Smart capital in German start-ups -- an empirical analysis

Dorothea Schäfer and Dirk Schilder

Venture Capital, 2008, vol. 11, issue 2, 163-183

Abstract: What kind of smart capital relational investors actually supply, especially in a bank-based financial system such as the German one, is still an open question. We divide smart capital into single components and conduct a survey with 85 German suppliers of start-up finance. The results show that the degree of ‘smartness’ is determined by the financial product used and partly also by the financiers' institutional background and business strategy, the expected time-horizon of the investment and the stage of development of the firm financed. However, we find that all types of financiers offer smart capital, at least up to a certain level.

Date: 2008
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Working Paper: Smart capital in German start-ups - an empirical analysis (2007)
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DOI: 10.1080/13691060802525304

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