New guardians for the green galaxy ? Analysis of collaboration practices between business angels and entrepreneurs in a cleantech case study[De nouveaux gardiens pour la galaxie verte ? Analyse des pratiques de collaboration entre business angels / investisseurs providentiels et entrepreneurs dans l’étude de cas d’une cleantech]

This study looks at innovative firms, particularly "Green-Cleantech / VertesTechpropre" start-ups and SMEs, key players in our industrial economies, and their complex financing. These companies, essential to the ecological transition, face challenges linked to their uncertain economic value and their informational opacity, generating a risk of adverse selection for investors. We explore the role of Business Angels (BAs) in this context, particularly their hybrid approach to financing, combining altruistic and financial motivations. Analyzing BAs' support behaviors, between support for sustainable objectives and expectations of financial returns, is essential to understanding their impact on the evolutionary trajectory of "GreenCleantech" projects. The study addresses the dynamics of collaboration between BAs and entrepreneurs, highlighting the importance of complementary agency and stewardship theories for a balanced relationship. Our research, based on a unique, longitudinal case analysis, reveals distinct collaboration practices and the conditions favoring the evolution of BA-entrepreneur relationships, enriching the literature on startup governance and green entrepreneurial finance.