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Do Experts Know What Growth is? Two Studies on Perception

In: Understanding the Myth of High Growth Firms

Author

Listed:
  • Malin Brännback

    (Åbo Akademi University
    Stockholm University School of Business)

  • Alan L. Carsrud

    (Åbo Akademi University)

  • Niklas Kiviluoto

    (Palmu Evolution Oy)

Abstract

One of us remembers sitting in a meeting at Stanford University in 2007 with a group of managing partners of a half dozen of Silicon Valley’s leading venture capitalist (VC) firms. The topic of the discussion was how VCs went about picking winners for their portfolios. One member of the audience asked, quite naively, if working with previous firms had helped them to improve their hit rate for finding stars. The reply was that the success rates had not changed at all. The VC went on to explain, he felt this was due to the differences in technology in the firms. No one challenged that the problem could have been the demand by the VC for high-growth strategies in their portfolio firms. If so-called experts cannot get better at picking winners then this all starts to look like gambling and the deck is stacked against everyone.

Suggested Citation

  • Malin Brännback & Alan L. Carsrud & Niklas Kiviluoto, 2014. "Do Experts Know What Growth is? Two Studies on Perception," SpringerBriefs in Business, in: Understanding the Myth of High Growth Firms, edition 127, chapter 7, pages 83-96, Springer.
    • Handle: RePEc:spr:spbrcp:978-1-4614-9457-7_7
    DOI: 10.1007/978-1-4614-9457-7_7
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