Differences In Venture Capital Financing Of U S Uk German And French Information Technology Start Ups

Author : Michael Jurgen Garbade
Publisher : GRIN Verlag
Page : 301 pages
File Size : 54,6 Mb
Release : 2011-04
Category : Electronic
ISBN : 9783640893164

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Differences in Venture Capital Financing of U S , Uk, German and French Information Technology Start-Ups by Michael Jurgen Garbade Pdf

Doctoral Thesis / Dissertation from the year 2011 in the subject Business economics - Investment and Finance, University of Kassel (Research Group Entrepreneurship), language: English, abstract: Independent Venture Capital (IVC) has been paramount in the emergence of the information technology industry in both the United States and Europe. There are relatively few large global information technology companies in Europe. A widening gap is observable in the success rate of IVC backed start-ups between the U.S. and Europe in the information technology industry. This difference could be attributable to the differences in the venture capital financing of start-ups in the U.S., UK, Germany and France. This book deals with "Differences in Venture Capital Financing of U.S., UK, German and French Information Technology Start-ups". The comparative analysis is conducted on a microeconomic level (managerial venture capital research), i.e. on the venture capital firm level. The differences are analyzed for the whole venture capital investment cycle: contact phase, initial screening phase, due diligence phase, deal structuring and negotiation phase, management phase - value adding services, and exit phase. The research framework model examines the following differences in the venture capital investment cycle: average size of investment in the seed stage, average size of investment in the start-up stage, aver-age size of investment in the growth stage, percentage of start-ups in pre-revenue phase at time of investment, percentage of start-ups not managed by founders but experienced managers, percentage of investment in start-ups with me-too products, percentage of mar-ket analysis due diligence done informal, typical liquidation preference multiple, percent-age syndicated exits that are outperformers, number of tranches per investment round, number of board seats per partner and the cash multiple X that defines an outperformer. The empirical research work is based on an extensiv

Author : Michael Jurgen Garbade
Publisher : Unknown
Page : 50 pages
File Size : 45,9 Mb
Release : 2015
Category : Electronic
ISBN : OCLC:1308738311

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Differences in Venture Capital Financing of U.S., UK, German and French Information Technology Start-Ups - A Comparative Empirical Research of the Investment Process on the Venture Capital Firm Level by Michael Jurgen Garbade Pdf

Author : Michael Jurgen Garbade
Publisher : GRIN Verlag
Page : 300 pages
File Size : 44,7 Mb
Release : 2011-04-14
Category : Business & Economics
ISBN : 9783640893270

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Venture Capital Financing of U.S., UK, German and French IT Start-ups by Michael Jurgen Garbade Pdf

Doctoral Thesis / Dissertation from the year 2011 in the subject Business economics - Investment and Finance, University of Kassel (Research Group Entrepreneurship), language: English, abstract: Independent Venture Capital (IVC) has been paramount in the emergence of the information technology industry in both the United States and Europe. There are relatively few large global information technology companies in Europe. A widening gap is observable in the success rate of IVC backed start-ups between the U.S. and Europe in the information technology industry. This difference could be attributable to the differences in the venture capital financing of start-ups in the U.S., UK, Germany and France. This book deals with "Differences in Venture Capital Financing of U.S., UK, German and French Information Technology Start-ups". The comparative analysis is conducted on a microeconomic level (managerial venture capital research), i.e. on the venture capital firm level. The differences are analyzed for the whole venture capital investment cycle: contact phase, initial screening phase, due diligence phase, deal structuring and negotiation phase, management phase — value adding services, and exit phase. The research framework model examines the following differences in the venture capital investment cycle: average size of investment in the seed stage, average size of investment in the start-up stage, aver-age size of investment in the growth stage, percentage of start-ups in pre-revenue phase at time of investment, percentage of start-ups not managed by founders but experienced managers, percentage of investment in start-ups with me-too products, percentage of mar-ket analysis due diligence done informal, typical liquidation preference multiple, percent-age syndicated exits that are outperformers, number of tranches per investment round, number of board seats per partner and the cash multiple X that defines an outperformer. The empirical research work is based on an extensive scientific online questionnaire with VCs in the U.S., UK, Germany and France. Before the online questionnaire was drafted, a preliminary face-to-face expert interview was conducted with 24 VCs in Silicon Valley, London, Paris, Hamburg, Berlin and Munich. The primary data collected in the questionnaire served as basis for quantitative parametric and non-parametric statistical analysis. The book is bespokenly written for decision makers in the venture capital industry in the U.S, UK, Germany and France; all entrepreneurs and professionals who want to under-stand the economics and mechanics of venture capital term sheet clauses; venture capital industry professionals; VC associations

Author : Oliver Pfirrmann,Udo Wupperfeld,Joshua Lerner
Publisher : Springer Science & Business Media
Page : 165 pages
File Size : 54,9 Mb
Release : 2012-12-06
Category : Science
ISBN : 9783642486838

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Venture Capital and New Technology Based Firms by Oliver Pfirrmann,Udo Wupperfeld,Joshua Lerner Pdf

The aim of this study is to investigate in the role of Venture Capital in the development of New Technology Based Firms in two countries: USA and Germany. Based on literature review and empirical work issues concerning the extent and stage of financing, the nature of oversight provided by Venture Capitalists and the framework conditions for Venture Capital are subject of investigation. The results have been reflected in a workshop with experts from research, industry and policy.

Author : Lars Abraham
Publisher : diplom.de
Page : 109 pages
File Size : 48,7 Mb
Release : 2009-10-29
Category : Business & Economics
ISBN : 9783836637558

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Venture Capital in Germany and the U.S.: Differences and the Influence of Culture by Lars Abraham Pdf

Inhaltsangabe:Introduction: In today s modern economy a country s or region s competitiveness lies in its capability to innovate. Whilst earlier old and established companies were reliable producers of innovation as well as jobs, that is changing. The big corporations are outsourcing and downsizing, and the new technologies are emerging from companies that did not exist 20 years ago . This quotation taken from the Handbook of Research on Venture Capital points out the increasing relevance of the Schumpeterian growth regime of today s advanced economies which means that growth and wealth is unlikely to be maximized if most new business developments are carried out by old long-existing corporations. While in Europe only few global champions have been created in the past 50 years the United States economy seems to be capable of continuously creating great, leading-edge companies. Why is Europe lagging behind in enabling new ventures to become global champions? Why are successful high growth companies like Amazon, AMD, AOL, Apple, Cisco Systems, eBay, Genentech, Intel, Microsoft, Oracle, Sun Microsystems, Yahoo and recently Google all US based corporations and not of European or Japanese origin? One reason is seen in the outstanding capability of the US economy to put innovative business ideas from individuals, universities and other research institutions into practice and thus create with the help of a well developed venture capital industry new global champions. A strong and sophisticated VC industry is widely recognised for providing a major contribution to turn innovation into (internationally) successful high-growth corporations and therewith foster economic growth. Taking Germany as the largest economy in Europe this thesis will try to work out the main differences of the VC market in Germany - which is still considered as lagging behind - and its correspondent in the United States. While most of the previous comparative studies focus on single aspects of the VC market and the VC investment process this work will try to provide a brief but comprehensive empirical analysis of the entire venture capital investment process (from fundraising to exiting investments). As business in general and the venture capital industry in particular is considered to be increasingly influenced by socio-economic and cultural factors this thesis draws special attention to differences related to the influence of culture on both VC markets. Hence it will be [...]

Author : Christian Schwarzkopf
Publisher : Springer
Page : 266 pages
File Size : 55,9 Mb
Release : 2016-04-21
Category : Business & Economics
ISBN : 9783658135126

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Fostering Innovation and Entrepreneurship by Christian Schwarzkopf Pdf

Christian Schwarzkopf has developed a new more holistic entrepreneurial ecosystem on a national level and has analyzed as well as compared the fundamentals of innovation and entrepreneurship in Germany and the USA in order to derive the key elements for an entrepreneurial ecosystem. The described ecosystem consists of four circles and 24 elements, with the entrepreneur in the core. Surrounding essential elements, for example, are risk financing, culture or domestic markets. The author shows the differences between Germany and the USA and provides improvement proposals for nations like Germany.

Author : Jens Ortgiese
Publisher : Josef Eul Verlag GmbH
Page : 368 pages
File Size : 48,5 Mb
Release : 2007
Category : Venture capital
ISBN : 9783899366211

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Value Added by Venture Capital Firms by Jens Ortgiese Pdf

Author : OECD
Publisher : OECD Publishing
Page : 480 pages
File Size : 40,6 Mb
Release : 2014-11-12
Category : Electronic
ISBN : 9789264222281

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OECD Science, Technology and Industry Outlook 2014 by OECD Pdf

The OECD Science, Technology and Industry Outlook 2014 reviews key trends in science, technology and innovation (STI) policies, and performance in more than 45 economies, including OECD countries and major emerging economies.

Author : Paul J.J. Welfens
Publisher : Springer Science & Business Media
Page : 161 pages
File Size : 43,9 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9783642569135

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European Monetary Union and Exchange Rate Dynamics by Paul J.J. Welfens Pdf

The creation of the European Central Bank and the Euro have brought new challenges to EU integration and economic policy. This book looks into issues of monetary and factor market policies. The analysis presents new theoretical and empirical research on the current decline of the Euro. Issues regarding exchange rate policies and international economic relations are also addressed.

Author : Farhad Taghizadeh-hesary,Naoyuki Yoshino,Chul Ju Kim,Peter J Morgan,Daehee Yoon
Publisher : World Scientific
Page : 425 pages
File Size : 48,9 Mb
Release : 2021-08-03
Category : Business & Economics
ISBN : 9789811235832

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Investment In Startups And Small Business Financing by Farhad Taghizadeh-hesary,Naoyuki Yoshino,Chul Ju Kim,Peter J Morgan,Daehee Yoon Pdf

Successful startups and small businesses can play a significant role in economic growth and job creation. They also contribute to economic dynamism by spurring innovation and injecting competition. Startups are known to introduce new products and services that can create new value in the economy. It is notable that most startups exit within their first ten years, and most surviving young businesses do not grow but remain small. Startups and small businesses face several obstacles to their development. Accessing capital is a crucial constraint on their growth. Most startups and small businesses have difficulties getting the funds they need because of their lack of a performance track record and lack of collateral, making it difficult for lenders or investors to assess their risk. Besides, they are in the early stages of development and face a very high possibility of failure, which significantly raises financing and investment risk.Investment in Startups and Small Business Financing provides 12 thematic and case studies on new methods for bringing private investment (loans or equity) to startups and easing small businesses' access to finance (debt and capital). The contributors are senior-level policy experts and researchers from governments, think tanks, academia, and international organizations. The chapters are authored in a policy-oriented way to be understandable for the readers with a different background. This book is a precious source for the governments for adopting the right policies to develop small businesses and startups and valuable for the researchers in economics, business, and finance.

Author : OECD
Publisher : OECD Publishing
Page : 268 pages
File Size : 51,7 Mb
Release : 2015-10-14
Category : Electronic
ISBN : 9789264239814

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The Innovation Imperative Contributing to Productivity, Growth and Well-Being by OECD Pdf

Well-timed and targeted innovation boosts productivity, increases economic growth and helps solve societal problems. But how can governments encourage more people to innovate more of the time? And how can government itself be more innovative? The OECD Innovation Strategy provides a set of ...

Author : Marieluise Bruch
Publisher : GRIN Verlag
Page : 16 pages
File Size : 50,7 Mb
Release : 2005-12-03
Category : Business & Economics
ISBN : 9783638444859

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Comparison between the innovative systems of Germany and France by Marieluise Bruch Pdf

Seminar paper from the year 2005 in the subject Business economics - Business Management, Corporate Governance, grade: 80%=A, Gotland University (Baltic Sea Management Academy), course: Comparative International Management, language: English, abstract: “Research creates knowledge. Knowledge that expands our awareness and changes our perception of ourselves. Knowledge that shapes our thinking and gives us orientation” [BMBF, 2004]. The research of today leads to innovations of tomorrow. Mainly, every item we use in daily life emerged from research which scientists have done once. This paper gives an overview of the innovative systems of Germany and France. The main features such as scientific research, funding, link to foreign institutes, commercial orientation of research centres, labour mobility as well as the venture capital system and the national technology policy will be described briefly for each of the above mentioned countries. Additionally, there is a comparison between these features in Germany and France.

Author : Patrick Renner
Publisher : GRIN Verlag
Page : 55 pages
File Size : 49,6 Mb
Release : 2019-01-09
Category : Business & Economics
ISBN : 9783668861336

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Financing of Start-ups. A financing framework for technology start-ups in the UK for the seed & start-up round by Patrick Renner Pdf

Master's Thesis from the year 2015 in the subject Economics - Innovation economics, grade: 1.0, University of Glasgow (Adam Smith Business School), language: English, abstract: Young businesses, especially in the technology sector, are the backbone in facilitating the creation of innovative new ventures as well as strengthen the development of existing organizations and as a result, increasing national economic growth. One of the most important decisions the founders of these technology start-ups have to make is the financial one. With new emerged sources of funding, this decision gets even more complex and old guidelines are not very helpful anymore. The new introduced financial framework, which is based on the financial decisions of four case companies will assist entrepreneurs when it comes to the question where capital can be found and which source of funding is the most suitable one for his or her venture.

Author : Daniel Schmidt
Publisher : Anchor Academic Publishing (aap_verlag)
Page : 54 pages
File Size : 43,7 Mb
Release : 2014-02-01
Category : Business & Economics
ISBN : 9783954896905

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Entrepreneur’s choice between Venture Capitalist and Business Angel for Start-Up Financing by Daniel Schmidt Pdf

The study extends the literature on venture capital by examining whether entrepreneur’s choice for an external investor and certain firm characteristics have an impact on venture success or not. The focus is set on the differences in value creation by venture capitalists and business angels for ventures of the high- and low-technology sector. The assessment of a data set including 252 Series A financing rounds by venture capitalist firms, business angels and collaborative investments of both investors conducted between 2005 and 2012 unveils value enhancing aspects for all three financing solutions. Overall, start-ups initially financed by venture capitalist firms perform best with regard to general venture success, whereas start-ups collaboratively supported by venture capitalists and business angels have the highest chances to exit successfully through a trade sale. It becomes further apparent that ventures located in one of the high-technology industries ‘internet’, ‘pharmaceuticals’ and ‘high-tech’, ventures that are longer established in the market and ventures whose Series A financing round was executed more recently indicate an enhanced likelihood of success.

Author : Marcela Miozzo,Vivien Walsh
Publisher : OUP Oxford
Page : 376 pages
File Size : 52,5 Mb
Release : 2006-08-10
Category : Business & Economics
ISBN : 9780191531798

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International Competitiveness and Technological Change by Marcela Miozzo,Vivien Walsh Pdf

Marcela Miozzo is Reader in Innovation Studies at Manchester Business School, The University of Manchester, UK. Her teaching and research activities are the innovation and the internationalization of services; technological and organisational changes in the construction sector; and technological capabilities of firms in Latin America. Vivien Walsh is Professor of Innovation Management at Manchester Business School, The University of Manchester, UK. Her teaching and research activities are the areas of globalization; networks and collaboration in the innovation process.