Christophe Dispas - Innovation and Financial Markets

In France, we also benefit from an important legal innovation: the creation of “ sociétés à mission ” companies, whose articles of association make it possible to avoid hostile takeover bids thanks to board members (staff, suppliers, customers, representatives of environmental priorities), other than financial shareholders. In this way, sustainability would be privileged over the dangerous “short-termist” views of some traders.

Pierre LAFFITTE

Honorary Senator

General Engineer at the Corps des Mines Creator of Sophia Antipolis, the Club des Technopoles and the Club des Cités Côtières Creator of the Conférence des Grandes Écoles January 2021

From start-up to the stock exchange is a long, often complicated, journey which we have tried to popularize and systematize in this book. We have chosen to structure this book through the major stages of an entrepreneur’s life. It is addressed to all those interested in the business world, with or without prior experience. Both entrepreneurs and students will find a practical and accessible guide to increase their chances of transforming an original idea into a profitable business.

In Chapter 1, we present, in an original way and based on the personal experience of Georges Kayanakis, the different stages from the initial idea to the initial public offering. The practical highlighting of these different stages constitutes an unprecedented contribution to the literature on the subject.

Chapter 2focuses on the elements that foster innovation in a company. Three elements emerge: siphoning requests to produce an idea, having the required skills and having a focused organization.

Chapter 3returns to the challenges of innovation for companies. It is first of all a survival issue – without innovation the company can quickly become obsolete and disappear. But innovation is also about improving and creating new products/services, having a distinction, and being a leader. It is also the importance of reducing production costs, entering new markets, or creating a competitive advantage in CSR and/or the GDPR.

In Chapters 4and 5, we elaborate on the financial elements for the company. Chapter 4covers the main elements of the financial evaluation of an innovation project. Chapter 5discusses the different sources of financing for innovation.

Starting in Chapter 6, we move from the prism of the company to that of the financial markets: once a company is listed on the stock market, how innovation is valued by the financial markets. In this way, we review the main models for valuing financial assets and try to make them accessible in a practical way through the use of Microsoft Excel.

In Chapter 7, we move from equity markets to bond markets. We will attempt to answer the question of the impact of innovation on corporate credit risk.

Finally, in Chapter 8, we will deal with financial innovation itself. Do new financial products provide investors with additional opportunities for diversification or do they contribute to increasing the risk of financial asset portfolios?

Resolutely practical and pragmatic, this book nevertheless provides numerous references to professional and academic literature to make it possible for readers to dig deeper into their favorite subjects.

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