Antecedents of technology ventures' growth: comparing investor experience and effort
by Isabell M. Welpe, Michael Dowling, Arnold Picot
International Journal of Technology Management (IJTM), Vol. 52, No. 1/2, 2010

Abstract: We use the resource-based view to examine the contribution of venture capitalists' experience and effort to the development, growth and economic success of their technology ventures. Based on recent survey data from 272 venture capital-financed ventures in German-speaking Europe, we use a structural modelling approach to show that a venture's economic performance (as measured by increase in company valuation and employee growth) results from greater venture capital firm experience. In addition, we show that venture capitalists' effort moderates the relationship between venture capital firms' experience and the economic success of their ventures, and between the goal fulfillment and economic success of ventures.

Online publication date: Sat, 06-Apr-2013

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