IDEAS home Printed from https://ideas.repec.org/a/eee/jbrese/v200y2025ics0148296325004448.html
   My bibliography  Save this article

A Perfect Match? How Entrepreneurs Evaluate And Decide On Venture Capital Firms

Author

Listed:
  • Schröder, Alexander
  • Schlereth, Christian
  • Hienerth, Christoph
  • Kellermanns, Franz

Abstract

In entrepreneurial ecosystems, the match between venture capital firms and entrepreneurial firms is of high importance. If there is a good fit, startups can grow substantially, and venture capital firms can succeed financially, creating economic value. Bad choices can lead to inefficiencies and market failure. Taking the perspective of the entrepreneurial firm, we conducted a discrete choice experiment and analyzed how entrepreneurs decide for or against venture capital offerings. The experiment was based on five important attributes of venture capital offerings as well as the choice between independent venture capital (IVC) and corporate venture capital (CVC) firms. We found that entrepreneurs rated equity and control attributes as more important than non-financial support or reputation. Furthermore, preference heterogeneity was high when choosing between IVC and CVC. Experience as an entrepreneur or as an investor provided only limited explanatory power to explain preference heterogeneity. Our study not only contributes to an ongoing debate about the choices and consequences that entrepreneurial firms face but also informs venture capital firms on how to best develop and present their offerings.

Suggested Citation

  • Schröder, Alexander & Schlereth, Christian & Hienerth, Christoph & Kellermanns, Franz, 2025. "A Perfect Match? How Entrepreneurs Evaluate And Decide On Venture Capital Firms," Journal of Business Research, Elsevier, vol. 200(C).
    • Handle: RePEc:eee:jbrese:v:200:y:2025:i:c:s0148296325004448
    DOI: 10.1016/j.jbusres.2025.115621
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0148296325004448
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.jbusres.2025.115621?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to

    for a different version of it.

    More about this item

    Keywords

    ;
    ;
    ;
    ;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:jbrese:v:200:y:2025:i:c:s0148296325004448. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/jbusres .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.