Toward a Model of Venture Capital Investment Decision Making

Vance H. Freid and Robert D Hisrich

Financial Management, 1994, vol. 23, issue 3

Abstract: This paper uses a case study methodology to develop a model of the venture capital investment decision-making process. It identifies generic criteria that venture capitalists use. A six-stage process model is proposed: origination, venture capital firm-specific screen, generic screen, first-phase evaluation, second-phase evaluation, and closing. Different activities occur in each stage. It is argued that venture capitalist provides both supply-side and demand-side benefits to the market.

Date: 1994
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