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Selection and support strategies in venture capital financing: High-techs or low-techs - hands-off or hands-on?

Carola Jungwirth and Petra Moog ()
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Petra Moog: Institute for Strategy and Business Economics, University of Zurich

No 24, Working Papers from University of Zurich, Institute for Strategy and Business Economics (ISU)

Abstract: The advantage of specialisation in venture capital financing makes the presence of generalists perplexing. In order to understand their function, the authors investigate the knowledge resource bases of both generalists and specialists, the types of enterprises they select, and their corresponding support strategies. Arguing that differences in strategy can be attributed to differences in knowledge, the authors hypothesise that specialists select high-tech projects — generalists, on the other hand, select low-tech projects. Specialists support ‘hands-off’ — generalist support ‘hands-on’. These hypotheses are tested with a dataset of 103 venture capitalists in Austria, Germany, and Switzerland. The empirical results from OLS-regressions show a close relationship between knowledge and selection as well as support strategies. These results invite further research on differences in venture capitalists’ strategies as they relate to differences in knowledge.

Date: 2004
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Published in: Venture Capital - An International Journal of Entrepreneurial Finance, 2004.

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