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Venture Capitalists' Risk Mitigation of Portfolio Company Internationalization

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  • Joseph Lipuma

    (EM - EMLyon Business School)

  • Sarah Park

Abstract

This study examines the differential application of mechanisms that venture capitalists use to mitigate the risks of portfolio company internationalization. We investigate differences in round size, round interval, and round syndication between new ventures that internationalize (with a fraction of revenue from abroad) and solely domestic new ventures, using longitudinal data of 962 investing rounds in 334 venture capital-backed technology companies. While opportunistic internationalizers (ratio of foreign sales to total sales less than 10%) receive less funding per round by smaller syndicates over longer intervals than domestic ventures, higher intensity strategic internationalizers receive their funding in shorter intervals.

Suggested Citation

  • Joseph Lipuma & Sarah Park, 2014. "Venture Capitalists' Risk Mitigation of Portfolio Company Internationalization," Post-Print hal-02313202, HAL.
    • Handle: RePEc:hal:journl:hal-02313202
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    Cited by:

    1. Christian Schwens & Florian B. Zapkau & Michael Bierwerth & Rodrigo Isidor & Gary Knight & Rüdiger Kabst, 2018. "International Entrepreneurship: A Meta–Analysis on the Internationalization and Performance Relationship," Entrepreneurship Theory and Practice, , vol. 42(5), pages 734-768, September.
    2. Regan M. Stevenson & Donald F. Kuratko & Jared Eutsler, 2019. "Unleashing main street entrepreneurship: Crowdfunding, venture capital, and the democratization of new venture investments," Small Business Economics, Springer, vol. 52(2), pages 375-393, February.
    3. Aparicio, Sebastian & Audretsch, David & Urbano, David, 2021. "Why is export-oriented entrepreneurship more prevalent in some countries than others? Contextual antecedents and economic consequences," Journal of World Business, Elsevier, vol. 56(3).
    4. Yan, Jiaju & Williams, D.W., 2021. "Timing is everything? Curvilinear effects of age at entry on new firm growth and survival and the moderating effect of IPO performance," Journal of Business Venturing, Elsevier, vol. 36(5).
    5. Park, Sarah & LiPuma, Joseph A., 2020. "New venture internationalization: The role of venture capital types and reputation," Journal of World Business, Elsevier, vol. 55(1).
    6. Justin R. Hall & Selen Savas-Hall & Eric H. Shaw, 2023. "A deductive approach to a systematic review of entrepreneurship literature," Management Review Quarterly, Springer, vol. 73(3), pages 987-1016, September.
    7. Plagmann, Carolin & Lutz, Eva, 2019. "Beggars or choosers? Lead venture capitalists and the impact of reputation on syndicate partner selection in international settings," Journal of Banking & Finance, Elsevier, vol. 100(C), pages 359-378.

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