How do early stage high technology investors select their investments?

Bart Clarysse, M. Knockaert () and A. Lockett
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A. Lockett: Vlerick Leuven Gent Management School

Vlerick Leuven Gent Management School Working Paper Series from Vlerick Leuven Gent Management School

Abstract: This study examines the selection behaviour of 68 European early stage high tech VCs. In particular, we examine whether or not these VCs exhibit heterogeneity in their selection behaviour. To examine these issues we employ a conjoint analysis methodology. Our results indicate that VCs exhibit substantial heterogeneity in investment selection behaviour. Employing a cluster analysis three types of investors emerge: those who focus on technology, those who focus on finance and those who focus on people. We then examine the drivers of these differences, being the sectoral focus, the sources of funds and the human capital of the investment manager.

Pages: 40 pages
Date: 2005-11-18
New Economics Papers: this item is included in nep-ent, nep-ino and nep-tid
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Working Paper: How do Early Stage High Technology Investors Select Their Investments? (2005)
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