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Innovativität als Kriterium bei Venture-Capital- Investitionsentscheidungen


  • Florian Jell

    (Technische Universität München, Dr. Theo Schöller-Stiftungslehrstuhl für Technologie- und Innovationsmanagement)

  • Jörn Hendrich Block

    (Erasmus University Rotterdam, Department of Applied Economics, P. O. Box 1738, NL-3000 DR Rotterdam/ Niederlande)

  • Joachim Henkel

    (Technische Universität München, Dr. Theo Schöller-Stiftungslehrstuhl für Technologie- und Innovationsmanagement, Arcisstraße 21, D-80333 München)


The innovativeness of business start-ups represents a criterion which is important for venture capital donors when examining whether or not to invest in a proposed venture, but it is not easy to conceptualize or measure innovativeness. In spite of its great practical relevance of innovativeness for decision-making by venture capital companies, pertinent studies are limited in number. The present article makes a first contribution towards closing this gap. It develops a conceptual model of the various dimensions of innovativeness of business start-ups and verifies this model by a qualitative empirical study. Based on 19 in-depth interviews with venture capital decision makers, we have reached conclusions for the role of innovativeness of business start-ups in the venture capital funding decision. We have found out, among other things, that VCs evaluate the various dimensions of innovativeness rather differently, and that a higher level of innovativeness does not necessarily lead to a higher probability of securing venture capital. These results have formed the basis of testable hypotheses. This is followed by a discussion of implications for research and practice.

Suggested Citation

  • Florian Jell & Jörn Hendrich Block & Joachim Henkel, 2011. "Innovativität als Kriterium bei Venture-Capital- Investitionsentscheidungen," Credit and Capital Markets, Credit and Capital Markets, vol. 44(4), pages 509-541.
  • Handle: RePEc:kuk:journl:v:44:y:2011:i:4:p:509-541

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    1. repec:kap:sbusec:v:50:y:2018:i:1:d:10.1007_s11187-017-9876-4 is not listed on IDEAS

    More about this item

    JEL classification:

    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General


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