Fundraising in Different Business Ecosystems:Entrepreneurial Leaders’ perspectives in USA, France and China

Abstract: Both developing and developed countries have witnessed the very heart position of small business in the contribution of economic growth and job creation. Nevertheless, the appetite for funds of new enterprises is still not satisfied nowadays, which limits the further blossom of entrepreneurship. Concerning about this problem, our research tries to investigate and describe financing sources of companies in seed/early stage and understand the implications of entrepreneurial leadership in the process of fundraising. Besides, this study involves three business ecosystems: America, France and China in the international context.Following the grounded theory as the researching path, this thesis is considered as a combination of realistic research about financing sources and interpretative research about entrepreneurial leadership. The study is based upon secondary data, which are widely gathered from USA, France and China. In order to achieve in-depth perspectives, empirical explorations are conducted mainly through example studies and face-to-face dialogues with experts including an entrepreneur, a consultant in relation with investors, a bank manager and a project manager.A comprehensive understanding is realized as a result of this research:• American business ecosystem proves its leading position in fundraising support for bootstrap-step companies. As to French ecosystem, it is evolving and represents various particularities regarding regulations, structural mentalities and policies. The Chinese one is fairly different due to the affection of the Communism regime but also the particularly important role of network in doing business.• Entrepreneurial leadership is helpful in fundraising process. And enactment of leadership is quite different due to diverse culture and financing sources. Through the thesis, we interpret how entrepreneurial leadership could be helpful for fundraising in each business ecosystem.• Beyond academic sphere, this research reveals significant benefits and potentials for bridging fund flow among three business ecosystems. It shows a big entrepreneurial opportunity for people who have knowledge and network to break cultural boundaries and construct this “bridge”.In no wise this study aims at explaining or prescribing. By studying each ecosystem for entrepreneurial leaders, we hope to establish an understanding of this topic that could be further examined.