TY - JOUR

T1 - Linking Prefunding Venture Structure and Venture Capital Exit Performance

AU - Streletzki, Jan-Georg

PY - 2013/12/9

Y1 - 2013/12/9

N2 - This study investigates the state of the art on venture capital (VC) success prediction and compares it to the findings on general start up performance, and new technology-based venture (NTBV) performance in particular. It is still generally believed that the factors responsible for general venture performance also drive VC performance. This study argues that there is a need for differentiation: VCs and founders pursue different goals, and VC funded ventures grow under different conditions than their non-funded counterparts. Results of a structured literature review show, while team-related predictors have a comparatively lower impact, market related predictors have a higher impact on exit performance than on NTBV performance. Also, VC-specific predictors like timing and distance are shown to have an influence on exit performance.

AB - This study investigates the state of the art on venture capital (VC) success prediction and compares it to the findings on general start up performance, and new technology-based venture (NTBV) performance in particular. It is still generally believed that the factors responsible for general venture performance also drive VC performance. This study argues that there is a need for differentiation: VCs and founders pursue different goals, and VC funded ventures grow under different conditions than their non-funded counterparts. Results of a structured literature review show, while team-related predictors have a comparatively lower impact, market related predictors have a higher impact on exit performance than on NTBV performance. Also, VC-specific predictors like timing and distance are shown to have an influence on exit performance.

KW - Entrepreneurship

KW - Assets

KW - Exit Performance

KW - Industry

KW - Location

KW - Prefunding

KW - Success factors

KW - Success predictors

KW - Team

KW - Time

KW - VC

KW - Venture capital

KW - Management studies

KW - Entrepreneurship

UR - http://www.scopus.com/inward/record.url?scp=84890519887&partnerID=8YFLogxK

U2 - 10.1504/IJEV.2013.058166

DO - 10.1504/IJEV.2013.058166

M3 - Journal articles

VL - 5

SP - 345

EP - 368

JO - International Journal of Entrepreneurial Venturing

JF - International Journal of Entrepreneurial Venturing

SN - 1742-5360

IS - 4

ER -