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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)
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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.