The early stage of start-up creation, when entrepreneurial ventures match with investors, is particularly crucial (Kaplan and Stromberg, 2003(7], Song et al., However, the founder-investor relationship is marked by risk and asymmetry of information. In this respect, what matters most for investors are the fundamentals of the entrepreneur’s business proposition and the previous experience of the founders (Amit, Muller and Cockburn, 1995(9], Fried and Hisrich, 2018[ioi)- Still, if high-potential start-ups fail to succeed because of market failures limiting access to financing, the consequences will be lower growth and innovative potential of the economy.