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
Journal article with impact factor
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Supervisor
Publication Year
2006
Journal
International Journal of Technology Management
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Publication Volume
34
Publication Issue
1/2
Publication Begin page
7
Publication End page
27
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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 behaviour 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.
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Keywords
Innovation Management