Professor Benoit F. Leleux

Stephan Schmidheiny Professor of Entrepreneurship and Finance


Dr Leleux is the Stephan Schmidheiny Professor of Entrepreneurship and Finance at IMD in Lausanne (Switzerland), where he was also director of the MBA program (2006-2008) and director of Research and Development (2004-2008). He is currently the co-Director of Foundations for Business Leadership (FBL).

He was previously Visiting Professor of Entrepreneurship at INSEAD and Director of the 3i VentureLab and Associate Professor and Zubillaga Chair in Finance and Entrepreneurship at Babson College, Wellesley, MA (USA) from 1994 to 1999. He obtained his PhD at INSEAD, specializing in Corporate Finance and Venture Capital.

He is the author of "Winning Sustainability Strategies: finding purpose, driving innovation and executing change" published in 2019 by Palgrave Macmillan, “Private Equity 4.0: Reinventing Value Creation” (Wiley, 2015), “Investing Private Capital in Emerging and Frontier Market SMEs” (IFC, 2009), “Nurturing Science-Based Startups: An International Case Perspective” (Springer Verlag, 2008), “From Microfinance to Small Business Finance” (Palgrave Macmillan, 2007), and “A European Casebook on Entrepreneurship and New Ventures” (Prentice Hall, 1996). His teaching cases have earned more than 20 European case writing awards.

Prior to his academic career, he was the head of corporate venturing for a leading agribusiness conglomerate in South East Asia. Dr Leleux earned a M.Sc. in Agricultural Engineering and a M.Ed. in Natural Sciences from the Catholic University of Louvain (Belgium) and an MBA from Virginia Tech (USA)


“adidas Russia/CIS and the Russian Crisis: Retrench or Double Down”, with Carlos Cordon and Beverley Lennox, Supply Chain Forum, Sept 2017.

"Service-for-Equity Arrangements: Untangling Motives and Conflicts" with James Henderson and Ian White. Journal of Business Venturing, Volume 21, 2006, pages 886-909.

“Venture Investment Contracts as Baskets of Real Options”, with Didier Cossin and Entela Saliasi (HEC-Lausanne). Journal of Financial Transformation, Volume 13, 2005.

"An Analysis of Shareholder Return in Public Franchisor Companies”, with Stephen Spinelli (Babson College) and Sue Birley (Imperial College). Journal of Private Equity 6 (3), p.1-13, 2003.

"Public versus Private Venture Capital: Seeding or Crowding Out? A Pan European Analysis", with Bernard Surlemont.  Journal of Business Venturing 18 (1), p. 81-104, 2003.

"Angel Networks for the 21st Century: An Examination of Practices of Leading Networks in Europe and the US", with Julian Lange (Babson College) and Bernard Surlemont (HEC-Lausanne). Journal of Private Equity 6 (2), p.18-29, 2003, DOI:10.3905/jpe.2003.320036.

"Valuing High Growth Potential Companies: An International Comparison of Practices by Leading Venture Capitalists and Underwriters", with Colin Barrow and Alan Richardson (Cranfield Univ), Gilles Copin and Remy Paliard (E.M. Lyon), Julian Lange (Babson College) and Louise St Cyr (HEC-Montreal). International Management 6 (1), Fall 2001.

“Courting the European Growth Equity: A Survey of Attitudes Towards Listing Alternatives”, with Daniel Muzyka (INSEAD).  Venture Capital 2 (1), 2000.

“The Relative Impact of Actual and Potential Rivalry on Firm Profitability in the Pharmaceutical Industry”, with Karel Cool (INSEAD) and Lars-Hendrik Roller (WZB).   Strategic Management Journal, 20, p. 1-14, 1999.

“European IPO Markets: The Post-Issue Performance Imperative”, with Daniel F. Muzyka. Venture Capital special issue of Entrepreneurship: Theory and Practice, 1999.

“Pricing High Growth Firms: Arbitrage Opportunities in the Inc. 100”, with Julian Lange and Veronique Matthys. Winner of the 1996 Academy of Entrepreneurial and Small Firm Finance Best Paper Award. Journal of Entrepreneurial and Small Business Finance, 5(1), pp.43-60, 1997.

“Large Shareholdings and Corporate Control: An Analysis of Stake Purchases by French Holding Companies”, with Theo Vermaelen (INSEAD) and Saugata Banerjee. European Financial Management, Vol. 3, N. 1, pp. 25-45, 1997.

“Trade-Offs in the Investment Decisions of European Venture Capitalists”, with Daniel Muzyka (INSEAD) and Sue Birley (Imperial College). Journal of Business Venturing, 11, pp.273-287, 1996.

“Trade Suspensions and Arbitrage Profits in Control Transactions: Evidence from the French Stock Market”. Financial Management, FMA 1996 Competitive Paper Award Winners, Fall 1996, Vol. 11 No. 3, p. 5-6.


Leleux, Benoit F./van der Kaaij, Jan (2019), Winning Sustainability Strategies, Finding purpose, driving innovation and executing change, Palgrave Macmillan

Leleux, Benoit F./Swaay, Hans Van/Megally, Esmeralda (2015), Private equity 4.0, Reinventing value creation, J. Wiley and Sons.