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Selection and support strategies in venture capital financing: High-techs or low-techs - hands-off or hands-on?

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Listed:
  • Carola Jungwirth
  • Petra Moog

    (Institute for Strategy and Business Economics, University of Zurich
    Institute for Strategy and Business Economics, University of Zurich)

Abstract

The advantage of specialisation in venture capital financing makes the presence of generalists perplexing. In order to understand their function, the authors investigate the knowledge resource bases of both generalists and specialists, the types of enterprises they select, and their corresponding support strategies. Arguing that differences in strategy can be attributed to differences in knowledge, the authors hypothesise that specialists select high-tech projects — generalists, on the other hand, select low-tech projects. Specialists support ‘hands-off’ — generalist support ‘hands-on’. These hypotheses are tested with a dataset of 103 venture capitalists in Austria, Germany, and Switzerland. The empirical results from OLS-regressions show a close relationship between knowledge and selection as well as support strategies. These results invite further research on differences in venture capitalists’ strategies as they relate to differences in knowledge.

Suggested Citation

  • Carola Jungwirth & Petra Moog, 2004. "Selection and support strategies in venture capital financing: High-techs or low-techs - hands-off or hands-on?," Working Papers 0024, University of Zurich, Institute for Strategy and Business Economics (ISU).
    • Handle: RePEc:iso:wpaper:0024
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    Cited by:

    1. Kshitija Joshi & Deepak Chandrashekar & Alexander Brem & Kirankumar S. Momaya, 2019. "Foreign Venture Capital Firms in a Cross-Border Context: Empirical Insights from India," Sustainability, MDPI, vol. 11(22), pages 1-20, November.
    2. Glòria Estapé-Dubreuil & Arvind Ashta & Jean-Pierre Hédou, 2012. "Micro-prise de participation et entrepreneuriat social du point de vue du capital-risque :," Post-Print hal-00812966, HAL.
    3. Petra Moog & Christian Soost, 2022. "Does team diversity really matter? The connection between networks, access to financial resources, and performance in the context of university spin-offs," Small Business Economics, Springer, vol. 58(1), pages 323-351, January.

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