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Human capital and the internationalization of venture capital firms
Manigart, Sophie Collewaert, Veroniek Wright, Mike Pruthi, S. Lockett, Andy Bruining, Hans Hommel, Ulrich Landström, Hans
Manigart, Sophie
Collewaert, Veroniek
Wright, Mike
Pruthi, S.
Lockett, Andy
Bruining, Hans
Hommel, Ulrich
Landström, Hans
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Publication Type
Working paper
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Supervisor
Publication Year
2006
Journal
Book
Publication Volume
Publication Issue
1
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Publication End page
Publication Number of pages
27
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Abstract
We examine the neglected area of internationalisation by VCs. Using a representative sample of 195 VCs, we show that the decision of a European VC firm to invest internationally is driven by its human resources. Having more VC executives in general and more VC executives with previous international experience in specific, results in a higher probability of investing internationally. In contrast, more VC executives with experience in the VC industry or with an engineering background lead to a higher probability of remaining domestic.
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Corporate Finance