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Show Me the Right Stuff: Signals for High Tech Startups

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  • Annamaria Conti
  • Marie C. Thursby
  • Frank Rothaermel
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    Abstract

    We present a theoretical model of startup signaling with multiple signals and potential di erences in external investor preferences. For a novel sample of technology incubator startups, we empirically examine the use of patents and founder, friends, and family (FFF) money as such signals, nding that they are jointly endogenous to venture capital and business angel investment in the startups. For this sample, venture capitalists appear to value patents more highly than FFF money, while the reverse is true for business angels. Moreover, the impact of patents on venture capitalists is larger than the impact of FFF money on business angels.

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    Bibliographic Info

    Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 17050.

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    Date of creation: May 2011
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    Handle: RePEc:nbr:nberwo:17050

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    1. Ashish Arora & Marco Ceccagnoli, 2006. "Patent Protection, Complementary Assets, and Firms' Incentives for Technology Licensing," Management Science, INFORMS, vol. 52(2), pages 293-308, February.
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