To see the other types of publications on this topic, follow the link: Venture Capital Strategies.
Dissertations / Theses on the topic 'Venture Capital Strategies'
Create a spot-on reference in APA, MLA, Chicago, Harvard, and other styles
Consult the top 40 dissertations / theses for your research on the topic 'Venture Capital Strategies.'
Next to every source in the list of references, there is an 'Add to bibliography' button. Press on it, and we will generate automatically the bibliographic reference to the chosen work in the citation style you need: APA, MLA, Harvard, Chicago, Vancouver, etc.
You can also download the full text of the academic publication as pdf and read online its abstract whenever available in the metadata.
Browse dissertations / theses on a wide variety of disciplines and organise your bibliography correctly.
1
Pruthi, Sarika. "Internationalisation strategies of venture capital firms." Thesis, University of Nottingham, 2004. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.408056.
Full text
2
Eckermann, Matthias. "Venture capitalists' exit strategies under information asymmetry evidence from the US venture capital market /." Wiesbaden : Deutscher Universitäts-Verlag, 2006. http://www.springerlink.com/content/qp7332/.
Full text
3
Malipiero, Alessandro <1978>. "Portfolio strategies and performance in the venture capital industry." Doctoral thesis, Alma Mater Studiorum - Università di Bologna, 2007. http://amsdottorato.unibo.it/514/.
Full text
4
Eckermann, Matthias. "Venture capitalists' exit strategies under information asymmetry evidence from the US venture capital market /." Wiesbaden : Dt. Univ.-Verl, 2005. http://www.myilibrary.com?id=134343.
Full text
5
Chand, Roslyn. "Effective Strategies for Venture Capital Evaluations of Organizations' Drug Development Capabilities." ScholarWorks, 2018. https://scholarworks.waldenu.edu/dissertations/4779.
Full textAbstract:
Undercapitalization is a major impediment for the growth and survival of Canadian life sciences firms. Proficient management teams are the 'sine qua non' criteria in the venture capital decision-making processes. The purpose of this multicase study was to explore strategies successful venture capitalists use to improve their evaluation processes of life sciences management teams' drug development capabilities. The conceptual framework for this study was based on business process management. The purposeful sample consisted of 10 venture capitalists located in the United States and Canada who had expertise evaluating life sciences management teams. The data were triangulated from semistructured interviews, annual reports, company websites, and articles. Collected data were coded to identify underlying themes. Several themes emerged from the analysis process: begin with the exit in mind, collapse learning timelines, conduct systematic due diligence, and cultivate and critique one's drug development expertise. The findings may provide venture capitalists and other investors such as angel investors with a refined framework for improving investment decisions. Life sciences management teams may also attract more private equity financing by understanding the vicissitudes of investor expectations. Increased investment and venture capital support for life sciences companies may revitalize the development of new therapies and effect social change by improving patient lives and investment outcomes.
6
Browne, Tamu Petra. "Strategies of Minority Female Technology Entrepreneurs to Obtain Venture Capital Funding." ScholarWorks, 2018. https://scholarworks.waldenu.edu/dissertations/6177.
Full textAbstract:
Less than 1% of minority women receive venture capital funding for technology enterprises. The purpose of the multiple case study was to explore the strategies used by Black female entrepreneurs to obtain venture capital funding for their technology businesses in the United States. The conceptual framework for the study was the social network theory of entrepreneurship. Data were collected through semistructured interviews with 5 Black female entrepreneurs who founded technology ventures in the United States. Journaling before and after each interview aided the methodological triangulation, which ensured validation. Yin's data analysis process was used, and the data were reviewed, codes determined, emerging themes noted, and iterative explanation building undertaken. The main themes emerging from the analysis of the data were the participation in pitch competitions, the importance of networks, and communication. The findings may contribute to social change because other minority female, technology entrepreneurs can use the strategies of the participants as a model in their quest to receive venture capital funding. An increase in the number of minority women who receive venture capital funding and engage in high-growth entrepreneurship may result in an improved standard of living for the women and their families. Society could also benefit from a more diverse pool of technological innovations.
7
McClain, Antonio Wendill. "Decision-Making Strategies of Venture Capitalists for Risky Startups." ScholarWorks, 2017. https://scholarworks.waldenu.edu/dissertations/4008.
Full textAbstract:
In 2014, venture capitalist (VC) investments were as high as $87 billion for startup companies. Furthermore, although more than 50% of venture-backed startups failed, return on investment came from only 10% of the investee companies. The high VC investment dollars and the low number of profitable VC-backed startups suggest challenges that VCs might experience in identifying profitable startups. Using a real options theory conceptual framework, the purpose of this multiple case study was to explore strategies VCs in the southeastern United States use to identify profitable startups. Data collection included observation and archival document reviews and involved semistructured interviews of 11 VC participants in 8 firms who participated in assessing startups that led to an initial public offering or buyout within the past 5 years. Data analysis involved a coding technique for extrapolating themes. Several themes emerged including due diligence and investor involvement, reduction of information asymmetry, human capital management, environment and market forces, startup experience matching investor strategy, trust building, investment timing, and VC market dynamics. Findings from this study might contribute to positive social change by assisting VCs, entrepreneurs, and capital investors in identifying startups that lead to sustainable and profitable businesses. Sustainable and profitable businesses may result in stable jobs in the local community. Beneficiaries of this research include VCs, entrepreneurs, and capital investors.
8
Zhong, Chenjiazi. "Strategies That Chinese Small and Medium-Sized Enterprises Use to Attract Venture Capital." ScholarWorks, 2018. https://scholarworks.waldenu.edu/dissertations/5440.
Full textAbstract:
Small and medium-sized enterprises (SMEs) contribute to China's economic growth and help maintain social stability. However, SME business leaders have cited access to finance as an obstacle of SMEs' survival and success. The purpose of this multiple case study was to identify main strategies SME entrepreneurs and business leaders used to attract venture capital (VC) investments to achieve financial sustainability and business expansion. Data were collected from a purposive sample of 23 entrepreneurs and leaders from 4 SMEs in China and an analysis of organizational artifacts. The resource-based view theory served as the primary conceptual framework. The data analysis process entailed using coding techniques to identify keywords, narrative segments, and concepts. Member checking ensured the credibility and trustworthiness of the data interpretation and analysis. The process led to 4 themes including developing a unique and pioneering business model, assembling a management team with industry experience, indicating use of raised capital in investing in technology, and engaging with superior principal endorsements during the fund-raising efforts. The implication for positive social change included the potential to enhance the capability of SME entrepreneurs and business leaders to obtain VC funding to support their businesses, which can increase economic development and improve the social stability of local communities in China. The findings from the study may contribute to the development of the SME sector in China and benefit their owners, business leaders, employees, future entrepreneurs, the local community, as well as economy of China.
9
Eno-Adams, Inibehe. "Strategies for Improving Technology Startup Capital." ScholarWorks, 2018. https://scholarworks.waldenu.edu/dissertations/6013.
Full textAbstract:
Funding is one of the most critical resources high potential technology startup (HPTS) ventures need to achieve success. Some startup founders lack access to capital, a critical resource for HPTS founders to create value for customers and capture value for their organizations. Capital constraints can hinder business performance, endanger growth and the ability to grow and scale into the global markets. This multiple case study explored the strategies HPTS firms used to access capital to grow and scale into global markets. Mishra's venture capital investment model and Blank's customer development model served as the conceptual framework for this study. Data were collected from semistructured face-to-face interviews, direct observations, member checking, and a reflective journal. Participants were selected using a purposive sampling of 5 founders from the Silicon Valley of California, who were involved in equity finance decisions in the last 5 years. Yin's 5-step data analysis plan was used in the final data analysis. Eight themes emerged from the study: capital constraint; identification of potential investors; collaboration, guidance, and support; investment potential; investment thesis; measurement of success; passion and preparedness; and prevention of stock dilution. The findings of this study have implications for positive social change. HPTS ventures can use the study findings to gain approval of investment proposals and increase ventures that create value for customers and for the organizations.
10
Ybanez, Sergio D. "Growth strategies : how software start-ups can leverage alliances, acquisitions, IPOs and venture capital." Thesis, Massachusetts Institute of Technology, 2007. http://hdl.handle.net/1721.1/42374.
Full textAbstract:
Thesis (S.M.)--Massachusetts Institute of Technology, System Design and Management Program, 2007.Includes bibliographical references (leaves 144-148).
The identification of the different factors impacting a software start-up company's decision to pursue an alliance, acquisition, IPO or venture capital to sustain growth is the main objective of this research study. First and foremost on a software start-up company's list of reasons to pursue and engage in alliances is to leverage the incumbent's tangible and intangible assets. Other factors impacting their decision to leverage alliances include the opportunity to enhance stability and profitability and the opportunity to acquire key customers. Another key factor that encourages start-up company alliance or strategic partnership formation is the need for the start-up company to establish platform leadership. Like the pursuit of alliances, foremost on a software start-up company's list of reasons to pursue and engage in acquisitions is to leverage the incumbent's or the acquirer's tangible and intangible assets. Other factors impacting their decision to get acquired include the boost such an acquisition will provide in helping them establish platform leadership. Acquisitions are also pursued by start-up companies when the founders want to exit. Start-up companies also pursue to get acquired to survive, when no other option are available. Lastly, they would opt to get acquired to penetrate new markets. Given optimal economic conditions, IPOs capture the best liquidity and valuation. It is advantageous versus getting acquired in that one gets to sustain growth while retaining control of the software start-up company. Software start-up companies seek venture capital funding for a number of factors. This includes getting help in business development, leveraging the VC network, obtaining a certification effect, diversifying net worth and reducing risk, and pursuing and engaging in alliances successfully.
(cont.) There is no one universal paradigm to help a software start-up company determine when it is best to pursue an alliance, an acquisition, an IPO or venture capital. A myriad of factors specific to one's situation impacts the decision to choose the right growth strategy. To make the most informed decision, the executive team must consider all these factors.
by Sergio D. Ybanez.
S.M.
11
Hopp, Christian. "Empirical Evidence on Governance Mechanisms, Syndication Activities, and Partner Selection Strategies in Venture Capital Financing." [S.l. : s.n.], 2008. http://nbn-resolving.de/urn:nbn:de:bsz:352-opus-55783.
Full text
12
Söderblom, Anna. "Private equity fund investing : investment strategies, entry order and performance." Doctoral thesis, Handelshögskolan i Stockholm, Institutionen för Företagande och Ledning, 2011. http://urn.kb.se/resolve?urn=urn:nbn:se:hhs:diva-1295.
Full textAbstract:
Private equity investing (PE) has experienced rapid growth on a global scale over the last few decades to become a significant industry. While scholars have devoted considerable effort to studying the area of risk capital investing into businesses, research about private equity as an asset class is surprisingly scarce. This dissertation addresses this gap by enhancing understanding of PE fund investing in general, and specifically about how heterogeneity in investor-specific characteristics and entry order strategies may impact performance. Based on a comprehensive set of interviews with PE fund investors, in-dept insights about variances in motives for investing in the asset class, ways of working, and investment strategies across investors were acquired; findings that are elaborated upon in the dissertation. In addition, to facilitate a thorough investigation of the links between organizational characteristics, entry order and performance, hypotheses were tested through the statistical analysis of unique data covering PE funds raised in Sweden over a twenty-year period. Among several novel results, this study indicates that the level of environmental uncertainty has a clear impact on which organization-specific factors explain entry order, as well as which factors impact the ability of an organization to take advantage of a chosen entry order. Furthermore, the study points at organizational reputation as an especially valuable asset in situations of uncertainty. While a good reputation does not directly lead to superior performance, it may be used in exchange for favorable entry order positions.Diss. Stockholm : Handelshögskolan i Stockholm, 2011
13
Törnquist, David, and Johan Lennefalk. "Tackling the innovation focus continuum; implications for change in venture capitalists' investment models." Thesis, KTH, Affärsutveckling och Entreprenörskap, 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-98820.
Full textAbstract:
Innovation has been considered the critical driver behind economic growth and value creation for a long time. However, in order to achieve an innovative status, the commercializing of an invention is required by injecting capital and strategy. While capital comes in many forms, this thesis focuses on the field of venture capital and how this type of financial backing can be analyzed and managed. Herein, the company characteristics continuum is presented, where business model innovation and technological innovation represent the two extremities. The purpose was then to investigate if there are significant differences in the venture capitalists' investment models as one moves along the aforementioned continuum. Semi-structured interviews were used and interpreted independently by the authors, with respect to coding units, in order to enhance objectivity. The thesis mainly targeted the information technology industry, where analysis was conducted on four of the largest actors on the Nordic venture capital market. The Nordic focus, combined with the rapidly moving industry, resulted in that significant differences, in the venture capitalists' investment models, were identified; giving implications both for theory and practice. These differences were identified as stemming from the initially adopted risk profiles, which then affected all other areas of the investment models.Innovation har länge ansetts vara den kritiska drivkraften bakom ekonomisk tillväxt och värdeskapande. Emellertid, för att uppnå en innovativ status, krävs kommersialisering av en uppfinning genom att tillföra kapital och strategi. Kapital existerar i flera olika former, dock fokuserar denna uppsats på området riskkapital, och hur denna typ av finansiell backning kan analyseras och hanteras. Häri presenteras kontinuumet för företagskaraktäristik, där innovation inom affärsmodeller och teknik representerar de två ändpunkterna. Syftet var att undersöka om det fanns signifikanta skillnader mellan riskkapitalisters investeringsmodeller, när ett företag rör sig längs det ovan nämnda kontinuumet. Semi-strukturerade intervjuer användes och tolkades oberoende av författarna, genom att använda kodord, för att förbättra objektiviteten. Uppsatsen berör främst företag inom industrin för informationsteknologi, där analys har gjorts på fyra av de största aktörerna inom marknaden för riskkapital i Norden. Ett Nordiskt fokus, kombinerat med en hastigt utvecklande industri, resulterade i att signifikanta skillnader, i riskkapitalisters investeringsmodeller, identifierades; vilket gav implikationer för både teori och praktik. Dessa skillnader identifierades att härstamma från de initialt anammade riskprofilerna, som sedan påverkade alla andra områden inom investeringsmodellen.
14
Chowdhury, Rubab, and Louise Holming. "The art of making a sustainable decision : Svenska Venture Capitals ESG strategier vid investering i tech." Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-445979.
Full textAbstract:
Venture Capitals and early stage companies are of fundamental importance for how the market operates and develops. In the last decade more focus has been put on the ESG strategies and governance of organizations. However, ESG is a relatively new and complex research area in which ignorance and measurement problems have led to inconsistency in applications of ESG concepts and strategies. Based on empirical data consisting of qualitative document analysis and interviews with Swedish Venture Capitals this thesis aims, from theoretical perspectives within decision-making and ESG strategies, to investigate which ESG strategies are used among Swedish Venture Capitals investing in tech, and how these are applied in, are weighted and impact the decision-making process. The result shows that the decision making process can be assumed to be based on bounded rationality tinged by fragmented application of ESG concepts and strategies in which diversity and CO2 impact are prioritized focus areas. The common perception was also that investing in tech created a natural aligning to ESG. Active Ownership, Positive- and Negative screening are the central strategies that were applied with the aim to develop and manage the lack of information and the risks that follows with early stage investing.Venture Capitals och early stage bolag är av fundamental betydelse för hur marknaden fungerar och utvecklas och under det senaste årtiondet har större fokus riktats mot organisationers ESG strategier och styrning. ESG är dock ett relativt nytt och komplext forskningsområde där okunskap och mätningsproblematik har lett till att begrepp och strategier tillämpas inkonsekvent. Utifrån empiri baserad på kvalitativ dokumentanalys och intervjuer från svenska Venture Capitals avser denna studie, utifrån teoretiska perspektiv inom beslutsfattande och ESG strategi, att undersöka vilka ESG strategier som används bland svenska Venture Capitals och hur de tillämpas, viktas och påverkar beslutsfattandet vid investeringar i tech. Resultatet visade att beslutsprocessen kan antas baseras på begränsad rationalitet präglad av fragmenterad tillämpning av ESG begrepp och strategier där jämställdhet och CO2 påverkan var prioriterade fokusområden. Den gemensamma bilden var även att investering i tech skapade en naturlig förankring till ESG. Active ownership, Positive- och Negative screening var de centrala strategierna som tillämpades i syfte att utveckla och hantera den informationsbrist och de risker som medföljde early stage investering.
15
Chijioke, Matthias Ikenna. "Strategies to Sustain Small-and-Medium Sized Business Enterprises." ScholarWorks, 2016. https://scholarworks.waldenu.edu/dissertations/3146.
Full textAbstract:
Eighty-five percent of all firms operating in Nigeria are small-and medium-sized business enterprises (SMEs) and contribute almost 55% to the gross domestic product (GDP) in Nigeria. Capital flight and other growth inhibitors pose threats to the sustainability of SMEs in Nigeria. This exploratory multiple-case study was to determine strategies SME leaders use to sustain business operations in Nigeria. The study participants consisted of 15 SME leaders from 3 regional manufacturing firms who had successfully implemented strategies to sustain SMEs in Nigeria. Bertalanffy's general systems theory and Freeman's stakeholder theory were the conceptual frameworks used in the research. The data collection processes included semistructured interviews and reviewing company documents. After analyzing the interview data and validating through member checking, 5 core themes emerged during the data analysis process: creating new markets, encouraging opportunity for sustainable growth, securing additional funding sources, employee participation in decision making, and gaining competitive advantages. The findings may promote social change among the business community leaders by identifying essential characteristics to improve the posterity of SMEs in Nigeria.
16
Granath, Jonas. "The Search For a Swedish Valley of Death & Possible Ways Out : Investigating Financing Strategies for the Development of Deep Tech Innovation." Thesis, Uppsala universitet, Industriell teknik, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-447262.
Full textAbstract:
This study seeks to review the topic of how deep tech innovation is raised in Sweden and more particularly, the finance-related constraints of this ecosystem. The study proceeds from the idea of mapping out the available, and subsequently more suitable financing alternatives for novel deep tech ventures. A more specific focus lies within understanding what factors are influencing investment decisions amongst such actors. Thereon, there is an attempt to ground a theory revolving around what kind of features in the deep tech start-up, are critical in order to overcome the identified financial challenges. Theoretically, it is explained how the inherent uncertainty of new innovative ventures in general, and those of deep tech character in particular, entails additional financing constraints that deter investors. This results in an s.c "Valley of Death", normally transpiring as a firm aspires to transition from a research-driven development business to a market-driven commercial business. The findings in this study can be considered to confirm this phenomenon as transpiring in Sweden, whereupon it is also seen as a reasonable opinion that the respective problem can be maneuvered. The main arguments in terms of success factors in this respect is; (i) the ability to match with investors with a solid understanding of the particular industry of operations, as wells as for deep tech in general, (ii) the ability to acquire a diverse team with solid industry experience and contacts, (iii) the ability to demonstrate market proximity, (iv) the ability to demonstrate a potential that can justify the intensified uncertainty, as well as a credible plan to reach it, (v) and abilities to argue positively for impacts in sustainable aspects. Furthermore, a few suggestions for further research in relation to the topic and problematization have been identified; alternative choices for fiscal policies, deep tech opportunities in the shadow of s.c impact investing, eventual opportunities in addressing public markets, and eventual constraints in the external dichotomy between public and private sector financing.
17
KONGSHÖJ, MATILDA, and EMILIE LJUNGQVIST. "Strategic venture capital in the financial industry : A multiple-case study on autonomy and its implications." Thesis, KTH, Industriell Management, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-191099.
Full textAbstract:
Den tidigare stabila finansbranschen har snabbt blivit hotad av den digitala transformationen. Ett strategiskt verktyg som används av etablerade banker som står inför denna nya och föränderliga miljö är strategiska riskkapitalinvesteringar i det närliggande området av finansiella teknologier (FinTech). Denna studie undersöker strategiskt riskkapital i termer av organisatorisk design; närmare bestämt graden av autonomi i riskkapitalverksamhetens investeringsprocess. Studien undersöker konceptet riskkapitalautonomi och analyserar kvalitativt konsekvenserna av den valda nivån av autonomi. En abduktiv metodologi används, där insamling av empiriska data från fyra fallföretag sammanflätas med en omfattande litteraturstudie inom området organisationsdesign. Studien genererar en förlängning av den aktuella litteraturen då få tidigare studier undersökt riskkapitalorganisationers grad av autonomi och dess konsekvenser i kvalitativa termer. Studien finner att graden av autonomi hos strategiska riskkapitalverksamheter i finansindustrin bör mätas på en kontinuerlig skala, och föreslår en sådan skala baserad på två dimensioner: autonomin i sökandet efter möjliga investeringar och autonomin i beslutsprocessen. Studien finner också skillnader i de valda nivåerna av autonomi hos det studerade urvalet och diskuterar två möjliga förklaringar till dessa skillnader; målet med riskkapitalaktiviteten samt miljön organisationen verkar i. Vidare visar studien att olika grader av självständighet ger olika kvalitativa möjligheter och begränsningar för riskkapitalorganisationer vars syfte är att uppnå strategiska fördelar för ett kapitalgivande bolag. Det visar sig att en lägre grad av autonomi underlättar för riskkapitalenheten att leverera strategiskt värde till kapitalgivaren, men att det även kan begränsa vilka investeringar enheten kan göra. Högre autonomi kan istället möjliggöra fler typer av investeringar men begränsar vilken kunskap, och därmed strategisk nytta, riskkapitalenheten kan leverera till kapitalgivaren. Studien konkluderar att flera aspekter är viktiga att ta hänsyn till vid beslut av en riskkapitalenhets grad av autonomi och bidrar med en fördjupad förståelse av den strategiska ledningen av riskkapitalaktiviteter.The previously stable financial industry has rapidly been threatened by the digital transformation. One strategic tool used by incumbent banks facing this new and changing environment is strategic venture capital investments in the closely related field of financial technologies (FinTech). This research studies strategic venture capital in terms of the organisational design of VC activities; more specifically, the degree of autonomy of the VC’s investment process. The study investigates the concept of VC autonomy and qualitatively analyses the implications of the chosen level of autonomy. An abductive approach is used, performing empirical data collection on four case companies and intertwining the results with an extensive literature study within the field of organisational design and performance. The study generates an extension of the current literature as few previous studies have investigated a VC’s level of autonomy and its implications in qualitative terms. The study finds that the degree of autonomy of strategic VCs should be measured on a continuous scale, and proposes such a scale based on two dimensions: the autonomy of the sourcing of possible investments, and the autonomy of investment decision-making. Furthermore, the study reveals a variance in the chosen levels of autonomy of the studied sample, and discusses two possible explanations for this variance; the objectives of the VC activity and the environment the VC operates in. Furthermore, the study shows that different degrees of autonomy induce different qualitative opportunities and limitations for VCs aiming to achieve strategic benefit for a capital providing company. A lower degree of autonomy is shown to facilitate for the VC to deliver strategic value, but may limit which investments it can make. Higher autonomy can on the contrary enable more types of investments but limit which knowledge, and thus strategic benefit, the VC can deliver. The study concludes that several aspects are of high importance to consider when choosing a VC’s degree of autonomy and contributes with a deeper understanding of the strategic management of VC activities.
18
Štrama, Patrik. "Venture Capital a Private Equity. Návrh komunikačnej stratégie." Master's thesis, Vysoká škola ekonomická v Praze, 2009. http://www.nusl.cz/ntk/nusl-17795.
Full textAbstract:
Private equity is a specific way of financing business, which increases the equity of firms and does not affect cash-flow of the business. This thesis provides basic information on the operation of private equity and an overview of the private equity market in the Czech Republic. One of the fundamental problems in the Czech market is currently the lack of promotion of private equity and venture capital. Communication activities of CVCA (The Czech Venture Capital and Private Equity Association), which covers the promotion and providing of information about this topic on the Czech market, shows significant shortcomings. The basic goal of this thesis is therefore to address this problem and design a communication strategy for CVCA. Identified are key target groups, tools and methods of communication, which should lead to more intensive promotion and education about venture capital and private equity on the Czech market.
19
Zott, Christoph. "Information, learning and decision-making : applications to venture capital finance and strategic management." Thesis, National Library of Canada = Bibliothèque nationale du Canada, 1999. http://www.collectionscanada.ca/obj/s4/f2/dsk1/tape7/PQDD_0003/NQ39014.pdf.
Full text
20
Höhn, Carsten. "Der adäquate Einsatz von Wertsteigerungsaktivitäten als Erfolgsstrategie von Venture-capital-Fonds : eine empirische Untersuchung /." Hamburg : Kovač, 2009. http://d-nb.info/995847215/04.
Full text
21
Fleming, Damon M. "The Effects of Management's Forecast Strategy on Venture Capitalist Investment Screening Judgment." Diss., Virginia Tech, 2006. http://hdl.handle.net/10919/29059.
Full textAbstract:
Prior research indicates that management forecast strategies affect investors' perceptions of management, which, in turn, influence investors' judgments about the firm. The current study hypothesizes and demonstrates that decisions about the completeness and form of management's forecast disclosure affect venture capitalists' (VCs) investment screening judgments. In an experiment, 53 experienced VCs indicate whether they would recommend conducting due diligence on a new venture. I manipulate the completeness (inclusion vs. omission of quantitative data about the components of earnings) and form (point vs. range forecast values) of management's financial forecasts in a 2 X 2 between-subjects design. When management is more (less) complete in its forecast disclosure, participants make more (less) favorable investment screening judgments. Additionally, when managers provide less complete disclosures, the use of point rather than range forecasts leads to particularly unfavorable screening judgments, whereas when managers provide more complete disclosures, the use of point rather than range forecasts leads to particularly favorable screening judgments. Taken together, these results indicate that the completeness of forecast disclosure increases the favorability of screening judgments and decisions about the form of financial forecasts can offset some of the adverse consequences of less complete disclosure.Ph. D.
22
Kang, Chung-Mai. "Do country-specific factors matter? : entry strategies of foreign venture capitals and investment criteria of VCs in China." Thesis, University of Edinburgh, 2012. http://hdl.handle.net/1842/24031.
Full textAbstract:
Ever since IDGVC first established its venture capital fund in Beijing in the late 1980's, venture capitalists (VCs) have been debating whether US investment selection criteria should be revised for investments in China. On the one hand, those VCs with a foreign venture capital background, such as returnees (here referring to those Chinese with an educational background from a developed Western country) and foreign VCs believe that they can replicate their successful experiences of developed VC markets in China without too many amendments. On the other hand, local VCs claim that US practices do not suit China as they do not reflect sufficient knowledge and understanding of Chinese business practices. Twenty years on, the debate still shows no sign of abating. Indeed, investment competition between foreign VCs and Chinese VCs remains as intensive as ever (Zero2IPO Research Centre 2006). In the last two years, China has experienced progressive development in its venture capital presence internationally, largely due to the diversification of industries and companies attracting investments. The segments enjoying remarkable growth include high-tech enterprises as well as such industries as the construction, hotel and leisure, and retail segments. Several other sectors are also attracting increasing attention for VC investment, including outdoor media, green technology and innovations, online education and supplementary schooling, software start-ups and the hospital care system. Cleantech innovation is especially growing as the country rigorously explores solar power generation, new materials and clean production, seeking to ameliorate its water and air pollution, which far exceeds Western safety standards. The market has also matured significantly. Concerns about whether foreign investments would only serve to enhance the personal interests and pocketbooks of the local population, as opposed to enhancing the development of the investments, have subsided. The continuous growth of the Chinese economy and the middle class has also helped to prioritise innovation and attract foreign investment to China. Notably, in the past most economic improvements came from government-led programs; this trend is beginning to dissipate as growing numbers of foreign financiers come to see China's VC and PE market as a promising growth opportunity. No doubt the PRC's government will continue to create barriers to unlimited foreign investment in China, but many of the other factors that once hindered foreign investment into the country have become much more manageable. This thesis has its roots in the debate above and draws upon the background and experiences of the researcher in the field of venture capital. The researcher has over six years experience as an investment manager in listed companies in Taiwan and for three years served as managing director of Zero2IPO Research Centre, a leading venture capital and private equity research institute in China. The researcher has a wealth of personal contacts with VCs in China and this has proved invaluable in being able to conduct the empirical study that forms the basis of this thesis. In addition, as a Taiwanese expatriate, the researcher also has the advantage of conducting this study in the Chinese language in addition to having a comprehensive knowledge of both Chinese and Western venture capital practices.
23
Sahaym, Arrvvind. "Two essays on the expansion of organizational boundaries /." Thesis, Connect to this title online; UW restricted, 2007. http://hdl.handle.net/1773/8797.
Full text
24
Agerberg, David, and Sofia Selenius. "Det “transformativa” i transformativa teknologier : En studie om investeringar inom området transformativ teknologi och dess transformativa egenskaper." Thesis, Uppsala universitet, Institutionen för informatik och media, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-448114.
Full textAbstract:
Teknologiers transformativa förmågor har stor potential att bidra till förändring som gynnar samhällen, miljön och mänskligt välbefinnande. Världen står idag inför många stora utmaningar som klimatförändringar och omfattande digitala förändringar. Investerare påverkar vilka teknologier som formar våra samhällen, och uppdragsdrivna aktörer, snarare än endast vinstdrivna, kan påverka framtida paradigmskiften. Trots ett ökat intresse för området ”transformativa teknologier” saknas konsensus kring grundläggande egenskaper och vad begreppet inbegriper. Avsaknaden av definierande egenskaper resulterar i att begreppet löper risk att urvattnas, vilket vidare medför negativa effekter kopplade till beslutsfattares avsaknad av praxis för att utvärdera transformativa förmågor hos teknologier. Beslutsfattare kan hjälpas av ett tydligare definierat begrepp och genom applicerbara metoder kan beslutsfattare hjälpas nå sina mål. Befintliga metoder för utvärdering av ansvarsfulla investeringar som ESG och Impact investing är inte fokuserade på teknologier och därtill finns begränsningar som gör de mindre tillämpbara i fall där transformativa teknologier är relevant. Studien bidrar till en ökad förståelse för begreppet och tillhandahåller metoder för utvärdering genom att analysera transformativa egenskaper i Industrifondens portföljbolag inom området transformativ teknologi. Det empiriska underlaget utgörs av 12 portföljbolag. Studien visar på tre dimensioner av transformativa egenskaper, value changes, mimicry och diffusion, samt bidrar med förståelse kring dess innebörd. Vidare visar studien på återkommande mönster i termer av transformativa egenskaper. Utöver bidraget kopplat till en ökad förståelse inom området ger studien förslag på hur dessa teknologier kan utvärderas samt hur utvärderingsmetoder kan tillämpas vid investeringsstrategier.The transformative capabilities of technologies have great potential contributing to change that benefits society, the environment and human well-being. The world faces many grand challenges today, such as climate change and extensive digital change. Investors affect which technologies shaping our societies and organizations that are mission-driven, rather than entirely profit-driven, can affect the paradigm shifts that are to come. Despite an increased interest in the field of “transformative technologies”, there is a lack of consensus on basic characteristics and what the term entails. The lack of defining characteristics results in a risk of the term being diluted, which further has negative effects linked to decision-makers’ lack of approaches to evaluate transformative abilities in technologies. Decision-makers can be helped by a more defined concept, and through applicable methods, decision-makers can be helped to achieve their goals. Existing methods for evaluation of so-called “responsible investments” such as ESG and Impact investing are not focused on transformative capabilities of technologies. Furthermore, some limitations make them less applicable in cases where transformative technologies are relevant. The study contributes to an increased understanding of the concept and provides methods for evaluation by analyzing transformative capacities in Industrifonden's portfolio companies in the field of transformative technology. The empirical basis consists of 12 portfolio companies. The study highlights three dimensions of characteristics for transformative technologies, value changes, mimicry and diffusion, and contributes to an understanding of their meaning. Furthermore, the study shows recurring patterns in terms of transformative characteristics. In addition to the contribution linked to an increased understanding in the area, the study provides suggestions on how these technologies can be evaluated and how evaluation methods can be applied to investment strategies.
25
Rix, Nicolas, and Felix Stamm. "Describing the Strategic Value Creation Process in Corporate Venture Capital : The Importance of Building Interpersonal Relationships: A Case Study of Husqvarna." Thesis, Jönköping University, Internationella Handelshögskolan, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-48880.
Full textAbstract:
Background and Purpose: In the past years, Corporate Venture Capital (CVC) investments have substantially gained relevance. Corporations engage in this practice to reap strategic benefits that are usually only associated with entrepreneurial ventures and thereby drive innovation. While the success of CVC investments is undisputed, scholars have failed to provide a full description of the process that leads to the creation of strategic value for corporations. Therefore, we want to investigate the strategic value creation process in CVC and build a comprehensive framework thereof. The research question is thus: What is the process through which corporations create strategic value in CVC investments? Methodology: In line with pragmatism, we chose the methods best suited to answer the research question: Primary data will be obtained in face to face interviews with key individuals involved in the strategic value creation process in Husqvarna Group Ventures. Following methods from Morse (1994) and Alvesson & Kärreman (2011), we then analyse the data in a dialogue with our frame of reference. After the identification of a breakdown, an unexpected result that cannot be explained by current academia, we continue to build the framework applying two interpretive repertoires. To do so, we combine our findings with the fragmented existing literature to depict the strategic value creation process. Findings: We find that scholars have overlooked the complexity of the knowledge transfer, which is an integral part of strategic value creation. The CVC unit cannot directly access knowledge in their portfolio firms; instead, an active and involved effort needs to be made by the corporate to create learning opportunities, which can then be transformed into strategic value. The key to accessing knowledge can be found in what we call the knowledge sharing mechanism: An intricate interplay of relationships between the CVC unit and the portfolio firm. We find that corporates significantly commit to activities to build an environment that facilitates voluntary, reciprocal knowledge sharing. Conclusion: Business units must establish and maintain interpersonal relationships with their portfolio firms to meet corporate objectives of innovation and strategic value creation through CVC. The relationship acts a channel for the knowledge transfer, and by extension, as an enabler of strategic value creation. We fill a gap in the existing literature and provide an all-encompassing framework depicting the strategic value creation process of CVC investments with a focus on the relationships between the CVC unit and the portfolio firm. Researchers have neglected this aspect until now.
26
Lee, Samuel. "Information and control in financial markets." Doctoral thesis, Stockholm : Economic Research Institute, Stockholm School of Economics (EFI), 2009. http://www2.hhs.se/efi/summary/799.htm.
Full text
27
Yen-Yen, Chung, and 鍾衍彥. "Venture Capital Companies Exiting Strategies." Thesis, 2003. http://ndltd.ncl.edu.tw/handle/88338600582739065283.
Full textAbstract:
碩士國立臺北大學
企業管理學系碩士在職專班
91
Abstract Following the non-stop development of technology, the emerging industries are constantly appearing. However, people with new technologies and ideas do not necessarily have capital. Therefore, introducing the external capital that allows those new technologies or ideas able to submit for accomplishing, also it’s the best solution for the industrialization. However, with the high-risks of these innovative undertakings, the majority of investors and traditional financial institutions are generally unwilling to supply capital. Therefore, under this environment, venture capital companies come with the tide of fashion. Venture activities have high-risk natures, and more showing the importance of how to cautiously select investment cases, operate investment cases, and retrieve investment appropriately. In considering exiting strategies, venture capital companies frequently have many choices. The backgrounds of each type of selection that limited by those crossing and interworking premises. Therefore, this study seeks to probe into the relationship between exiting strategies and influencing factors. In addition, there are two principal goals in this study: The first one is to understand the similarities and differences of the exiting periods and strategies for successful and unsuccessful investment cases. The second one is to compare the modes of exiting strategies that adopted in different phases of investment. For the research method, the method of case study will be used. Deep interviews of the venture capital companies, A, B, and C will be carried out in order to understand the actual circumstances of operation. Finally, the assigned topics below will be developed: Topic１：In successful investment cases in Taiwan, the maturity period is generally by IPO strategy mode exiting. Topic２：In unsuccessful investment cases in Taiwan, it is common that the exiting period is generally in a comeback period or in the founding period. The exiting mode is often a matter of indemnity, and there is almost no fallback position. Topic３：In different time periods, exiting modes are often encountered. Their use often has priority in sequence, and the conclusions are stated below: Seed period: 1.M&A 2. Transfer of ownership 3. Liquidation and write-offs, IPOs and MBOs are uncommon. Founding period: 1.M&A 2.Transfer of ownership 3. Liquidation and write-offs, IPOs and MBOs are uncommon. Growth and expansion period: 1.IPO 2.M&A 3. Transfer of ownership, MBOs, liquidation, and write-offs are comparatively few. Maturity period: 1.IPO 2.M&A 3. Transfer of ownership, MBO, liquidation, and write-offs are comparatively few. Comeback period: 1.MBO 2.M&A or transfer of ownership 3. Liquidation, write-offs, and IPOs are few. Topic４：When companies withdraw in investment cases, they commonly consider appraisals of priority sequence norms for such aspects as 1.) Financial affairs aspects, 2.) Management team aspects, 3.) Product technology aspects. Moreover, aspects of market quotations and planning books are considered less and they are already unimportant points. Topic５: Primary factors for consideration in different exiting phases: For seed and founding, they are people and technology. In the aspect of financial affairs, the factors are relatively few. For the period of growth and maturity, the primary factors are competitive advantages, aspects of marketing transactions, market factors and technological risks etc. For the maturity period the conclusions depend upon profits, yearly limitations for retrieving, and rates of investment rewards. Keywords: Venture Capital, Exiting Strategy, Initial Public Offering, Merge
28
Hu, Chiu-Chiang, and 胡秋江. "Development Strategies of Venture Capital Industry in Taiwan." Thesis, 2006. http://ndltd.ncl.edu.tw/handle/64302427803456781447.
Full textAbstract:
博士國立交通大學
科技管理研究所
95
Venture capital industry in Taiwan has suffered serious difficulty in fundraising, investment and operation due to the internet bubble, IT industry’s slowing down growth, and global economic recession after 2001. On one hand this difficult situation also leads the industry environment to be getting more and more competitive, and on the other hand the industry also meets the challenge from economic globalization. So it’s necessary for venture capitalists in Taiwan to objectively review their strengths and weakness to adjust their strategies for the environmental changes and trends. However, few researches discuss about these subjects. Therefore, that causes this research’s motive to discuss VC industry on theoretical perspective, and then the trend and development of VC industry in Taiwan is selected as research subject. This research is an exploratory research on the basis of grounded theory. In academic aspect, this research built up an industry-level strategic planning model on the basis of strategic management, strategic planning and industry analysis theories to suit VC industry’s dynamic environment. In this model, industry analysis theories are the basis of analysis of VC industry’s specific structure and features to deduce the development strategies of VC industry in Taiwan. In practice aspect, empirical study in solid scientific methodology is for testing, proving, analyzing and discussing the results from the theoretical deduction by Taiwan’s venture capitalists’ practical experiences. After such research process, this research proposes the general principles of development strategies of VC industry in Taiwan for venture capitalists’ reference in their strategic planning. In the process of grounded research, this research built up analysis database of actualities and expert experiences by in-depth literature study and expert interviews with 25 senior venture capitalists serves in 20 VC firms in Taiwan; In the process of empirical research, this research investigate 50 senior managers’ and experts’ actual experiences by questionnaires. They are distinguished results because always keeping low profile is venture capitalists’ characteristic. This research concludes that “investing in innovative industry”, “Keeping on expanding in overseas markets”, “developing bridge value in transpacific region” and “expanding the scope of valuable services” are development strategies for VC industry in Taiwan. And this research also recommends the four groups of Taiwan’s venture capitalists the executive actions. The “Financial Subsidiary” should strengthen their internal group resources, proceed vertical integration or cooperate with “Independent” or “Associate”; the “Industry Subsidiary” should cooperate with “Independent” or “Associate” to seek resource complement; the “Independent” should keep on developing and deepening the differentially professional services, develop to “Associate” style and develop bridge value in transpacific region; as to the “Associate”, their most important development strategy should be going on deepening differentially professional and value-added services. At last, this research also concludes four propositions of industry level strategic planning model based on the research results and findings from VC industry in Taiwan. They are “the premise of using industry level strategic planning model is that changes of industry environment should be the driving factors of organizational transformation”, “industry level strategic planning model is a model with strategic thinking in dynamic perspective”, “industry level strategic planning model is a multi-objective planning model”, and “industry level strategic planning model is suitable for value creation/information platform service industries”.
29
Huang, Chun-Hao, and 黃俊豪. "How economic factors influence the investment strategies of venture capital enterprises." Thesis, 2007. http://ndltd.ncl.edu.tw/handle/74717792623502006676.
Full textAbstract:
碩士淡江大學
會計學系碩士在職專班
95
For venture capital enterprises, the most important thing in the process of investment is how to estimate a new project accurately. Making a correct choice is more important than a follow-up. How to sort out the companies with great potential to be a listed company at stock exchange market or at over-the-counter market in the future would decide success or failure of investment. This research adopts the way of questionnaire to testify the proportion investors take economic factors into account when making decision. How much proportion investors think of economic factors especially in the stages of choice and evaluation? Moreover, when investors estimate a company, the stage of company life cycle would influence investors to consider about economic factors? What kinds of economic factors would be crucial for estimation and decision? From this research we find managers’ investment experience would influence the proportion they take economic factors into account no matter in a single project or they deal with numerous projects on hand. As to the business scale of venture capital enterprise and the way of capital source have no influence on it. Besides, when estimating the invested company with different company life circle, the variables of managers’ investment experience, business scale of venture capital enterprise and the way of capital source would influence different proportion investors take economic factors into account. The most important economic factors we mentioned above are interest and exchange rate. There are three suggestions we would like to offer to venture capital enterprises for reference. Firstly, it is imperative to consider interest and exchange rate when making a decision of investment. Secondly, junior managers should take account of economic factors in process of decision. Finally, if the invested company is in the period of expansion, senior managers should think over the influence of economic factors. Concerning the suggestions for succeeding research, I suggest adopting the factors of Taiwan stock market index, the rate of economic growth and the rate of industrial growth additionally. Moreover, it is helpful to increase the number of venture capital enterprises as the object of study to analyze the connection of the proportion taking economic factors into account and the rate of success.
30
Lee, Kang-Hsin, and 李康馨. "The Study of Business and Investment Strategies of the Venture Capital Company." Thesis, 2014. http://ndltd.ncl.edu.tw/handle/kj4xuv.
Full textAbstract:
碩士國立中山大學
高階經營碩士班
102
Selecting investment targets and pre-investment assessment have a great impact on investment outcomes in venture capital. Historically, high-tech industries had been the main venue for venture capitalism with both the high-risk and high-return character. This study describes the recent shift of trend and differentiation of the new market for VC investment. The purpose of this paper is to provide an in-depth reivew of numerous companies cases and demonstrate the detour of venture capital investment strategy – namely the high-tech industry is no longer the main investment targets and is giving way to people livelihood industries in China and cultural creative industries in Taiwan. In comparison, the preferences are given to those companies with certain scale of expansion during the investment phase Main strategies for venture capital management company post-investment management consist of: effective partnership-relationship management with investee companies, auditing of the company''s financial statements, providing business operation assistance, be presence in the board of directors and actively participate in relevant meetings, assisting the company to raise capital or financing, crisis management should problem occurs ... etc. As in recent years the investment is focusing on company in its business expansion phase, the venture capital management company can only offer very limited assistant with limited improvement when the investee company is encountering problem such as pooe performance, inability to develop new markets, financial crisis and so on. It is important for the VC management company to detect these sign of faiures and able to back out as early as possible, or at least to control the losses to the minimum. Venture capital companies exit strategy is to sell the business during its expansion phase as the main objectives and instruments.
31
Tsai, Yong-Song, and 蔡永松. "A Study on the Industrial Structure and Internationalization Strategies of the US Venture Capital Industry." Thesis, 2002. http://ndltd.ncl.edu.tw/handle/14275578057879969687.
Full textAbstract:
碩士國立臺灣大學
國際企業學研究所
90
Thesis Abstract Graduate Institute of International Business National Taiwan University Name: Tsai, Yong-Song Month/Year: May, 2002 Advisor: Dr. Lee, Ji-Ren A Study on the Industrial Structure and Internationalization Strategies of the US Venture Capital Industry Since its conception some fifty years ago, the venture capital industry in the United States has established itself as a unique and world leading industry. This industry not only creates abundant capital gains for its investors but also directly contributes to the development of specific industries and the economy as a whole. The purpose of this thesis is to explore the structural reasons underlying the development of the US venture capital industry. Furthermore, by conducting an in-depth case study on a leading VC company, our study attempts to investigate the motivation and foreign expansion of VC firms in the global market. We found that there are several key factors contributing to the successful development of the US venture capital industry; they include quality capital sources for fund raising, plentiful hi-tech startups as potential investment targets, well-trained and experienced venture capital professionals, ample sources of innovative technologies, entrepreneurial spirits, an efficient capital market that provides effective exit mechanism, an auxiliary supporting system, and pro-venture capital government policies. We found that while the venture capital market in the United States is highly competitive, such a competitive market structure does not reduce the overall profitability level of players. This is because venture capital players have formed delicate co-petition business practices to avoid price competition. As for the course toward globalization, in comparison to the enthusiasm possessed by the venture capital industry in Taiwan, the venture capital industry in the United States has taken a slower path. Venture capitalists in the United States take advantages of a large internal market and have less need to explore opportunities in overseas. Foreignness in other markets contributes to its less active attitude toward globalization as well. Based on the case study on a leading venture capital firm who has substantial involvement in Asia markets, this study found that international expansion did provide differentiation opportunities for the case firm from which its better performance is generated. Implications of our research outcomes to the management and foreign expansions for venture capital firms are also discussed.
32
Liu, Li-Ling, and 劉麗玲. "An Empirical Study of Venture Capital''s Investment Strategies and Behaviors on Biotechnological Industry in Taiwan." Thesis, 2002. http://ndltd.ncl.edu.tw/handle/98688877320915129830.
Full textAbstract:
碩士國立政治大學
科技管理研究所
90
Abstract Venture capital plays an important role in the development of high technological industries in Taiwan. It provides the essential fund and useful assistance to promote the growth of start-up companies. Because of it, the growth of economy in Taiwan dramatically increases and Taiwan has become the kingdom of information and communication industries around the world. In the year 2000, the complete sequence of human genome has enhanced the speed of the development in the field of biotech and its associated industries. In addition, the investment in biotech industry is expected to stimulate another trend of global economic growth. Therefore, venture capital in Taiwan also actively extends its influence in the field of biotech industries. The majority of researches in venture capital seems to concentrate on the overall evaluation of the general criteria of investment, few studies focused on one particular industry, especially the biotech industry and its characteristics and aspects. Therefore, this study will aim at the characteristics of biotech industry and the constituent factors of venture capital to explore the strategies and behaviors of investment. A qualitative research was conducted in six important venture capital firms in Taiwan using a method of intensive personal interview. The summaries of the research findings are as follows: I. The impacts of the characteristics of biotech industry on the strategies and behaviors of investment: 1. Venture capital firms will increase investment percentage in biotech area because of its potential of growth, and the majority amounts of venture capital seem to be invested in the United States. 2. The venture capital firms’ investments in biotech tend to cover various stages. 3. The fields venture capital firms invest in biotech appear to be focused on pharmaceuticals and medical devices, because the operating return from this area is higher than any others so far. 4. The location of biotech companies venture capital invested are focused on the United States, which seem to have obvious phenomenon of clustering. 5. Through portfolio management and co-investment, venture capital firms can reduce risk while investing in biotech. 6. Instead of relying on outside consultant when invest in biotech, venture capital firms prefer to depend on inside management teams for due diligence. In addition, the past invested firms and partners are helpful while needed. 7. The exit strategies of venture capital firms are initial public offering or merger & acquisition when invest in biotech companies, and the period of investment appears to be not correlated with the long product life cycle of biotech industry. 8. Instead of emphasis on technologies or intellectual properties, venture capitalists emphasize all factors which evaluating biotech companies. Their decision criteria depend on venture development stages, the earlier stages these cases are, the more important technologies and management teams are, the later stages these cases are, the more factors are considered. 9. Venture capitalists add values to the biotech companies they invested, not because of the characteristics of biotech industry, but differ from development stages of cases. Most of add values are information collection and networking. II. The influences of the constituent factors of VC on the strategies and behaviors of investment: 1. The stockholders of venture capital affect outside consultant strategy, deal flow, due diligence, but make no influence on investment amount, venture development stage, field, location, risk control, exit strategy and value-added. 2. The management teams of venture capital obviously influence investment amount, venture development stage, field, location, outside consultant strategy, risk control, exit strategy, due diligence and value-added, and make a little influence on deal flow. 3. The networking of venture capital make a little influence on outside consultant, due diligence and value-added, and make obvious influence on deal flow, but do not affect investment amount, venture development stage, field, location, risk control and exit strategy. III. The influences of the characteristics of biotech industry on the components of venture capital: 1. The characteristics of biotech industry don’t appear to affect the background of stockholders in the board. 2. Venture capital firms recruit professional management teams because of the same particular characteristics of biotech industry. 3. While investing in biotech industry, venture capital firms utilize networks, especially the past invest , as their main consultants. Keywords : venture capital, venture capital firms, investment strategy, investment behavior, stockholder, management team, network, biotech, biotech industry
33
Hopp, Christian [Verfasser]. "Empirical evidence on governance mechanisms, syndication activities, and partner selection strategies in venture capital financing / vorgelegt von: Christian Hopp." 2008. http://d-nb.info/989005984/34.
Full text
34
Yen, Wen-Li, and 顏雯莉. "The Study of Venture Capital Investment Strategies in Cultural and Creative Industry－A Case Study of Film Industry in Taiwan." Thesis, 2012. http://ndltd.ncl.edu.tw/handle/15783298268508347826.
Full textAbstract:
碩士淡江大學
國際商學碩士在職專班
100
Taiwan government has transplanted the venture capital system from United States since 1982. Afterwards, a series of preferential policies were established to encourage the venture capitalists to invest in the start-ups of high tech industry. Under this concept, the venture capitals played an engine role leading the development of technology industry domestically, which helped to speed up the economy’s growth of Taiwan further. As a result, the venture capitalists play a crucial role in the development of technology industry in Taiwan and indirectly contribute to its success in international market. However, since 2000, as internet bubble, removal of tax concessions to shareholders of venture capitals, technology mature in the PC industry, industrial migration, followed by the economy downturns caused by the financial crisis in 2008, the venture capital industry has been facing rigorous challenges. Today, cultural and creative industry with its multiple dimensions draws attention. Taiwan enjoys its advantages in the development of cultural and creative industry due to its geographic uniqueness and local culture differences. Along with its imperceptible influences towards the economy, it has become one of the important strategies to the transformation of current economic system. This study focuses on the investment strategy of venture capital in Taiwan and conducts related literature reviews, research reports and in-person visits, which incorporate the background, history, profile, investment strategy and decision process of venture capital industry. By means of SWOT analysis and case study, the strategies, the investment considerations and the recommendations are proposed to the venture capitalists while investing in cultural and creative industry. It is expected to create cooperation opportunities between the domestic venture capitalists and the local cultural and creative industry. The venture capitalists would leverage their past successful experience in high-tech industry in Taiwan to foster the cultural and creative industry to achieve its economy scale and be promoted as the star industry creating value both economically and intrinsically.
35
Yeung, Tak Hung Arthur. "The business strategies of an overseas high-technology venture capital enterprise in China : a case study of cellular system market in transitional economy." 2004. http://arrow.unisa.edu.au/vital/access/manager/Repository/unisa:40535.
Full textAbstract:
In recent years, industrial finance has experienced and is continuing to experience significant changes brought about by the development of venture or risk capital. Venture capital is now well-known as a means of providing good financial backup for innovative enterprises, in particular for information technology and communications technology. The technology-based venture capital enterprise, focusing on communication technology and the cellular market in China, is the primary focus of this research.PhD Doctorate
36
WEY, FRANK Y. M., and 魏育民. "(The Research of)The Cross-Strait Investment Strategies for Taiwan-based Venture Capitals." Thesis, 2002. http://ndltd.ncl.edu.tw/handle/12596483449412089266.
Full textAbstract:
碩士國立臺北大學
企業管理學系碩士在職專班
90
The conclusions of the cross-strait investment strategies for Taiwan-based venture capitals in mainland China and Taiwan are as follows： Industry Targeting On view of the trend in technology development worldwide, and the global specialization in China, venture capitals suggest that the information technology related industry should still be prior and mainly focused. Among them, telecommunication, which takes advantages of the domestic demand in China and the export market, is the most favorable. On the other hand, the Semi-conductor and Photonics-related industries are preferred in Taiwan, Resource Allocations Taking the risk and return into consideration, the Taiwan- based venture capitals recommend that the favorable targets to invest in China are those companies on early stage or on expansion stage with investment horizon of 3-5 years. For the targets in Taiwan, the phase of investment stage and the duration would be considered the same as those in China. The source of potential investment cases, the possibility of fund raising, and the accessibility to the industry information and the professionals recruiting should also be discreetly considered. Moreover, the locations and areas for first stage subsidiary setup and for the investment are in Beijing, Shanghai, Senzheng, and Darlien. Investment Realization On account of being difficult to be listed in the main board on the Shanghai Stock Exchange（SSE）, lacking of venture board in the SSE, being short of sound securities regulations, and being no ease to find the potential buyers, most of the Taiwan-based venture capitals suggest that listed in the venture board in Hong Kong Stock Exchange or in other foreign stock exchanges such as those in the States shall be the major way to realize their investing gain. For the investment exits in Taiwan, to be listed as Hi-tech shares in TSE or in OTC would be the preferred way for profit realization. Post-invest Management The Taiwan-based venture capitals suggest that under the current unsound regulation mechanism for venture capitalism in China, the major tracing points for those investment targets shall be in whether the technology is thoroughly completed or not. Meanwhile, the venture capitals should assist the invested companies to possess the advantages from their strategic alliance. In addition, the compensations for executive employees in the investment targets should also be considered to reduce the risks from the information asymmetry in the venture investments. In Taiwan, however, the post-invest management should be emphasized on finding and adopting the strategic resources.
37
Jiang, Jen-Yuh, and 江禎裕. "An empirical study of venture capital's investment strategies on optoelectronics industry in Taiwan." Thesis, 2004. http://ndltd.ncl.edu.tw/handle/94447831943688899227.
Full textAbstract:
碩士國立政治大學
科技管理研究所
92
There are almost 20 years for Taiwanese to develop optoelectronics industry. Its outcome is the annual production value will over 1 trillion NTDs in the coming year, and it is rated No. 3 in the world. During the same period, the venture capital was also under developed. Right now, there are over 240 venture capital management companies in Taiwan, and have invested over 170 billion NTDs in high technology industry, the investment scale is also highly ranked, No.2 in the world. It is interested to know the relationship between Taiwan optoelectronics industry and venture capital. This paper is concentrated on the the Taiwanese venture capital investment strategies on Taiwan optoelectronics industry. And to find out what is the KSFs ( Key Success Factors ) of venture capital investment strategies, also the KFFs ( Key Failure Factors). And to analysis the relationship between KSFs& KFFs, to find the real key factors cause investment success or fail . The development situation of Taiwan optoelectronics industry is also discussed during the analysis of the factors, in order to find out the relationship between Taiwan optoelectronics industry situations and venture capital investment strategies. Finally, to figure out what will be the future Taiwan optoelectronics industry looks like, and with the results from the above study to suggest what will be the best practices to do venture capital investment successfully in the coming years on Taiwan optoelectronics industry.
38
Gonçalves, Duarte Manuel Cruz. "Are ventures better off with a CVC lead investor? Evidence from IPOs of VC-backed startups." Master's thesis, 2021. http://hdl.handle.net/10400.14/35298.
Full textAbstract:
The importance of the Venture Capital industry has been growing exponentially due to its impact on the economy, leading to trillions in revenues and millions in jobs created. Although its relevancy, the influence of the two main types of VCs on their backed startups has been understudied. This dissertation focuses on the value added by CVCs to the firms present on their portfolio, by comparing its IPO valuation with its IVC peers. In order to come up with significant results for this analysis, a sample of 719 VC-backed ventures, where 66 were CVC-backed, was extracted from Thomson Reuters. The empirical analysis focuses on the Propensity Score Matching approach, pairing ventures based on their probability of being funded by a corporate investor, and consequently, interpret the results derived from the valuation multiple ratios between the “nearest neighbors”. The results obtained showed that, startups which have an established corporation as their lead investor are able to achieve higher valuations at their IPO vis-à-vis its IVC-backed competitors. Moreover, it has been proven that the CVC-backed ventures outperformance is mainly driven by startups which hold a strategic fit with their investor, with higher strategic overlaps being translated into more significant valuations. This thesis contributes to the enrichment of the Industry’s literacy while also easing entrepreneurs’ decisions when choosing a funding partner.A importância da indústria do Capital de Risco tem vindo a crescer devido ao seu impacto na economia. Apesar da sua relevância, a influência das principais sociedades de capital de risco (SCR) nas startups que estes financiam tem sido pouco estudada. Esta dissertação foca-se no valor acrescentado pelas SCRs associadas a grandes corporações nas empresas do seu portfólio, comparando a sua avaliação na Oferta Pública Inicial (OPI) com startups financiadas por fundos de capital de risco especializados na área. De forma a estudar a temática, uma amostra de 719 startups financiadas por SCRs foi extraída da Thomson Reuters. A análise empírica foca-se no emparelhando das empresas tendo em consideração a sua probabilidade de serem financiadas por uma corporação e, consequentemente, interpretar os resultados derivados do rácio do múltiplo da avaliação entre os “vizinhos mais próximos”. Os resultados obtidos mostram que as startups que têm uma corporação como investidor principal são capazes de alcançar avaliações superiores na sua OPI comparando com os seus competidores maioritariamente financiados por SCR especializadas. Além disso, foi provado que o superior desempenho destas empresas é principalmente atribuído às firmas que têm uma relação estratégica com o seu investidor, sendo que quanto mais profunda esta relação, melhor serão os resultados obtidos. Esta tese contribui para a literatura da indústria, para além de facilitar a decisão dos empreendedores aquando da escolha do seu parceiro de financiamento.
39
Tseng, Te-Fu, and 曾德富. "A Study of Investment Strategies And Evaluation Criteria of Taiwan Venture Capitals ― Analysis of the Differences in Investment of IT Industry And Biotech Industry." Thesis, 2007. http://ndltd.ncl.edu.tw/handle/24431159580019857811.
Full textAbstract:
碩士中興大學
科技管理研究所
95
The venture capital had thrived over the past 20 years in Taiwan and had been the model for countries developing high-tech industries. Because of the early financial support by venture capital to the information technology (IT) industry which resulted in the flourishing of Taiwan''s IT industry. Due to the slowdown of IT industry Taiwan hopes to invest in biotechnology to create another climax of a new industry. Very few of the previous studies on the strategies and evaluation of venture capital investments focused on the key differences between IT and biotechnology industries. Therefore, our study compared the differences of investment considerations of the two by a survey of managers of venture capital companies. Our findings and conclusions are summarized below: (1) In Taiwan, venture capitals obtain their cases in both IT and biotechnology industries by their own searches which might because of lack of investment targets. (2) The financial evaluation is more impotent in investing biotechnology companies than IT ones due to their longer investment period required. (3) Venture capitals in Taiwan prefer to invest small IT and biotechnology companies. The average size of investment is between five hundred thousand to two million US dollars. (4) R&D management after investment is impotent for cases invested by venture capitals of a parent company because technological cooperation with the parent company may be necessary for business strategies. (5) The external factors affecting venture capital in IT and biotechnology industries the most in Taiwan are the macroeconomic eclimate and government regulations. Israeli is similar to Taiwan, however, it has achieved higher performance by positive policies. (6) The venture capitals interviewed in this study all expressed their hope for the government to reactivate the tax incentives to investments in VC and allow investment of the “Four Funds” in VC. It not only can increase the sources of capitals for the VC, but also might double the original capitals through promoting the rapid development of economy. (7) Our government could borrow the experiences from Singapore and Israeli to turn Taiwanese venture capital to the world arena. This study suggests that VC should leverage Taiwan''s IT strengths to the development of biotechnology industries. VCs can outsource the evaluation of their investment cases to universities to save cost and to grow future professionals for them.
40
Onishi, Tamaki. "Institutional influence on the manifestation of entrepreneurial orientation: A case of social investment funders." Thesis, 2014. http://hdl.handle.net/1805/4656.
Full textAbstract:
Indiana University-Purdue University Indianapolis (IUPUI)Linking the new institutionalism to entrepreneurial orientation (EO), my dissertation investigates institutional forces and entrepreneurial forces—two contradicting types of forces—as main effects and moderating effects upon practices and performance of organizations embedded in the institutional duality. The case chosen observes unique hybrid funders that this study collectively calls social investment funders (SIF), which integrate philanthropy and venture capital investment to create and implement a venture philanthropy model for a pursuit of their mission. A theoretical framework is developed to propose regulative and normative pressures from two dominant institutions governing SIFs. Original data collected from 146 organizations are scrutinized by moderated multiple regressions for two empirical studies: Study 1 for effects on SIFs’ venture philanthropy practices, and Study 2 for effects on SIFs’ social and financial performance. Multiple imputations, diagnostic analyses, and several post hoc analyses are also conducted for robustness of data and results from multiple regression analyses. Results from these analyses find that EO and venture capital institutional forces both enhance SIFs’ venture philanthropy practices. A hypothesis postulated for a negative relationship between the nonprofit status and venture philanthropy practices is also supported. Results from moderated regression analyses, along with a subgroup and EO subdimension analyses, confirm a moderating effect between EO and the nonprofit status, i.e., a regulative institutional pressure. A positive relationship is found in EO- financial performance, but not in EO-social performance. While support is lent to hypotheses posited for a social/financial performance relationship with donors’/investors’ demand for social outcomes, and with the management team’s training in business, the overall results remain mixed for Study 2. Nonetheless, this dissertation appears to be the first study to theorize and test EO as a micro-level condition enabling organizations to strategically shape and resist institutional pressures, and it reinforces that organizations’ behavior is not merely a product of their passive conformity to environmental forces, but of the agency, also. As such, this study aims to contribute to scholarly efforts by the “agency camp” of the new institutionalism and EO, answering a call from the leading scholars of both EO (Miller) and the new institutionalism (Oliver).