- Taschenbuch: 328 Seiten
- Verlag: Eul, J; Auflage: 1 (August 2007)
- Sprache: Englisch
- ISBN-10: 3899366212
- ISBN-13: 978-3899366211
- Verpackungsabmessungen: 20,8 x 14,6 x 2,4 cm
- Durchschnittliche Kundenbewertung: 4 Kundenrezensionen
- Amazon Bestseller-Rang: Nr. 2.832.963 in Fremdsprachige Bücher (Siehe Top 100 in Fremdsprachige Bücher)
- Komplettes Inhaltsverzeichnis ansehen
Value Added by Venture Capital Firms: An Analysis on the Basis of New Technology-Based Firms in the USA and Germany (Venture Capital und Investment Banking, Neue Folge) (Englisch) Taschenbuch – August 2007
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While most financial institutions are too risk averse to invest in new technology-based firms, venture capitalists are experts in this field. They are capable of investing in firms where returns are highly uncertain, but potential rewards are extraordinarily high as well. In addition to providing financial capital, venture capitalists assert to get actively involved in the new venture in order to offer valuable advice, information and networks with the intention of maximizing the upside potential of their portfolio companies. However, in reality considerable differences exist in the amount of value-added among venture capitalists.
How do venture capitalists add value to their portfolio companies? What factors influence the level of value-added? Does the level of value-added meet the needs and the expectations of new venture teams in the USA and Germany? When selecting a venture capital firm or a portfolio company, it is crucial to understand which key factors to consider and how to manage the post-investment relationship effectively in order to realize maximal benefits.
By developing a multi-theoretic model of the value-added and monitoring mechanisms and the factors influencing them, and testing it with extensive primary data from new venture teams of new technology-based firms in the USA and Germany, this book provides a deep insight into the complex entrepreneur-investor relationship and also offers concrete practical advice for investors and entrepreneurs.
Über den Autor und weitere Mitwirkende
Jens Ortgiese received a doctoral degree in Economic Sciences from Germany’s University of Kassel in 2007. He was a research fellow on a three year visiting scholarship at the Entrepreneurial Management Center at San Diego State University, USA. The author holds a Master’s Degree in International Economics from Germany’s University of Tübingen and studied Entrepreneurship at the Graduate School of Business at San Diego State University. He worked for Hewlett-Packard and founded several new technology-based ventures.
The work input for this study was based on a thorough theoretical analysis and a detailed research framework leading to a system of hypotheses. These served as a sound foundation for the necessary empirical data collecting part. The latter necessitated a three year study period - primarily in San Diego at the San Diego State University - using an impressive amount of network connections to the venture capital industry and related consulting and servicing branches in both countries.
The results of the study impressively show the differences in value adding and monitoring in the two countries used for the comparison. In North American industry speech venture capital investing is described as an “apprenticeship business” (in German: “Lehrberuf”). The apprentice learns the rules of the business and the dos and don’ts of the industry primarily in an on the job mode. Through generations of venture capital funds the amount of experience in the market is accumulated and the number of experienced Investment Directors and General Partners increases steadily. Many of the findings of Jens Ortgiese can be referred to the lower experience level of the venture capitalists in Germany compared to their US counterparts.
The study was done using the global language of the venture capital industry: English. The intention of this rather unusual proceeding for a dissertation from a German university is to offer the data gathered by the research to the global - primarily non- German speaking scientific community - for further research on the subject and to motivate other researchers from foreign countries to follow the same way. Thereby the learning processes of the apprenticeship industry “venture capital” might get shortened. Moreover, the research community in the English speaking countries will certainly benefit from better insights in international research findings.
Jens Ortgiese’s research and book is recommended for educational institutions as well as for venture capital practitioners and others from the venturing and investing community.
Mit Spannung darf man mehr vom Autor erwarten zum Thema Add Value von Venture Capital Firmen.
Der Autor liefert mit seiner Übersicht wichtige Daten, speziell für Jungunternehmer, die in USA über lange Jahre gesammelt wurden. Eine überaus nützliche Arbeit.