Menu Expand

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

13 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

Cited By

  1. A Cross-Platform Analysis of the Equity Crowdfunding Italian Context: The Role of Intellectual Capital

    Battaglia, Francesca | Busato, Francesco | Manganiello, Maria

    SSRN Electronic Journal , Vol. (2019), Iss.

    https://doi.org/10.2139/ssrn.3575109 [Citations: 0]
  2. Crowdfunding: A Literature Review and Research Directions

    Moritz, Alexandra | Block, Jorn H.

    SSRN Electronic Journal, Vol. (2014), Iss.

    https://doi.org/10.2139/ssrn.2554444 [Citations: 25]
  3. Crowdfunding for sustainability ventures

    Bento, Nuno | Gianfrate, Gianfranco | Thoni, Marco Horst

    Journal of Cleaner Production, Vol. 237 (2019), Iss. P.117751

    https://doi.org/10.1016/j.jclepro.2019.117751 [Citations: 30]
  4. Crowdfunding in Europe

    Crowdfunding: A Literature Review and Research Directions

    Moritz, Alexandra | Block, Joern H.

    2016

    https://doi.org/10.1007/978-3-319-18017-5_3 [Citations: 81]
  5. Crowdfunding und Crowdinvesting: State of the Art der wirtschaftswissenschaftlichen Literatur

    Moritz,, Alexandra | Block, Jörn

    ZfKE – Zeitschrift für KMU und Entrepreneurship, Vol. 62 (2014), Iss. 1 P.57

    https://doi.org/10.3790/zfke.62.1.57 [Citations: 38]
  6. Which updates during an equity crowdfunding campaign increase crowd participation?

    Block, Jörn | Hornuf, Lars | Moritz, Alexandra

    Small Business Economics, Vol. 50 (2018), Iss. 1 P.3

    https://doi.org/10.1007/s11187-017-9876-4 [Citations: 178]
  7. Social capital of venture capitalists and start-up funding

    Alexy, Oliver T. | Block, Joern H. | Sandner, Philipp | Ter Wal, Anne L. J.

    Small Business Economics, Vol. 39 (2012), Iss. 4 P.835

    https://doi.org/10.1007/s11187-011-9337-4 [Citations: 76]
  8. Contributing to Markets for Technology? A Comparison of Patent Filing Motives of Individual Inventors, Small Companies and Universities

    Veer, Theresa H | Jell, Florian

    SSRN Electronic Journal, Vol. (2011), Iss.

    https://doi.org/10.2139/ssrn.1932609 [Citations: 0]
  9. Crowdfunding und Crowdinvesting: State-of-the-Art der wissenschaftlichen Literatur (Crowdfunding and Crowdinvesting: A Review of the Literature)

    Moritz, Alexandra | Block, Joern Hendrich

    SSRN Electronic Journal, Vol. (2013), Iss.

    https://doi.org/10.2139/ssrn.2274141 [Citations: 7]
  10. Contributing to markets for technology? A comparison of patent filing motives of individual inventors, small companies and universities

    Veer, Theresa | Jell, Florian

    Technovation, Vol. 32 (2012), Iss. 9-10 P.513

    https://doi.org/10.1016/j.technovation.2012.03.002 [Citations: 32]
  11. Patent Pending – Why Faster Isn’t Always Better

    Henkel, Joachim | Jell, Florian

    SSRN Electronic Journal, Vol. (2010), Iss.

    https://doi.org/10.2139/ssrn.1738912 [Citations: 14]
  12. Which Updates During an Equity Crowdfunding Campaign Increase Crowd Participation?

    Block, Jorn H. | Hornuf, Lars

    SSRN Electronic Journal, Vol. (2016), Iss.

    https://doi.org/10.2139/ssrn.2781715 [Citations: 8]
  13. Investitionen junger Unternehmen – Eine theoretische und empirische Untersuchung der Investitionsmuster deutscher Unternehmensgründungen

    Schulte, Reinhard

    ZfKE – Zeitschrift für KMU und Entrepreneurship, Vol. 64 (2016), Iss. 3 P.185

    https://doi.org/10.3790/zfke.64.3.185 [Citations: 0]

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.