Risk is at the heart of every venture capital operation.  It covers a multiple reality which is linked, on the one hand, to the technical and commercial characteristics of the project and to managerial considerations on the other. 

Venture capitalism is a specific financing method.  This method is based on intermediation, in which risk is grasped in its entirety. It differs from other proprietorial financing methods on account of the monitoring or the partnership implemented by the investor and senior management. Monitoring of this type, a true lever for the creation of value, is a way in which to limit the risk incurred.

Although the selection and evaluation methods for financed ventures have been the object of extensive research, the analysis of this monitoring has only recently attracted increasing numbers of researchers. Our analysis will concentrate on managerial risk and its consequences on the modus vivendi of financed participation.