSA Air ne peut \u00eatre utilis\u00e9 que par des soci\u00e9t\u00e9s par actions, \u00e0 savoir, des soci\u00e9t\u00e9s anonymes (SA) ou soci\u00e9t\u00e9s par actions simplifi\u00e9es (SAS).<\/p>\n<p>Pour \u00e9mettre un BSA Air, il convient dans un premier temps de d\u00e9finir avec vos investisseurs les param\u00e8tres de l\u2019Accord d\u2019Investissement Rapide :<\/p>\n<ul>\n<li>un <strong>taux de d\u00e9cote<\/strong> sur la valorisation du prochain tour de financement afin de r\u00e9compenser votre investisseur qui prend des risques et investit \u00e0 un stade pr\u00e9coce de d\u00e9veloppement. Il paiera donc ses actions moins cher que les futurs investisseurs qui ne rentreront que lors de la lev\u00e9e de fonds future ;<\/li>\n<li>des <strong>valorisations plafond et plancher<\/strong> (le \u00ab Cap \u00bb et le \u00ab Floor \u00bb) pour encadrer et anticiper la conversion future des BSA Air en actions. Vous garantissez \u00e0 l\u2019investisseur que ses actions ne seront jamais souscrites \u00e0 une valorisation sup\u00e9rieure au Cap, et en contrepartie vous vous garantissez que cette souscription ne se fera jamais \u00e0 une valorisation de votre soci\u00e9t\u00e9 en dessous du Floor ;<\/li>\n<li>une <strong>date butoir<\/strong> ou dur\u00e9e de validit\u00e9 pour pr\u00e9voir une conversion automatique des BSA Air en actions \u00e0 cette date, si aucune lev\u00e9e de fonds ou autre \u00e9v\u00e9nement d\u00e9clencheur n\u2019est intervenu d\u2019ici l\u00e0.<\/li>\n<\/ul>\n<p>Si vous vous demandez comment d\u00e9terminer ces param\u00e8tres, vous pouvez consulter <a href=\"https:\/\/seedlegals.com\/fr\/resources\/levee-de-fonds-bsa-air-guide-startup\/\">notre analyse de milliers de BSA Air<\/a> sur SeedLegals faisant ressortir la distribution la plus courante du Cap, du Floor et du taux de d\u00e9cote.<\/p>\n"},{"acf_fc_layout":"image","image":{"ID":405277,"id":405277,"title":"Fr Cta Bsa Air Simulator","filename":"fr-CTA-BSA-Air-simulator.svg","filesize":315176,"url":"https:\/\/seedlegals.com\/wp-content\/uploads\/2022\/09\/fr-CTA-BSA-Air-simulator.svg","link":"https:\/\/seedlegals.com\/wp-content\/uploads\/2022\/09\/fr-CTA-BSA-Air-simulator.svg","alt":"Fr Cta Bsa Air Simulator","author":"85","description":"Fr Cta Bsa Air Simulator","caption":"Fr Cta Bsa Air Simulator","name":"fr-cta-bsa-air-simulator","status":"inherit","uploaded_to":4160,"date":"2024-04-25 15:34:40","modified":"2024-04-25 15:34:40","menu_order":0,"mime_type":"image\/svg+xml","type":"image","subtype":"svg+xml","icon":"https:\/\/seedlegals.com\/wp-includes\/images\/media\/default.png","width":1490,"height":1119,"sizes":{"thumbnail":"https:\/\/seedlegals.com\/wp-content\/uploads\/2022\/09\/fr-CTA-BSA-Air-simulator.svg","thumbnail-width":1490,"thumbnail-height":1119,"medium":"https:\/\/seedlegals.com\/wp-content\/uploads\/2022\/09\/fr-CTA-BSA-Air-simulator.svg","medium-width":1490,"medium-height":1119,"medium_large":"https:\/\/seedlegals.com\/wp-content\/uploads\/2022\/09\/fr-CTA-BSA-Air-simulator.svg","medium_large-width":1490,"medium_large-height":1119,"large":"https:\/\/seedlegals.com\/wp-content\/uploads\/2022\/09\/fr-CTA-BSA-Air-simulator.svg","large-width":1490,"large-height":1119,"_themosis_media":"https:\/\/seedlegals.com\/wp-content\/uploads\/2022\/09\/fr-CTA-BSA-Air-simulator.svg","_themosis_media-width":1490,"_themosis_media-height":1119,"1536x1536":"https:\/\/seedlegals.com\/wp-content\/uploads\/2022\/09\/fr-CTA-BSA-Air-simulator.svg","1536x1536-width":1490,"1536x1536-height":1119,"2048x2048":"https:\/\/seedlegals.com\/wp-content\/uploads\/2022\/09\/fr-CTA-BSA-Air-simulator.svg","2048x2048-width":1490,"2048x2048-height":1119,"themosis":"https:\/\/seedlegals.com\/wp-content\/uploads\/2022\/09\/fr-CTA-BSA-Air-simulator.svg","themosis-width":1490,"themosis-height":1119,"tog-small":"https:\/\/seedlegals.com\/wp-content\/uploads\/2022\/09\/fr-CTA-BSA-Air-simulator.svg","tog-small-width":1490,"tog-small-height":1119,"tog-medium":"https:\/\/seedlegals.com\/wp-content\/uploads\/2022\/09\/fr-CTA-BSA-Air-simulator.svg","tog-medium-width":1490,"tog-medium-height":1119,"tog-large":"https:\/\/seedlegals.com\/wp-content\/uploads\/2022\/09\/fr-CTA-BSA-Air-simulator.svg","tog-large-width":1490,"tog-large-height":1119,"tog-huge":"https:\/\/seedlegals.com\/wp-content\/uploads\/2022\/09\/fr-CTA-BSA-Air-simulator.svg","tog-huge-width":1490,"tog-huge-height":1119}},"caption":"","width":"100","alignment":"left"},{"acf_fc_layout":"text","text":"<div class=\"hubspot-form-styled\"><script charset=\"utf-8\" type=\"text\/javascript\" src=\"\/\/js.hsforms.net\/forms\/embed\/v2.js\"><\/script><br \/>\n<script>\n  hbspt.forms.create({\n    region: \"na1\",\n    portalId: \"3028661\",\n    formId: \"21ab165b-8336-4098-a368-8886fd463b04\"\n  });\n<\/script><\/div>\n"},{"acf_fc_layout":"text","text":"<h2>BSA Air : zoom sur la d\u00e9cote<\/h2>\n<p>Pour \u00e9mettre un BSA Air, il convient dans un premier temps de d\u00e9finir avec vos investisseurs les param\u00e8tres de l\u2019Accord d\u2019Investissement Rapide avec le taux de d\u00e9cote .<\/p>\n<p>La d\u00e9cote s\u2019applique sur la valorisation du prochain tour de financement afin de r\u00e9compenser votre investisseur qui prend des risques et investit \u00e0 un stade pr\u00e9coce de d\u00e9veloppement. Il paiera donc ses actions moins cher que les futurs investisseurs qui ne rentreront que lors de la lev\u00e9e de fonds future.<\/p>\n<p><span style=\"font-weight: 400;\">Selon les donn\u00e9es SeedLegals, la majorit\u00e9 des startups conviennent avec leurs investisseurs Air d\u2019une d\u00e9cote pour r\u00e9compenser leur prise de risque. Seulement dans 6% des cas, aucune d\u00e9cote n\u2019est accord\u00e9e.<\/span><\/p>\n<h3>Quelle d\u00e9cote pr\u00e9voir pour vos BSA Air ?<\/h3>\n<p>L\u2019analyse des d\u00e9cotes accord\u00e9es selon le montant lev\u00e9 r\u00e9v\u00e8le une tendance claire : plus la lev\u00e9e est importante, plus la d\u00e9cote tend \u00e0 diminuer.<\/p>\n<ul>\n<li>Pour les tours inf\u00e9rieurs \u00e0 150k\u20ac, la d\u00e9cote moyenne se situe entre 18 \u00e0 20%.<\/li>\n<li>D\u00e8s que le montant d\u00e9passe 150k\u20ac, la d\u00e9cote moyenne tombe \u00e0 15\u202f%.<\/li>\n<\/ul>\n<p>Adaptez votre d\u00e9cote \u00e0 votre stade de maturit\u00e9 et au montant lev\u00e9 renforce la coh\u00e9rence de votre offre d\u2019investissement. Une d\u00e9cote trop faible en early-stage peut freiner les investisseurs. Une d\u00e9cote trop \u00e9lev\u00e9e sur des montants importants peut au contraire p\u00e9naliser votre lev\u00e9e.<\/p>\n<p><span style=\"font-size: 10pt;\"><em>Donn\u00e9es issues du barom\u00e8tre BSA Air sur la base des 2500 BSA Air r\u00e9alis\u00e9s sur la plateforme depuis 2020.<\/em><\/span><\/p>\n"},{"acf_fc_layout":"text","text":"<h2>Quels sont les avantages du BSA Air ?<\/h2>\n<p>Le recours au BSA Air pr\u00e9sente de multiples avantages pour vous, votre soci\u00e9t\u00e9, et vos investisseurs:<\/p>\n<ul>\n<li>Des formalit\u00e9s r\u00e9duites ;<\/li>\n<li>L\u2019absence d&#8217;int\u00e9r\u00eats \u00e0 payer (contrairement \u00e0 un pr\u00eat ou une obligation convertible) ;<\/li>\n<li>Un financement rapide et flexible, \u00e0 un stade pr\u00e9coce de d\u00e9veloppement de votre startup ;<\/li>\n<li>Remettre \u00e0 plus tard la discussion, parfois compliqu\u00e9e, de la valorisation de la soci\u00e9t\u00e9 et de la n\u00e9gociation du pacte d\u2019associ\u00e9s. Celle-ci intervient ult\u00e9rieurement, lors de l\u2019entr\u00e9e de nouveaux investisseurs \u00e0 l\u2019occasion de la lev\u00e9e de fonds proprement dite ;<\/li>\n<li>R\u00e9compenser la prise de risque des investisseurs en leur permettant de souscrire des actions avec une d\u00e9cote par rapport au futur tour et un plafond de valorisation ;<\/li>\n<li>Limiter le risque de dilution des fondateurs gr\u00e2ce \u00e0 la valorisation plancher.<\/li>\n<\/ul>\n<h2>Comment mettre en place ses BSA Air concr\u00e8tement ?<\/h2>\n<p>Une fois ces conditions d\u00e9termin\u00e9es avec vos investisseurs, il est temps de pr\u00e9parer la documentation. Excellente nouvelle, la plateforme SeedLegals se charge de tout et produit la documentation de mani\u00e8re automatique, d\u00e8s que vous avez choisi les param\u00e8tres !<\/p>\n<ol>\n<li>Un rapport du pr\u00e9sident puis une d\u00e9cision unanime des associ\u00e9s pour d\u00e9cider de l\u2019\u00e9mission des BSA Air ;<\/li>\n<li>Un Accord d\u2019Investissement Rapide sign\u00e9 sur SeedLegals par chaque investisseur ;<\/li>\n<li>Un bulletin de souscription du BSA Air sign\u00e9 par l\u2019investisseur et accompagn\u00e9 du virement des fonds.<\/li>\n<\/ol>\n"},{"acf_fc_layout":"content_highlight","highlight_type":"tip","background_colour":"purple","show_icon":true,"content":"Notre BSA Air vous permet de param\u00e9trer les conditions de l\u2019investissement et de g\u00e9n\u00e9rer automatiquement l\u2019ensemble de la documentation n\u00e9cessaire, directement sur <b><a href=\"https:\/\/auth.seedlegals.com\/oauth2\/authorize?response_type=code&client_id=50916e3c-f1ae-405a-b9f6-8529061049c8&scope=openid%20email%20offline_access&state=Iw-apq1gmLuKDb3Alghbl3dEzm89Y_lkiurwIo8uK30%3D&redirect_uri=https:\/\/api.seedlegals.com\/login\/oauth2\/code\/fAuth&nonce=UJyCD5vVlZFEj022oEG4K6hMyU6snhu-RQRDxZmpCMo\" target=\"_blank\">notre plateforme<\/a><\/b> ","link":null},{"acf_fc_layout":"text","text":"<p>Nous esp\u00e9rons que ces \u00e9l\u00e9ments vous permettent de mieux comprendre comment fonctionne un BSA Air pour pr\u00e9-financer en un instant votre startup &#8211; puis r\u00e9aliser la prochaine lev\u00e9e de fonds sur une seule et m\u00eame plateforme. Sur SeedLegals, la Cap Table de votre startup refl\u00e8te exactement les op\u00e9rations r\u00e9alis\u00e9es et vous pouvez la partager dynamiquement avec tous vos associ\u00e9s, \u00e0 tous les stades de d\u00e9veloppement de la soci\u00e9t\u00e9, et sans erreur de calcul.<\/p>\n<h5>Nos \u00e9quipes sont \u00e0 votre disposition pour vous accompagner dans chacune de ces \u00e9tapes. <a href=\"https:\/\/seedlegals.com\/fr\/financement-startup\/seedfast-bsa-air\/\">D\u00e9marrez gratuitement aujourd\u2019hui !<\/a><\/h5>\n"},{"acf_fc_layout":"cta","cta":{"type":"default","subheading":"","heading":"Vous avez besoin d'aide pour mettre en place un BSA Air ?","content":"Notre \u00e9quipe d'experts est \u00e0 votre \u00e9coute pour r\u00e9pondre \u00e0 toutes vos questions.","bullet_points":false,"form":{"type":"none","hubspot_form":{"layout":"newsletter","hide_founderinvestor_toggle":false,"default_community":"founder","custom_form_id":"","gdpr_disclaimer":"By subscribing, you agree to receive information from SeedLegals. You can unsubscribe anytime. View our <a href=\"\/privacy-policy\/\" target=\"_blank\" rel=\"noopener noreferrer\">privacy policy<\/a>"},"custom":{"embed":""},"gtm_form_type":"default","gtm_form_location":"default"},"button":{"title":"Discutez avec nos experts","url":"https:\/\/seedlegals.com\/fr\/discutez-avec-nos-experts\/","target":""},"image":408348}}],"blog_layout":"v2","show_author_card":false,"revision_date":"","related_posts":[{"post":{"ID":399504,"post_author":"85","post_date":"2023-11-16 07:56:22","post_date_gmt":"2023-11-16 07:56:22","post_content":"","post_title":"50 vid\u00e9os d'experts pour une lev\u00e9e de fonds r\u00e9ussie","post_excerpt":"Lever des fonds est une \u00e9tape cruciale pour assurer la croissance de votre startup. Cependant, naviguer dans l'univers complexe du financement peut para\u00eetre intimidant au premier abord. Par o\u00f9 commencer ? On vous guide \u00e9tape par \u00e9tape dans notre formation en ligne sur-mesure.","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"la-formation-indispensable-pour-une-levee-de-fonds-reussie","to_ping":"","pinged":"","post_modified":"2023-11-16 07:56:22","post_modified_gmt":"2023-11-16 07:56:22","post_content_filtered":"","post_parent":0,"guid":"https:\/\/seedlegals.com\/?p=399504","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}},{"post":{"ID":27939,"post_author":"32","post_date":"2024-04-18 14:29:09","post_date_gmt":"2024-04-18 13:29:09","post_content":"","post_title":"Top 10 des VCs les plus actifs en France","post_excerpt":"\u00c0 ce stade de votre projet, vous avez finalis\u00e9 votre POC ou proof of concept, vous \u00eates convaincu que votre produit r\u00e9pond \u00e0 un r\u00e9el besoin et qu\u2019un march\u00e9 existe. Mais il vous manque la graine qui fera pousser votre projet dans sa phase de commercialisation.","post_status":"publish","comment_status":"open","ping_status":"open","post_password":"","post_name":"top-10-des-vcs-les-plus-actifs-en-france","to_ping":"","pinged":"","post_modified":"2024-04-18 14:29:09","post_modified_gmt":"2024-04-18 15:29:09","post_content_filtered":"","post_parent":0,"guid":"https:\/\/seedlegals.com\/?p=27939","menu_order":285,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}},{"post":{"ID":42136,"post_author":"79","post_date":"2023-03-15 16:57:16","post_date_gmt":"2023-03-15 16:57:16","post_content":"","post_title":"Comment convertir des BSA Air qui arrivent \u00e0 \u00e9ch\u00e9ance ?","post_excerpt":"Vous avez financ\u00e9 le d\u00e9veloppement de votre startup gr\u00e2ce au m\u00e9canisme des BSA Air et ils arrivent bient\u00f4t \u00e0 \u00e9ch\u00e9ance ? On vous explique tout dans cet article. ","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"comment-convertir-des-bsa-air-qui-arrivent-a-echeance","to_ping":"","pinged":"","post_modified":"2023-03-15 16:57:16","post_modified_gmt":"2023-03-15 16:57:16","post_content_filtered":"","post_parent":0,"guid":"https:\/\/seedlegals.com\/?p=42136","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}}],"has_sources":false,"has_custom_post_authors":true,"is_expert_reviewed":true,"post_content_width":"default","custom_post_authors":{"authors":[{"author":{"ID":33,"user_firstname":"Florent","user_lastname":"Artaud","nickname":"Florent Artaud","user_nicename":"florent","display_name":"Florent Artaud","user_email":"florent@seedlegals.com","user_url":"","user_registered":"2020-02-12 10:43:28","user_description":"","user_avatar":"<img alt='' src='https:\/\/secure.gravatar.com\/avatar\/6e7ec96095a94a62c4a8f81875d99d5693380dd2321c7fa9fe39bfedf3216607?s=96&#038;d=mm&#038;r=g' srcset='https:\/\/secure.gravatar.com\/avatar\/6e7ec96095a94a62c4a8f81875d99d5693380dd2321c7fa9fe39bfedf3216607?s=192&#038;d=mm&#038;r=g 2x' class='avatar avatar-96 photo' height='96' width='96' loading='lazy' decoding='async'\/>"},"role":"Expert Juridique"}]},"expert_reviewed":{"heading":"Certifi\u00e9 par un expert","tooltip_message":"Cet article a \u00e9t\u00e9 v\u00e9rifi\u00e9 par l\u2019un de nos sp\u00e9cialistes.<br><br><a href=\"https:\/\/seedlegals.com\/fr\/nos-experts\/\" target=\"_blank\">Rencontrez nos experts<\/a> et d\u00e9couvrez-en davantage sur notre <a href=\"https:\/\/seedlegals.com\/fr\/charte-editoriale\/\" target=\"_blank\">politique \u00e9ditoriale<\/a>."},"v2":{"hero":{"image_background_color":"#E7F1FF","image_fit":"img--contain"},"adverts":[{"type":"selector","selected_advert":{"ID":416149,"post_author":"138","post_date":"2025-02-07 10:21:41","post_date_gmt":"2025-02-07 10:21:41","post_content":"","post_title":"FR - TTAE fundraising","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"fr-ttae","to_ping":"","pinged":"","post_modified":"2025-03-11 10:24:56","post_modified_gmt":"2025-03-11 10:24:56","post_content_filtered":"","post_parent":0,"guid":"https:\/\/seedlegals.com\/?post_type=blog_advert&#038;p=416149","menu_order":0,"post_type":"blog_advert","post_mime_type":"","comment_count":"0","filter":"raw"},"custom_advert":{"advert_tracking_id":"","layout":"default","image":{"image":false,"link":""},"text":{"heading":"","content":"","button":null,"background_color":"#EEF4FF","text_color":"#000646"},"form":{"form":{"type":"none","hubspot_form":{"layout":"newsletter","hide_founderinvestor_toggle":false,"default_community":"founder","custom_form_id":"","gdpr_disclaimer":"By subscribing, you agree to receive information from SeedLegals. You can unsubscribe anytime. View our <a href=\"\/privacy-policy\/\" target=\"_blank\" rel=\"noopener noreferrer\">privacy policy<\/a>"},"custom":{"embed":""},"gtm_form_type":false,"gtm_form_location":false}},"cta_and_testimonials":{"heading":"","button":null,"bullet_points":false,"testimonials":false}}}],"related_sidebar_posts":false}},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>BSA Air : D\u00e9finition et fonctionnement | Guides Startups<\/title>\n<meta name=\"description\" content=\"L&#039;accord d&#039;investissement rapide, ou BSA Air, est un outil de financement imm\u00e9diat pour les startups qui cherchent un financement rapide et flexible.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/seedlegals.com\/fr\/resources\/bsa-air-guides-startups\/\" \/>\n<meta property=\"og:type\" content=\"article\" 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Air : guide complet pour r\u00e9ussir votre lev\u00e9e de fonds"},"content":{"rendered":"","protected":false},"excerpt":{"rendered":"<p>Vous cherchez \u00e0 financer votre croissance sans passer par une lev\u00e9e de fonds classique ? Le BSA Air (Bon de Souscription d\u2019Actions par Accord d\u2019Investissement Rapide) est s\u00fbrement la solution qui vous convient. Flexible, rapide \u00e0 mettre en place, il est parfaitement adapt\u00e9 aux startups en p<\/p>\n","protected":false},"author":85,"featured_media":425205,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[133,134],"tags":[],"event_tags":[],"class_list":["post-423532","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-levee-de-fonds","category-bsa-air"],"acf":{"hero_image":425205,"post_content":[{"acf_fc_layout":"text","text":"<p><b>Vous cherchez \u00e0 financer votre croissance<\/b><span style=\"font-weight: 400;\"> sans passer par une <\/span><b>lev\u00e9e de fonds classique<\/b><span style=\"font-weight: 400;\"> ? Le <\/span><b>BSA Air<\/b><span style=\"font-weight: 400;\"> (Bon de Souscription d\u2019Actions par Accord d\u2019Investissement Rapide) est s\u00fbrement la <\/span><b>solution<\/b><span style=\"font-weight: 400;\"> qui vous convient. <\/span><b>Flexible<\/b><span style=\"font-weight: 400;\">, <\/span><b>rapide \u00e0 mettre en place<\/b><span style=\"font-weight: 400;\">, il est parfaitement adapt\u00e9 aux <\/span><b>startups en phase d\u2019amor\u00e7age<\/b><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Ce guide est con\u00e7u pour vous si :\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Vous \u00eates fondateur ou fondatrice d\u2019une startup en phase d\u2019amor\u00e7age.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Vous envisagez une premi\u00e8re lev\u00e9e de fonds ou un financement relais (<\/span><i><span style=\"font-weight: 400;\">bridge<\/span><\/i><span style=\"font-weight: 400;\">) avant un tour plus structurant (Seed ou S\u00e9rie A).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Vous souhaitez comprendre comment lever des fonds rapidement sans entrer dans une n\u00e9gociation complexe de valorisation.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Vous \u00eates investisseur(e) et vous souhaitez structurer vos investissements de mani\u00e8re s\u00e9curis\u00e9e et align\u00e9e avec le march\u00e9.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Dans ce guide, on vous explique tout : le fonctionnement du BSA Air, les \u00e9tapes cl\u00e9s pour le structurer, les pi\u00e8ges \u00e0 \u00e9viter, ainsi que des <\/span><b>cas concrets<\/b><span style=\"font-weight: 400;\">, <\/span><b>ressources pratiques<\/b><span style=\"font-weight: 400;\"> et <\/span><b>conseils d\u2019experts<\/b><span style=\"font-weight: 400;\"> pour vous guider \u00e0 chaque \u00e9tape.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Ce contenu est enrichi par l\u2019analyse de centaines d\u2019op\u00e9rations r\u00e9alis\u00e9es sur SeedLegals, offrant des donn\u00e9es \u00e9clairantes sur les pratiques de march\u00e9 en France. Vous b\u00e9n\u00e9ficiez ainsi d\u2019une vision concr\u00e8te et actuelle de ce que font les startups fran\u00e7aises pour lever avec des BSA Air.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">En d\u00e9finitive : un <\/span><b>must-read<\/b><span style=\"font-weight: 400;\"> pour toute startup qui veut lever vite, bien, et sans se perdre dans la complexit\u00e9 juridique.<\/span><\/p>\n"},{"acf_fc_layout":"form","layout":"custom","heading":"T\u00e9l\u00e9chargez votre guide gratuitement ","content":"Recevez-le directement dans votre bo\u00eete mail. ","custom":{"image":425205,"button_text":"C'est parti ! ","form":{"type":"hubspot","hubspot_form":{"layout":"default","hide_founderinvestor_toggle":false,"default_community":"founder","custom_form_id":"ed78ef12-ef9b-4126-b5d0-3cbeab2fe4c7","gdpr_disclaimer":"En remplissant ce formulaire vous acceptez de recevoir des informations de la part de SeedLegals. Vous pouvez vous d\u00e9sinscrire \u00e0 tout moment. Voir notre <a href=\"\/privacy-policy\/\" target=\"_blank\" rel=\"noopener noreferrer\">politique de confidentialit\u00e9<\/a>\u2211"},"custom":{"embed":""},"gtm_form_type":"default","gtm_form_location":"default"}},"add_shadow":true},{"acf_fc_layout":"text","text":"<h2><b>Pourquoi t\u00e9l\u00e9charger ce guide sur le BSA Air ?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Le BSA Air est un outil juridique <\/span><b>pl\u00e9biscit\u00e9 par les startups early-stage<\/b><span style=\"font-weight: 400;\"> en France. C\u2019est la forme d\u2019investissement la plus rapide \u00e0 mettre en place pour enclencher votre lev\u00e9e. Mais elle est encore mal comprise ou mal utilis\u00e9e.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Avec ce guide, vous apprendrez :<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">ce qu\u2019est un <\/span><b>BSA Air<\/b><span style=\"font-weight: 400;\">, et en quoi il se distingue des autres modes de financement,<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>comment structurer votre BSA Air<\/b><span style=\"font-weight: 400;\"> \u00e9tape par \u00e9tape, sans vous perdre dans les clauses,<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>quand<\/b><span style=\"font-weight: 400;\"> il est pertinent d\u2019y avoir recours, et <\/span><b>quand privil\u00e9gier<\/b><span style=\"font-weight: 400;\"> une lev\u00e9e classique,<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>comment \u00e9viter les pi\u00e8ges<\/b><span style=\"font-weight: 400;\"> juridiques,<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>comment convertir<\/b> vos BSA Air au bon moment, avec clart\u00e9 et alignement.<\/li>\n<\/ul>\n"},{"acf_fc_layout":"image","image":{"ID":425220,"id":425220,"title":"Bsa Air Ebook Preview (1)","filename":"BSA-Air-ebook-preview-1.png","filesize":300057,"url":"https:\/\/seedlegals.com\/wp-content\/uploads\/2025\/09\/BSA-Air-ebook-preview-1.png","link":"https:\/\/seedlegals.com\/wp-content\/uploads\/2025\/09\/BSA-Air-ebook-preview-1.png","alt":"Bsa Air Ebook Preview (1)","author":"85","description":"Bsa Air Ebook Preview (1)","caption":"Bsa Air Ebook Preview (1)","name":"bsa-air-ebook-preview-1","status":"inherit","uploaded_to":423532,"date":"2025-09-22 16:25:39","modified":"2025-09-22 16:25:39","menu_order":0,"mime_type":"image\/png","type":"image","subtype":"png","icon":"https:\/\/seedlegals.com\/wp-includes\/images\/media\/default.png","width":1568,"height":1568,"sizes":{"thumbnail":"https:\/\/seedlegals.com\/wp-content\/uploads\/2025\/09\/BSA-Air-ebook-preview-1-150x150.png","thumbnail-width":150,"thumbnail-height":150,"medium":"https:\/\/seedlegals.com\/wp-content\/uploads\/2025\/09\/BSA-Air-ebook-preview-1-300x300.png","medium-width":300,"medium-height":300,"medium_large":"https:\/\/seedlegals.com\/wp-content\/uploads\/2025\/09\/BSA-Air-ebook-preview-1.png","medium_large-width":768,"medium_large-height":768,"large":"https:\/\/seedlegals.com\/wp-content\/uploads\/2025\/09\/BSA-Air-ebook-preview-1-1024x1024.png","large-width":1024,"large-height":1024,"_themosis_media":"https:\/\/seedlegals.com\/wp-content\/uploads\/2025\/09\/BSA-Air-ebook-preview-1-100x100.png","_themosis_media-width":100,"_themosis_media-height":100,"1536x1536":"https:\/\/seedlegals.com\/wp-content\/uploads\/2025\/09\/BSA-Air-ebook-preview-1-1536x1536.png","1536x1536-width":1536,"1536x1536-height":1536,"2048x2048":"https:\/\/seedlegals.com\/wp-content\/uploads\/2025\/09\/BSA-Air-ebook-preview-1.png","2048x2048-width":1568,"2048x2048-height":1568,"themosis":"https:\/\/seedlegals.com\/wp-content\/uploads\/2025\/09\/BSA-Air-ebook-preview-1-200x150.png","themosis-width":200,"themosis-height":150,"tog-small":"https:\/\/seedlegals.com\/wp-content\/uploads\/2025\/09\/BSA-Air-ebook-preview-1-300x300.png","tog-small-width":300,"tog-small-height":300,"tog-medium":"https:\/\/seedlegals.com\/wp-content\/uploads\/2025\/09\/BSA-Air-ebook-preview-1-600x600.png","tog-medium-width":600,"tog-medium-height":600,"tog-large":"https:\/\/seedlegals.com\/wp-content\/uploads\/2025\/09\/BSA-Air-ebook-preview-1-1000x1000.png","tog-large-width":1000,"tog-large-height":1000,"tog-huge":"https:\/\/seedlegals.com\/wp-content\/uploads\/2025\/09\/BSA-Air-ebook-preview-1-1400x1400.png","tog-huge-width":1400,"tog-huge-height":1400}},"caption":"","width":"100","alignment":"left"},{"acf_fc_layout":"text","text":"<h2><b>Un guide bas\u00e9 sur la r\u00e9alit\u00e9 du march\u00e9<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Ce guide ne se limite pas \u00e0 de la th\u00e9orie : il est nourri par les <\/span><b>donn\u00e9es exclusives<\/b><span style=\"font-weight: 400;\"> SeedLegals, plateforme utilis\u00e9e par plus de <\/span><b>60 000 startups en Europe<\/b><span style=\"font-weight: 400;\">.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\ud83d\udd10 +2 milliards d\u2019euros investis via SeedLegals,<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\ud83d\udcc8 Des centaines de lev\u00e9es en BSA Air accompagn\u00e9es,<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\ud83e\udde0 Des <\/span><b>retours d\u2019exp\u00e9rience de fondateurs et fondatrices<\/b><span style=\"font-weight: 400;\">,<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\ud83d\udee0\ufe0f Des <\/span><b>conseils pratiques<\/b><span style=\"font-weight: 400;\"> de nos experts juridiques et sp\u00e9cialistes en lev\u00e9e de fonds.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Vous l\u2019aurez compris : le BSA Air est l\u2019outil incontournable pour lever des fonds rapidement, sans complexit\u00e9 inutile. Mais pour en tirer le meilleur parti, encore faut-il bien le ma\u00eetriser.\u00a0<\/span><span style=\"font-weight: 400;\">Ce guide est l\u00e0 pour vous y aider, \u00e9tape par \u00e9tape.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> Que vous soyez en pleine <strong>r\u00e9flexion strat\u00e9gique<\/strong> ou d\u00e9j\u00e0 en <strong>discussion avec des investisseurs<\/strong>, <strong>ne partez pas \u00e0 l\u2019aveugle<\/strong> : t\u00e9l\u00e9chargez le guide, faites les bons choix d\u00e8s maintenant et donnez vous toutes les chances de r\u00e9ussir.<\/span><\/p>\n"}],"blog_layout":"v2","show_author_card":false,"post_content_width":"default","v2":{"hero":{"image_background_color":"#E7F1FF","image_fit":"img--contain"},"adverts":[{"type":"selector","selected_advert":{"ID":416149,"post_author":"138","post_date":"2025-02-07 10:21:41","post_date_gmt":"2025-02-07 10:21:41","post_content":"","post_title":"FR - TTAE fundraising","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"fr-ttae","to_ping":"","pinged":"","post_modified":"2025-03-11 10:24:56","post_modified_gmt":"2025-03-11 10:24:56","post_content_filtered":"","post_parent":0,"guid":"https:\/\/seedlegals.com\/?post_type=blog_advert&#038;p=416149","menu_order":0,"post_type":"blog_advert","post_mime_type":"","comment_count":"0","filter":"raw"},"custom_advert":{"advert_tracking_id":"","layout":"default","image":{"image":false,"link":""},"text":{"heading":"","content":"","button":null,"background_color":"#EEF4FF","text_color":"#000646"},"form":{"form":{"type":"none","hubspot_form":{"layout":"newsletter","hide_founderinvestor_toggle":false,"default_community":"founder","custom_form_id":"","gdpr_disclaimer":"By subscribing, you agree to receive information from SeedLegals. You can unsubscribe anytime. View our <a href=\"\/privacy-policy\/\" target=\"_blank\" rel=\"noopener noreferrer\">privacy policy<\/a>"},"custom":{"embed":""},"gtm_form_type":false,"gtm_form_location":false}},"cta_and_testimonials":{"heading":"","button":null,"bullet_points":false,"testimonials":false}}}],"related_sidebar_posts":false},"revision_date":"","has_sources":false,"related_posts":[{"post":{"ID":410426,"post_author":"33","post_date":"2024-10-18 12:23:11","post_date_gmt":"2024-10-18 11:23:11","post_content":"","post_title":"Comment contacter des investisseurs : nos conseils d'experts","post_excerpt":"Vous recherchez des investisseurs pour votre startup ? Nous avons discut\u00e9 avec Yana Abramova, fondatrice de Pretiosum Ventures et Eva Dobrzanska, Consultante en financement pour les startups. Devinez quoi ? Elles encouragent l'approche par email, m\u00eame pour une premi\u00e8re interaction. 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Cependant, naviguer dans l'univers complexe du financement peut para\u00eetre intimidant au premier abord. Par o\u00f9 commencer ? On vous guide \u00e9tape par \u00e9tape dans notre formation en ligne sur-mesure.","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"la-formation-indispensable-pour-une-levee-de-fonds-reussie","to_ping":"","pinged":"","post_modified":"2023-11-16 07:56:22","post_modified_gmt":"2023-11-16 07:56:22","post_content_filtered":"","post_parent":0,"guid":"https:\/\/seedlegals.com\/?p=399504","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}}],"has_custom_post_authors":false,"is_expert_reviewed":true,"expert_reviewed":{"heading":"Certifi\u00e9 par nos experts ","tooltip_message":"This article has been fact-checked by a SeedLegals subject matter expert.<br><br><a href=\"https:\/\/seedlegals.com\/authors-and-experts\/\" target=\"_blank\">Meet our experts<\/a> and learn more about our review process and quality assurance in our <a href=\"https:\/\/seedlegals.com\/editorial-policy\/\" target=\"_blank\">editorial policy<\/a>."}},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>BSA Air : guide complet pour r\u00e9ussir votre lev\u00e9e de fonds | SeedLegals<\/title>\n<meta name=\"description\" content=\"Tout savoir sur l&#039;actionnariat salari\u00e9 et comment les startups structurent leurs plans d\u2019options : taille du pool, vesting, cliff, BSPCE...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/seedlegals.com\/fr\/resources\/levee-de-fonds-bsa-air-guide-startup\/\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BSA Air : guide complet pour r\u00e9ussir votre lev\u00e9e de fonds | SeedLegals\" \/>\n<meta property=\"og:description\" content=\"Tout savoir sur l&#039;actionnariat salari\u00e9 et comment les startups 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: Top 10 des incubateurs fran\u00e7ais \u00e0 conna\u00eetre absolument"},"content":{"rendered":"","protected":false},"excerpt":{"rendered":"<p>Vous \u00eates entrepreneur et vous cherchez \u00e0 structurer votre projet, trouver des investisseurs, r\u00e9ussir votre lev\u00e9e de fonds et acc\u00e9l\u00e9rer la croissance de votre startup ? Bonne nouvelle : l\u2019\u00e9cosyst\u00e8me fran\u00e7ais regorge d\u2019incubateurs et de programmes d\u2019accompagnement pour vous aider. <\/p>\n","protected":false},"author":85,"featured_media":424715,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[178,62],"tags":[],"event_tags":[],"class_list":["post-424712","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-recherche-dinvestisseurs","category-guides-startups"],"acf":{"hero_image":424715,"post_content":[{"acf_fc_layout":"text","text":"<p><span style=\"font-weight: 400;\">Vous \u00eates <\/span><b>entrepreneur<\/b><span style=\"font-weight: 400;\"> et vous cherchez \u00e0 <\/span><b>structurer votre projet, trouver des investisseurs, r\u00e9ussir votre lev\u00e9e de fonds et acc\u00e9l\u00e9rer la croissance de votre startup<\/b><span style=\"font-weight: 400;\"> ?<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"> Bonne nouvelle : l\u2019<\/span><b>\u00e9cosyst\u00e8me fran\u00e7ais<\/b><span style=\"font-weight: 400;\"> regorge d\u2019<\/span><b>incubateurs<\/b><span style=\"font-weight: 400;\"> et de <\/span><b>programmes d\u2019accompagnement<\/b><span style=\"font-weight: 400;\"> pour vous aider \u00e0 passer \u00e0 la vitesse sup\u00e9rieure.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Ces structures jouent un r\u00f4le cl\u00e9 : elles offrent du <\/span><b>mentorat<\/b><span style=\"font-weight: 400;\">, des <\/span><b>contacts investisseurs<\/b><span style=\"font-weight: 400;\">, un <\/span><b>r\u00e9seau d\u2019experts<\/b><span style=\"font-weight: 400;\">, parfois des <\/span><b>financements<\/b><span style=\"font-weight: 400;\">, et surtout un environnement id\u00e9al pour faire grandir votre entreprise.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Mais avec plusieurs centaines d\u2019incubateurs r\u00e9partis partout en France, difficile de savoir lequel choisir.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"> \ud83d\udc49 Voici notre <\/span><b>Top 10 des incubateurs fran\u00e7ais incontournables<\/b><span style=\"font-weight: 400;\">, que l\u2019on retrouve r\u00e9guli\u00e8rement dans le parcours des startups accompagn\u00e9es par <\/span><b>SeedLegals<\/b><span style=\"font-weight: 400;\">.<\/span><\/p>\n"},{"acf_fc_layout":"text","text":"<h2><b>Agoranov<\/b><\/h2>\n<p><b>Localisation<\/b><b><br \/>\n<\/b><span style=\"font-weight: 400;\">Paris, France<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Agoranov est un incubateur public de r\u00e9f\u00e9rence, particuli\u00e8rement actif sur les projets deeptech, num\u00e9riques, sant\u00e9, climat et industriels. L\u2019incubateur a accompagn\u00e9 plus de 500 startups depuis sa cr\u00e9ation, dont plusieurs licornes fran\u00e7aises. Les candidatures se font plusieurs fois par an, avec une s\u00e9lection rigoureuse sur dossier et pitch.<\/span><\/p>\n<p><b>Candidatures<\/b><b><br \/>\n<\/b><span style=\"font-weight: 400;\">Plusieurs appels \u00e0 projets par an. S\u00e9lection sur dossier et pitch. Plus d\u2019infos sur<\/span> <a href=\"http:\/\/agoranov.com\"><span style=\"font-weight: 400;\">agoranov.com<\/span><\/a><\/p>\n"},{"acf_fc_layout":"text","text":"<h2><b>Paris&amp;Co<\/b><\/h2>\n<p><b>Localisation<\/b><b><br \/>\n<\/b><span style=\"font-weight: 400;\">Paris, France<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Paris&amp;Co f\u00e9d\u00e8re plus de 10 plateformes sectorielles d\u2019incubation soutenues par la Ville de Paris. Fintech, tourisme, climat, sport\u2026 chaque vertical propose un programme complet, un espace d\u00e9di\u00e9 et un r\u00e9seau tr\u00e8s actif.<\/span><\/p>\n<p><b>Candidatures<\/b><b><br \/>\n<\/b><span style=\"font-weight: 400;\">Appels \u00e0 projets selon les verticales. Plusieurs fois par an. Plus d\u2019infos sur<\/span> <a href=\"http:\/\/parisandco.com\"><span style=\"font-weight: 400;\">parisandco.com<\/span><\/a><\/p>\n"},{"acf_fc_layout":"text","text":"<h2><b>CCI<\/b><\/h2>\n<p><b>Localisation<\/b><b><br \/>\n<\/b><span style=\"font-weight: 400;\">Paris, Nanterre, Saint-Denis, r\u00e9gions\u2026<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Le r\u00e9seau d\u2019incubateurs des CCI accompagne les entrepreneurs \u00e0 toutes les \u00e9tapes : de l\u2019id\u00e9e \u00e0 l\u2019internationalisation. Leur force repose sur un ancrage local fort, des experts terrain, et des programmes pratiques et accessibles.<\/span><\/p>\n<p><b>Candidatures<\/b><b><br \/>\n<\/b><span style=\"font-weight: 400;\">Candidatures ouvertes en continu. Contact via la CCI locale. Infos sur<\/span><a href=\"https:\/\/www.cci-paris-idf.fr\/\"> <span style=\"font-weight: 400;\">cci-paris-idf.fr<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n"},{"acf_fc_layout":"text","text":"<h2><b>Incubateur HEC Paris<\/b><\/h2>\n<p><b>Localisation<\/b><b><br \/>\n<\/b><span style=\"font-weight: 400;\">Station F, Paris<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Adoss\u00e9 \u00e0 l\u2019une des \u00e9coles de commerce les plus reconnues en Europe, l\u2019incubateur HEC est accessible aux alumni mais aussi aux entrepreneurs externes. Il se distingue par son accompagnement intensif, son ancrage \u00e0 Station F, et son r\u00e9seau d\u2019investisseurs.<\/span><\/p>\n<p><b>Candidatures<\/b><b><br \/>\n<\/b><span style=\"font-weight: 400;\">3 promotions par an. Candidature sur dossier + entretien. D\u00e9tails sur<\/span> <a href=\"https:\/\/www.hec.edu\/fr\/instituts-centres-d-expertise\/innovation-entrepreneurship\/nos-centres\/centre-incubation-et-acceleration\/incubateur-hec-paris\"><span style=\"font-weight: 400;\">hec.paris<\/span><\/a><\/p>\n"},{"acf_fc_layout":"text","text":"<h2><b>Incubateur EDHEC Entrepreneurs<\/b><\/h2>\n<p><b>Localisation<\/b><b><br \/>\n<\/b><span style=\"font-weight: 400;\">Lille, Nice, Paris (Station F)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Implant\u00e9 sur plusieurs campus, l\u2019incubateur EDHEC propose un accompagnement sur mesure aux porteurs de projet, des premiers pas jusqu\u2019\u00e0 la lev\u00e9e de fonds. Il accueille \u00e9tudiants, alumni et entrepreneurs externes.<\/span><\/p>\n<p><b>Candidatures<\/b><b><br \/>\n<\/b><span style=\"font-weight: 400;\">Appels \u00e0 projets plusieurs fois par an. S\u00e9lection sur dossier + pitch. Plus d\u2019infos sur<\/span> <a href=\"https:\/\/www.edhec.edu\/fr\/a-propos\/entreprendre-a-l-edhec\/edhec-entrepreneurs\/nos-parcours\/incubation\"><span style=\"font-weight: 400;\">Edhec.edu<\/span><\/a><\/p>\n"},{"acf_fc_layout":"text","text":"<h2><b>X\u2011UP (\u00c9cole Polytechnique)<\/b><\/h2>\n<p><b>Localisation<\/b><b><br \/>\n<\/b><span style=\"font-weight: 400;\">Palaiseau, France<\/span><\/p>\n<p><span style=\"font-weight: 400;\">X\u2011UP est l&#8217;incubateur deeptech de l\u2019\u00c9cole Polytechnique. Il cible des startups \u00e0 fort contenu technologique et scientifique, notamment dans l\u2019IA, le hardware, ou les biotech. L\u2019accompagnement met l\u2019accent sur le prototypage et les liens avec la recherche publique.<\/span><\/p>\n<p><b>Candidatures<\/b><b><br \/>\n<\/b><span style=\"font-weight: 400;\">Deux promotions par an. S\u00e9lection sur dossier + jury. D\u00e9tails sur<\/span> <a href=\"https:\/\/www.polytechnique.edu\/novationcenter\/incubateur\"><span style=\"font-weight: 400;\">X-Up.pyltechnique<\/span><\/a><\/p>\n"},{"acf_fc_layout":"text","text":"<h2><b>Incubateur 42<\/b><\/h2>\n<p><b>Localisation<\/b><b><br \/>\n<\/b><span style=\"font-weight: 400;\">Paris, France (et campus internationaux)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Dans la lign\u00e9e de son \u00e9cole, l\u2019incubateur 42 fonctionne de fa\u00e7on ouverte et d\u00e9centralis\u00e9e. Il est particuli\u00e8rement adapt\u00e9 aux projets tech, port\u00e9s par des d\u00e9veloppeuses et d\u00e9veloppeurs avec une forte autonomie produit et une culture maker.<\/span><\/p>\n<p><b>Candidatures<\/b><b><br \/>\n<\/b><span style=\"font-weight: 400;\">Candidature ouverte toute l\u2019ann\u00e9e. S\u00e9lection sur motivation et potentiel tech. Infos sur<\/span><a href=\"https:\/\/www.42.fr\/\"> <span style=\"font-weight: 400;\">42.fr<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n"},{"acf_fc_layout":"text","text":"<h2><b>Schoolab<\/b><\/h2>\n<p><b>Localisation<\/b><b><br \/>\n<\/b><span style=\"font-weight: 400;\">Paris, Bordeaux, San Francisco<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Schoolab se positionne \u00e0 la crois\u00e9e de l\u2019innovation produit et de l\u2019impact. Le studio accueille startups, \u00e9tudiants et grandes entreprises autour de programmes qui m\u00ealent design thinking, prototypage et entrepreneuriat \u00e0 impact.<\/span><\/p>\n<p><b>Candidatures<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Appels \u00e0 projets r\u00e9guliers. Formulaire en ligne sur<\/span><a href=\"https:\/\/www.theschoolab.com\/\"> <span style=\"font-weight: 400;\">theschoolab.com<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n"},{"acf_fc_layout":"text","text":"<h2><b>Makesense<\/b><\/h2>\n<p><b>Localisation<\/b><b><br \/>\n<\/b><span style=\"font-weight: 400;\">Paris, Lyon, Marseille, Bordeaux, Lille<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Sp\u00e9cialis\u00e9 dans les projets \u00e0 impact social ou environnemental, Makesense propose un accompagnement de terrain, ax\u00e9 sur l\u2019exp\u00e9rimentation, la communaut\u00e9, et le lien local. Id\u00e9al pour les entrepreneurs \u00e0 mission.<\/span><\/p>\n<p><b>Candidatures<\/b><b><br \/>\n<\/b><span style=\"font-weight: 400;\">Sessions ouvertes selon les villes. S\u00e9lection sur dossier + entretien. D\u00e9tails sur<\/span> <a href=\"https:\/\/france.makesense.org\/entrepreneurs\/se-faire-accompagner\/\"><span style=\"font-weight: 400;\">incubateurs-Makesense<\/span><\/a><\/p>\n"},{"acf_fc_layout":"text","text":"<h2><b>EuraTechnologies<\/b><\/h2>\n<p><b>Localisation<\/b><b><br \/>\n<\/b><span style=\"font-weight: 400;\">Lille, France<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Avec plus de 300 startups accompagn\u00e9es chaque ann\u00e9e, EuraTechnologies est l\u2019un des plus grands incubateurs tech d\u2019Europe. Le campus propose plusieurs parcours selon le niveau de maturit\u00e9 : START, SCALE et GROW.<\/span><\/p>\n<p><b>Candidatures<\/b><b><br \/>\n<\/b><span style=\"font-weight: 400;\">Appels \u00e0 candidatures 3 \u00e0 4 fois\/an. S\u00e9lection sur dossier + pitch. Infos sur<\/span> <a href=\"http:\/\/euratechnologies.com\"><span style=\"font-weight: 400;\">euratechnologies.com<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n"},{"acf_fc_layout":"text","text":"<h2>Les autres incontournables de l\u2019\u00e9cosyst\u00e8me<\/h2>\n<p><a href=\"https:\/\/la-ruche.net\/\"><b>La Ruche<\/b><\/a><span style=\"font-weight: 400;\"> qui est une r\u00e9f\u00e9rence incontournable pour les entrepreneurs dans l\u2019impact. Pr\u00e9sente dans plusieurs villes, elle propose des programmes accessibles, centr\u00e9s sur l\u2019impact et la diversit\u00e9.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Quant \u00e0 <\/span><a href=\"https:\/\/stationf.co\/\"><b>Station F<\/b><\/a><span style=\"font-weight: 400;\">, le campus de startup h\u00e9berge de nombreux programmes d\u2019incubation (HEC, Ubisoft, Zendesk\u2026) et reste un acteur central de l\u2019\u00e9cosyst\u00e8me fran\u00e7ais. En tant que campus international, ce hub joue un r\u00f4le strat\u00e9gique dans la croissance des startups.<\/span><\/p>\n"},{"acf_fc_layout":"content_highlight","highlight_type":"tip","background_colour":"blue","show_icon":true,"content":"Avant m\u00eame de postuler dans un incubateur, assurez-vous d\u2019avoir une cap table claire, un pacte d\u2019associ\u00e9s solide et une strat\u00e9gie de lev\u00e9e de fonds bien d\u00e9finie","link":null},{"acf_fc_layout":"text","text":"<h2><b>Conclusion : quel incubateur choisir pour votre startup ?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Chaque incubateur a sa <\/span><b>sp\u00e9cialit\u00e9<\/b><span style=\"font-weight: 400;\"> : deeptech, impact, tech pure, ou business global. Le bon choix d\u00e9pend de vos <\/span><b>besoins imm\u00e9diats<\/b><span style=\"font-weight: 400;\"> (prototypage, recherche d\u2019investisseurs, lev\u00e9e de fonds, internationalisation\u2026).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Chez <\/span><b>SeedLegals<\/b><span style=\"font-weight: 400;\">, nous accompagnons d\u00e9j\u00e0 des milliers de fondateurs pass\u00e9s par ces incubateurs. Notre mission : vous aider \u00e0<\/span><b> trouver vos investisseurs, lever des fonds plus rapidement, structurer votre capital et s\u00e9curiser vos documents juridiques.<\/b><\/p>\n"},{"acf_fc_layout":"cta","cta":{"type":"default","subheading":"","heading":"Besoin d'aide pour votre parcours de financement ? ","content":"Les experts SeedLegals sont l\u00e0 pour vous accompagner. 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savoir sur le Venture Capital (VC)"},"content":{"rendered":"","protected":false},"excerpt":{"rendered":"<p>Le venture capital, ou capital-risque en fran\u00e7ais, est une ressource cl\u00e9 de financement des startups. C\u2019est d\u2019ailleurs l\u2019une des premi\u00e8res sources de financement. En plus d\u2019un apport de fonds, le venture capital permet aussi aux fondatrices et fondateurs un v\u00e9ritable coup de pouce strat\u00e9gique, en apportant expertise, r\u00e9seau et accompagnement sur le d\u00e9veloppement de l&#8217;entreprise.<\/p>\n","protected":false},"author":33,"featured_media":420662,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[178,133],"tags":[],"event_tags":[],"class_list":["post-420639","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-recherche-dinvestisseurs","category-levee-de-fonds"],"acf":{"blog_layout":"v2","v2":{"hero":{"image_background_color":"#E7F1FF","image_fit":"img--contain"},"adverts":[{"type":"selector","selected_advert":{"ID":417986,"post_author":"85","post_date":"2025-02-25 17:03:24","post_date_gmt":"2025-02-25 17:03:24","post_content":"","post_title":"FR - TTAE roadshow","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"fr-ttae-roadshow","to_ping":"","pinged":"","post_modified":"2025-02-25 17:10:46","post_modified_gmt":"2025-02-25 17:10:46","post_content_filtered":"","post_parent":0,"guid":"https:\/\/seedlegals.com\/?post_type=blog_advert&#038;p=417986","menu_order":0,"post_type":"blog_advert","post_mime_type":"","comment_count":"0","filter":"raw"},"custom_advert":{"advert_tracking_id":"","layout":"default","image":{"image":false,"link":""},"text":{"heading":"","content":"","button":null,"background_color":"#EEF4FF","text_color":"#000646"},"form":{"form":{"type":"none","hubspot_form":{"layout":"newsletter","hide_founderinvestor_toggle":false,"default_community":"founder","custom_form_id":"","gdpr_disclaimer":"By subscribing, you agree to receive information from SeedLegals. You can unsubscribe anytime. View our <a href=\"\/privacy-policy\/\" target=\"_blank\" rel=\"noopener noreferrer\">privacy policy<\/a>"},"custom":{"embed":""},"gtm_form_type":false,"gtm_form_location":false}},"cta_and_testimonials":{"heading":"","button":null,"bullet_points":false,"testimonials":false}}}],"related_sidebar_posts":false},"show_author_card":false,"revision_date":"","hero_image":420662,"has_custom_post_authors":true,"is_expert_reviewed":true,"post_content_width":"default","post_content":[{"acf_fc_layout":"text","text":"<p><span style=\"font-weight: 400;\">Le venture capital, ou capital-risque en fran\u00e7ais, est une ressource cl\u00e9 de financement des startups. C\u2019est d\u2019ailleurs l\u2019une des premi\u00e8res sources de financement. <\/span><span style=\"font-weight: 400;\">En plus d\u2019un apport de fonds, le venture capital permet aussi aux fondatrices et fondateurs un v\u00e9ritable coup de pouce strat\u00e9gique, en apportant expertise, r\u00e9seau et accompagnement sur le d\u00e9veloppement de l&#8217;entreprise.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Dans cet article, nous vous expliquons en d\u00e9tail ce qu&#8217;est le venture capital, comment il fonctionne, et ce que les investisseurs recherchent en priorit\u00e9 lorsqu\u2019ils s&#8217;engagent aupr\u00e8s des startups.<\/span><\/p>\n"},{"acf_fc_layout":"text","text":"<h2><b>Qu&#8217;est-ce que le venture capital ?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Le terme de venture capital (VC) d\u00e9signe les soci\u00e9t\u00e9s d\u2019investissement et\/ou les business angels qui apportent des fonds aux startups, en contrepartie de participations au capital. L\u2019objectif, pour ces soci\u00e9t\u00e9s, est de g\u00e9n\u00e9rer un rendement. Il s\u2019agit d\u2019un investissement que l\u2019on qualifi\u00e9 de \u201crisqu\u00e9\u201d, bien que les gains potentiels puissent \u00eatre significatifs.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Pour mieux comprendre l\u2019int\u00e9r\u00eat du venture capital, d\u00e9composons le terme :<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Venture<\/b><span style=\"font-weight: 400;\"> signifie, en anglais, une aventure ou un projet risqu\u00e9\/audacieux.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Capital<\/b><span style=\"font-weight: 400;\"> signifie l\u2019argent et les ressources de mani\u00e8re g\u00e9n\u00e9rale, telle que\u00a0 l&#8217;expertise technique par exemple.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Ainsi, l\u2019apport de fonds n\u2019est pas le seul avantage que les fondateurs et fondatrices de startups peuvent retirer : les VCs apportent \u00e9galement une expertise, un r\u00e9seau et des conseils strat\u00e9giques.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">De mani\u00e8re g\u00e9n\u00e9rale, le venture capital permet d\u2019aider les startups \u00e0 cro\u00eetre lorsqu\u2019elles sont encore peu ou pas rentables, et donc consid\u00e9r\u00e9es comme un investissement \u201crisqu\u00e9\u201d.<\/span><\/p>\n"},{"acf_fc_layout":"content_highlight","highlight_type":"tip","background_colour":"blue","show_icon":true,"content":"Quelle est la diff\u00e9rence entre VC et business angel ? <br \/>\r\n<br \/>\r\nOn entend parfois parler des VCs et des business angels de mani\u00e8re indiff\u00e9renci\u00e9e. Pourtant, les deux sont diff\u00e9rents. Les business angels sont des investisseurs priv\u00e9s qui utilisent leurs fonds propres pour investir dans des startups, tandis que les soci\u00e9t\u00e9s de venture capital disposent d'une \u00e9quipe d'investisseurs professionnels qui investissent l'argent d'un fonds.<br \/>\r\n<br \/>\r\nLes VCs ont g\u00e9n\u00e9ralement des conditions et des exigences plus strictes que les business angels. Ils sont aussi plus ax\u00e9s sur la sortie de l'entreprise et la recherche de rentabilit\u00e9.","link":null},{"acf_fc_layout":"text","text":"<h2><b>Qu&#8217;est-ce qu&#8217;une soci\u00e9t\u00e9 de venture capital ?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Une soci\u00e9t\u00e9 de capital-risque (ou <\/span><i><span style=\"font-weight: 400;\">VC firm<\/span><\/i><span style=\"font-weight: 400;\"> en anglais) est une entreprise priv\u00e9e qui investit de l&#8217;argent et d&#8217;autres ressources dans des entreprises \u00e0 fort potentiel de croissance en \u00e9change de participations au capital. Les VCs accompagnent les startups \u00e0 diff\u00e9rents stades de leur d\u00e9veloppement, que ce soit au tout d\u00e9but (amor\u00e7age) ou lors de phases de croissance (S\u00e9ries A, B, C, etc.)\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Les VCs sont particuli\u00e8rement int\u00e9ressants pour les entrepreneurs car ils apportent des ressources vari\u00e9es, et notamment :<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u00a0Du financement pour soutenir la croissance de l\u2019entreprise ;\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">De l&#8217;expertise et des conseils techniques ;\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Des r\u00e9seaux et une communaut\u00e9 ;\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Du coaching pour aider les entrepreneurs \u00e0 se d\u00e9velopper.\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Les soci\u00e9t\u00e9s de capital-risque investissent dans des entreprises \u00e0 fort potentiel de croissance car, bien qu&#8217;il s&#8217;agisse d&#8217;un investissement risqu\u00e9, celles-ci pr\u00e9sentent l&#8217;opportunit\u00e9 d&#8217;un important retour sur investissement en peu de temps. De mani\u00e8re g\u00e9n\u00e9rale, les VCs attendent <\/span><b>un retour sur investissement de 10 \u00e0 50 fois le montant investi en 5 \u00e0 7 ans.\u00a0<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Ce potentiel est ce qui rend l&#8217;investissement dans les startups si attractif pour les VCs. C\u2019est aussi pourquoi ils mettent tout en \u0153uvre pour assurer votre succ\u00e8s et ainsi maximiser leur retour sur investissement.<\/span><\/p>\n<h3><b>Comment fonctionnent les soci\u00e9t\u00e9s de venture capital ?<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Les soci\u00e9t\u00e9s de venture capital ont besoin de deux \u00e9l\u00e9ments cl\u00e9s pour fonctionner :<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Des fonds,<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Une \u00e9quipe d&#8217;investisseurs exp\u00e9riment\u00e9s (appel\u00e9s VCs).\u00a0<\/span><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">Concr\u00e8tement, elles obtiennent de l&#8217;argent pour investir dans de jeunes entreprises en levant des fonds. Ces fonds sont apport\u00e9s par des investisseurs priv\u00e9s, des institutions financi\u00e8res ou encore des banques d&#8217;investissement. Chaque soci\u00e9t\u00e9 a son propre ou ses propres fonds priv\u00e9s.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Les soci\u00e9t\u00e9s de venture capital peuvent \u00eatre constitu\u00e9es de plusieurs millions \u00e0 plusieurs milliards d\u2019euros.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00c0 la direction, une \u00e9quipe d&#8217;investisseurs exp\u00e9riment\u00e9s d\u00e9cide de la strat\u00e9gie d&#8217;investissement. Chaque soci\u00e9t\u00e9 a des directives sp\u00e9cifiques concernant les types d&#8217;entreprises dans lesquelles elle investit. Par exemple, certaines investissent sp\u00e9cifiquement dans des entreprises SaaS, tandis que d&#8217;autres investissent dans des entreprises de la tech. Certaines investissent uniquement dans des entreprises \u00e0 vocation environnementale et sociale, d&#8217;autres dans un type de mission particulier. On parle alors <\/span><b>de th\u00e8se d&#8217;investissement. <\/b><\/p>\n"},{"acf_fc_layout":"expert_highlight","expert_highlight":{"":null,"image":{"ID":420640,"id":420640,"title":"image france","filename":"Capture-decran-2025-05-06-a-14.19.45.png","filesize":333677,"url":"https:\/\/seedlegals.com\/wp-content\/uploads\/2025\/05\/Capture-decran-2025-05-06-a-14.19.45.png","link":"https:\/\/seedlegals.com\/wp-content\/uploads\/2025\/05\/Capture-decran-2025-05-06-a-14.19.45.png","alt":"Capture D\u2019e\u0301cran 2025 05 06 A\u0300 14.19.45","author":"179","description":"Capture D\u2019e\u0301cran 2025 05 06 A\u0300 14.19.45","caption":"Capture D\u2019e\u0301cran 2025 05 06 A\u0300 14.19.45","name":"capture-decran-2025-05-06-a-14-19-45","status":"inherit","uploaded_to":420639,"date":"2025-05-06 12:20:02","modified":"2025-05-06 12:20:36","menu_order":0,"mime_type":"image\/png","type":"image","subtype":"png","icon":"https:\/\/seedlegals.com\/wp-includes\/images\/media\/default.png","width":481,"height":482,"sizes":{"thumbnail":"https:\/\/seedlegals.com\/wp-content\/uploads\/2025\/05\/Capture-decran-2025-05-06-a-14.19.45-150x150.png","thumbnail-width":150,"thumbnail-height":150,"medium":"https:\/\/seedlegals.com\/wp-content\/uploads\/2025\/05\/Capture-decran-2025-05-06-a-14.19.45-300x300.png","medium-width":300,"medium-height":300,"medium_large":"https:\/\/seedlegals.com\/wp-content\/uploads\/2025\/05\/Capture-decran-2025-05-06-a-14.19.45.png","medium_large-width":481,"medium_large-height":482,"large":"https:\/\/seedlegals.com\/wp-content\/uploads\/2025\/05\/Capture-decran-2025-05-06-a-14.19.45.png","large-width":481,"large-height":482,"_themosis_media":"https:\/\/seedlegals.com\/wp-content\/uploads\/2025\/05\/Capture-decran-2025-05-06-a-14.19.45-100x100.png","_themosis_media-width":100,"_themosis_media-height":100,"1536x1536":"https:\/\/seedlegals.com\/wp-content\/uploads\/2025\/05\/Capture-decran-2025-05-06-a-14.19.45.png","1536x1536-width":481,"1536x1536-height":482,"2048x2048":"https:\/\/seedlegals.com\/wp-content\/uploads\/2025\/05\/Capture-decran-2025-05-06-a-14.19.45.png","2048x2048-width":481,"2048x2048-height":482,"themosis":"https:\/\/seedlegals.com\/wp-content\/uploads\/2025\/05\/Capture-decran-2025-05-06-a-14.19.45-200x150.png","themosis-width":200,"themosis-height":150,"tog-small":"https:\/\/seedlegals.com\/wp-content\/uploads\/2025\/05\/Capture-decran-2025-05-06-a-14.19.45-300x301.png","tog-small-width":300,"tog-small-height":301,"tog-medium":"https:\/\/seedlegals.com\/wp-content\/uploads\/2025\/05\/Capture-decran-2025-05-06-a-14.19.45.png","tog-medium-width":481,"tog-medium-height":482,"tog-large":"https:\/\/seedlegals.com\/wp-content\/uploads\/2025\/05\/Capture-decran-2025-05-06-a-14.19.45.png","tog-large-width":481,"tog-large-height":482,"tog-huge":"https:\/\/seedlegals.com\/wp-content\/uploads\/2025\/05\/Capture-decran-2025-05-06-a-14.19.45.png","tog-huge-width":481,"tog-huge-height":482}},"quote":"<p>Une question que tr\u00e8s tr\u00e8s peu d&#8217;entrepreneurs demandent aux investisseurs qu&#8217;ils rencontrent, c&#8217;est simplement de leur demander de se pr\u00e9senter. Cela permet de cr\u00e9er un premier rapport avec l&#8217;investisseur qu&#8217;ils ont en face d&#8217;eux. Mais cela permet aussi d&#8217;adapter son discours et enfin d&#8217;en savoir plus sur le fonds et son stade de d\u00e9ploiement. Trop souvent, quand une rencontre d\u00e9bute, l&#8217;entrepreneur d\u00e9marre en pitchant son produit comme si c&#8217;\u00e9tait un processus r\u00e9p\u00e9titif. Un investissement est le d\u00e9but d&#8217;une longue relation.<\/p>\n","name":{"title":"Augustin Sayer","url":"https:\/\/seedlegals.com\/fr\/resources\/author\/augustin-sayer\/","target":""},"role":" Seed Investor \/ General Partner","company":{"title":"Ovni Capital","url":"https:\/\/www.ovni.capital\/","target":"_blank"},"linkedin":"","facebook":"","instagram":"","twitter":"","hide_image":false}},{"acf_fc_layout":"text","text":"<p><span style=\"font-weight: 400;\">L&#8217;objectif principal d&#8217;une soci\u00e9t\u00e9 de capital risque est \u00e9videmment d&#8217;obtenir un bon retour sur son investissement. Il est donc dans son int\u00e9r\u00eat de fournir aux entreprises qui composent son portefeuille toutes les ressources dont elles ont besoin pour r\u00e9ussir.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Les soci\u00e9t\u00e9s de venture capital se retirent g\u00e9n\u00e9ralement de leur investissement dans une startup lorsque celle-ci est acquise par une autre entreprise, ou lorsqu&#8217;elle devient publique et qu&#8217;une introduction en bourse (IPO) est disponible. Mais d\u2019autres sc\u00e9narios sont \u00e9videmment possibles. On appelle cette phase une \u00ab sortie \u00bb (ou exit).\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Les VCs peuvent investir \u00e0 diff\u00e9rents stades du cycle de vie de l&#8217;entreprise : amor\u00e7age (ou early-stage), S\u00e9rie A, S\u00e9rie B, S\u00e9rie C, etc. Certains VCs se concentrent uniquement sur un stade particulier, tandis que d&#8217;autres investissent dans des entreprises \u00e0 tous les stades.<\/span><\/p>\n<h2><b>Quels sont les avantages de travailler avec des VCs ?<\/b><\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Les VCs peuvent g\u00e9n\u00e9ralement d\u00e9ployer des capitaux plus importants que les investisseurs individuels.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Ils exigent une <\/span><i><span style=\"font-weight: 400;\">due diligence<\/span><\/i><span style=\"font-weight: 400;\"> approfondie (ensemble d&#8217;analyses men\u00e9es par un investisseur pour \u00e9valuer les risques avant d&#8217;investir dans une soci\u00e9t\u00e9.).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Ils vous apportent une expertise sectorielle et op\u00e9rationnelle.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Ils peuvent vous connecter \u00e0 un solide r\u00e9seau de leaders, d&#8217;investisseurs et d&#8217;entrepreneurs.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Ils augmentent votre visibilit\u00e9 et votre r\u00e9putation aupr\u00e8s d&#8217;autres investisseurs et de potentiels salari\u00e9s.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Enfin, les VCs peuvent vous aider \u00e0 organiser votre prochaine lev\u00e9e de fonds.\u00a0<\/span><\/li>\n<\/ul>\n<h2><b>Quels sont les inconv\u00e9nients de travailler avec des VCs ?<\/b><\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Les VCs exigent souvent, en contrepartie des fonds apport\u00e9s, plus de pouvoir d\u00e9cisionnel sur la gestion de l&#8217;entreprise. Cela n\u00e9cessite donc, pour les fondateurs, d\u2019accepter de c\u00e9der une partie de leur pouvoir.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Ils s&#8217;attendent g\u00e9n\u00e9ralement \u00e0 une sortie dans les 3 \u00e0 7 ans suivant leur investissement.<\/span><\/li>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">Vous devez avoir une structure de reporting formelle pour pouvoir tenir au courant les investisseurs de ce qu\u2019il se passe dans votre entreprise, et des r\u00e9sultats qu\u2019elle produit. <\/span><\/li>\n<\/ul>\n"},{"acf_fc_layout":"cta","cta":{"type":"default","subheading":"","heading":"Pr\u00e9parez vos n\u00e9gociations avec les investisseurs gr\u00e2ce \u00e0 notre simulateur BSA Air !","content":"","bullet_points":false,"form":{"type":"none","hubspot_form":{"layout":"newsletter","hide_founderinvestor_toggle":false,"default_community":"founder","custom_form_id":"","gdpr_disclaimer":"By subscribing, you agree to receive information from SeedLegals. You can unsubscribe anytime. View our <a href=\"\/privacy-policy\/\" target=\"_blank\" rel=\"noopener noreferrer\">privacy policy<\/a>"},"custom":{"embed":""},"gtm_form_type":"default","gtm_form_location":"default"},"button":{"title":"T\u00e9l\u00e9chargez gratuitement","url":"https:\/\/seedlegals.com\/fr\/bsa-air-simulateur-2\/","target":""},"image":408356}},{"acf_fc_layout":"text","text":"<h2><b>Que recherchent les VCs dans une startup ?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Chaque fonds de venture capital a ses propres exigences concernant ce qu&#8217;il recherche dans une startup. Cependant, il existe certaines caract\u00e9ristiques fondamentales que tous les VCs sont susceptibles d\u2019exiger. En voici une liste non exhaustive :\u00a0<\/span><\/p>\n<h3><b>Un retour sur investissement<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Les VCs recherchent un fort potentiel de croissance, qui leur permettra de r\u00e9cup\u00e9rer dix \u00e0 cinquante fois le montant investi.<\/span><\/p>\n<h3><b>Des fondateurs et fondatrices avec du potentiel<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Les VCs veulent accompagner des fondatrices et fondateurs passionn\u00e9s, des \u00e9quipes de direction solides et des salari\u00e9s talentueux capables de d\u00e9livrer des r\u00e9sultats.<\/span><\/p>\n<h3><b>Un avantage comp\u00e9titif<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Votre produit ou service doit se d\u00e9marquer sur le march\u00e9 et avoir quelque chose d\u2019unique.\u00a0<\/span><\/p>\n<h3><b>Des solutions concr\u00e8tes \u00e0 des probl\u00e8mes r\u00e9els<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Votre entreprise doit r\u00e9pondre \u00e0 un besoin ou fournir une excellente solution \u00e0 un probl\u00e8me r\u00e9el. Plus le besoin pour votre produit est grand, plus votre potentiel de croissance est important.<\/span><\/p>\n<h3><b>Un march\u00e9 important<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Les VCs veulent s\u2019assurer que votre startup cible un march\u00e9 important, ce qui permet de g\u00e9n\u00e9rer de la traction (c\u2019est le terme utilis\u00e9 pour qualifier une entreprise ou un produit attractif).\u00a0<\/span><\/p>\n<h3><b>Des preuves de croissance\u00a0<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Les VCs veulent des preuves concr\u00e8tes montrant que vous avez grandi rapidement, ou que vous avez le potentiel de le faire.<\/span><\/p>\n<h3><b>Un alignement des valeurs<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">La soci\u00e9t\u00e9 de venture capital que vous choisissez doit \u00eatre align\u00e9e sur la mission et les valeurs de votre startup. Cela va augmenter vos chances d&#8217;obtenir un investissement, et faciliter la collaboration par la suite.<\/span><\/p>\n<h3><b>Un potentiel international\u00a0<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Ce n\u2019est pas un pr\u00e9requis, mais de nombreux VCs souhaitent investir dans des startups qui ont des plans de d\u00e9veloppement \u00e0 l&#8217;\u00e9chelle internationale.\u00a0<\/span><\/p>\n<h3><b>Une strat\u00e9gie de sortie solide\u00a0<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Les VCs sont sensibles aux plans strat\u00e9giques de sortie (acquisition par une plus grande entreprise, fusion, etc). N\u2019oubliez pas, en effet, que leur objectif est de r\u00e9cup\u00e9rer leur investissement avec une plus-value importante.<\/span><\/p>\n<h2><b>Quels montants les fonds de venture capital (VC) investissent-ils ?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Le montant que les VCs investissent varie largement. Il va d\u00e9pendre de plusieurs facteurs cl\u00e9s :<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">La somme disponible dans leur(s) fonds ;<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Le type de secteur d\u2019activit\u00e9 dans lequel la startup op\u00e8re (les startups dans les technologies de pointe ou les technologies m\u00e9dicales, par exemple, n\u00e9cessiteront probablement un capital d&#8217;amor\u00e7age beaucoup plus important que les entreprises SaaS) ;\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Le stade auquel le VC investit (amor\u00e7age, S\u00e9rie A, S\u00e9rie B\u2026) ;<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Le contexte \u00e9conomique. <\/span><\/li>\n<\/ul>\n<p>La plupart des VCs investissent au stade de la S\u00e9rie A et au-del\u00e0, lorsque l&#8217;entreprise g\u00e9n\u00e8re d\u00e9j\u00e0 des revenus notables et a besoin de capitaux pour se d\u00e9velopper. Le montant typique des fonds apport\u00e9s varie de 1 millions d\u2019euros \u00e0 plus de 100 millions d\u2019euros aux stades les plus avanc\u00e9s.<\/p>\n<p><span style=\"font-weight: 400;\">Il existe \u00e9galement de nombreux fonds d\u2019amor\u00e7age en France, qui soutiennent les entreprises au moment o\u00f9 elles ne sont pas encore rentables.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Pour en savoir plus, d\u00e9couvrez notre article sur <\/span><a href=\"https:\/\/seedlegals.com\/fr\/resources\/top-10-des-vcs-les-plus-actifs-en-france\/\"><span style=\"font-weight: 400;\">les fonds VCs les plus actifs en France. <\/span><\/a><\/p>\n<p data-start=\"190\" data-end=\"376\"><strong>En r\u00e9sum\u00e9 :<\/strong><\/p>\n<p data-start=\"190\" data-end=\"376\">Lever des fonds en <strong data-start=\"209\" data-end=\"228\">venture capital<\/strong> ne s\u2019improvise pas. De la <strong data-start=\"255\" data-end=\"282\">pr\u00e9paration strat\u00e9gique<\/strong> \u00e0 la <strong data-start=\"288\" data-end=\"317\">recherche d\u2019investisseurs<\/strong>, chaque \u00e9tape compte pour maximiser vos chances de succ\u00e8s.<\/p>\n<p data-start=\"378\" data-end=\"663\">Chez <strong data-start=\"383\" data-end=\"397\">SeedLegals<\/strong>, nous vous accompagnons avant, pendant et apr\u00e8s votre lev\u00e9e :<br data-start=\"459\" data-end=\"462\" \/>\u27a1\ufe0f D\u00e9finition de votre strat\u00e9gie d\u2019investissement<br data-start=\"511\" data-end=\"514\" \/>\u27a1\ufe0f Recherche d&#8217;investisseurs\u00a0via notre <strong data-start=\"581\" data-end=\"601\">roadshow startup<\/strong><br data-start=\"601\" data-end=\"604\" data-is-only-node=\"\" \/>\u27a1\ufe0f Structuration juridique fluide et conforme \u00e0 chaque tour<\/p>\n"},{"acf_fc_layout":"content_highlight","highlight_type":"link","background_colour":"blue","show_icon":true,"content":"","link":{"title":"D\u00e9couvrez les 10 VC les plus actifs en France en 2025","url":"https:\/\/seedlegals.com\/fr\/resources\/top-10-des-vcs-les-plus-actifs-en-france\/","target":""}},{"acf_fc_layout":"cta","cta":{"type":"default","subheading":"","heading":"Besoin d'aide pour votre parcours de financement ? ","content":"Les experts SeedLegals sont l\u00e0 pour vous accompagner. Utilisez SeedLegals pour cr\u00e9er votre pitch, partager des documents avec des investisseurs et ouvrir et cl\u00f4turer vos tours de financement. ","bullet_points":false,"form":{"type":"none","hubspot_form":{"layout":"newsletter","hide_founderinvestor_toggle":false,"default_community":"founder","custom_form_id":"","gdpr_disclaimer":"By subscribing, you agree to receive information from SeedLegals. You can unsubscribe anytime. View our <a href=\"\/privacy-policy\/\" target=\"_blank\" rel=\"noopener noreferrer\">privacy policy<\/a>"},"custom":{"embed":""},"gtm_form_type":"default","gtm_form_location":"default"},"button":{"title":"Discutez avec un expert","url":"https:\/\/seedlegals.com\/fr\/discutez-avec-nos-experts\/","target":""},"image":408356}}],"has_sources":false,"related_posts":[{"post":{"ID":5566,"post_author":"32","post_date":"2022-10-10 15:10:59","post_date_gmt":"2022-10-10 14:10:59","post_content":"Le financement d\u2019une entreprise est une question incontournable pour tout entrepreneur. Mais comment s\u2019y prendre ? Que devez-vous pr\u00e9parer pour convaincre des investisseurs ? Quelles sont les \u00e9tapes cl\u00e9s ?\r\n\r\nPas d\u2019inqui\u00e9tude, vous trouverez dans cet article tous les \u00e9l\u00e9ments de r\u00e9ponse pour financer votre projet sur SeedLegals.\r\n\r\n&nbsp;\r\n<h1><span style=\"font-weight: 400;\">Comment financer une startup ?<\/span><\/h1>\r\n<span style=\"font-weight: 400;\">Il existe de multiple modes de financement pour votre projet, notamment :\u00a0<\/span>\r\n<ul>\r\n \t<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">l\u2019apport personnel, autrement dit un apport de vos \u00e9conomies en fonds propres ;<\/span><\/li>\r\n \t<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">les financements de vos proches (Friends &amp; Family) qui investissent pour vous au moins autant que pour le projet ;<\/span><\/li>\r\n \t<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">les subventions, pr\u00eats d\u2019honneur, bourse etc. ;<\/span><\/li>\r\n \t<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">un pr\u00eat bancaire aupr\u00e8s d\u2019un \u00e9tablissement de cr\u00e9dit - m\u00e9thode traditionnelle pour laquelle il est souvent demand\u00e9 des garanties et difficilement accessible au d\u00e9but de l\u2019aventure ; ou\u00a0<\/span><\/li>\r\n \t<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">l\u2019entr\u00e9e de nouveaux investisseurs dans le capital de la soci\u00e9t\u00e9, la m\u00e9thode privil\u00e9gi\u00e9e des startups.<\/span><\/li>\r\n<\/ul>\r\n<span style=\"font-weight: 400;\">Ces modes de financement ne sont pas exclusifs les uns des autres, au contraire !<\/span>\r\n\r\n<strong>Qu'est-ce qu'une lev\u00e9e de fonds ?<\/strong>\r\n\r\n<span style=\"font-weight: 400;\">Une fois pass\u00e9 les \u00e9tapes d\u2019id\u00e9ation et de prototype sur fonds propres ou ceux de vos proches, la lev\u00e9e de fonds est le mode de financement que la plupart des startups adoptent. Elle consiste \u00e0 faire une augmentation de capital pour cr\u00e9er de nouvelles actions, qui sont souscrites par les nouveaux investisseurs individuels et\/ou fonds d\u2019investissement. <\/span>\r\n\r\n&nbsp;\r\n<h1><span style=\"font-weight: 400;\">Comment pr\u00e9parer une lev\u00e9e de fonds ?<\/span><\/h1>\r\n<span style=\"font-weight: 400;\">Ces phases de pr\u00e9paration sont essentielles au succ\u00e8s de votre lev\u00e9e de fonds car elles vous procurent la maturit\u00e9 et la confiance n\u00e9cessaires pour aborder sereinement les \u00e9changes avec les investisseurs.<\/span>\r\n\r\n&nbsp;\r\n<ol>\r\n \t<li style=\"list-style-type: none;\">\r\n<ol>\r\n \t<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Cr\u00e9er la table de capitalisation de votre soci\u00e9t\u00e9 (cap table). Celle-ci r\u00e9sume les actions \u00e9mises \u00e0 date et le prix d\u2019\u00e9mission, le cas \u00e9ch\u00e9ant en plusieurs tours (entr\u00e9e de co-fondateurs au capital, investissement Friends &amp; Family). SeedLegals vous permet de constituer une <\/span><a href=\"https:\/\/seedlegals.com\/fr\/resources\/comment-creer-et-gerer-sa-table-de-capitalisation\/\"><span style=\"font-weight: 400;\">cap table digital et dynamique<\/span><\/a><span style=\"font-weight: 400;\">, en reconstituant les tours historiques, qui sera ensuite partag\u00e9e entre les associ\u00e9s et mise \u00e0 jour dynamiquement au gr\u00e9 des \u00e9v\u00e8nements ult\u00e9rieurs : lev\u00e9es de fonds, attribution et exercice de stock-options, lev\u00e9e de dette convertible etc.<\/span><\/li>\r\n \t<li style=\"font-weight: 400;\">Formaliser les relations entre la soci\u00e9t\u00e9 et les co-fondateurs. Ces contrats d\u00e9crivent le r\u00f4le de chacun, les conditions salariales, la pleine possession par la soci\u00e9t\u00e9 de tous les droits de propri\u00e9t\u00e9 intellectuelle, et pr\u00e9voient un sc\u00e9nario accept\u00e9 par tous en cas de d\u00e9sistement de l\u2019un des fondateurs. SeedLegals vous permet de g\u00e9n\u00e9rer tr\u00e8s simplement ces contrats et de les signer en ligne.<\/li>\r\n \t<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Pr\u00e9parer le \u201cpitch deck\u201d, c\u2019est-\u00e0-dire une pr\u00e9sentation de 10-20 slides pour convaincre vos investisseurs potentiels : la qualit\u00e9 de ce document constitue un atout essentiel pour d\u00e9crocher un premier rendez-vous ! Le pitch deck sera notamment jug\u00e9 sur 3 crit\u00e8res essentiels: la valeur de l\u2019\u00e9quipe, le march\u00e9 adressable, la capacit\u00e9 d\u2019ex\u00e9cution. Il est compl\u00e9t\u00e9 par le <\/span><a href=\"https:\/\/bpifrance-creation.fr\/encyclopedie\/previsions-financieres-business-plan\/business-plan\/faire-son-business-plan\"><span style=\"font-weight: 400;\">business plan<\/span><\/a><span style=\"font-weight: 400;\"> qui d\u00e9crit le business model pr\u00e9vu, donc la profitabilit\u00e9 \u00e0 terme et le besoin de financement pour y parvenir<\/span><\/li>\r\n \t<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Prendre trois d\u00e9cisions principales :<\/span>\r\n<ul>\r\n \t<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Combien d\u2019argent dois-je lever ?<\/span><\/li>\r\n \t<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Quel pourcentage de la soci\u00e9t\u00e9 vais-je c\u00e9der ?<\/span><\/li>\r\n \t<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Quelle valorisation adopter pour ma soci\u00e9t\u00e9 ?<\/span><\/li>\r\n<\/ul>\r\n<span style=\"font-weight: 400;\">Ces trois questions sont li\u00e9es, et vous retrouverez toutes les r\u00e9ponses dans cet <\/span><a href=\"https:\/\/seedlegals.com\/fr\/resources\/levee-de-fonds-comment-valoriser-votre-startup\/\"><span style=\"font-weight: 400;\">article sur comment valoriser votre startup<\/span><\/a><span style=\"font-weight: 400;\">. La valorisation est intrins\u00e8quement li\u00e9e au montant de capitaux dont vous avez besoins et \u00e0 la part de capital que vous \u00eatre pr\u00eat \u00e0 c\u00e9der.<\/span><\/li>\r\n \t<li><span style=\"font-weight: 400;\">Mod\u00e9liser la future lev\u00e9e de fonds et se pr\u00e9parer \u00e0 la n\u00e9gociation. SeedLegals vous permet de d\u00e9rouler tout le workflow futur du tour, et vous interroger sur chaque param\u00e8tre de la n\u00e9gociation \u00e0 venir. Gr\u00e2ce \u00e0 une interface intuitive et \u00e0 l\u2019acc\u00e8s illimit\u00e9, en temps r\u00e9el, \u00e0 notre \u00e9quipe support, vous vous habituez aux concepts cl\u00e9s de la n\u00e9gociation et pr\u00e9parez votre argumentaire. La plateforme g\u00e9n\u00e8re imm\u00e9diatement une term sheet, mise \u00e0 jour dynamiquement au fur et \u00e0 mesure des it\u00e9rations, pour mod\u00e9liser le deal qui sera propos\u00e9 aux futurs investisseurs.<\/span><\/li>\r\n<\/ol>\r\n<img class=\"size-large wp-image-5569\" src=\"https:\/\/seedlegals.com\/wp-content\/uploads\/2020\/05\/Seed-Round-Screenshot-1024x769.png\" alt=\"Seed Round Screenshot\" width=\"1024\" height=\"769\" \/>\r\n<h1><span style=\"font-weight: 400;\">Les \u00e9tapes essentielles d\u2019une lev\u00e9e de fonds<\/span><\/h1>\r\n<h2><span style=\"font-weight: 400;\">La s\u00e9lection des investisseurs<\/span><\/h2>\r\n<span style=\"font-weight: 400;\">Une fois vos pitch deck et business plan finalis\u00e9s, la question du type d\u2019investisseurs se pose: fonds de capital risque (fonds VC) et\/ou business angels. Au-del\u00e0 du financement, les investisseurs peuvent vous apporter un acc\u00e8s \u00e0 un r\u00e9seau de partenaires et de contacts pour cr\u00e9er des synergies avec votre activit\u00e9 et vous accompagner dans l\u2019op\u00e9rationnel.<\/span>\r\n\r\n<span style=\"font-weight: 400;\">Les investisseurs id\u00e9aux vous apporter ces deux \u00e9l\u00e9ments, et d\u00e9sign\u00e9s sous le terme de <\/span><i><span style=\"font-weight: 400;\">smart money<\/span><\/i><span style=\"font-weight: 400;\">. \u00c9videmment, la combinaison de plusieurs investisseurs apportant chacun une exp\u00e9rience et des r\u00e9seaux compl\u00e9mentaires constitue une solution id\u00e9ale pour le d\u00e9veloppement de votre startup.<\/span>\r\n\r\n<span style=\"font-weight: 400;\">Chaque investisseur a des crit\u00e8res pr\u00e9cis de maturit\u00e9 des soci\u00e9t\u00e9s investies (concept, <\/span><i><span style=\"font-weight: 400;\">product\/market fit<\/span><\/i><span style=\"font-weight: 400;\">,<\/span><i><span style=\"font-weight: 400;\"> revenue generation<\/span><\/i><span style=\"font-weight: 400;\">, traction\u2026) et il est important de bien identifier les investisseurs qui correspondent au profil de votre soci\u00e9t\u00e9 \u00e0 l\u2019instant T.\u00a0<\/span>\r\n<h2><span style=\"font-weight: 400;\">Le pitch<\/span><\/h2>\r\n<span style=\"font-weight: 400;\">Les premi\u00e8res impressions sont les plus importantes, surtout pour une premi\u00e8re lev\u00e9e. Convaincre des fonds de capital risque ou des Business Angels repose sur la conviction du fondateur et la qualit\u00e9 de la pr\u00e9sentation du projet.\u00a0<\/span>\r\n\r\n<span style=\"font-weight: 400;\">Le fondateur, le pitch deck et le business plan : c\u2019est \u00e0 travers ces \u00e9l\u00e9ments que les investisseurs se feront une conviction intime sur votre projet et d\u00e9cideront d\u2019investir ou non. Il faut donc minutieusement vous pr\u00e9parer pour pr\u00e9senter de mani\u00e8re concise (environ 5 minutes) les \u00e9l\u00e9ments cl\u00e9s du projet et de son positionnement.<\/span>\r\n\r\n<span style=\"font-weight: 400;\">L\u2019attitude du fondateur est un facteur cl\u00e9 de succ\u00e8s : conviction, franchise, \u00e9coute, ambition, dialogue. Les investisseurs s\u2019appr\u00eatent \u00e0 accompagner les fondateurs pour de nombreuses ann\u00e9es, afin d\u2019aider la soci\u00e9t\u00e9 \u00e0 se d\u00e9velopper et conqu\u00e9rir son march\u00e9, avec un risque important de perdre leur mise. Il est donc essentiel que le courant passe avec l\u2019\u00e9quipe, pour que les investisseurs se sentent pr\u00eats \u00e0 l\u2019accompagner dans la dur\u00e9e, dans les hauts et les bas in\u00e9vitables de chaque aventure entrepreneuriale. Ne jouez pas un r\u00f4le, montrez votre personnalit\u00e9 r\u00e9elle, soyez vous-m\u00eame. La recherche d\u2019investisseurs est une rencontre humaine avant tout.\u00a0\u00a0<\/span>\r\n<h2><span style=\"font-weight: 400;\">Les n\u00e9gociations avec vos investisseurs potentiels<\/span><\/h2>\r\n<span style=\"font-weight: 400;\">Les n\u00e9gociations s\u2019articulent autour d\u2019une <\/span><i><span style=\"font-weight: 400;\">term sheet <\/span><\/i><span style=\"font-weight: 400;\">ou lettre d\u2019intention. Ce document \u00e9tablit les principales conditions d\u2019investissements et d\u00e9finit les r\u00e8gles de la relation future avec vos investisseurs.\u00a0<\/span>\r\n\r\n<span style=\"font-weight: 400;\">Il est fr\u00e9quent que votre investisseur lead partage la premi\u00e8re term sheet. Mais chez SeedLegals nous pensons que l\u2019avantage est \u00e0 celui qui fait le premier pas. Plus important, le fondateur doit s\u2019approprier ce document et en comprendre tous les concepts, car si la term sheet n\u2019est pas contraignante elle n\u2019en d\u00e9finit pas moins le cadre futur de la relation avec une port\u00e9e majeure.\u00a0<\/span>\r\n\r\n<span style=\"font-weight: 400;\">C\u2019est l\u00e0 que l\u2019outil de g\u00e9n\u00e9ration de term sheet sur <\/span><a href=\"https:\/\/seedlegals.com\/fr\/financement-startup\/\"><span style=\"font-weight: 400;\">notre plateforme<\/span><\/a><span style=\"font-weight: 400;\"> prend tout son sens. Il permet de g\u00e9n\u00e9rer ou reprendre, de mani\u00e8re intuitive et p\u00e9dagogique, une lettre d\u2019intention en pr\u00e9sentant l\u2019accord sous la forme d\u2019un petit nombre de param\u00e8tres cl\u00e9s : les <\/span><i><span style=\"font-weight: 400;\">key deal terms<\/span><\/i><span style=\"font-weight: 400;\">. Ce sont ces param\u00e8tres qui constituent la substance de l\u2019accord et autour desquels se cristallise la n\u00e9gociation. La plateforme permet aux entrepreneurs et investisseurs de faire des it\u00e9rations sur le projet d\u2019accord puis de signer la term sheet en ligne : les donn\u00e9es issues de milliers de lev\u00e9es de fonds sur SeedLegals d\u00e9montrent que cela acc\u00e9l\u00e8re de 4 \u00e0 10 fois la conclusion d\u2019un accord, tout en apportant une transparence maximale !<\/span>\r\n\r\n&nbsp;\r\n\r\n<img class=\"size-large wp-image-5567\" src=\"https:\/\/seedlegals.com\/wp-content\/uploads\/2020\/05\/Key-Deal-Terms-Screenshot-1024x769.png\" alt=\"Key Deal Terms Screenshot\" width=\"1024\" height=\"769\" \/>\r\n\r\n&nbsp;\r\n<h2><span style=\"font-weight: 400;\">R\u00e9diger la documentation juridique<\/span><\/h2>\r\n<span style=\"font-weight: 400;\">D\u00e8s que les conditions principales de l\u2019investissement sont act\u00e9es par la signature de la term sheet, vous devez r\u00e9diger et faire signer une liste exhaustive de documents juridiques qui constituent le <\/span><i><span style=\"font-weight: 400;\">closing<\/span><\/i><span style=\"font-weight: 400;\">, ou conclusion juridique de l\u2019accord. Ces documents comprennent notamment un nouveau pacte d\u2019associ\u00e9s et des statuts.\u00a0<\/span>\r\n\r\n<span style=\"font-weight: 400;\">Ma\u00eetriser les notions et les \u00e9tapes d\u2019un workflow d\u2019investissement n\u2019est pas une simple affaire et en tant qu\u2019entrepreneur votre expertise et votre priorit\u00e9 restent le d\u00e9veloppement de votre entreprise. C\u2019est justement pour cela que SeedLegals va vous guider, sans douleur, pour effectuer une \u00e0 une chaque \u00e9tape. SeedLegals, cr\u00e9\u00e9 par des entrepreneurs pour des entrepreneurs, vous propose un workflow \u00e9lectronique qui donne une visibilit\u00e9 compl\u00e8te et didactique du closing, \u00e9tape par \u00e9tape. Gr\u00e2ce \u00e0 vos r\u00e9ponses \u00e0 de simples questions et toujours avec le soutien de notre \u00e9quipe support, la plateforme g\u00e9n\u00e8re tous les documents dont vous aurez besoin :<\/span>\r\n\r\n&nbsp;\r\n<ul>\r\n \t<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Protocole d'investissement - la synth\u00e8se du deal<\/span><\/li>\r\n \t<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Lettre de r\u00e9v\u00e9lation - les garanties apport\u00e9es par les fondateurs sur la soci\u00e9t\u00e9<\/span><\/li>\r\n \t<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">D\u00e9cisions unanimes des associ\u00e9s - l\u2019accord des actionnaires actuels\u00a0<\/span><\/li>\r\n \t<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Bulletins de souscription - l\u2019entr\u00e9e au capital des nouveaux investisseurs<\/span><\/li>\r\n \t<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Pacte d'associ\u00e9s - les r\u00e8gles qui r\u00e9gissent les relations entre actionnaires<\/span><\/li>\r\n \t<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Statuts - les principes l\u00e9gaux qui structurent la soci\u00e9t\u00e9<\/span><\/li>\r\n \t<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Formulaire CERFA - l\u2019enregistrement de la lev\u00e9e de fonds<\/span><\/li>\r\n<\/ul>\r\n&nbsp;\r\n\r\n<span style=\"font-weight: 400;\">L\u2019ensemble de la documentation juridique est ainsi produite automatiquement, exactement param\u00e9tr\u00e9e selon les termes de l\u2019accord avec vos investisseurs, et la cap table est mise \u00e0 jour et partag\u00e9e dynamiquement entre tous les actionnaires.<\/span>\r\n\r\n<span style=\"font-weight: 400;\">La plateforme vous permet m\u00eame d\u2019\u00e9tablir un plan de BSPCE pour vos futurs salari\u00e9s et de leur attribuer des options \u00e0 l\u2019issue de la lev\u00e9e de fonds.<\/span>\r\n\r\n<span style=\"font-weight: 400;\">Nos \u00e9quipes sont \u00e0 votre disposition pour vous accompagner dans chacune de ces \u00e9tapes.\u00a0<\/span><a href=\"https:\/\/app.seedlegals.com\/login\"><span style=\"font-weight: 400;\">D\u00e9marrez gratuitement aujourd\u2019hui !<\/span><\/a><\/li>\r\n<\/ol>","post_title":"Le guide complet pour r\u00e9ussir votre lev\u00e9e de fonds","post_excerpt":"Le financement d\u2019une entreprise est une question incontournable pour tout entrepreneur. Mais comment s\u2019y prendre ? Que devez-vous pr\u00e9parer pour convaincre des investisseurs ? Quelles sont les \u00e9tapes cl\u00e9s ?\r\nPas d\u2019inqui\u00e9tude, vous trouverez dans cet article tous les \u00e9l\u00e9ments de r\u00e9ponse po","post_status":"publish","comment_status":"open","ping_status":"open","post_password":"","post_name":"le-guide-pour-reussir-une-levee-de-fonds","to_ping":"","pinged":"","post_modified":"2022-10-10 15:10:59","post_modified_gmt":"2022-10-10 14:10:59","post_content_filtered":"","post_parent":0,"guid":"http:\/\/localhost:10013\/?p=5566","menu_order":320,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}},{"post":{"ID":27939,"post_author":"32","post_date":"2024-04-18 14:29:09","post_date_gmt":"2024-04-18 13:29:09","post_content":"","post_title":"Top 10 des VCs les plus actifs en France","post_excerpt":"\u00c0 ce stade de votre projet, vous avez finalis\u00e9 votre POC ou proof of concept, vous \u00eates convaincu que votre produit r\u00e9pond \u00e0 un r\u00e9el besoin et qu\u2019un march\u00e9 existe. Mais il vous manque la graine qui fera pousser votre projet dans sa phase de commercialisation.","post_status":"publish","comment_status":"open","ping_status":"open","post_password":"","post_name":"top-10-des-vcs-les-plus-actifs-en-france","to_ping":"","pinged":"","post_modified":"2024-04-18 14:29:09","post_modified_gmt":"2024-04-18 15:29:09","post_content_filtered":"","post_parent":0,"guid":"https:\/\/seedlegals.com\/?p=27939","menu_order":285,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}},{"post":{"ID":399504,"post_author":"85","post_date":"2023-11-16 07:56:22","post_date_gmt":"2023-11-16 07:56:22","post_content":"","post_title":"50 vid\u00e9os d'experts pour une lev\u00e9e de fonds r\u00e9ussie","post_excerpt":"Lever des fonds est une \u00e9tape cruciale pour assurer la croissance de votre startup. Cependant, naviguer dans l'univers complexe du financement peut para\u00eetre intimidant au premier abord. Par o\u00f9 commencer ? On vous guide \u00e9tape par \u00e9tape dans notre formation en ligne sur-mesure.","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"la-formation-indispensable-pour-une-levee-de-fonds-reussie","to_ping":"","pinged":"","post_modified":"2023-11-16 07:56:22","post_modified_gmt":"2023-11-16 07:56:22","post_content_filtered":"","post_parent":0,"guid":"https:\/\/seedlegals.com\/?p=399504","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}}],"custom_post_authors":{"authors":[{"author":{"ID":33,"user_firstname":"Florent","user_lastname":"Artaud","nickname":"Florent Artaud","user_nicename":"florent","display_name":"Florent Artaud","user_email":"florent@seedlegals.com","user_url":"","user_registered":"2020-02-12 10:43:28","user_description":"","user_avatar":"<img alt='' src='https:\/\/secure.gravatar.com\/avatar\/6e7ec96095a94a62c4a8f81875d99d5693380dd2321c7fa9fe39bfedf3216607?s=96&#038;d=mm&#038;r=g' srcset='https:\/\/secure.gravatar.com\/avatar\/6e7ec96095a94a62c4a8f81875d99d5693380dd2321c7fa9fe39bfedf3216607?s=192&#038;d=mm&#038;r=g 2x' class='avatar avatar-96 photo' height='96' width='96' loading='lazy' decoding='async'\/>"},"role":"SeedLegals"}]},"expert_reviewed":{"heading":"Certifi\u00e9 par un expert","tooltip_message":"This article has been fact-checked by a SeedLegals subject matter expert.<br><br><a href=\"https:\/\/seedlegals.com\/authors-and-experts\/\" target=\"_blank\">Meet our experts<\/a> and learn more about our review process and quality assurance in our <a href=\"https:\/\/seedlegals.com\/editorial-policy\/\" target=\"_blank\">editorial policy<\/a>."}},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Tout savoir sur le Venture Capital (VC)<\/title>\n<meta name=\"description\" content=\"D\u00e9couvrez ce qu\u2019est le venture capital, comment fonctionnent les VC, ce qu\u2019ils recherchent, et comment en b\u00e9n\u00e9ficier pour votre startup.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/seedlegals.com\/fr\/resources\/tout-savoir-sur-le-venture-capital-vc\/\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tout savoir sur le Venture Capital (VC)\" \/>\n<meta property=\"og:description\" content=\"D\u00e9couvrez ce qu\u2019est le venture capital, comment fonctionnent les VC, ce qu\u2019ils recherchent, et comment en b\u00e9n\u00e9ficier pour votre startup.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/seedlegals.com\/fr\/resources\/tout-savoir-sur-le-venture-capital-vc\/\" \/>\n<meta property=\"og:site_name\" content=\"SeedLegals\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/seedlegals\/\" \/>\n<meta property=\"article:published_time\" 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