The study extends the literature on venture capital by examining
whether entrepreneur's choice for an external investor and certain
firm characteristics have an impact on venture success or not. The
focus is set on the differences in value creation by venture
capitalists and business angels for ventures of the high- and
low-technology sector. The assessment of a data set including 252
Series A financing rounds by venture capitalist firms, business
angels and collaborative investments of both investors conducted
between 2005 and 2012 unveils value enhancing aspects for all three
financing solutions. Overall, start-ups initially financed by
venture capitalist firms perform best with regard to general
venture success, whereas start-ups collaboratively supported by
venture capitalists and business angels have the highest chances to
exit successfully through a trade sale. It becomes further apparent
that ventures located in one of the high-technology industries
'internet', 'pharmaceuticals' and 'high-tech', ventures that are
longer established in the market and ventures whose Series A
financing round was executed more recently indicate an enhanced
likelihood of success.
General
Imprint: |
Anchor Academic Publishing
|
Country of origin: |
United States |
Release date: |
December 2013 |
First published: |
December 2013 |
Authors: |
Daniel Schmidt
|
Dimensions: |
210 x 148 x 3mm (L x W x T) |
Format: |
Paperback - Trade
|
Pages: |
56 |
ISBN-13: |
978-3-9548919-0-0 |
Categories: |
Books >
Business & Economics >
Economics >
General
|
LSN: |
3-9548919-0-5 |
Barcode: |
9783954891900 |
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