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Theoe Determinants For The Occurrence And The Performance Of Co Investments By Business Angel And Venture Capital Investors
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Book Synopsis Theœ Determinants for the Occurrence and the Performance of Co-investments by Business Angel and Venture Capital Investors by : Jan Niklas Kurth
Download or read book Theœ Determinants for the Occurrence and the Performance of Co-investments by Business Angel and Venture Capital Investors written by Jan Niklas Kurth and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Co-Investment Networks of Business Angels and the Performance of Their Start-Up Investments by : Jochen Christian Werth
Download or read book Co-Investment Networks of Business Angels and the Performance of Their Start-Up Investments written by Jochen Christian Werth and published by . This book was released on 2014 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: The venture capital literature has established the positive impact of coinvestment networks on the performance of start-up investments. In early stages, however, often angel financing is the primary source of external equity. Using a novel in-depth data set of U.S. high technology start-ups we investigate the effects of business angel networks. Start-ups of better connected angel investors are more likely to receive subsequent funding by venture capitalists and business angels more often exit successfully. Thereby, angel investors seem to rely on their direct contacts, whereas their network position and possibility to act as information brokers plays a far lesser role.
Book Synopsis Syndication of Venture Capital Investments by : Finn Rieder
Download or read book Syndication of Venture Capital Investments written by Finn Rieder and published by diplom.de. This book was released on 2003-09-03 with total page 250 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inhaltsangabe:Abstract: Cooperation among financial institutions is a persistent feature of the equity issuance process. Also, the syndication of venture capital investments is common practice among venture capitalists. Despite the importance of syndication, surprisingly little is known on the motives and structure of syndication. Further-more, there is hardly any empirical evidence for Europe or particularly Germany on the syndication behaviour of VC organisations and the factors influencing their overall propensity to co-invest. On the one hand, the purpose of this paper is to compile and summarise all aspects of the existing theory on VC syndication. Therefore, the evidence from the few empirical studies that were so far carried out on this topic is discussed. Thus, the general theory on syndication, which is thought to be independent from peculiar VC industries, serves as the framework throughout this paper which is complemented by the results of the empirical analyses done so far by different authors. On the other hand, this text has also an explorative component where it is analysed if and to what degree findings of the existing studies also hold for the German VC market. This analysis is done by the use of a data base listing a total of 3,230 VC investments in German portfolio companies. The nature of the data base at hand is not designed to allow for conclusions on all relevant aspects of syndication. But the claim of this paper is to use and analyse it whenever it is possible and the data base can be linked to aspects on syndication discussed throughout the different chapters. Firstly, this paper gives a theoretical overview on general motives behind VC syndication which leads to a discussion which rational is more important in explaining VC syndicates and if there are differences between the North American and European VC market with regards to this. Then, as the principal part of this paper, various factors influencing the propensity of VC investors to syndicate are analysed and, whenever possible and appropriate, also reviewed based on the data base. The next part examines the process of forming and managing a syndicate, after the decision to co-invest a deal was made built upon the motives and factors of influence, and to what extent networking activities play a role in it. After this, it is discussed if syndicates enhance the firm value If the portfolio company and whether there is a difference between the value added of syndicates [...]
Book Synopsis The Impact and Functional Forms of the Major Determinants of Performance of Informal Venture Capitalists' Investments by : Vincenzo Capizzi
Download or read book The Impact and Functional Forms of the Major Determinants of Performance of Informal Venture Capitalists' Investments written by Vincenzo Capizzi and published by . This book was released on 2013 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper aims at providing evidence on the activity of business angels, using a unique dataset gathered during the five-year time period 2007-2011 with the support of IBAN (Italian Business Angels Network). In particular, the paper studies how characteristics of the investor and of the invested firm are correlated with returns, thus extending to the informal venture capital market research areas and methodologies widely applied in theoretical contributions dealing with the formal venture capital market. While, our descriptive analysis confirms the growing relevance of the relatively unknown and minimally regulated segment of the capital markets represented by the informal venture capital, given business angels' capability to fill the equity funding gap between demand for financial resources by start-up companies and supply of early stage equity capital, the aim of the econometric analysis is to investigate the returns on business angels' investments and their major determinants, making reference to an original set of independent variables (industry, exit strategy, experience, holding period, rejection rate, year of divestiture). Furthermore, while previous empirical studies hypothesized linear relationships between the explanatory variables and the performance of informal venture capitalists' investments, this work tests different functional forms, both linear and non-linear.The major results achieved through the empirical analysis are the following: 1) differently from previous literature, the relationship between experience and IRR is non-linear and significant; 2) the widely accepted expectation that investments with a short holding period (below three years) earn a lower IRR is confirmed, for the first time, by quantitative data; 3) a new variable, rejection rate, is put into the model and its logarithmic impact on business angels' performance is positive and significant. Finally, the outcomes of the empirical analysis performed in this study allow the identification of new and concrete insights into possible policy interventions aimed at stimulating the informal venture capital industry and, therefore, entrepreneurship inside the economic system.
Book Synopsis Angels Without Borders by : Manhong Mannie Liu
Download or read book Angels Without Borders written by Manhong Mannie Liu and published by World Scientific. This book was released on 2015-10-20 with total page 308 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'Angel investors' provide small amounts of capital ($100k-$3m) to early stage, high-risk ventures. In recent years, they have not only grown in numbers and sophistication, they have garnered the attention of larger investors and governments throughout the world who are interested in the phenomenal power of startups to bring innovative products to consumers, create jobs and economic value, and sustain macroeconomic growth.This comes as no surprise. Some of the world's most valuable and influential companies, such as Google, Facebook, and Uber were able to survive and thrive in their make-or-break early years only through the backing of angels.Angels Without Borders: Trends and Policies Shaping Angel Investment Worldwide, drawing on chapter contributors from more than two dozen nations, will be the only book on the market to examine this trend from a global perspective. It is a very useful reference for anyone who is interested in learning about the angel investment movement.
Book Synopsis Summary of David S. Rose's Angel Investing by : Everest Media,
Download or read book Summary of David S. Rose's Angel Investing written by Everest Media, and published by Everest Media LLC. This book was released on 2022-05-07T22:59:00Z with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: Please note: This is a companion version & not the original book. Sample Book Insights: #1 Angel investing is moving from an arcane backwater to a mainstream business. Today, any sophisticated investor with a portfolio of alternate assets should consider direct, early-stage investments in private companies as one potential component of that portfolio. #2 The majority of so-called angel investors actually lose money. However, this is not the case for those who invest in carefully selected and managed portfolios of angel investments. #3 Angel investing is when individual people invest their personal capital in a startup company. Angels find investment opportunities through referrals from people they know, through attending regional or national events at which early stage companies launch their products, by being approached directly by ambitious entrepreneurs, or through participating in reputable online early-stage investment platforms. #4 The idea versus execution relationship is shown in Figure 1. 2. Today, with technology providing startup businesses with virtually free hosting, bandwidth, tools, and marketing, it is extremely easy for anyone to get started.
Book Synopsis Angel Investing by : Candida G. Brush
Download or read book Angel Investing written by Candida G. Brush and published by . This book was released on 2017-09-14 with total page 186 pages. Available in PDF, EPUB and Kindle. Book excerpt: Angel Investing provides systematic and comprehensive review of the large body of research literature on angel investors. Based on the analysis and consideration of previous literature reviews, the authors created an organizing framework that captures the major aspects of the angel investment landscape including the major perspectives in angel investing: the angel investors (including angel networks and angel groups), the entrepreneurs and their ventures, the relationship and decision-process between angels and entrepreneurs, and performance. Angel Investing begins with a look at the angel investors themselves and the market characteristics that lead to angel investing. Section 2 focuses on the contributions made by angels as well as subgroups of angel investors, such as women and micro-angels. Section 3 discusses angel networks and public policy implications. Section 4 explores different typologies of angels, focusing on their reasons for investing and on some differences between angel investors and venture capitalists. Section 5 shifts focus to examine the other side of the dyad - the entrepreneurial firms - and reviews the literature that explores the firms that are seeking angel money. Section 6 moves back to the angels examining the decision making process in angel investing. Section 7 reviews the articles that look at angel investor and firm performance. Section 8 reviews the methodologies used by the researchers in the angel investor literature, thereby illustrating how the data collection and analytic tools have both changed and remained the same over time and then offers conclusions about the literature as well as suggestions for future research. The last section highlights the key and most critical issue around the angel investment literature - the lack of generalizable data and a dearth of strong methods. Each section provides a set of summary tables to aid the reader. These tables include every article reviewed in that section, the bibliographic data, main research question, theoretical perspective if applicable, and a summary of the findings.
Download or read book VC written by Tom Nicholas and published by Harvard University Press. This book was released on 2019-06-03 with total page 401 pages. Available in PDF, EPUB and Kindle. Book excerpt: From nineteenth-century whaling to a multitude of firms pursuing entrepreneurial finance today, venture finance reflects a deep-seated tradition in the deployment of risk capital in the United States. Tom Nicholas’s history of the venture capital industry offers a roller coaster ride through America’s ongoing pursuit of financial gain.
Book Synopsis Conspicuous Connection : Venture Capital Relations as Status Markers in the Equity-financing Marketplace by : Lionel Chew
Download or read book Conspicuous Connection : Venture Capital Relations as Status Markers in the Equity-financing Marketplace written by Lionel Chew and published by . This book was released on 2001 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Liftoff written by Christophe Bonnet and published by . This book was released on 2018 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: The present research links business angels' cognitive and behavioral features and co-investment practice with professional venture funds in explaining differential rates of growth. Using a questionnaire survey we were able to gather a unique dataset concerning the characteristics, investment practice and growth performance of a sample of 124 business angels having made a total of 222 investments in the south eastern region of France surrounding Grenoble. Our contribution to the literature is twofold: first, this study is the first systematic exploration of the practice of business angels in the French market for entrepreneurial finance, and thus extends our knowledge of angel investing beyond the limits of North America and the United Kingdom. Second, we make a contribution to a better understanding of the determinants of growth in ventures funded by business angels. Strong growth rates are significantly supported when business angels and professional venture capitalists co-invest simultaneously due to a certain cognitive closeness.
Book Synopsis Investing in the Next Big Thing by : Joseph Hogue
Download or read book Investing in the Next Big Thing written by Joseph Hogue and published by . This book was released on 2017-01-27 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: There's a Secret World of Investing Controlled by Angel Investors and Venture Capital One investment has been the secret of the wealthy for more than 80 years. It accounts for nearly a fifth of the wealth for million-dollar investors and nearly four-times the return compared to stocks. For more than eight decades, anyone with less than a million dollars was locked out of this investment. Government regulators reasoned that investors like you and me weren't smart enough to handle the high risk and higher return. That all changed in 2016, when for the first time in a century investment in startup companies became open to everyone. Investing in startups has led to an average 27% return for wealthy investors, nearly four times the average 7.4% annual return on stocks over the decade to 2013. When asked where they invested their money, investors with an average of $7.6 million told BNP Wealth Management those alternative investments like venture capital and startups were their second-largest investment after their own business. But the government is right in that the risks are high for startup investors. A study by Willamette University of 1,200 investments by angel investors found that more than half of startups fail to return even the original investment. Just a fraction of those investments accounted for the vast majority of gains. But those gains in startup investing can be spectacular. Consider Peter Thiel's 2004 investment of $500,000 in Facebook as its first outside investor. Most of us weren't able to invest in the social media giant until it went public in 2012. By then, Thiel had already made $1.7 billion for a 340,000% return on his investment. Welcome to the World of Startup Investing and Equity CrowdfundingI've spent nearly a decade analyzing startup investments for venture capital firms and angel investors. I set up the research department for one venture capital investor and managed a team of six analysts, pouring over pitch material and market research to find the best startups in which to invest. When equity crowdfunding became popular in 2012, I knew it held the potential to break the 80-year ban on startup investing for everyday investors. I refined my proven methodology for venture capital investing and waited for the law to be changed. Investing in startups is like nothing you've ever seen in the stock market. These companies aren't covered by analysts, and you won't find a P/E value on Yahoo Finance. You won't hear other venture capital investors or angel investors sharing their process or picks on TV either. They don't want you stealing those 27% annual returns. That's what this book is all about, using a process I have developed over years as a venture capital analyst to avoid the risks in startup investing and find the best deals. It's not an easy process. It involves research and strategic planning on your part. I'm ready to share it with you if you're ready for the challenge. In this book you'll learn: My quick checklist of what to look for in a startup to weed out the losers before wasting your time on valuation (Page 53) The process I use to value startup companies for venture capital firms, including how to research the market and understanding deal terms (Page 63) Three different valuation methods I use with every deal that gives me more certainty in the upside (Page 83) A startup investing strategy that puts your money in the best deals and avoids chasing the losers. (Page 107) Tired of being stuck with roller-coaster risk in the stock market and mediocre returns? If you want in on the investments that make angel investors and venture capital firms billions of dollars, scroll back up and click buy now.
Book Synopsis The Relevance of Economic, Institutional and Cultural Determinants for Venture Capital Investments. A US-Europe Comparison by : Nadja Benes
Download or read book The Relevance of Economic, Institutional and Cultural Determinants for Venture Capital Investments. A US-Europe Comparison written by Nadja Benes and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This study analyzes the determinants of early-stage VC investments by identifying characteristics in the economic, institutional, as well as cultural framework that could explain the diverging levels of early-stage VC investments across countries. Data was assembled for 16 countries during the period from 1995 until 2013. The results indicate that countries that are more open to trade are associated with higher levels in early-stage venture capital. A higher unemployment rate negatively affects a country's level of early-stage VC funds. Higher R&D expenditures as a proxy for the technological and innovation capacity in a country as well as a higher value in the NASDAQ Composite Index as a proxy for general stock market conditions result in a higher amount of early-stage VC investments. Moreover, the results reveal that favorable socioeconomic conditions for both entrepreneurs and venture capitalists positively correlate with early-stage VC investments. In terms of the cultural environment, the results show that higher degrees of masculinity and power distance result in more early-stage venture capital invested whereas a higher degree of uncertainty avoidance negatively affects early-stage VC investments. The study also analyzes the venture capital industries in the United States and Europe, with particular focus on Germany and France, and tries to identify institutional and cultural framework conditions in place that may explain the different levels of VC investments in the respective countries. Representing an often overlooked predecessor for venture capital, the essential role of the angel investment market for the formal venture capital industry is also illustrated in this paper.
Book Synopsis A Comparison of Business Angel and Venture Capitalist Investment Procedures by : Mark Van Osnabrugge
Download or read book A Comparison of Business Angel and Venture Capitalist Investment Procedures written by Mark Van Osnabrugge and published by . This book was released on 1999 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper conducts the first-ever detailed comparison of the investment criteria and procedures of business angels (BAs) and venture capitalists (VCs) across the full investment process. To make the study more robust, a theoretical base is adopted (based on agency theory) to form research hypotheses which propose that BAs and VCs in the UK may use different approaches to limit potential agency risks in their investments (i.e. the risks associated with an entrepreneur's potential misuse of the investor's money). Utilizing data from 40 personal interviews and 262 questionnaire responses, this study empirically supports the main hypothesized notion that, although both investors of venture capital reduce agency risks at all stages of the investment process, BAs place more emphasis on doing so ex-post investment (the incomplete contracts approach), while VCs stress doing so more ex-ante investment (the principal-agent approach).
Book Synopsis Adverse Selection and the Performance of Private Equity Co-Investments by : Reiner Braun
Download or read book Adverse Selection and the Performance of Private Equity Co-Investments written by Reiner Braun and published by . This book was released on 2018 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: Investors increasingly look for private equity managers to provide opportunities for co-investing outside the fund structure, thereby saving fees and carried interest payments. In this paper we use a large sample of buyout and venture capital co-investments to test how such deals compare with the remaining fund investments. In contrast to Fang, Ivashina and Lerner (2015) we find no evidence of adverse selection. Gross return distributions of co-investments and other deals are similar. Co-investments generally have lower costs to investors. We simulate net returns to investors and demonstrate how reasonably sized portfolios of co-investments significantly out-perform fund returns.
Book Synopsis Managing Investments in Specific Information by : James Owen Fiet
Download or read book Managing Investments in Specific Information written by James Owen Fiet and published by . This book was released on 1991 with total page 558 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Determinants of Venture Capital by : Bruno van Pottelsberghe de la Potterie
Download or read book The Determinants of Venture Capital written by Bruno van Pottelsberghe de la Potterie and published by . This book was released on 2016 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper attempts to identify and evaluate the main determinants of venture capital.
Book Synopsis Why Startups Fail by : Tom Eisenmann
Download or read book Why Startups Fail written by Tom Eisenmann and published by Currency. This book was released on 2021-03-30 with total page 370 pages. Available in PDF, EPUB and Kindle. Book excerpt: If you want your startup to succeed, you need to understand why startups fail. “Whether you’re a first-time founder or looking to bring innovation into a corporate environment, Why Startups Fail is essential reading.”—Eric Ries, founder and CEO, LTSE, and New York Times bestselling author of The Lean Startup and The Startup Way Why do startups fail? That question caught Harvard Business School professor Tom Eisenmann by surprise when he realized he couldn’t answer it. So he launched a multiyear research project to find out. In Why Startups Fail, Eisenmann reveals his findings: six distinct patterns that account for the vast majority of startup failures. • Bad Bedfellows. Startup success is thought to rest largely on the founder’s talents and instincts. But the wrong team, investors, or partners can sink a venture just as quickly. • False Starts. In following the oft-cited advice to “fail fast” and to “launch before you’re ready,” founders risk wasting time and capital on the wrong solutions. • False Promises. Success with early adopters can be misleading and give founders unwarranted confidence to expand. • Speed Traps. Despite the pressure to “get big fast,” hypergrowth can spell disaster for even the most promising ventures. • Help Wanted. Rapidly scaling startups need lots of capital and talent, but they can make mistakes that leave them suddenly in short supply of both. • Cascading Miracles. Silicon Valley exhorts entrepreneurs to dream big. But the bigger the vision, the more things that can go wrong. Drawing on fascinating stories of ventures that failed to fulfill their early promise—from a home-furnishings retailer to a concierge dog-walking service, from a dating app to the inventor of a sophisticated social robot, from a fashion brand to a startup deploying a vast network of charging stations for electric vehicles—Eisenmann offers frameworks for detecting when a venture is vulnerable to these patterns, along with a wealth of strategies and tactics for avoiding them. A must-read for founders at any stage of their entrepreneurial journey, Why Startups Fail is not merely a guide to preventing failure but also a roadmap charting the path to startup success.
