The governance of small firms is at the heart of current debates on corporate governance. The present study sheds light on both the perception and the practice of governance in small innovative enterprise, with a particular attention to innovative biotech environments in France. Who are the key actors of governance? What governance are we talking about? What are the main expectations and obligations of the owner-managers? Are there any compromises and what is the stake? The answers to these questions and the lessons learned from the case of Biotech industry are beneficial to performance and both theory and practice of corporate governance and innovation management.