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Innovativität als Kriterium bei Venture-Capital- Investitionsentscheidungen

Listed author(s):
  • 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.

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Article provided by Credit and Capital Markets in its journal Kredit und Kapital.

Volume (Year): 44 (2011)
Issue (Month): 4 ()
Pages: 509-541

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Handle: RePEc:kuk:journl:v:44:y:2011:i:4:p:509-541
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