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Entrepreneurial learning and the role of venture capitalists

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  • Henrik Berglund
  • Tomas Hellström
  • Sören Sjölander

Abstract

This paper develops a model of entrepreneurial learning in order to explain how VCs support the process of entrepreneurial learning and thereby add value to their ventures. We draw on two generic approaches to learning, termed the hypothesis-testing mode and the hermeneutic mode, which turn out to be closely interrelated in such learning processes. The resulting model comprises four categories, which focus on what entrepreneurs learn and how it is learnt: experimentation, evaluation, unreflective action and unverified assumptions. We then use these analytical categories to illustrate how VCs apply their different forms of expertise to increase a venture's value once an investment has been made.

Suggested Citation

  • Henrik Berglund & Tomas Hellström & Sören Sjölander, 2007. "Entrepreneurial learning and the role of venture capitalists," Venture Capital, Taylor & Francis Journals, vol. 9(3), pages 165-181, March.
    • Handle: RePEc:taf:veecee:v:9:y:2007:i:3:p:165-181
    DOI: 10.1080/13691060701324445
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    Cited by:

    1. García-Pérez-de-Lema, Domingo & Ruiz-Palomo, Daniel & Diéguez-Soto, Julio, 2021. "Analysing the roles of CEO's financial literacy and financial constraints on Spanish SMEs technological innovation," Technology in Society, Elsevier, vol. 64(C).
    2. Shuangshuang Kong & Miwako Nitani & Allan Riding, 2016. "Cross-border VC investment in Canadian firms: implications for exit patterns," Venture Capital, Taylor & Francis Journals, vol. 18(1), pages 63-93, January.

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