آیا سرمایه گذاران و کارآفرینان با هم مطابقت دارند؟ مدارکی از کشورهای هلند و سوئد / Do investors and entrepreneurs match? – Evidence from The Netherlands and Sweden

آیا سرمایه گذاران و کارآفرینان با هم مطابقت دارند؟ مدارکی از کشورهای هلند و سوئد Do investors and entrepreneurs match? – Evidence from The Netherlands and Sweden

  • نوع فایل : کتاب
  • زبان : انگلیسی
  • ناشر : Elsevier
  • چاپ و سال / کشور: 2017

توضیحات

رشته های مرتبط  مدیریت
گرایش های مرتبط  کارآفرینی
مجله پیش بینی تکنولوژیکی و تغییر اجتماعی – Technological Forecasting & Social Change
دانشگاه Utrecht University School of Economics (USE) and Sustainable Finance Lab

نشریه  نشریه الزویر

Description

1. Introduction This paper explores how financiers and entrepreneurs approach matching in thin markets for venture capital (VC). There is growing interest in the interplay between finance and entrepreneurship (Mina et al., 2013; Polzin, 2017; Stucki, 2014). High-impact entrepreneurship is an important driver in any transformation process (Cohen and Winn, 2007; Marcus et al., 2013; Wüstenhagen and Wuebker, 2011). However, young, high-impact entrepreneurial firms are also the most fi- nance-constrained (Demirel and Parris, 2015; Giudici and Paleari, 2000; Mina et al., 2013; Stucki, 2014). It has been argued that this constraint does not lie in a shortage of funds or ideas. Indeed, venture capitalists (VCs) finance potential breakthrough innovations, and funding for disruptive technologies is not constrained on the supply side (Nightingale et al., 2009). Also, there is seemingly no shortage of entrepreneurs with potentially profitable new business ideas. The bottleneck is in the matching process: entrepreneurs struggle to find and then secure investment, whereas investors struggle to identify and establish projects that are investment grade (Bertoni et al., 2015b; Nightingale et al., 2009). Despite abundant funds and ideas, however, evaluating the ideas and negotiating a deal requires a lot of specialised knowledge and time-consuming exchange and verification of information. Both sides of the market face high search and transaction costs to facilitate a successful match. The problem is exacerbated by the fact that the venture capital market is highly compartmentalised (Nightingale et al., 2009). The matching process in venture capital can therefore be characterised as a ‘thin market’, with only a few relevant and active investors for any entrepreneur and a limited relevant group of entrepreneurs for any investor (Bertoni et al., 2015b; Hall et al., 2016; Hopkins et al., 2013; Nightingale et al., 2009). Scholars have modelled the matching between investors and entrepreneurs as a two-staged process, in which entrepreneurs look for investors first and then investors evaluate the entrepreneurs who find them. From these models, one can derive propositions about selection mechanisms based on the ventures’ characteristics (Bengtsson and Hsu, 2015; Bertoni et al., 2015b; Eckhardt et al., 2006; Sørensen, 2007). In this paper, we build on that literature by adding the possible effect of entrepreneur and investor perceptions on the matching process. To the best of our knowledge, that element has hitherto been missing in the analysis of actual deal flow and completed as well as aborted investments.
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