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Venture Capital 2.0: From Venturing to Partnering

Author

Listed:
  • McCahery, Joseph A.
  • Vermeulen, Erik P. M.

Abstract

Against the backdrop of an ever-changing financial landscape sometimes characterized by an abundance of funding and start-up opportunities, but usually characterized by down rounds and decreasing valuations (leading to funding, investment and liquidity gaps), "venture capital" has taken on a new uncertainty and complexity. In this review, we suggest that venture capital should not exclusively — or even primarily — be defined in terms of providing risk capital (and advise) to founder-entrepreneurs. Such an approach to venture capital, which is often described in terms of a "venture capital cycle", seems to represent the conventional wisdom in most recent discussion. According to this perspective, the solution to the funding, investment, and liquidity gaps is for new sources of capital — be they government, corporate or crowd — to step in and provide founder-entrepreneurs with money, capacities and connections that allows them to start, scale, and grow their businesses.

Suggested Citation

  • McCahery, Joseph A. & Vermeulen, Erik P. M., 2016. "Venture Capital 2.0: From Venturing to Partnering," Annals of Corporate Governance, now publishers, vol. 1(2), pages 95-173, July.
    • Handle: RePEc:now:jnlacg:109.00000007
    DOI: 10.1561/109.00000007
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    Cited by:

    1. Cumming, Douglas & Zhang, Yelin, 2016. "Alternative investments in emerging markets: A review and new trends," Emerging Markets Review, Elsevier, vol. 29(C), pages 1-23.
    2. Knyazeva, Anzhela, 2019. "Financial innovation in microcap public offerings," Journal of Banking & Finance, Elsevier, vol. 100(C), pages 283-305.

    More about this item

    Keywords

    Crowdfunding; Corporate venture capital; Equity finance; Exits; IPOs; Liquidity; Platforms; Private-IPOs; Venture capital;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies
    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law
    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship

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