The aim of this project is to answer a crucial question for academic spin-offs and deep tech start-ups: what are their financing strategies, and how can they be optimized from an economic development perspective? Audencia Business School's Finance for Innovation Chair is proposing a research program on the financing of academic spin-offs and deep tech start-ups. It includes an analysis of the impact of non-dilutive public financing instruments (loans, bank guarantees, grants, etc.) on the granting of subsequent venture capital financing. A few international academic studies have already partially addressed this issue, and have observed that beyond the sums involved, for example, the number and pace of such financing is very important. This project is financially supported by the Pays de la Loire Region of France.