Handbook of Research on Venture Capital by Hans Landstrom, Colin Mason

By Hans Landstrom, Colin Mason

This authoritative and available instruction manual presents an outstanding assessment of some of the aspects a gamble capital and their similar matters. The booklet opens with a radical survey a chance capital as a study box; conceptual, theoretical, methodological and geographic facets are explored, and its pioneers revisited. the point of interest then shifts to the categorical environs a gamble capital. to start with, formal (institutional) enterprise capital is mentioned. The research encompasses issues similar to: constitution, pre-investment techniques, enterprise capitalist's value-adding, functionality, and influence on financial improvement, early-stage financing in addition to administration buyouts. company angel study, their funding selection making, and company angel networks are then mentioned lower than the broader umbrella of casual enterprise capital. ultimately, the company enterprise capital industry is explored from the entrepreneur's standpoint in addition to the provision facet of company enterprise capital. additionally offering a full of life and stimulating debate on coverage implications and attainable instructions for destiny enterprise capital examine, this all-encompassing guide will end up a useful reference software for people with an curiosity in enterprise, administration, entrepreneurship and the financing of recent businesses.

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The ‘descriptive’ period of venture capital research during the 1980s was followed by a growing interest in more theory-driven venture capital research. Before discussing the development of venture capital research during the 1990s, I will comment on the importance of databases in this regard. A contributing factor in the emerging interest in venture capital among researchers was the fact that data on venture capital became available not least from sources such as Venture Economics. Venture Economics gathered data from venture capital firms regarding their investment activities, and the information was published monthly in the Venture Capital Journal.

In 1974 we sold the company to the High Voltage Engineering Company . . my former employer . . and I stayed with them for a couple of years and became marketing manager – but I didn’t enjoy it. I took an executive MBA at Northeastern University in 1979. Jeff Timmons was the leader of the programme. I met Jeff and it turned out that we had many things in common. At one meeting Jeff said to me ‘I think you are a pretty good teacher. ’ . . my family wasn’t keen on me starting another business. So, I became a teacher and I enjoyed it.

Based upon a factor analysis Tyebjee and Bruno concluded that venture capitalists evaluate deals in terms of five basic characteristics: (i) market attractiveness; (ii) product differentiation; (iii) management capabilities; (iv) environmental threat resistance; and (v) cash-out potential. The score of each deal estimated on the basis of the five dimensions was related to subjective estimates of the level of expected return and perceived risk using a linear regression model. The results indicated that two aspects seemed to have a significant impact on the risk associated with the deal – a lack of managerial capabilities significantly increases the perceived risk followed by ‘environmental threat resistance’, whereas the attractiveness of the market and the product’s differentiation are related to the expected return.

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