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The extent and nature of heterogeneity of venture capital selection behaviour in new technology-based firms

Mirjam Knockaert UGent, Bart Clarysse UGent and Mike Wright UGent (2010) R&D Management. 40(4). p.357-371
abstract
The success of technology transfer depends in part on new technology-based firms (NTBFs) accessing venture capital (VC). Yet, little is known about venture capitalists' selection processes in this context. We examine the heterogeneity in the selection behaviour of VCs using a unique hand-collected dataset comprising 68 European early-stage high-tech VC investors. We follow an inductive research design and use a conjoint analysis to decompose the investment decisions of VC investors. We identify three different clusters of VC investors: those who focus on technology (technology investors), those who focus on finance (financial investors) and those who focus on human capital (people investors). Technology investors attach more importance to the appropriability of the technology and contact with the entrepreneur than the other groups of VCs. For people investors, the human factors such as leadership capacities of the entrepreneur and the quality of the team are most important. Financial investors make their investment decision based on a limited set of factors such as ROI, growth and team completeness. Our results have important implications for NTBFs, venture capitalists and universities involved in technology transfer through spin-off companies.
Please use this url to cite or link to this publication:
author
organization
year
type
journalArticle (original)
publication status
published
subject
keyword
INVESTMENT, EUROPEAN-UNION, DECISIONS, MANAGEMENT, COMPANIES, STRATEGY, CRITERIA, MODEL, OFFS, BIAS
journal title
R&D Management
R D Manage.
volume
40
issue
4
pages
357 - 371
Web of Science type
Article
Web of Science id
000281207600002
JCR category
BUSINESS
JCR impact factor
1.58 (2010)
JCR rank
40/101 (2010)
JCR quartile
2 (2010)
ISSN
0033-6807
language
English
UGent publication?
yes
classification
A1
copyright statement
I have retained and own the full copyright for this publication
id
1044172
handle
http://hdl.handle.net/1854/LU-1044172
date created
2010-09-21 14:21:47
date last changed
2015-06-17 09:13:16
@article{1044172,
  abstract     = {The success of technology transfer depends in part on new technology-based firms (NTBFs) accessing venture capital (VC). Yet, little is known about venture capitalists' selection  processes in this context. We examine the heterogeneity  in the selection behaviour  of VCs using a unique hand-collected dataset comprising 68 European early-stage high-tech VC investors. We follow an inductive research design and use a conjoint analysis to decompose the investment decisions of VC investors. We identify three different clusters of VC investors: those who focus on technology (technology investors), those who focus on finance (financial investors) and those who focus on human capital (people investors). Technology investors attach more importance to the appropriability of the technology and contact with the entrepreneur than the other groups of VCs. For people investors, the human factors such as leadership capacities of the entrepreneur and the quality of the team are most important. Financial investors make their investment decision based on a limited set of factors such as ROI, growth and team completeness. Our results have important implications for NTBFs, venture  capitalists and universities involved in technology transfer through spin-off companies.},
  author       = {Knockaert, Mirjam and Clarysse, Bart and Wright, Mike},
  issn         = {0033-6807},
  journal      = {R\&D Management},
  keyword      = {INVESTMENT,EUROPEAN-UNION,DECISIONS,MANAGEMENT,COMPANIES,STRATEGY,CRITERIA,MODEL,OFFS,BIAS},
  language     = {eng},
  number       = {4},
  pages        = {357--371},
  title        = {The extent and nature of heterogeneity of venture capital selection behaviour in new technology-based firms},
  volume       = {40},
  year         = {2010},
}

Chicago
Knockaert, Mirjam, Bart Clarysse, and Mike Wright. 2010. “The Extent and Nature of Heterogeneity of Venture Capital Selection Behaviour in New Technology-based Firms.” R&D Management 40 (4): 357–371.
APA
Knockaert, M., Clarysse, B., & Wright, M. (2010). The extent and nature of heterogeneity of venture capital selection behaviour in new technology-based firms. R&D Management, 40(4), 357–371.
Vancouver
1.
Knockaert M, Clarysse B, Wright M. The extent and nature of heterogeneity of venture capital selection behaviour in new technology-based firms. R&D Management. 2010;40(4):357–71.
MLA
Knockaert, Mirjam, Bart Clarysse, and Mike Wright. “The Extent and Nature of Heterogeneity of Venture Capital Selection Behaviour in New Technology-based Firms.” R&D Management 40.4 (2010): 357–371. Print.