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Venture Capital 2.0: From Venturing to Partnering

Joseph A. McCahery and Erik P. M. Vermeulen

Annals of Corporate Governance, 2016, vol. 1, issue 2, 95-173

Abstract: Against the backdrop of an ever-changing financial landscape sometimes characterized by an abundance of funding and start-up opportunities, but usually characterized by down rounds and decreasing valuations (leading to funding, investment and liquidity gaps), "venture capital" has taken on a new uncertainty and complexity. In this review, we suggest that venture capital should not exclusively — or even primarily — be defined in terms of providing risk capital (and advise) to founder-entrepreneurs. Such an approach to venture capital, which is often described in terms of a "venture capital cycle", seems to represent the conventional wisdom in most recent discussion. According to this perspective, the solution to the funding, investment, and liquidity gaps is for new sources of capital — be they government, corporate or crowd — to step in and provide founder-entrepreneurs with money, capacities and connections that allows them to start, scale, and grow their businesses.

Keywords: Crowdfunding; Corporate venture capital; Equity finance; Exits; IPOs; Liquidity; Platforms; Private-IPOs; Venture capital (search for similar items in EconPapers)
JEL-codes: G2 G24 G31 K22 L26 (search for similar items in EconPapers)
Date: 2016
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