Early Individual Stakeholders, First Venture Capital Investment, and Exit in the UK Startup Ecosystem

Jonás Nieto-Postigo, David Pérez-Castrillo, Ines Macho-Stadler and Albert Banal-Estañol
Authors registered in the RePEc Author Service: David Perez-Castrillo

No 1127, Working Papers from Barcelona School of Economics

Abstract: We analyze the effects of the pre-institutional individual stakeholders on the eventual success of the startups. We show that the quantity and experience of founding and non-founding directors and other individual investors affect the startup's type of, and value at, exit. While for founding and non-founding directors it is the number, for the other individual investors it is the presence of experienced business angels that significantly influences success. We also report indirect effects of the same pre-institutional individual stakeholder attributes on success. Indeed, they also affect the characteristics of the first venture capital investors, which in turn influence success.

Keywords: venture capital; startups; founders; individual investors (search for similar items in EconPapers)
JEL-codes: G24 G32 M13 (search for similar items in EconPapers)
Date: 2019-11
New Economics Papers: this item is included in nep-cfn and nep-ent
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Related works:
Journal Article: Early individual stakeholders, first venture capital investment, and exit in the UK startup ecosystem (2023)
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Persistent link: https://EconPapers.repec.org/RePEc:bge:wpaper:1127

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