Abstract
Through the act of certification at the seed stage, we seek to gain a better understanding of the construction of the financing trajectory and entrepreneurial governance. Situating our work in an emerging field of entrepreneurial finance, our work consists of three approaches. The first essay proposes a conceptual model of seed-stage certification. This literature review has highlighted a new player in certification: startup rating platforms. The second article is a qualitative study based on a case study of a startup rating platform. Certification issued by such a player is conveyed notably through its evaluation process. We aim to better understand the determinants of entrepreneurial firm ratings and their impact on its financing trajectory. We put forward several propositions as well as an informational intermediation model. The final part of the thesis addresses governance issues raised by the involvement of a third-party actor. External rating conducted by the platform, within a broader perception of governance, appears to influence disciplinary and cognitive mechanisms, particularly monitoring and mentoring activities. Through an exploratory study conducted through interviews with ecosystem actors, we seek to understand the impact of rating on informational context, innovation management, and governance construction.