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New venture management valuation: Assessing complementary capacities by human capital theory

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  • Truls Erikson
  • Lars Nerdrum

Abstract

A theory of new venture management valuation should answer the two questions: (1) What should be assessed? (2) How can it be assessed? In response to the work of Smart (1999), we address the first question and suggest a conceptual framework for the valuation of founder managers' entrepreneurial potential. Entrepreneurial capital, as we term this potential, is conceptualized as founder managers' complementary capacity to identify new opportunities, to combine or co-ordinate scarce resources; and to see new initiatives through to fruition. This approach is an extension of human capital theory to include the more heterogeneous entrepreneurial capacities of founder managers and entrepreneurs. Implications for new venture management valuation are discussed.

Suggested Citation

  • Truls Erikson & Lars Nerdrum, 2001. "New venture management valuation: Assessing complementary capacities by human capital theory," Venture Capital, Taylor & Francis Journals, vol. 3(4), pages 277-290, October.
    • Handle: RePEc:taf:veecee:v:3:y:2001:i:4:p:277-290
    DOI: 10.1080/13691060010024728
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    1. Jacob Mincer, 1993. "Studies In Human Capital," Books, Edward Elgar Publishing, number 316.
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    Cited by:

    1. Andrew Atherton, 2006. "Should Government be Stimulating Start-ups? An Assessment of the Scope for Public Intervention in New Venture Formation," Environment and Planning C, , vol. 24(1), pages 21-36, February.
    2. Appah Ebimobowei & Okoli Margaret Nnenna, 2013. "Angel Investments: A Financing Option for Economic Transformation in Nigeria," International Journal of Management Sciences, Research Academy of Social Sciences, vol. 1(9), pages 341-348.

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