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Learning patterns in venture capital investing in new industries

Author

Listed:
  • Dimo Dimov

    (Newcastle University Business School)

  • Pablo Martin de Holan

    (EM - EMLyon Business School)

  • Hana Milanov

    (IE University [Campus Madrid])

Abstract

Using an organizational learning perspective, we link the decision by venture capital (VC) firms to invest early in a new high-technology industry to three experiential learning mechanisms: the familiarity associated with accumulation of early funding decisions, the shaping or imprinting effect of the firm's very first such decision, and the decay or "forgetting" associated with the dormancy of prior such decisions. We find support for these learning patterns using data on the investments made by US VC firms between 1962 and 2004.

Suggested Citation

  • Dimo Dimov & Pablo Martin de Holan & Hana Milanov, 2012. "Learning patterns in venture capital investing in new industries," Post-Print hal-02312944, HAL.
    • Handle: RePEc:hal:journl:hal-02312944
    DOI: 10.1093/icc/dts010
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    Citations

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    Cited by:

    1. Paresha N. Sinha & Peter Jaskiewicz & Jenny Gibb & James G. Combs, 2020. "Managing history: How New Zealand's Gallagher Group used rhetorical narratives to reprioritize and modify imprinted strategic guideposts," Strategic Management Journal, Wiley Blackwell, vol. 41(3), pages 557-589, March.
    2. Shubham Sharma & Usha Lenka, 2022. "On the shoulders of giants: uncovering key themes of organizational unlearning research in mainstream management journals," Review of Managerial Science, Springer, vol. 16(6), pages 1599-1695, August.
    3. Xu, Lei & Ou, Amy Y. & Park, Haemin Dennis & Jiang, Han, 2024. "Breaking barriers or maintaining status quo? Female representation in decision-making group of venture capital firms and the funding of woman-led businesses," Journal of Business Venturing, Elsevier, vol. 39(1).
    4. Siddharth Vedula & Markus Fitza, 2019. "Regional Recipes: A Configurational Analysis of the Regional Entrepreneurial Ecosystem for U.S. Venture Capital-Backed Startups," Strategy Science, INFORMS, vol. 4(1), pages 4-24, March.
    5. Polzin, Friedemann & Sanders, Mark & Stavlöt, Ulrika, 2018. "Do investors and entrepreneurs match? – Evidence from The Netherlands and Sweden," Technological Forecasting and Social Change, Elsevier, vol. 127(C), pages 112-126.
    6. Leentje Moortgat & Jan Annaert & Marc Deloof, 2024. "The long-run persistence in dividend policy," Cliometrica, Springer;Cliometric Society (Association Francaise de Cliométrie), vol. 18(3), pages 621-651, September.
    7. Munari, Federico & Toschi, Laura, 2015. "Assessing the impact of public venture capital programmes in the United Kingdom: Do regional characteristics matter?," Journal of Business Venturing, Elsevier, vol. 30(2), pages 205-226.

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