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Do human capital and fund characteristics drive follow-up behaviour of early stage high-tech VCs?
Knockaert, Mirjam Lockett, Andy Clarysse, Bart Wright, Mike
Knockaert, Mirjam
Lockett, Andy
Clarysse, Bart
Wright, Mike
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Publication Type
Working paper
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Supervisor
Publication Year
2005
Journal
Book
Publication Volume
Publication Issue
20
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Publication End page
Publication Number of pages
33
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Abstract
This paper uses a unique dataset to examine the neglected but important issue concerning the relationship between the human capital and fund characteristics of venture capitalists and post-investment follow-up behavior in early stage high tech investments. We found no indication that involvement in monitoring activities by the investment manager is determined by either fund or human capital characteristics. In relation to value-adding activities, human capital variables were the most important, with previous consulting experience and entrepreneurial experience contributing to a higher involvement in value-adding activities. Furthermore, the diversity of an investment manager's portfolio was negatively related to involvement in value-adding activities. Finally, with respect to fund level characteristics, we found that investment managers of captive funds were less involved in value-adding activities. Keywords: venture capital, early stage high tech firms, post-investment follow-up behavior, human capital, fund characteristics
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Keywords
Innovation Management, Venture Capital, Early Stage High Tech Firms, Post-Investment Follow-up Behavior, Fund Characteristics