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Jell, F., Block, J., Henkel, J. Innovativität als Kriterium bei Venture-Capital-Investitionsentscheidungen. Credit and Capital Markets – Kredit und Kapital, 44(4), 509-541. https://doi.org/10.3790/kuk.44.4.509
Jell, Florian; Block, Jörn Hendrich and Henkel, Joachim "Innovativität als Kriterium bei Venture-Capital-Investitionsentscheidungen" Credit and Capital Markets – Kredit und Kapital 44.4, 2011, 509-541. https://doi.org/10.3790/kuk.44.4.509
Jell, Florian/Block, Jörn Hendrich/Henkel, Joachim (2011): Innovativität als Kriterium bei Venture-Capital-Investitionsentscheidungen, in: Credit and Capital Markets – Kredit und Kapital, vol. 44, iss. 4, 509-541, [online] https://doi.org/10.3790/kuk.44.4.509

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Innovativität als Kriterium bei Venture-Capital-Investitionsentscheidungen

Jell, Florian | Block, Jörn Hendrich | Henkel, Joachim

Credit and Capital Markets – Kredit und Kapital, Vol. 44 (2011), Iss. 4 : pp. 509–541

14 Citations (CrossRef)

Additional Information

Article Details

Author Details

Dr. Florian Jell, Technische Universität München, Dr. Theo Schöller-Stiftungslehrstuhl für Technologie- und Innovationsmanagement

Dr. Jörn Hendrich Block, Erasmus University Rotterdam, Department of Applied Economics, P. O. Box 1738, NL-3000 DR Rotterdam/Niederlande

Prof. Dr. Joachim Henkel, Technische Universität München, Dr. Theo Schöller-Stiftungslehrstuhl für Technologie- und Innovationsmanagement, Arcisstraße 21, D-80333 München

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Abstract

Innovativeness of a Start-up as a Criterion in Venture Capital Decision Making

The innovativeness of business start-ups represents a criterion which is important for venture capital donors when examining whether or not to invest in a proposed venture, but it is not easy to conceptualize or measure innovativeness. In spite of its great practical relevance of innovativeness for decision-making by venture capital companies, pertinent studies are limited in number. The present article makes a first contribution towards closing this gap. It develops a conceptual model of the various dimensions of innovativeness of business start-ups and verifies this model by a qualitative empirical study. Based on 19 in-depth interviews with venture capital decision makers, we have reached conclusions for the role of innovativeness of business start-ups in the venture capital funding decision. We have found out, among other things, that VCs evaluate the various dimensions of innovativeness rather differently, and that a higher level of innovativeness does not necessarily lead to a higher probability of securing venture capital. These results have formed the basis of testable hypotheses. This is followed by a discussion of implications for research and practice.