Innovativität als Kriterium bei Venture-Capital- Investitionsentscheidungen
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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