PL EN


2014 | 48 | 3 |
Article title

Ocena propozycji biznesowych firm technologicznych przez inwestorów venture capital - przykład sektora ochrony zdrowia

Authors
Content
Title variants
Languages of publication
EN
Abstracts
EN
Venture capitalists (VCs) are willing to fund technology-based firms, but they have difficulty in identifying attractive and beneficial proposals. To understand well how VC can help to diffuse tech- nological knowledge to the market place, it was explored in this paper how venture capital companies evaluate technological business proposals. The relations of these business proposals were examined in the selection process adopted by venture capitalists. The results show that the potential return on investment, personality characteristics, such as the ability of the entrepreneura and the characteristics of a team were the most important selection criteria.
PL
Inwestorzy venture capital (VC) są skłonni do finansowania przedsiębiorstw opartych na tech- nologiach, ale często mają trudności z identyfikacją atrakcyjnych i korzystnych propozycji. W celu lepszego zrozumienia, jak inwestycje VC ułatwiają rozpowszechnianie wiedzy technologicznej na rynku, w niniejszym artykule zbadano kryteria oceny technologicznych propozycji biznesowych przez spółki podwyższonego ryzyka. Analizowano relacje propozycji biznesowych w kontekście selekcji dokonywanej przez inwestorów wysokiego ryzyka. Wyniki pokazują, że najważniejszymi kryteriami wyboru były potencjalny zwrot z inwestycji, cechy osobowości przedsiębiorcy oraz charakterystyka zespołu.
Keywords
EN
PL
Year
Volume
48
Issue
3
Physical description
Dates
published
2014
online
2015-05-23
Contributors
References
  • Allen W. D., Hall T. W., Entrepreneurs, investors, and equity financing: a resource-economic analysis, „Review of Business" 2011, 31/2.
  • Baeyens K., Vanacker T. and Manigart S., Venture capitalists' selection process: the case of biotechnology proposals, „International Journal of Technology Management" 2006, 34.
  • Baum J.A.C., Silverman B.S., Picking winners or building them? Alliance, intellectual, and human capital as selection criteria in venture financing and performance of biotechnology startups, „Journal of Business Venturing" 2004, 19/3.
  • Ben-Ari G., Vonortas N. S., Risk financing for knowledge-based enterprises: mechanisms and policy options, „Science i Public Policy" 2007, 34/7.
  • Bertoni F., Colombo M. G., Grilli L., Venture capital financing and the growth of high-tech start-ups: Disentangling treatment from selection effects, „Research Policy" 2011, 40/7.
  • Bertoni F., Croce A., D'Adda D., Venture capital investments and patenting activity of high-tech start-ups: a micro-econometric firm-level analysis, „Venture Capital" 2010, 12/4.
  • Boehm T., The Investment Decision – The Venture Capitalists' Dilemma, „TVM Capital" 2003.
  • Chen X., Yao X., Kotha S., Entrepreneur passion and preparedness in business plan presentations: a persuasion analysis of venture capitalists' funding decisions, „Academy Of Management Journal" 2009, 52/1.
  • Colombo M. G., Grilli L., The creation of a middle-management level by entrepreneurial ventures: Testing economic theories of organizational design, „Journal of Economics and Management Strategy" 2013, 22/2.
  • Czemiel-Grzybowska W., Barriers to financing small and medium business enterprises in Poland, „Business and Economic Horizons" 2013, 9/4.
  • del-Palacio I., Zhang X., Sole F., The capital gap for small technology companies: public venture capital to the rescue?, „Small Business Economics" 2012, 38/3.
  • Dimov D., Gedajlovic E., A property rights perspective on venture capital investment decisions, „Journal Of Management Studies" 2010, 47/7.
  • Dimov D., Murray G., Determinants of the incidence and scale of seed capital investments by venture capital firms, „Small Business Economics" 2008, 30/2.
  • Druilhe C., Garnsey E., Do academic spin-outs differ and does it matter?, „The Journal of Technology Transfer" 2004, 29.
  • EVCA, Central and Eastern Europe Statistics (2007-2012), 2013.
  • Frigo M. L., Sweeney J. P., A holistic approach to venture capital investment decisions, „Strategic Finance" 2005, 86/8.
  • Geronikolaou G., Papachristou G., Venture Capital and Innovation in Europe, „Modern Economy" 2012, 3/4.
  • Heirman A., Clarysse B., The imprinting effect of initial resources and market strategy on the early growth path of start-ups, „Academy of Management Proceedings" 2005.
  • Knockaert M., Claryssse B., Wright M., The extent and nature of heterogeneity of venture capital selection behaviour in new technology-based firms, „R&D Management" 2010, 4/2010.
  • Korzeb Z., Implications of cross-border mergers and acquisitions in the Polish banking sector in the context of the global financial crisis, Annals of the University of Petrosani, Economics 2010, 10/4.
  • Narayansamy C., Hashemoghli A., Rashid M.R., Venture capital pre-investment decision making process: an exploratory study in Malaysia, „Global Journal Of Business Research" 2012, 6/5.
  • Pelly R., Kramer-Eis H., Creating a Better Business Environment for Financing Business. Innovation and Green Growth, „OECD Journal: Financial Market Trends" 2011, 1.
  • Petkova A. P., Wadhwa A., Yao X., Jain S., Reputation and decision making under ambiguity: a study of U.S. venture capital firms' investments in the emerging clean energy sector, „Academy Of Management Journal" 2014, 57/2.
  • Serrano-Cinca C., Gutierrez-Nieto B., A decision support system for financial and social investment, „Applied Economics" 2013, 45/28.
  • Walicka M., Life science business management - financial aspects, in: Knowledge-Economy-Society: Challenges of the contemporary management, ed. by A. Malina, R. Oczkowska, T. Rojek, Cracow 2013.
  • Waluszewski A., Baraldi E., Shih T., Linne A., Resource interfaces telling other stories about the commercial use of new technology: the embedding of biotech solutions in US, China and Taiwan, „The International Management Process Journal" 2009, 3.
  • Wright M., Lockett A., Clarysse B. and Binks M., University spin-out companies and venture capital, „Research Policy" 2006, 35/4.
Document Type
Publication order reference
Identifiers
YADDA identifier
bwmeta1.element.ojs-doi-10_17951_h_2014_48_3_371
JavaScript is turned off in your web browser. Turn it on to take full advantage of this site, then refresh the page.