Risk Appraisal And Venture Capital In High Technology New Ventures
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Risk Appraisal and Venture Capital in High Technology New Ventures by Gavin C. Reid,Julia A. Smith Pdf
Appealing to both mainstream and evolutionary economists, this book, written by an author with an excellent track record, is acrossover treatment of quantitative and qualitative risk analysis within the setting of new high technology ventures.
Risk Appraisal and Venture Capital in High Technology New Ventures by Gavin C. Reid,Julia A. Smith Pdf
This book is a 'crossover' treatment of quantitative and qualitative risk analysis within the setting of new high technology ventures in the UK. Reid and Smith have based their research on extensive fieldwork in patent-intensive, high-technology firms. This has included face-to-face interviews with leading investors, and is illustrated by two chapt
Venture Capital Contracting and the Valuation of High-technology Firms by Joseph McCahery,Luc Renneboog Pdf
Venture capitalists are specialized intermediaries that channel capital to firms and professional services to companies that might otherwise be excluded from the corporate debt market and other sources of private finance. Venture capital financing is used to invest mainly in small and medium size firms with good growth and exit potential. Typically, venture capital firms concentrate in industries with a great deal of uncertainty, where the information gaps among entrepreneurs and venturecapitalist are commonplace. Venture capital firms are active in sectors with a high informational opacity and agency costs. These ventures are identified as financially constrained. Start-up firms rely on venture capital as one of their main sources of funding. Recent empirical research has found that the effect of venture capital on the success of these ventures is considerable. The value of venture capital investment is borne out by the figures which show that venture capital backed-firms grow on average twice as fast as those not backed by venture capital firms. The debate on the development of an efficient venture capital market has forced us to consider which financial instruments, legal rules, labour laws, contracts, and other institutional structures are necessary to create a venture capital market. The contributions to this book have offered insights on the structure of venture capital fund financial contracts, the screening, monitoring and staging of potential investments, the importance of partnership and other legal business forms for investors and start-up firms, the funding of innovation, the valuation of investments, and the exit routes for venture capitalists. The essays in this volume, which draw upon international evidence and ideas from financial economics and law, contribute to further research on the relationship between venture capitalists and entrepreneurs. This collection analyses the main legal and contracting structures in the venture capital cycle. Exploring the differences between the US and European venture capital markets, it focuses on diverse organizational and contractual techniques, such as staged finance, convertible securities, board functions and other forms of control, and the role of exit. Theoretical chapters examine the valuation of entrepreneurial firms and the liquidiation preference in convertible securities. Finally, the book assesses the importance of the IPO market for entrepreneurs, investors and venture capitalists alike.
Explanations to the inner workings of one of the least understood, but arguably most important, areas of business finance is offered to readers in this engaging volume: venture capital. Venture capitalists provide necessary investment to seed (or startup) companies, but the startup is only the beginning, there is much more to be explored. These savvy investors help guide young entrepreneurs, who likely have little experience, to turn their businesses into the Googles, Facebooks, and Groupons of the world. This book explains the often-complex methods venture capitalists use to value companies and to get the most return on their investments, or ROI. This book is a must-have for any reader interested in the business world.
National Academies of Sciences, Engineering, and Medicine,Policy and Global Affairs,Board on Science, Technology, and Economic Policy,Committee on Capitalizing on Science, Technology, and Innovation: An Assessment of the Small Business Innovation Research Program--Phase II
Author : National Academies of Sciences, Engineering, and Medicine,Policy and Global Affairs,Board on Science, Technology, and Economic Policy,Committee on Capitalizing on Science, Technology, and Innovation: An Assessment of the Small Business Innovation Research Program--Phase II Publisher : National Academies Press Page : 339 pages File Size : 40,5 Mb Release : 2016-02-11 Category : Technology & Engineering ISBN : 9780309379618
STTR: An Assessment of the Small Business Technology Transfer Program by National Academies of Sciences, Engineering, and Medicine,Policy and Global Affairs,Board on Science, Technology, and Economic Policy,Committee on Capitalizing on Science, Technology, and Innovation: An Assessment of the Small Business Innovation Research Program--Phase II Pdf
Today's knowledge economy is driven in large part by the nation's capacity to innovate. One of the defining features of the U.S. economy is a high level of entrepreneurial activity. Entrepreneurs in the United States see opportunities and are willing and able to assume risk to bring new welfare-enhancing, wealth-generating technologies to the market. Yet, although discoveries in areas such as genomics, bioinformatics, and nanotechnology present new opportunities, converting these discoveries into innovations for the market involves substantial challenges. The American capacity for innovation can be strengthened by addressing the challenges faced by entrepreneurs. Public-private partnerships are one means to help entrepreneurs bring new ideas to market. The Small Business Technology Transfer (STTR) and the Small Business Innovation Research (SBIR) program form one of the largest examples of U.S. public-private partnerships. In the SBIR Reauthorization Act of 2000, Congress tasked the National Research Council with undertaking a comprehensive study of how the SBIR program has stimulated technological innovation and used small businesses to meet federal research and development needs and with recommending further improvements to the program. When reauthorizing the SBIR and STTR programs in 2011, Congress expanded the study mandate to include a review of the STTR program. This report builds on the methodology and outcomes from the previous review of SBIR and assesses the STTR program.
Dynamics of Knowledge Intensive Entrepreneurship by Franco Malerba,Yannis Caloghirou,Maureen McKelvey,Slavo Radoševic Pdf
Knowledge intensive entrepreneurship lies at the core of the structural shift necessary for the growth and development of a knowledge based economy, yet research reveals that the EU has fewer young leading innovators, and Europe’s new firms do not adequately contribute to industrial growth. This is especially true in the high R&D intensive, high-tech sectors. This structural malaise, undermining Europe’s growth potential, is well diagnosed, but poorly understood. This volume fills this important gap by exploring new firms that have significant knowledge intensity in their activity and develop and exploit innovative opportunities in diverse sectors. Through an evolutionary and systemic approach to entrepreneurship, focusing on knowledge intensive entrepreneurship as both a micro and a macro phenomena and analyzing firms in the context of various socio-economic models, the authors explore firms creation and origins around the world, their organization, strategies and business models as well as the role of innovation systems and institutions in their formation and growth. This comprehensive research text is vital reading for academics, researchers and students of high-tech and knowledge intensive entrepreneurship as well as those with an interest in industrial dynamics, innovation management and public policy.
National Academies of Sciences, Engineering, and Medicine,Policy and Global Affairs,Board on Science, Technology, and Economic Policy,Committee on Capitalizing on Science, Technology, and Innovation: An Assessment of the Small Business Innovation Research Program--Phase II
Author : National Academies of Sciences, Engineering, and Medicine,Policy and Global Affairs,Board on Science, Technology, and Economic Policy,Committee on Capitalizing on Science, Technology, and Innovation: An Assessment of the Small Business Innovation Research Program--Phase II Publisher : National Academies Press Page : 461 pages File Size : 53,6 Mb Release : 2016-01-28 Category : Business & Economics ISBN : 9780309378772
SBIR/STTR at the National Institutes of Health by National Academies of Sciences, Engineering, and Medicine,Policy and Global Affairs,Board on Science, Technology, and Economic Policy,Committee on Capitalizing on Science, Technology, and Innovation: An Assessment of the Small Business Innovation Research Program--Phase II Pdf
The Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs provide federal research and development funding to small businesses. In 2008, the National Research Council completed a comprehensive assessment of the SBIR and STTR programs. The first-round study found that the programs were "sound in concept and effective in practice." Building on the outcomes from the Phase I study, this second phase examines both topics of general policy interest that emerged during the first phase and topics of specific interest to individual agencies, and provides a second snapshot to measure the program's progress against its legislative goals.
Author : Julia A. Smith Publisher : Edward Elgar Publishing Page : 335 pages File Size : 42,6 Mb Release : 2024-02-12 Category : Business & Economics ISBN : 9781802200621
Research Handbook on Accounting and Information Systems by Julia A. Smith Pdf
The role of the accountant is changing, as developments in technology alter the ways in which information is prepared and analysed. This Research Handbook addresses the use of both financial and non-financial information for planning, decision-making and control in organisations. Written by experts in the field, the book uses comprehensive literature reviews, empirical fieldwork and theoretical developments to provide an overview of research in this important area.
National Academies of Sciences, Engineering, and Medicine,Policy and Global Affairs,Board on Science, Technology, and Economic Policy,Committee on Capitalizing on Science, Technology, and Innovation: An Assessment of the Small Business Innovation Research Program--Phase II
Author : National Academies of Sciences, Engineering, and Medicine,Policy and Global Affairs,Board on Science, Technology, and Economic Policy,Committee on Capitalizing on Science, Technology, and Innovation: An Assessment of the Small Business Innovation Research Program--Phase II Publisher : National Academies Press Page : 379 pages File Size : 45,5 Mb Release : 2016-06-02 Category : Political Science ISBN : 9780309377874
SBIR at NASA by National Academies of Sciences, Engineering, and Medicine,Policy and Global Affairs,Board on Science, Technology, and Economic Policy,Committee on Capitalizing on Science, Technology, and Innovation: An Assessment of the Small Business Innovation Research Program--Phase II Pdf
The Small Business Innovation Research (SBIR) program is one of the largest examples of U.S. public-private partnerships, and was established in 1982 to encourage small businesses to develop new processes and products and to provide quality research in support of the U.S. government's many missions. The U.S. Congress tasked the National Research Council with undertaking a comprehensive study of how the SBIR program has stimulated technological innovation and used small businesses to meet federal research and development needs, and with recommending further improvements to the program. In the first round of this study, an ad hoc committee prepared a series of reports from 2004 to 2009 on the SBIR program at the five agencies responsible for 96 percent of the program's operations-including NASA. In a follow-up to the first round, NASA requested from the Academies an assessment focused on operational questions in order to identify further improvements to the program. Public-private partnerships like SBIR are particularly important since today's knowledge economy is driven in large part by the nation's capacity to innovate. One of the defining features of the U.S. economy is a high level of entrepreneurial activity. Entrepreneurs in the United States see opportunities and are willing and able to assume risk to bring new welfare-enhancing, wealth-generating technologies to the market. Yet, although discoveries in various fields present new opportunities, converting these discoveries into innovations for the market involves substantial challenges. The American capacity for innovation can be strengthened by addressing the challenges faced by entrepreneurs.
Author : Caroline M. Sipp,Carayannis Elias G. Publisher : Springer Science & Business Media Page : 136 pages File Size : 42,6 Mb Release : 2012-11-19 Category : Business & Economics ISBN : 9781461458142
Real Options and Strategic Technology Venturing by Caroline M. Sipp,Carayannis Elias G. Pdf
This book seeks to answer “why, when and how are real options used in strategic technology venturing?” This work tests for the role of real options in decision making involving three types of firms in decreasing order of technology-dependence – technology-driven (TD) (where the profit is fully dependent on new technology creation and leveraging), technology-based (TB) (where the profit is enabled and supported by technology) and technology-neutral (TN) (where the profit is almost independent of technology). It also deals with strategic and non-strategic types of decisions driven by real options. This analysis shows that an environment presenting co-opetitive (simultaneous competition and collaboration) conditions triggers the use of real options (why), that serve to transform the position, posture and propensity of businesses to innovate and thus they co-evolve (when) into more effective and efficient forms of businesses (co-specialization) (how). The authors demonstrate that embracing risk and uncertainty can increase levels and probability of new venture formation. However, their simulation also shows that it should be adapted to the risk profile of the firm and that timing is also a factor to be considered. Although engaging the concepts of real options, this analysis does not focus on a specific investment valuation methodology, but highlights the relationship between knowledge and risk and rather addresses the management of mindsets, as moving towards a systematic conceptualization of real options represents a different paradigm in decision making.
National Academies of Sciences, Engineering, and Medicine,Policy and Global Affairs,Board on Science, Technology, and Economic Policy,Committee on Capitalizing on Science, Technology, and Innovation: An Assessment of the Small Business Innovation Research Programâ¬"Phase II
Author : National Academies of Sciences, Engineering, and Medicine,Policy and Global Affairs,Board on Science, Technology, and Economic Policy,Committee on Capitalizing on Science, Technology, and Innovation: An Assessment of the Small Business Innovation Research Programâ¬"Phase II Publisher : National Academies Press Page : 435 pages File Size : 50,8 Mb Release : 2017-01-20 Category : Business & Economics ISBN : 9780309437929
SBIR/STTR at the Department of Energy by National Academies of Sciences, Engineering, and Medicine,Policy and Global Affairs,Board on Science, Technology, and Economic Policy,Committee on Capitalizing on Science, Technology, and Innovation: An Assessment of the Small Business Innovation Research Programâ¬"Phase II Pdf
The Small Business Innovation Research (SBIR) program is one of the largest examples of U.S. public-private partnerships, and was established in 1982 to encourage small businesses to develop new processes and products and to provide quality research in support of the U.S. government's many missions. The Small Business Technology Transfer (STTR) Program was created in 1992 by the Small Business Research and Development Enhancement Act to expand joint venture opportunities for small businesses and nonprofit research institutions by requiring small business recipients to collaborate formally with a research institution. The U.S. Congress tasked the National Research Council with undertaking a comprehensive study of how the SBIR and STTR programs have stimulated technological innovation and used small businesses to meet federal research and development needs, and with recommending further improvements to the programs. In the first round of this study, an ad hoc committee prepared a series of reports from 2004 to 2009 on the SBIR and STTR programs at the five agencies responsible for 96 percent of the programs' operations-including the Department of Energy (DoE). Building on the outcomes from the first round, this second round presents the committee's second review of the DoE SBIR program's operations. Public-private partnerships like SBIR and STTR are particularly important since today's knowledge economy is driven in large part by the nation's capacity to innovate. One of the defining features of the U.S. economy is a high level of entrepreneurial activity. Entrepreneurs in the United States see opportunities and are willing and able to assume risk to bring new welfare-enhancing, wealth-generating technologies to the market. Yet, although discoveries in areas such as genomics, bioinformatics, and nanotechnology present new opportunities, converting these discoveries into innovations for the market involves substantial challenges. The American capacity for innovation can be strengthened by addressing the challenges faced by entrepreneurs.
National Research Council,Policy and Global Affairs,Committee for Capitalizing on Science, Technology, and Innovation: An Assessment of the Small Business Innovation Research Program
Author : National Research Council,Policy and Global Affairs,Committee for Capitalizing on Science, Technology, and Innovation: An Assessment of the Small Business Innovation Research Program Publisher : National Academies Press Page : 212 pages File Size : 40,6 Mb Release : 2009-10-25 Category : Technology & Engineering ISBN : 9780309132114
Revisiting the Department of Defense SBIR Fast Track Initiative by National Research Council,Policy and Global Affairs,Committee for Capitalizing on Science, Technology, and Innovation: An Assessment of the Small Business Innovation Research Program Pdf
In October 1995, the Department of Defense launched a Fast Track initiative to attract new firms and encourage commercialization of Small Business Innovation Research (SBIR) funded technologies throughout the department. The goal of the Fast Track initiative is to help close the funding gap that can occur between Phase I and II of the SBIR program. The Fast Track initiative seeks to address the gap by providing expedited review and essentially continuous funding from Phase I to Phase II, as long as applying firms can demonstrate that they have obtained third-party financing for their technology. Another program initiative, Phase II Enhancement, was launched in 1999 to concentrate SBIR funds on those R&D projects most likely to result in viable new products that the Department of Defense and others will buy. The current volume evaluates the two SBIR Program initiatives-Fast Track and Phase II Enhancement-and finds that both programs are effective. Ninety percent of Fast Track and 95 percent of Phase II Enhancement reported satisfaction with their decision. This book identifies the successes and remaining shortcomings of the programs, providing recommendations to address these issues.
National Research Council,Policy and Global Affairs,Board on Science, Technology, and Economic Policy,Committee on Capitalizing on Science, Technology, and Innovation: An Assessment of the Small Business Innovation Research Program--Phase II
Author : National Research Council,Policy and Global Affairs,Board on Science, Technology, and Economic Policy,Committee on Capitalizing on Science, Technology, and Innovation: An Assessment of the Small Business Innovation Research Program--Phase II Publisher : National Academies Press Page : 444 pages File Size : 48,9 Mb Release : 2014-09-30 Category : Technology & Engineering ISBN : 9780309306591
SBIR at the Department of Defense by National Research Council,Policy and Global Affairs,Board on Science, Technology, and Economic Policy,Committee on Capitalizing on Science, Technology, and Innovation: An Assessment of the Small Business Innovation Research Program--Phase II Pdf
Created in 1982 through the Small Business Innovation Development Act, the Small Business Innovation Research (SBIR) program remains the nation's single largest innovation program for small business. The SBIR program offers competitive awards to support the development and commercialization of innovative technologies by small private-sector businesses. At the same time, the program provides government agencies with technical and scientific solutions that address their different missions. SBIR at the Department of Defense considers ways that the Department of Defense SBIR program could work better in addressing the congressional objectives for the SBIR program to stimulate technological innovation, use small businesses to meet federal research and development (R & D) needs, foster and encourage the participation of socially and economically disadvantaged small businesses, and increase the private sector commercialization of innovations derived from federal R&D. An earlier report, An Assessment of the Small Business Innovation Research Program at the Department of Defense, studied how the SBIR program has stimulated technological innovation and used small businesses to meet federal research and development needs. This report builds on the previous one, with a revised survey of SBIR companies. SBIR at the Department of Defense revisits some case studies from the 2009 study and develops new ones, and interviews agency managers and other stakeholders to provide a second snapshot of the program's progress toward achieving its legislative goals.
Venture Capital and the Finance of Innovation by Andrew Metrick,Ayako Yasuda Pdf
An invaluable resource for current and aspiring technology investors, Venture Capital and the Finance of Innovation provides an in-depth understanding of the tools and models needed to succeed in this competitive and highly fluid business environment. Building on a comprehensive introduction to fundamental financial and investment principles, the text guides the reader toward a robust skill set using enterprise valuation and preferred stock valuation models, risk and reward, strategic finance, and other concepts central to any venture capital and growth equity investment. Two features of the book stand out from other sources on the subject. First, it pays special attention to the enterprise valuation methodology for high-growth companies. What drives the value of a company that has little physical assets, losing money now but has a small chance of achieving great success in several years? How do you create estimates for sales, profit and return on capital when little data is available? The book answers these questions using a discounted cash flow model that is tailor-made for technology companies (DCF.xlsx downloadable from the instructor website), and the comparables model. Second, it highlights the most valuation-relevant feature of VC term sheets, namely the use of convertible preferred stock. The book shows the reader how to use a user-friendly and automated valuation model of VC preferred stock (available at www.vcvtools.com) to value various types of preferred stock and to visualize how term sheets split the values of the firm between entrepreneurs and VCs. Accessible, comprehensive, and assuming only basic knowledge of venture capital, this text offers essential guidance for successful VC and growth equity investing in any market.
