Journal articles: 'Venture Capital Strategies'

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Schwartz, Larry W. "Venture Abroad: Developing Countries Need Venture Capital Strategies." Foreign Affairs 73, no. 6 (1994): 14. http://dx.doi.org/10.2307/20046925.

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Mitchell, Peter. "Venture capital shifts strategies, startups suffer." Nature Biotechnology 27, no. 2 (February 2009): 103–4. http://dx.doi.org/10.1038/nbt0209-103.

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Cumming, Douglas, and Sofia Atiqah binti Johan. "Preplanned exit strategies in venture capital." European Economic Review 52, no. 7 (October 2008): 1209–41. http://dx.doi.org/10.1016/j.euroecorev.2008.01.001.

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Sykes, Hollister B. "Corporate venture capital: Strategies for success." Journal of Business Venturing 5, no. 1 (January 1990): 37–47. http://dx.doi.org/10.1016/0883-9026(90)90025-o.

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Ramachandran, K. "Management Strategies of Venture Capital Funded Firms." Journal of Entrepreneurship 10, no. 2 (September 2001): 129–41. http://dx.doi.org/10.1177/097135570101000201.

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Jalalabadi, Faryan, Luke Grome, Navid Shahrestani, Shayan Izaddoost, and Edward Reece. "Entrepreneurial Strategies to Seek Venture Capital Funding." Seminars in Plastic Surgery 32, no. 04 (October 22, 2018): 179–81. http://dx.doi.org/10.1055/s-0038-1672168.

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AbstractInnovation is vital for progress in any industry. Evolving technology, paired with human ingenuity, brings ideas for prototypes and business models. Many physicians conceptualize platforms to serve their patients; however, many struggle and ultimately fail to bring their product or service to market. Financing is often the limiting factor. Studies have proven venture capital (VC) funding to be a pivotal source for helping a business survive in its early stages. Plastic surgeons can benefit from learning how to seek out VC funding. In this presentation, common terminology and key players will be defined, from seed capital to angel investors. Doing recommended “homework” will help the plastic surgeon identify a financier tailored to their specific needs—ideally one with a focus in the medical space. A clear-cut approach to assembling a “pitch deck” presentation will be outlined to prepare the plastic surgeon for their first meeting. Insider pearls will be presented from the VC perspective. The plastic surgeon should be prepared to answer fundamental questions expected at different stages of the process. Nevertheless, each meeting also serves as an opportunity for the plastic surgeon to probe the VC firm and their intentions. The role of background checks, social media, and electronic profiles will be discussed. Transparency from both parties at all times can help establish a successful relationship, even if it ends in a referral to a better suited VC firm. Between January and September of 2017, $12.1 billion of seed and VC was invested into life science companies in the United States. Growth is exponential. The surgeon is at the frontier of developing ideas and cutting-edge products that help us serve our patients with enhanced care and improved outcomes. In seeking out the proper financier, your product or service can become a reality in the market, contributing to the betterment of medicine and plastic surgery.

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Mitchell, Peter. "Erratum: Venture capital shifts strategies, startups suffer." Nature Biotechnology 27, no. 7 (July 2009): 671. http://dx.doi.org/10.1038/nbt0709-671b.

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Fiet, James O. "RISK AVOIDANCE STRATEGIES IN VENTURE CAPITAL MARKETS." Journal of Management Studies 32, no. 4 (July 1995): 551–74. http://dx.doi.org/10.1111/j.1467-6486.1995.tb00788.x.

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Robinson, Richard B. "Emerging strategies in the venture capital industry." Journal of Business Venturing 2, no. 1 (December 1987): 53–77. http://dx.doi.org/10.1016/0883-9026(87)90019-x.

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Blum, David A. "Venture Capital Best Practice Strategies To Reduce Economic Uncertainty In Biofuel Investing." Journal of International Energy Policy (JIEP) 3, no. 1 (November 4, 2014): 25–30. http://dx.doi.org/10.19030/jiep.v3i1.8943.

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Independent venture capital firms require actionable economic best practice strategies to reduce uncertainty when investing in biofuel firms. Biofuels derived from plant oils are a primary source of renewable fuel energy replacing petrol diesel. Investing in biofuels is fraught with high capital start-up costs and inaccurate portfolio firm valuation models lessening venture capital personnel ability to achieve higher levels of successful biofuel firm exits. The gap in literature addressed in this paper is venture capital best practice strategies to reduce economic uncertainty in biofuel firms investing are an unexplored phenomenon. Reducing and prospering from the effects economic uncertainty requires venture capital firms to implement best practice strategies. This paper provides venture capital firms with best practice strategies to reduce economic uncertainty when in investing in biofuel firms. Utilizing multiples, net present value, internal rate of return, and venture capital model for establishing a valuation price for portfolio firms are actionable economic best practice strategies addressed in this paper. The best practice strategies presented in this paper might reduce economic uncertainty, increase the number of successful exists, and encourage increased funding of biofuel energy firms, contributing to cleaner and healthier communities throughout the United States.

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Mason, Colin, and Richard Harrison. "Strategies for Expanding the Informal Venture Capital Market." International Small Business Journal: Researching Entrepreneurship 11, no. 4 (July 1993): 23–38. http://dx.doi.org/10.1177/026624269301100402.

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Murphy, Patrick J., Jill Kickul, Saulo D. Barbosa, and Lindsay Titus. "Expert Capital and Perceived Legitimacy." International Journal of Entrepreneurship and Innovation 8, no. 2 (May 2007): 127–38. http://dx.doi.org/10.5367/000000007780808002.

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Research has shown that female entrepreneurs face unique barriers to entrepreneurial success, such as procuring funding and being perceived as credible. Limited past theory has addressed how these challenges can be met effectively by female-run entrepreneurial ventures. As a result, effective strategies for female entrepreneurs to overcome them are unclear. To address the need for research in this area, the authors use signalling theory to guide an empirical study utilizing panel study data based on 711 entrepreneurial ventures (334 female-run; 377 male-run). Signals perceived by outsiders pertaining to the risk preference, legitimacy and social capital of female-run ventures are examined and linked to venture funding, net worth and longevity outcomes. The results, based on non-parametric analyses and statistical modelling, suggest that expert capital (social capital from experts) leads to perceptions of higher legitimacy and funding success for female-run ventures.

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Anwer, Zaheer, Alam Asadov, Nazrol K. M. Kamil, Mehroj Musaev, and Mohd Refede. "Islamic venture capital – issues in practice." ISRA International Journal of Islamic Finance 11, no. 1 (June 17, 2019): 147–58. http://dx.doi.org/10.1108/ijif-06-2018-0063.

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Purpose This paper aims to explore the structure and underlying contracts of Islamic venture capital (IVC) and to evaluate its prospects. VC can be perceived as an investment vehicle possessing most of the desirable attributes of a Sharīʿah-compliant investment vehicle. There are certain issues involved in the formation, operations and exit strategies of these investments that are discussed in detail in this paper. Design/methodology/approach A detailed review of relevant literature is performed to identify how IVC investments can be made and how related issues may be resolved. Findings IVC investment has potential of incorporating Sharīʿah-compliant investment modes. Additionally, it may offer higher than average returns. These attributes can be desirable for Islamic finance industry that is currently in need of equity-based financing products. The major causes of lesser growth of IVC investments are lack of awareness among the investors and the absence of viable investment opportunities for small- and medium-scale investors. IVC may attract general public if established after extensive research aimed at introducing innovative products. Originality/value This paper provides an overview of a truly Sharīʿah-compliant investment vehicle, furnishes a synthesis of various suggestions made by industry and academia and suggests viable solutions for valuation, risk management and exit strategies.

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Han, Yuwei, Jiayi Lu, and Huailin Ding. "Discussion on the application of venture capital management under the condition of capital market." Finance and Market 5, no. 3 (September 2, 2020): 118. http://dx.doi.org/10.18686/fm.v5i3.2112.

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With the continuous development of China's economy and technology, people's living standard and average income have improved, and more and more people participate in venture capital and financial activities.Compared with general financial activities, venture capital has the characteristics of high investment, high risk and high return. It is aimed at people who have strong capital strength and is interested in investment. They often take the pursuit of high return as the internal driving force of investment, and determine their investment through the analysis of enterprises,through the way of investment in the enterprise, we can get part of the profits of the enterprise operation.This paper will discuss the general situation of venture capital, the problems of venture capital management under the condition of capital market and the specific strategies of venture capital management under the condition of capital market for reference.

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Khan, Najib, Shuangjie Li, Muhammad Safdar, and Zia Khan. "The Role of Entrepreneurial Strategy, Network Ties, Human and Financial Capital in New Venture Performance." Journal of Risk and Financial Management 12, no. 1 (March 11, 2019): 41. http://dx.doi.org/10.3390/jrfm12010041.

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In the current era of globalization and competitive edge, the survival of newly established ventures has become a big challenge. Numerous studies have been carried out to discover factors that are essential for newly initiated ventures but the results are still fragmented. This study focuses on measuring the effect of entrepreneurial strategy, network ties, human capital and financial capital on new venture performance. A structured questionnaire was used to collect data from 196 registered firms located in the emerging market Pakistan. The results indicate that entrepreneurial strategy, network ties and financial capital have a significant positive effect, while human capital showed an insignificant effect on new venture performance. This research recommends owners and managers of new firms build effective entrepreneurial strategies, expand their networks with external bodies (other firms, government and financial institutions) to acquire useful resources that in turn can spur their performance. Further implications are discussed. Policy makers and responsible authorities are advised to encourage and support new ventures which in turn can contribute to GDP and economic development. Practical implications and suggestions are also discussed.

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Wang, Clement K., and Valerie Y. L. Sim. "Exit strategies of venture capital-backed companies in Singapore." Venture Capital 3, no. 4 (October 2001): 337–58. http://dx.doi.org/10.1080/13691060110060664.

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Alias, Tunku Alina. "Venture Capital Strategies in Waqf Fund Investment and Spending." ISRA International Journal of Islamic Finance 4, no. 1 (June 2012): 99–126. http://dx.doi.org/10.12816/0002738.

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Abdul Rahman, Aisyah, Shifa Mohd Nor, and Mohd Fadzli Salmat. "The application of venture capital strategies to musharakah financing." Journal of Islamic Accounting and Business Research 11, no. 3 (February 10, 2020): 827–44. http://dx.doi.org/10.1108/jiabr-05-2016-0061.

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Purpose This paper aims to explore the strategies used by venture capital (VC) firms in assisting entrepreneurs who have business potential but lack capital. The study also aims to investigate whether the VC strategy can be adopted by Islamic banks through musharakah financing. Design/methodology/approach Apart from content analysis, primary data were gathered from several interview sessions with the management of three VC firms and two Islamic banks. Findings Islamic banks in Malaysia have great potential to offer musharakah financing and mitigate risk by adopting the following five VC strategies: method of selection, channelling of funds, monitoring, non-capital assistance and period of investment. We propose the channelling of corporate social responsibility funds for musharakah financing as an initial step in applying VC strategy. Research limitations/implications Given the limited number of willing and eligible respondents in Malaysia, the scope of this study can be widened to a cross-country analysis where musharakah financing is widely adopted. Practical implications This study motivates regulatory bodies and Islamic banks to consider musharakah financing using the risk monitoring strategy adopted from the VC industry. Originality/value This study is the first to empirically explore the strategy adopted by VC companies and evaluate whether such a strategy is suitable for the concept of musharakah financing.

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Buzzacchi, Luigi, Giuseppe Scellato, and Elisa Ughetto. "The investment strategies of publicly sponsored venture capital funds." Journal of Banking & Finance 37, no. 3 (March 2013): 707–16. http://dx.doi.org/10.1016/j.jbankfin.2012.10.018.

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Patzelt, Holger, Dodo zu Knyphausen-Aufseß, and Heiko T. Fischer. "Upper echelons and portfolio strategies of venture capital firms." Journal of Business Venturing 24, no. 6 (November 2009): 558–72. http://dx.doi.org/10.1016/j.jbusvent.2008.05.006.

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Roure, Juan B., Robert H. Keeley, and Tom van der Heyden. "European venture capital: Strategies and challenges in the 90s." European Management Journal 8, no. 2 (June 1990): 243–52. http://dx.doi.org/10.1016/0263-2373(90)90096-o.

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Philippov, A. G., and E. V. Gruzdeva. "Venture Capital Investments Models in Russia and the USA as Key Factor for Development of Innovative Enterprises." MIR (Modernization. Innovation. Research) 10, no. 4 (December 30, 2019): 501–15. http://dx.doi.org/10.18184/2079-4665.2019.10.4.501-515.

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Purpose: this article aims to determine key characteristics features of venture capital investments models in the context of the development of innovative enterprises. For this purpose the authors conducted analysis of the current state and key differences of venture capital investments models in Russia and in the USA, determined fields and ways for further improvement of domestic models of venture capital investments.Methods: to achieve the stated goal, theoretical research methods - abstraction, analysis and synthesis were used. Adoption of these methods, led to analysis of the theoretical basis of venture capital investments models and identification of key features having the greatest practical significance. The models of venture capital investments in Russia and the USA were studied, and a quantitative and qualitative comparative analysis of the elements characterizing the models of venture capital investments was carried out. The study was based on the data published by the national associations of venture investors and the information database of venture capital companies Pitchbook.Results: this article reveals the importance of venture capital investments as the main factor affecting the innovative development of the Russian economy. In modern conditions, venture capital investments are a key tool that helps bring financial resources to young innovatively active companies. This article summarizes results of the study of the theoretical base of venture capital investments models and the historical dynamics of venture capital investments in Russia and the USA. A comparative analysis revealed similarities and differences between the following elements, characterizing the models of venture capital investments in Russia and the USA: stages of development of venture capital companies, types of investors and sources of venture financing, distribution of venture investments by industry, exit strategies and organizational forms of venture capital investments. The paper as well summarizes fields and ways for further improvement of models of venture capital investments based on a comparative analysis.Conclusions and Relevance: based on the conducted research and comparative analysis of venture capital investment models in Russia and the United States, the proposals for further improvement of Russian venture capital investment models were developed and presented in the article.

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Galloway, Tera L., Douglas R. Miller, Arvin Sahaym, and Jonathan D. Arthurs. "Exploring the innovation strategies of young firms: Corporate venture capital and venture capital impact on alliance innovation strategy." Journal of Business Research 71 (February 2017): 55–65. http://dx.doi.org/10.1016/j.jbusres.2016.10.017.

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Siddiqui, Asif, Dora Marinova, and Amzad Hossain. "Venture Capital Firms’ Specialization, Differences and Complementarities." International Journal of Business and Management 11, no. 7 (June 21, 2016): 83. http://dx.doi.org/10.5539/ijbm.v11n7p83.

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The paper analyses the differences in venture capital (VC) firms, proposes a classification of the firms and empirically investigates their investment and co-investment behaviour. The VC firms are not homogeneous and beside funds they possess a diverse set of nonfinancial resources which they optimize. A classification is developed based on VC firm resources and specialization represented by organizational form and affiliation. Based on Australian market data, we classify the VC firms in three categories, namely strategic, financial and independent using resource based theory, and highlight differences. Then the firms’ specialization is related to their portfolio characteristics to identify and analyse differences and complementarities in terms of investment strategies. The influence of specialization in investment and co-investment strategies is also analysed. This study shows that specialization influences investment decisions and co-investor selection. Implications of such investment practices on resource efficiency, financial viability and transition to sustainability are also discussed.

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Zou, Huan, Xiaohui Liu, and Pervez Ghauri. "Technology Capability and the Internationalization Strategies of New Ventures." Organizations and Markets in Emerging Economies 1, no. 1 (May 31, 2010): 100–119. http://dx.doi.org/10.15388/omee.2010.1.1.14308.

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This study investigates the impact of technological capability and the combination of technological capability, networking capability and financial capital on growth strategies adopted by new ventures in China. Technological capability needs leveraging through the process of combining with other capabilities. The results show that the interaction between technological capability and networking capability increases the possibility that a new venture chooses an internationalisation strategy. Technology capability provides a base to allow networks to have a positive impact on internationalisation strategies. The findings from the study provide a better understanding of technology capability and its impact on internationalisation strategies. This study also generates some important implications for high-tech new ventures in emerging economies.

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SCHEELA, WILLIAM, and THAWATCHAI JITTRAPANUN. "IMPACT OF THE LACK OF INSTITUTIONAL DEVELOPMENT ON THE VENTURE CAPITAL INDUSTRY IN THAILAND." Journal of Enterprising Culture 16, no. 02 (June 2008): 189–204. http://dx.doi.org/10.1142/s0218495808000107.

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In this paper we analyze the development of venture capital in Thailand. We use institutional theory in order to better understand the context of developing venture capital investment and operations strategies in a developing country, which lacks fully-developed legal and financial institutions. The major challenges for venture capitalists are maintaining a viable presence and exiting their investments through alternatives other than an IPO.

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Wong, Anson. "The Evolution of the Venture Capital Market in China: Current Trends in Venture Capital Financing Strategies and Investment Preferences." Journal of Investing 20, no. 4 (November 30, 2011): 16–26. http://dx.doi.org/10.3905/joi.2011.20.4.016.

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Nesipbekov, Ye N., G. N. Appakova, and Zh S. Karabayeva. "VENTURE CAPITAL FUNDING AS A FACTOR OF THE INNOVATIVE DEVELOPMENT." BULLETIN 2, no. 390 (April 15, 2021): 169–76. http://dx.doi.org/10.32014/2021.2518-1467.66.

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The paper justifies the necessity to improve the mechanisms of venture capital funding in Kazakhstan for sustainable and effective development of the country. The role of venture capital funding in the innovative development of the countries is investigated on the base of study of the experience of such countries as USA, Canada, Europe, India, and China. The recent research works related to the venture capital funding in different aspects are reviewed. The innovative activity and venture investments in the Republic of Kazakhstan were analyzed. The paper investigates the features of venture capital funding in Kazakhstan. The investigation results show that Kazakhstan system of venture investment is at its initial stage of development, and there are no tangible results of venture field development yet. The conducted research allowed revealing the factors limiting the development of venture investment in Kazakhstan, these are: poor systematic monitoring of funds efficiency invested by the national institutes; lack of effective strategies of venture capital funding; low innovative activity and intensity of venture appearance; uncertainty and gaps in the legislative base related to venture financing; absence of tax concessions and preferences not tied to FEZ or technological parks; absence of strong institutional venture investors; low capacity of securities market and scarcity of its instruments. The work suggests a set of measures directed on activation of venture financing. The implementation of the suggested measures assumes the increased control over the effectiveness of quasi-public structures investments and venture incomes, and creation of conditions for venture capital funding development. The research results can be a cut-off point for further investigations in the field of venture capital funding related to the innovative development of the country.

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Soeprijadi, Liliek, Endang Yuli, Edi Susilo, and Rudianto Rudianto. "Model Joint Business Group Based Knowledge for Fishermen Community Empowerment Strategies (Case Study of Business Diversification on Solid Capture Region Cirebon City)." Business and Management Horizons 1, no. 1 (April 5, 2013): 96. http://dx.doi.org/10.5296/bmh.v1i1.3485.

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The purpose of this study was to analyze the effect of public capital fishing, fish processing business and micro-business skills to the programs and activities of the agency joint venture (KUB) coastal fishing town of Cirebon: to analyze the effect of public capital fishing, fish processing business and micro-enterprise skills through the agency the joint venture (KUB) fisherman exchange coastal fishing town of Cirebon: to analyze the effect of public capital fishing, fish processing business and micro-enterprise skills through a joint venture group institutions (KUB) and exchange fishing to conservation of fish resources in the coastal city of Cirebon , and to formulate a model of the joint venture (KUB) knowledge as a strategy of empowerment of fishing communities in the city of Cirebon. Analysis of regression weights measurement models with business groups (KUB) based knowledge as a fishing community empowerment strategy was as follows: capital fishing communities and micro-enterprise skills significantly influence the institutional joint venture (KUB) Cirebon fishermen. While the fish processing business variables didn’t significantly influence the institutional joint venture (KUB) Cirebon fishermen; stock fishing communities, fish processing business and micro-enterprise skills together through the institution of the joint venture (KUB) fisherman significant effect on the value of rate of coastal fishing town of Cirebon. While the partial correlation between public capital fishing, fish processing business and micro-enterprise skills exchange coastal fishing town of Cirebon was not significant; stock fishing communities, fish processing business and micro-enterprise skills together through the institution of the joint venture (KUB) and exchange rates have a significant effect fishing conservation of coastal fish resources Cirebon. While the partial correlation between public capital fishing, fish processing business and micro-business skills for the preservation of coastal fishery resources Cirebon was not significant, and KUB institutional model based knowledge capital in the form of fishing communities, fish processing business and micro-enterprise skills through a strategy of empowerment fishing communities significantly influence conservation of fish resources in coastal city of Cirebon.

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Gvazdaityte, Aušra. "Strategies on Building Venture Capital Industry in the Canary Islands." Journal of Private Equity 14, no. 4 (August 31, 2011): 79–87. http://dx.doi.org/10.3905/jpe.2011.14.4.079.

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Siswanto, Ely, and Raudhotul Miul Hasanah. "Kinerja Keuangan Perusahaan Asuransi Jiwa Konvensional di Indonesia Periode 2015-2018." Jurnal Ekonomi Modernisasi 15, no. 1 (July 20, 2019): 43–57. http://dx.doi.org/10.21067/jem.v15i1.3055.

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This research aims to analyze the effect of financial indicator such as premium income, investment returns, volume of capital, loss ratio, operating expenses and risk based capital on the profitability (ROA) of conventional life insurance companies during the first quarter of 2015 until the third quarter of 2018. This research uses premium income, investment returns, volume of capital, loss ratio, operating expenses and risk based capital as independent variables and the dependent variable is Return On Assets, and joint venture alliance strategies as a control variable. The population of data is conventional life insurance companies in Indonesia during 2015 until 2018. This research used a purposive sampling technique, it was found that 14 companies met the sample criteria. The analysis model uses regression analysis. The research results show that premium income has a positive significant effect on ROA, the volume of capital has a positive significant effect on ROA and operating expenses have a negative significant effect on ROA. While investment returns, loss ratios and risk based capital, and joint venture alliance strategies do not have a significant effect on ROA. Meanwhile, a joint venture alliance strategies are not significant in influencing the relationship of independent variables to ROA. Further research is recommended to conduct a different test of the financial performance of insurance companies, national life insurance companies and joint venture life insurance companies.

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Dziekoński, Krzysztof, and Sławomir Ignatiuk. "Venture Capital and Private Equity Investment Strategies in Selected European Countries." e-Finanse 11, no. 4 (December 1, 2015): 34–45. http://dx.doi.org/10.1515/fiqf-2016-0127.

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Abstract Private equity and venture capital (PE/VC) funding is the provision of equity capital by financial investors to non-quoted companies with high growth potential. It has a particular emphasis on entrepreneurial activities rather than on mature businesses. PE/VC investors differ on several dimensions including: investment targets, screening evaluation methods, governance mechanisms, and objectives. The paper is a continuation of the discussion that concerns investment strategies of PE/VC funds. While studying the PE/VC market it is important to analyze the origin and structure of capital. The authors assumed that different types of investors have different investment strategies. Our research is an attempt to answer the following research question: whether the investor type, on the European PE/VC market, has an impact on the selection of industries. The paper presents results of statistical analysis of venture capital and private equity funds investment strategies in selected countries.

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Pisoni, Alessia, and Alberto Onetti. "When startups exit: comparing strategies in Europe and the USA." Journal of Business Strategy 39, no. 3 (May 21, 2018): 26–33. http://dx.doi.org/10.1108/jbs-02-2017-0022.

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Purpose The purpose of this paper is to present an overview of trends toward start-up exits. Exits represent the “end phase” of the start-up process, at least for the founders and the early investors. For high-growth venture-capital-backed companies, exits are often considered the ultimate goal of building a profitable venture. These ventures are intended from the beginning to harvest the financial value created by the business at some point in the future, and return capital to early investors. Design/methodology/approach The authors tracked 5,744 merger and acquisition transactions that have occurred between European and US tech start-ups since 2012. Data are drawn from CrunchBase, the most comprehensive database of high-tech companies and investors with information on the companies and investors around the world. The authors then compared the trends of acquisitions between European and US companies. Findings Results show that US companies are far more inclined to make acquisitions than European ones. Acquirers of start-ups, both from Europe and the US, prefer to buy local companies. However, recently, US companies have started to show more interest in European start-ups. Thus, signaling that the European start-up ecosystem is growing and becoming more attractive for US buyers. Furthermore, results show that start-up exits typically happen within a few years after a company’s establishment. Research limitations/implications The research does not take into consideration the price of the transaction, or the amount of capital invested by venture capitalists in the high-tech start-ups that have been acquired. Further research should address this specific problem by helping European start-ups understand how to plan the exit phase within few years from establishment. Practical implications The results have important implications both for entrepreneurs/managers and policymakers. Early exit appears to be a global trend among start-ups. This suggests that the exit phase should be properly planned to happen in the very early stage of the start-up process. On the other hand, the research also shows that there is still a gap to be filled in the European start-up ecosystems’ ability to produce exits and create new large innovative companies (the so-called “unicorns”). Originality/value To date, there has been a little research about exits for young high-tech ventures. This paper will attempt to shed new light on this so far under-explored issue by specifically analyzing exits as financial strategy for investors and entrepreneurs.

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Chen, Si-hua, Sheng-hua Xu, Changhoon Lee, Neal N. Xiong, and Wei He. "The Study on Stage Financing Model of IT Project Investment." Scientific World Journal 2014 (2014): 1–6. http://dx.doi.org/10.1155/2014/321710.

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Stage financing is the basic operation of venture capital investment. In investment, usually venture capitalists use different strategies to obtain the maximum returns. Due to its advantages to reduce the information asymmetry and agency cost, stage financing is widely used by venture capitalists. Although considerable attentions are devoted to stage financing, very little is known about the risk aversion strategies of IT projects. This paper mainly addresses the problem of risk aversion of venture capital investment in IT projects. Based on the analysis of characteristics of venture capital investment of IT projects, this paper introduces a real option pricing model to measure the value brought by the stage financing strategy and design a risk aversion model for IT projects. Because real option pricing method regards investment activity as contingent decision, it helps to make judgment on the management flexibility of IT projects and then make a more reasonable evaluation about the IT programs. Lastly by being applied to a real case, it further illustrates the effectiveness and feasibility of the model.

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Hrynyshyn, Halyna. "VENTURE INVESTMENTS AS A PROSPECTIVE DIRECTION OF ACTIVATION OF INNOVATIVE ACTIVITY." Green, Blue and Digital Economy Journal 1, no. 2 (December 3, 2020): 45–51. http://dx.doi.org/10.30525/2661-5169/2020-2-8.

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The purpose of this article is to study the intensification of venture investment in innovation processes in Ukraine, to identify problems and promising areas of development of the venture industry. The article considers the essential characteristics of the economic category "venture investments" and "investments", comparative analysis and the relationship between them. The main advantages and disadvantages of venture investment, values and main forms are highlighted. The sequence of stages of venture financing and types of schemes of venture financing are given. Venture capital entities are considered. The main stages of formation of the venture industry in Ukraine are revealed. Methods of analysis and risk assessment of the investment project are offered. The main types of strategies for minimizing risks in venture investing are presented. Among the considered strategies the most promising are strategies implemented with the participation of third parties, as in this case the maximum effect from a point is reached view of the national economy. Object of research. Venture capital in the system of financing innovation processes in the modern economy. The subject of the research is theoretical methodological and applied aspects of the functioning of venture capital as a source of financing innovation processes in Ukraine. The methodological basis of the study is a set of general and special methods of cognition. Methods of analysis and synthesis, generalization and scientific abstraction were used in the formation of the conceptual and categorical apparatus. The analysis of approaches to understanding the essence of venture investment, its components was carried out using dialectical and systemic-structural methods. The application of the historical-logical method, induction and deduction made it possible to study the genesis of the theory of economics and enterprise management, the factors of the strategy of development of venture investment of business entities. Within the framework of the study of the current state of venture investment, calculation and analytical methods of observation, measurement, analysis and comparison are used. Conclusions. It is proved that venture investment only has a positive effect on accelerating innovation processes in the economy when it performs its main function – investing in small innovative enterprises that implement their progressive ideas, providing positive innovative changes in the production structure in favor of high-tech systems. The essence of the influence of venture capital on innovation processes is manifested only through its main function – venture investment.

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Tanjung, Hendri. "AN INTEGRATION OF WAQF AND VENTURA CAPITAL: A PROPOSED MODEL FOR INDONESIA." Journal of Islamic Monetary Economics and Finance 3 (May 31, 2018): 163–82. http://dx.doi.org/10.21098/jimf.v3i0.910.

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This study aims to find the appropriate model for the modus operandi of a financial institution called Waqf-Ventura Capital Syariah (WVCS). WVCS is integration between social finance (waqf) and commercial finance (Ventura capital). This WVCS has been adopted in Indonesia but the right form of operation is still yet to be found. In addition, this study also looks for appropriate contracts able to be practiced within the WVCS itself. WVCS is conceptualized based on the content analysis of cash waqf operations, profit and loss sharing modes and venture capital strategies. It has been found that there are at least 3 alternative models of operation for this WVCS. Firstly, the waqf fund is pooled into the capital; secondly, the waqf fund is pooled into a third-party fund; and thirdly, the waqf fund is pooled into both the capital and third party-fund. These unique operandi of WVCS could be adopted, as long as there are mudharabah dan musharakah contracts for development of the Indonesian Economy.

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Wang, Lan, and Yong Long. "Research on External Financing Strategies Based on Technological Capability of Entrepreneurial Firms." Advanced Materials Research 361-363 (October 2011): 1451–62. http://dx.doi.org/10.4028/www.scientific.net/amr.361-363.1451.

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We analyze how entrepreneurial firms match product innovation mode with optimal financing under the different states of technological ability and bootstraps by applying principal-agent theory. According to some assumptions that bank finance takes the form of debt whereas venture capital finance resembles private equity, a basic incentive model with two state and sub-state variables is established. The analysis shows that entrepreneur prefers to radical innovation on the circumstance of high technological ability while entrepreneur would prefer to carry out incremental innovation with medium technological capability. The optimal financing is up to cash flow distribution of product innovation pattern and firm’s bootstraps. Venture capital finance is optimal only when cash flow distribution is highly risky and positively skewed .Or vice versa, bank finance is optimistic.

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Ning, Yixi, Gubo Xu, and Ziwu Long. "What drives the venture capital investments in China?" Chinese Management Studies 13, no. 3 (August 5, 2019): 574–602. http://dx.doi.org/10.1108/cms-07-2017-0193.

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Purpose This study aims to examine the venture capital (VC) industry in China. It has demonstrated a history of high growth with significant variations over time. The authors have examined the trends and determinants of VC investments in China over a 20-year period from 1995 to 2014. They find that the aggregate amount of VC investments, the total number of venture deals and the average amount of venture investments per deal in China are all significantly impacted by macroeconomic conditions (i.e. GDP, export, money supply), technology innovations and financial market indicators (i.e. initial public offerings (IPOs), interest rate, price-to-earnings ratio, etc.). They also find that the 2007 China A-Share stock market crash and the subsequent global financial crisis have motivated VCists in China to adjust their investment strategies and risk levels by allocating more capital to later-stage investments and securing more deals with later-round financings. However, after the 2008 global financial crisis, the China’s venture industry has recovered faster compared to the US counterpart response. Design/methodology/approach The authors first perform trend analysis of VC investments at an aggregate level, by stages of development, and across industry from 1995 to 2014.To test H1 and H2, the authors use multiple regression models with lagged explanatory variables. To test H3, the authors use univariate tests to compare the measures of VC investments at an aggregate level, stage funds ratios, stage deals ratios and financing series ratios during both a five-year and seven-year time windows around the 2007 A-Share stock market crash and the subsequent financial crisis. Findings The development of the VC industry in China has demonstrated a history of high growth with significant variation over time. The authors find that the aggregate amount of VC investments, the total number of venture deals and the average amount of venture investments per deal in China are all significantly impacted by macroeconomic conditions (i.e. GDP, export, money supply), technology innovations and financial market indicators (i.e. IPOs, interest rate, price-to-earnings ratio, etc.). The authors also find that the 2007 China A-Share stock market crash and the subsequent global financial crisis have motivated VCists in China to adjust their investment strategies and risk by allocating more capital to later-stage investments and securing more deals with later-round financings. However, the China VC industry has recovered faster compared to the USA just after the 2008 global financial crisis. Research limitations/implications There are also limitations in the study. The VC data in China in the earlier 1990s might not be very reliable due to the quality of statistics. Therefore, the trend analysis and discussions mainly focus on the time after 2000. Also, the authors cannot find VC financing sequence data for the analysis. Second, there is no doubt that the policy impact from Chinese transforming economic system and government policies on its VC industry is substantial (Su and Wang, 2013). However, they cannot find an appropriate variable to be included in the empirical models to consider this effect. Further study on this area would provide meaningful information. Third, although the authors have done comparison study between the VC industry in China in this study and the VC industry in the US documented in Ning et al. (2015) and discussed some interesting findings, more in-depth research in this area will be very useful. Practical implications The findings have meaningful implications for VCists and start-up companies seeking equity financings in China. VCists should closely monitor macroeconomic and market conditions to make appropriate adjustments to their risk and investment strategies. Entrepreneurs seeking equity financings for their business could also monitor the identified macroeconomic and market indicators, which can help them with their timing and to negotiate a better equity financing deal. VC financing is more likely to succeed when key macroeconomic and market indicators become favorable. Originality/value This paper contributes to the literature by testing the supply and demand theory on the VC market proposed by Poterba (1989) and Gompers and Lerner (1998) from the macroeconomic perspective using 20 years’ VC data from China. The authors also examine how the 2007 A-Share stock market crash and the subsequent financial crisis affected VCists to adjust their risk levels and investment strategies. It provides useful information for international academia and policymakers to understand the quick rise of China VC industry. The authors also find that the macroeconomic drivers of VC industry are somewhat different under different economic systems.

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Evans, R. M., and D. M. Thompson. "STRATEGIC APPLICATIONS OF LIFE CYCLE COSTING: OPERATIONS BUSINESS PLANNING." APPEA Journal 38, no. 1 (1998): 500. http://dx.doi.org/10.1071/aj97025.

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This paper briefly examines the business environment and challenges facing the Upstream (E&P) Sector. It suggests that operational phase risks, which undermine a venture's economic success, have traditionally been understated and inadequately defined. This, in turn, has tended to shape a (reactive) problem solving culture vis-vis a (proactive) management of risk culture in the Industry. Failures of ventures to deliver the expected return on the capital investment have been an unwelcome result.Operations Business Planning (OBP) is a technique which encourages the venture to move into proactive modus operandi. It achieves this through systematically integrating a venture's assets, activities, resources, costs and employee knowledge into a practical dynamic model. This model can be used to constantly challenge the acceptability of the venture's performance and to proactively re-shape its strategies and tactics to successfully exploit the varying business climates it faces in its life.Examples are cited to demonstrate the success of OBP's application and the benefits achieved.

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Pozzo, Antonio Del, Salvatore Loprevite, and Domenico Nicolò. "Venture Capital and Valuation of Innovative Start-ups: the Business Case of Mosaicoon." International Journal of Advances in Management and Economics 9, no. 2 (February 28, 2020): 01–15. http://dx.doi.org/10.31270/ijame/v09/i02/2020/1.

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This article analyzes the decline of one of the best well-known and promising European start-ups: Mosaic on L. t. d. The business case is emblematic of many bankruptcies caused by strategies focusing on the expectations of continuous growth of economic capital and based on unconventional performance indicators, without considering the economic-financial results and self-financing. The expectations of return on capital are extremely high and this forces one to undertake risky growth paths with very high expected return rates. This also happens in the absence of an advanced and effective capital market. Venture capitalists, even when they are public, cannot compensate for these excesses. The analysis of the case contributes to the debate on the complex topic of assessing the potentiality of start-ups and it provides useful suggestions to operators (venture capitalists, business angels, start uppers, investors, etc.) for greater prudence in considering the non-financial performance indicators. Start-ups do not produce economic results in the early stage, so they may also be valued by using non-financial metrics. However, unconventional indicators cannot be the only parameters for evaluating. When the firm is a start-up without meaningful financial information, it is more appropriate to refer to a reliable business plan drawn up on rigorous estimates of expected incomes and cash flows. Keywords: Venture capital, Start-up, Default, Performance indicators, Business case.

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Terjesen, Siri, and Amanda Elam. "Transnational Entrepreneurs‘ Venture Internationalization Strategies: A Practice Theory Approach." Entrepreneurship Theory and Practice 33, no. 5 (September 2009): 1093–120. http://dx.doi.org/10.1111/j.1540-6520.2009.00336.x.

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How do entrepreneurs working across multiple countries leverage individual experiences and institutional environments to pursue international markets? This research utilizes Bourdieu's theory of practice as a sensitizing framework to explore transnational entrepreneurs‘ internationalization strategies. Four case studies reveal the ways in which transnational entrepreneurs rely on diverse sets of resources—economic, social, cultural, and symbolic capital—to navigate multiple institutional environments—cultural repertoires, social networks, legal and regulatory regimes, and power relations—when making strategic decisions about internationalization. Transnational entrepreneurs are uniquely positioned to internationalize directly and, in many cases, as an intermediary for local firms. As such, transnational entrepreneurs pursue a modern middleman role that transcends the multiple institutional environments in which they are embedded.

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De Clercq, Dirk, Philip K. Goulet, Mikko Kumpulainen, and Manu Mäkelä. "Portfolio investment strategies in the Finnish venture capital industry: A longitudinal study." Venture Capital 3, no. 1 (January 2001): 41–62. http://dx.doi.org/10.1080/13691060116688.

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De Clercq, Dirk, Philip K. Goulet, Mikko Kumpulainen, and Manu Mäkelä. "Portfolio investment strategies in the Finnish venture capital industry: a longitudinal study." Venture Capital: An International Journal of Entrepreneurial Finance 3, no. 1 (January 1, 2001): 41–62. http://dx.doi.org/10.1080/136910601300050339.

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Alakent, Ekin, Mine Ozer, and M. Sinan Goktan. "The effect of venture capital backing on companies’ subsequent lobbying efforts." Journal of Entrepreneurship and Public Policy 8, no. 2 (July 8, 2019): 241–53. http://dx.doi.org/10.1108/jepp-07-2019-109.

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Purpose The purpose of this paper is to explore the effect of venture capital (VC) funding as a form of ownership on lobbying strategies of venture-backed companies. Design/methodology/approach The sample consists of venture-backed IPO companies between 1999 and 2014. The authors collected IPO data from the Thompson Securities Data Company (SDC) database. The authors collected VC data from SDC VentureXpert database and lobbying data from the Center for Responsive Politics database (opensecrets.org). Findings Consistent with the hypotheses, the authors find that VC-backed companies spend less on lobbying compared to non-VC-backed counterparts. However, this relationship is moderated by companies’ R&D intensity. R&D intensive VC-backed companies choose to spend more on lobbying. Research limitations/implications The research indicates that although VC backing has a negative impact on lobbying efforts, R&D intensity creates an incentive for VC-backed companies to spend more on lobbying in order to shape public policy to their benefit. The study consists of VC-backed companies that are public. The authors believe that future research can explore political strategies of VC-backed companies during their pre-IPO stage. Social implications The authors believe that political strategies are powerful yet underutilized resources that VC-backed companies can rely on to shift industries and invest in innovative products that challenge norms and fight the status quo. Lobbying and other forms of political involvement can help them shape public policy. Originality/value To the best of the authors’ knowledge, the study makes a unique contribution to the literature by exploring the political strategies of VC-backed companies.

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Zhou, Yan, and Sangmoon Park. "The Regional Determinants of the New Venture Formation in China’s Car-Sharing Economy." Sustainability 13, no. 1 (December 23, 2020): 74. http://dx.doi.org/10.3390/su13010074.

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New ventures play an important role in promoting regional economic growth, employment and innovative development. In China, the new business model centered on the sharing economy has grown rapidly in a short time, especially with regard to car-sharing, which has become one of the new governmental strategies to promote economic development in China. New car-sharing ventures have been recognized as the leading sector in sustainable development for the circular economy and resource reuse. This paper explores the regional determinants of new firm formation in the nascent car-sharing industry in China. We used panel data from 449 car-sharing new ventures established in 257 cities in China from 2011 to 2019 to conduct an empirical analysis. The findings show that the urbanization economy, human capital and venture capital in the region have a positive impact on the establishment of new ventures. At the same time, the regional population density, localization economy, innovation capacity and competitive environment have no significant relationships with the establishment of new car-sharing firms. This paper provides insights for startups entering the field of car-sharing and a theoretical basis for the subsequent research on startups in the sharing economy industry.

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Rossi, Matteo, Giuseppe Festa, Armando Papa, Ashutosh Kolte, and Rossana Piccolo. "Knowledge management behaviors in venture capital crossroads: a comparison between IVC and CVC ambidexterity." Journal of Knowledge Management 24, no. 10 (September 11, 2020): 2431–54. http://dx.doi.org/10.1108/jkm-05-2020-0328.

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Purpose Institutional venture capitalists (IVCs) and corporate venture capitalists (CVCs) deploy analogous activities but adopt different approaches to financing innovation and value creation for venture-backed firms. Thus, this paper aims to investigate their potential ambidexterity as a result of knowledge management (KM) strategies and processes. Design/methodology/approach After a focused literature review showing evidence of KM behaviors as a source of potential ambidexterity for IVCs and CVCs, descriptive, inferential and discriminant analyses on the 15 most active IVCs and CVCs in the world in 2019 are presented. Correlations between numbers of deals, prevailing entrepreneurial intensity and potential ambidexterity are investigated. Findings Specific differences are analyzed from a KM perspective, revealing that the number/percentage of operations per round can result as a misleading criterion of knowledge accumulation. Finally, a theoretical model for ambidexterity for venture capitalists is developed. Originality/value The study shows that IVCs act with greater investment capacity because of their organizational structure and purpose and focus on financial goals; moreover, they are ambidextrous, although their exploration may more frequently entail exploitation than “real” exploration. CVCs tend to invest in sectors related to their core business, coherent with their strategic purpose and more oriented with KM strategies for accumulating intellectual capital.

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Knill, April. "Should Venture Capitalists Put All Their Eggs in One Basket? Diversification versus Pure-Play Strategies in Venture Capital." Financial Management 38, no. 3 (September 2009): 441–86. http://dx.doi.org/10.1111/j.1755-053x.2009.01044.x.

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Dziekoński, Krzystof, and Sławomir Ignatiuc. "Venture Capital and Private Equity Investment Preferences in Selected Countries." e-Finanse 11, no. 3 (September 1, 2015): 128–37. http://dx.doi.org/10.1515/fiqf-2016-0124.

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Abstract Sources of capital to finance companies in the SME sector is one of the basic conditions for the functioning and development of enterprises, especially in the early phase of their development. Increasingly popular is the use of capital market instruments, Private Equity, Venture Capital, Business Angels or Mezzanine. Funding of this kind can finance risky investments in return for a higher expected rate of return on capital. Access to financial resources and the conditions under which entrepreneurs can use them can determine the introduction of new technology, new products and services, expand distribution channels, implement changes that may lead to the growth in competitiveness and above all, innovation, thus the growth of the company. The paper presents results of statistical analysis of the venture capital and private equity funds investment strategies in selected countries. As a result investment profiles are created.

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Wu, Jing, He Li, Haichao Zheng, and Yun Xu. "Signaling in joint venture capital: a social network perspective." Industrial Management & Data Systems 117, no. 10 (December 4, 2017): 2340–63. http://dx.doi.org/10.1108/imds-09-2016-0359.

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Purpose Based on the theory of social networks, it is crucial to enhance information superiority through joint venture capital (VC). The purpose of this paper is to explore the impacts of different roles’ structural and relational embeddedness on the information superiority of joint VC alliances. Design/methodology/approach The authors design the multiple linear regression models to investigate the leader’s investment ratio from a network embeddedness perspective. Panel data analysis and robustness tests are adopted based on the data from Chinese VCs Database. Findings The results show that VC leaders enjoy information search advantages because of their better network positions, while their followers lack this superiority. Information sharing among investors and investees may enhance the influences of structural embeddedness on investors’ information search advantages. Joint VC’s scale and its number of leaders could also increase VC alliances’ information superiority. Originality/value This research provides a more holistic understanding of the formation of joint VC alliances’ information superiority from a social network perspective. Both VC managers and social planners can seek guidance from this study to implement better strategies and policies to promote information symmetry in the VC market.

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Livieratos, Antonios D., and Panagiotis Lepeniotis. "Corporate venture capital programs of European electric utilities: Motives, trends, strategies and challenges." Electricity Journal 30, no. 2 (March 2017): 30–40. http://dx.doi.org/10.1016/j.tej.2017.01.006.

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Journal articles on the topic 'Venture Capital Strategies'

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