Pub Date : 2023-06-21DOI: 10.1080/13691066.2023.2225753
Yannis Pierrakis, J. Berbegal‐Mirabent, Dolors Gil-Doménech, M. Colombo
ABSTRACT Universities have emerged as central players in the fast-changing entrepreneurial finance landscape. This editorial introduces and describes the recent changes in academia and the entrepreneurial finance landscape. It then investigates the particular role of universities in supporting start-ups, as investors or facilitators of investments. Following this, it discusses the role of universities in democratising venture capital investments, the different archetypes of university investment vehicles, the importance of institutional context and entrepreneurship learning and finally the patterns of internationalisation and funding in academic spin-offs. The editorial also provides some practical recommendations for practitioners and gives food for thought for future research.
{"title":"Academic institutions and the changing entrepreneurial finance landscape","authors":"Yannis Pierrakis, J. Berbegal‐Mirabent, Dolors Gil-Doménech, M. Colombo","doi":"10.1080/13691066.2023.2225753","DOIUrl":"https://doi.org/10.1080/13691066.2023.2225753","url":null,"abstract":"ABSTRACT Universities have emerged as central players in the fast-changing entrepreneurial finance landscape. This editorial introduces and describes the recent changes in academia and the entrepreneurial finance landscape. It then investigates the particular role of universities in supporting start-ups, as investors or facilitators of investments. Following this, it discusses the role of universities in democratising venture capital investments, the different archetypes of university investment vehicles, the importance of institutional context and entrepreneurship learning and finally the patterns of internationalisation and funding in academic spin-offs. The editorial also provides some practical recommendations for practitioners and gives food for thought for future research.","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":null,"pages":null},"PeriodicalIF":2.4,"publicationDate":"2023-06-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73125297","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-06-14DOI: 10.1080/13691066.2023.2171318
J. Leiva, Ronald Mora-Esquivel, Martín Solís
ABSTRACT This paper offers evidence that the context might influence a university student’s start-up process differently, depending on the category of activities and regions. Specifically, it explores the influence of university and national contexts while considering the different categories of the start-up process. Our approach divides the start-up process into three categories (Business planning, Interaction with the external environment, and Financing), four context definitions (University, Industry-technological, Institutional-policy, and Cultural), and three regions (European Union, Latin America, and Asian-African). We drew on the primary dataset of the Global University Entrepreneurial Spirit Students’ Survey (GUESSS) project that contains 7,628 nascent entrepreneurs from 21 countries, which we complemented with a set of international indexes from the World Economic Forum’s Global Competitiveness Index, the Global Entrepreneurship Index, and the Global Leadership and Organizational Behavior Effectiveness project. Generally speaking, the University context positively influences the start-up activities of students in Europe and Asia-Africa. The Industry and technological context and the Institutional and policy context play a relevant role (sometimes positive or negative) depending on the activity and region. Finally, the Cultural context presents mixed results too, and its influence varies (positively and negatively) depending on the kind of start-up activities and the region.
{"title":"Nascent entrepreneurship in university students: the role of the context","authors":"J. Leiva, Ronald Mora-Esquivel, Martín Solís","doi":"10.1080/13691066.2023.2171318","DOIUrl":"https://doi.org/10.1080/13691066.2023.2171318","url":null,"abstract":"ABSTRACT This paper offers evidence that the context might influence a university student’s start-up process differently, depending on the category of activities and regions. Specifically, it explores the influence of university and national contexts while considering the different categories of the start-up process. Our approach divides the start-up process into three categories (Business planning, Interaction with the external environment, and Financing), four context definitions (University, Industry-technological, Institutional-policy, and Cultural), and three regions (European Union, Latin America, and Asian-African). We drew on the primary dataset of the Global University Entrepreneurial Spirit Students’ Survey (GUESSS) project that contains 7,628 nascent entrepreneurs from 21 countries, which we complemented with a set of international indexes from the World Economic Forum’s Global Competitiveness Index, the Global Entrepreneurship Index, and the Global Leadership and Organizational Behavior Effectiveness project. Generally speaking, the University context positively influences the start-up activities of students in Europe and Asia-Africa. The Industry and technological context and the Institutional and policy context play a relevant role (sometimes positive or negative) depending on the activity and region. Finally, the Cultural context presents mixed results too, and its influence varies (positively and negatively) depending on the kind of start-up activities and the region.","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":null,"pages":null},"PeriodicalIF":2.4,"publicationDate":"2023-06-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78693424","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-06-08DOI: 10.1080/13691066.2023.2221392
Colin Donaldson, J. Villagrasa, Heidi M. Neck
{"title":"The impact of an entrepreneurial ecosystem on student entrepreneurship financing: a signaling perspective","authors":"Colin Donaldson, J. Villagrasa, Heidi M. Neck","doi":"10.1080/13691066.2023.2221392","DOIUrl":"https://doi.org/10.1080/13691066.2023.2221392","url":null,"abstract":"","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":null,"pages":null},"PeriodicalIF":2.4,"publicationDate":"2023-06-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74565502","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-05-30DOI: 10.1080/13691066.2023.2218993
Haixia Hao, Lihong Guo, Jianwei Dong
ABSTRACTUsing a sample of 5,383 investment events of venture capital firms (VCs) investing in Chinese companies between 1997 and 2017, we investigate how levels of human capital of chief executive officers (CEOs) of portfolio companies affect tendencies of foreign and domestic VCs to replace CEOs. We find that domestic and foreign VCs are similar in that they are both less likely to replace CEOs of their portfolio companies if CEOs have higher levels of human capital. Furthermore, we find that domestic and foreign VCs exhibit significant differences in CEO replacement when not considering CEO human capital or when CEOs have lower levels of human capital. Results are consistent with our hypotheses that foreign VCs rely on CEO human capital as a stronger quality signal than domestic VCs, because they have more difficulty monitoring CEOs’ post-investment performance. On the contrary, the geographical and cultural proximity of domestic VCs enables them to obtain information other than CEO human capital, such as CEOs’ social skills, potential, entrepreneurial passion, and charisma, to make replacement decisions. The study advances our understanding of the behavioral differences between domestic and foreign VCs in the post-investment management process.KEYWORDS: Foreign VCsdomestic VCsCEO replacementCEO human capitalportfolio company Disclosure statementNo potential conflict of interest was reported by the author(s).Notes1. PitchBook News & Analysis, Mar 18, 2022. Available at https://pitchbook.com/.2. Higher education in China is divided into four levels: specialist, bachelor’s, master’s, and doctoral levels. Bachelor’s, master’s, and doctoral degrees could be obtained upon graduation. Specialized education generally enrolls students who have graduated from high school or have equivalent education, and specialized students can obtain a specialized certificate after graduation.3. Data on the geographic distance between VCs and portfolio companies and between VC pairs were obtained from https://www.timeanddate.com/, a global time and time zone management website.4. Data on average years of schooling are from the National Bureau of Statistics of China and are available at http://www.stats.gov.cn/tjsj/ndsj/.5. The Dalhousie University Atmospheric Composition Analysis Group provides PM2.5 data sources for North America, China, Europe, and other regions. The data is available at https://sites.wustl.edu/acag/datasets/surface-pm2–5/.6. Data on VCs’ affiliation is obtained from Chen et al. (Citation2021).Additional informationFundingThis work was supported by the National Natural Science Foundation of China [71962033].
{"title":"Do foreign and domestic venture capital firms differ in replacing CEOs of portfolio companies?","authors":"Haixia Hao, Lihong Guo, Jianwei Dong","doi":"10.1080/13691066.2023.2218993","DOIUrl":"https://doi.org/10.1080/13691066.2023.2218993","url":null,"abstract":"ABSTRACTUsing a sample of 5,383 investment events of venture capital firms (VCs) investing in Chinese companies between 1997 and 2017, we investigate how levels of human capital of chief executive officers (CEOs) of portfolio companies affect tendencies of foreign and domestic VCs to replace CEOs. We find that domestic and foreign VCs are similar in that they are both less likely to replace CEOs of their portfolio companies if CEOs have higher levels of human capital. Furthermore, we find that domestic and foreign VCs exhibit significant differences in CEO replacement when not considering CEO human capital or when CEOs have lower levels of human capital. Results are consistent with our hypotheses that foreign VCs rely on CEO human capital as a stronger quality signal than domestic VCs, because they have more difficulty monitoring CEOs’ post-investment performance. On the contrary, the geographical and cultural proximity of domestic VCs enables them to obtain information other than CEO human capital, such as CEOs’ social skills, potential, entrepreneurial passion, and charisma, to make replacement decisions. The study advances our understanding of the behavioral differences between domestic and foreign VCs in the post-investment management process.KEYWORDS: Foreign VCsdomestic VCsCEO replacementCEO human capitalportfolio company Disclosure statementNo potential conflict of interest was reported by the author(s).Notes1. PitchBook News & Analysis, Mar 18, 2022. Available at https://pitchbook.com/.2. Higher education in China is divided into four levels: specialist, bachelor’s, master’s, and doctoral levels. Bachelor’s, master’s, and doctoral degrees could be obtained upon graduation. Specialized education generally enrolls students who have graduated from high school or have equivalent education, and specialized students can obtain a specialized certificate after graduation.3. Data on the geographic distance between VCs and portfolio companies and between VC pairs were obtained from https://www.timeanddate.com/, a global time and time zone management website.4. Data on average years of schooling are from the National Bureau of Statistics of China and are available at http://www.stats.gov.cn/tjsj/ndsj/.5. The Dalhousie University Atmospheric Composition Analysis Group provides PM2.5 data sources for North America, China, Europe, and other regions. The data is available at https://sites.wustl.edu/acag/datasets/surface-pm2–5/.6. Data on VCs’ affiliation is obtained from Chen et al. (Citation2021).Additional informationFundingThis work was supported by the National Natural Science Foundation of China [71962033].","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-05-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135642134","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-05-23DOI: 10.1080/13691066.2023.2216876
Francesca Di Pietro, F. Tenca
{"title":"The role of entrepreneur’s experience and company control in influencing the credibility of passion as a signal in equity crowdfunding","authors":"Francesca Di Pietro, F. Tenca","doi":"10.1080/13691066.2023.2216876","DOIUrl":"https://doi.org/10.1080/13691066.2023.2216876","url":null,"abstract":"","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":null,"pages":null},"PeriodicalIF":2.4,"publicationDate":"2023-05-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80382593","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-05-04DOI: 10.1080/13691066.2023.2205606
Robyn Owen, L. Vedanthachari, J. Hussain
{"title":"The role of the university entrepreneurial ecosystem in entrepreneurial finance: case studies of UK innovation knowledge centres","authors":"Robyn Owen, L. Vedanthachari, J. Hussain","doi":"10.1080/13691066.2023.2205606","DOIUrl":"https://doi.org/10.1080/13691066.2023.2205606","url":null,"abstract":"","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":null,"pages":null},"PeriodicalIF":2.4,"publicationDate":"2023-05-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82931931","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-05-03DOI: 10.1080/13691066.2023.2184287
H. Etzkowitz, Miranda Weston-Smith, Jim Beddows, E. Albats, Helen Lawton Smith, Jim Wilkinson, Jialei Yang, Joe Miller, Cannon Gardner, Emma Palmer Foster, Chunyan Zhou
ABSTRACT This article contributes to the international comparative analysis of university venture capital (UVC), providing a quasi-experimental design for follow-up research and practice. The US venture capital industry, with its unicorn focused high-growth format opened up a venture capital gap. UVC transmutes academic innovation into high-tech firms, industries and regional renewal, filling interstitial funding gaps among angel, public and private venture capital offers. It is a knowledge-based industrial policy by Another Name, with direct/explicit and indirect/implicit versions, on a continuum with variation depending upon shifting ideological and competitive concerns. Beyond as of right “womb” provision, UVC capstones an academic innovation ecosystem of technology transfer, incubation and acceleration, translational research, proof of concept funds and entrepreneurship education. Venture capital, exemplified by Sand Hill Road, de-emphasizes classic regional development objectives, neglecting appropriability conditions such as academic and regional circumstances that UK and China prioritize. More modest firm formation outcomes are dismissed as failures, with entrepreneurs encouraged to return to the entrepreneurial churn. We examine the origin and development of UVC from macro, meso and micro, historical and comparative perspectives. Multi-method/multi-sample, comparative case study, and big data analytics show the constraint, variety, and early affinity of UVC to academic icons with significant untapped potential to inspire widespread economic and social advance.
本文对高校风险投资进行国际比较分析，为后续研究和实践提供准实验设计。美国风险投资行业以独角兽为重点的高增长模式，打开了风险投资的缺口。UVC将学术创新转化为高科技公司、产业和地区复兴，填补了天使、公共和私人风险资本之间的资金缺口。这是一个以知识为基础的产业政策，有直接/明确和间接/隐含的版本，在一个连续体上，随着意识形态和竞争问题的变化而变化。除了提供正确的“子宫”外，UVC还建立了一个学术创新生态系统，包括技术转让、孵化和加速、转化研究、概念验证基金和创业教育。以沙丘路(Sand Hill Road)为例，风险投资不再强调经典的区域发展目标，忽略了英国和中国优先考虑的学术和地区环境等适宜性条件。更温和的公司形成结果被视为失败，企业家被鼓励回到创业的混乱中。我们从宏观、中观和微观、历史和比较的角度考察了UVC的起源和发展。多方法/多样本、比较案例研究和大数据分析显示了UVC对学术偶像的约束、多样性和早期亲和力，这些学术偶像具有巨大的未开发潜力，可以激发广泛的经济和社会进步。
{"title":"University venture capital in big data, regional and historical perspective: where and why has it arisen?","authors":"H. Etzkowitz, Miranda Weston-Smith, Jim Beddows, E. Albats, Helen Lawton Smith, Jim Wilkinson, Jialei Yang, Joe Miller, Cannon Gardner, Emma Palmer Foster, Chunyan Zhou","doi":"10.1080/13691066.2023.2184287","DOIUrl":"https://doi.org/10.1080/13691066.2023.2184287","url":null,"abstract":"ABSTRACT This article contributes to the international comparative analysis of university venture capital (UVC), providing a quasi-experimental design for follow-up research and practice. The US venture capital industry, with its unicorn focused high-growth format opened up a venture capital gap. UVC transmutes academic innovation into high-tech firms, industries and regional renewal, filling interstitial funding gaps among angel, public and private venture capital offers. It is a knowledge-based industrial policy by Another Name, with direct/explicit and indirect/implicit versions, on a continuum with variation depending upon shifting ideological and competitive concerns. Beyond as of right “womb” provision, UVC capstones an academic innovation ecosystem of technology transfer, incubation and acceleration, translational research, proof of concept funds and entrepreneurship education. Venture capital, exemplified by Sand Hill Road, de-emphasizes classic regional development objectives, neglecting appropriability conditions such as academic and regional circumstances that UK and China prioritize. More modest firm formation outcomes are dismissed as failures, with entrepreneurs encouraged to return to the entrepreneurial churn. We examine the origin and development of UVC from macro, meso and micro, historical and comparative perspectives. Multi-method/multi-sample, comparative case study, and big data analytics show the constraint, variety, and early affinity of UVC to academic icons with significant untapped potential to inspire widespread economic and social advance.","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":null,"pages":null},"PeriodicalIF":2.4,"publicationDate":"2023-05-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89946396","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-04-05DOI: 10.1080/13691066.2023.2195127
A. Alalwan, A. Baabdullah, A. Fetais, R. Algharabat, R. Raman, Yogesh K. Dwivedi
{"title":"SMEs entrepreneurial finance-based digital transformation: towards innovative entrepreneurial finance and entrepreneurial performance","authors":"A. Alalwan, A. Baabdullah, A. Fetais, R. Algharabat, R. Raman, Yogesh K. Dwivedi","doi":"10.1080/13691066.2023.2195127","DOIUrl":"https://doi.org/10.1080/13691066.2023.2195127","url":null,"abstract":"","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":null,"pages":null},"PeriodicalIF":2.4,"publicationDate":"2023-04-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75821502","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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