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  • Publication
    Accès libre
    Emergent models of financial intermediation for innovative companies : from venture capital to crowdinvesting platforms
    The recent financial crisis has accelerated the changes with regard to the spatial organization of financial channels. In direct investments, the venture capital industry in Switzerland used to be connected to national and international financial markets. Today these traditional direct investment players decline because their traditional business model is no longer suited for the current economic context. Instead, a new business model for direct investment has recently emerged while revitalizing this financial sector: crowdinvesting platforms exploit more intensively the possibilities opened by ICTs and of specialized, but dispersed, expertise. The paper highlights the strengths and weaknesses of both business models as well as their contrasted time and space ways to deal with uncertainty.
  • Publication
    Accès libre
    The Post Crisis Transition : Towards New Investment Circuits ?
    The recent Global financial crisis has marked an unprecedented separation between finance and real economy. This paper deals with the question of today’s transition within finance geography. It focuses on the transition process of the Swiss financial system after 2008 from institutional and territorial perspective. More specifically, this study investigates new investment circuits in Switzerland and attempts to understand to which extent they are connected to entrepreneurial activities at local and regional levels. Our main findings highlight that the Swiss case shows two opposite movements: “from the top”, i.e. Swiss pension fund sector and “from below”, i.e. regional private entrepreneurial investors. We will finally demonstrate that, because of the specific institutional framework, the current transition process in Switzerland is more likely to be driven by small regional actors, rather than by large institutional investors.