After the cash arrives: A comparative study of venture capital and private investor involvement in entrepreneurial firms |
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| Institution: | 1. Department of Economics, Lund University, Sweden;2. Wharton School, University of Pennsylvania, United States;1. Global Business School, Soonchunhyang University, Soonchunhyang-ro 22, Sinchang-myeon, Asan-si, Chungchungnam-do 31538, South Korea;2. College of Business, Hankuk University of Foreign Studies, 270, Imun-dong, Dongdaemun-gu, Seoul 130-791, South Korea;3. Division of Business Administration, Sookmyung Women''s University, 100, Cheongpa-ro 47-gil, Yongsan-gu, Seoul 04310, South Korea |
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| Abstract: | Equity investments in entrepreneurial firms continue to grow in number and dollar amount from both venture capital and private investment sources. Increasingly, these two sources of capital play an important role in the development of new and existing entrepreneurial ventures. Due to the sometimes hurried attempt to turn their dream into reality, entrepreneurs may fail to consider similarities and differences in the value-added benefits supplied by venture capital firms (VCs) and private investors (PIs).Accordingly, the purpose of this study was to determine how initial relationships are established and maintained between entrepreneurs and their primary investors. Specifically, we asked entrepreneurs to assess characteristics of the relationship with their primary investor. We then contrasted the results between entrepreneurial firms that had received venture capital funding versus private investor funding. Differences were examined along the following lines: - 1.? Levels of investor involvement in entrepreneurial firms
- 2.? Reporting and operational controls placed on the firm
- 3.? Types of expertise sought by the entrepreneur
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