جستجوی مقالات مرتبط با کلیدواژه « سرمایه گذاری خطرپذیر » در نشریات گروه « مدیریت »

The present study was conducted with the aim of investigating how the process of spin-offs contributes to the development of the social capital of university entrepreneurs. The current research is inductive, exploratory, and qualitative. The research method is Multiple case analysis. The selection of this particular number was the result of theoretical saturation during the coding and data analysis phase). In this connection, eight ventures of University spin-offs two to four years old, with Maximum variation in the key components of spin-offs, including entrepreneur, mother organization, and technology, were examined. Data were collected through 35 semi-structured interviews with an average time of 2 hours, including 22 interviews with entrepreneurs and 13 with managers and other incubator staff. Data analysis and interpretation werefinally done through Transcription of interviews, Interview codification and analysis with the help of the NVivo 2.0 software, Description file for each case, Analytical tables, Intra- and inter-case comparisons, and finally, Comparison with the literature. The result showed thatthe relationships, that three mechanisms of the Entrepreneur´s affiliation with the university, Entrepreneurs´ immersion in the university´s network of relationships, and creating a Preparation for creating venture capital for entrepreneurs will be effective in explaining the contribution of the spin-off process in the development of the social capital of university entrepreneurs. MechanismsMechanisms of Entrepreneur´s affiliation with the university causes; Entrepreneurs project credit, preferential access to specific contacts and resources. Immersion mechanism; Provide opportunities for meetings and entrepreneurs to develop their support network with the network of contacts and structure of the nearby university. Preparation mechanisms through creating meeting opportunities for entrepreneurs, mechanisms through creating meeting opportunities for entrepreneurs, and mediating between entrepreneurs and other contacts will develop social business and financial support skills that will lead to the development of business networks.

The success of investment and achieving profitability is the most important goal of a venture capital company due to the problems and high failure rate of investments made in start-ups. The purpose of this research is to qualitatively analyze and present a systematic framework of the results of the researches conducted on the factors of the success of venture capital firms, so that venture capital companies can identify and take basic measures by emphasizing the important factors to succeed in investing. Formulate a strategy. For this purpose, by the qualitative meta-synthesis method, which is one of the types of meta-study methods, after searching and refining the sources related to the success of the venture capital firm, from the 309  primary sources, after the screening process, 81  sources were selected and then 210  primary codes and 179  non-repeated codes were obtained through thematic analysis method. After refining and re-categorizing the primary codes by the research team, 75 basic themes, 12  organizing themes, and 3 comprehensive themes related to the factors affecting the success of the venture capital company were obtained. The overarching themes are characteristics related to the investment case, characteristics related to the company or venture capital fund, and environmental and macro factors.

The aim of this paper is to provide a framework for classifying the performance of venture capital (VC) firms and extracting characteristics that are effective in their success. For this purpose, two key performance indicators were recognized by reviewing previous studies, including: rate of return and the number of successful exits of startups. Using the opinions of 5 experts active in the field of venture capital, the classification framework of the Alcaire-Foster method was set. Out of 35 Iranian venture capital firms, 15 firms participated in this research. Based on the collected information and in the framework of the mentioned method, 4 firms were in the top category, 7 firms were in the middle category and 4 firms were in the less successful category. Factors affecting the success of venture capital, such as reputation, experience, capital size, project stage, field of activity, geographical proximity with start-ups were studied in top and less successful firms. Then, the common characteristics of every VC category were explained by the method of negative center of agreement. The obtained results show that the top VC firms have bigger size of capital. The said firms have invested the most in internet businesses and have allocated a large share of their investment portfolio to activities such as internet stores, education, medicine and information technology; Also, high activity history, large number of investments, and short distance from start-ups were identified as other factors affecting the success of top venture capital firms in Iran.A

In interacting with Start-ups, venture capitalists play a role beyond providing financial resources for these companies and create value for them. The present research, using the case study method, investigates the factors affecting the cooperation pattern of venture capitalists and innovative companies, focusing on the mechanisms of creating non-financial values, through 23 semi-structured interviews with the deputies and consultants of two domestic venture capitalists and 6 start-ups affiliated with them in the time period (1393 to 1400) has been covered. In this research, the effective factors on the non-financial value creation mechanisms of two selected venture capitalists have been investigated using qualitative content analysis of interviews and axial coding. The results of this research show that in both venture capitalists, the five factors of clear expression of expectations, trust and respect, timely fulfillment of obligations, high flexibility and non-interference in executive affairs by venture capitalists have played an effective role in the value creation of these investors for start-ups and laid the groundwork. The success and effective interaction between these two collections has been in the period of cooperation. On the other hand, there is a fundamental difference between these two venture capitalists in the two factors of the effective presence of the board of directors representative and the culture of planning and control, which is due to the difference in their control and governance approaches in interacting with start-ups.

Venture capitalists have unique capabilities in dealing with uncertain conditions. Despite the increasing level of risk in the development of innovative startups based on emerging technologies, investing in these emerging areas and startups is a strategic measure for venture capitalists. This highlights the need for comprehensive carrying out evaluation and analysis in this regard. The need for a benchmark and a model to identify high-potential success options among the masses of startups is a challenging issue for which this research seeks to provide a solution. The main purpose of this research is to develop a benchmark for identifying high-potential success options.

The main research question of the present study was answered by cooperating and interacting with ten experts in the venture capital industry. First, the components of collaboration were extracted through library studies. Next, the extracted components were evaluated and analyzed based on Markov analysis, the average duration of multidimensional analysis in decision-making. Then, based on the findings of Markov analysis, two-dimensional evaluation and screening of identified agents were performed based on the fuzzy Delphi method.

This study showed that out of 62 indicators of mutual participation between investors and startups, 41 indicators were key, and 21 indicators were not applicable. In the next step, the indicators were evaluated based on the FBWM method.

The achieved model was tested on six successful startups in capital attraction using fuzzy multi Moora. The model could rank the investment priority in these six startups.

In this study, we addressed the possibility of influencing the tourism attractiveness of a region on investment, even in projects that not related to tourism. For this purpose, the Venture Capitals' decision-making process was examined in Iran. A questionnaire offered to venture capital investment experts and managers to evaluate an investment plan (production of omega-3 fish oil). In the first part, the characteristics of the respondents on one hand and the areas in which they have visited and wanted to travel again (tourism experience), was asked and registered. Then, once randomly, the information of the omega3 project located in the area with tourism experiences (using an electronic piping questionnaire) and once the information of exactly the same project located in the neutral area(which was not attractive for tourists) were offered to the respondents and evaluation criteria related to plan’s decision making were asked (Includes various screening criteria). Statistical results showed that people ascribed the plan located in an attractive tourist area as a more attractive investment with significant differences. Therefore, it can be concluded that if a region as a tourist destination leaves a positive experience in the tourists view (among whom there are investment decision makers), it is possible that this effect will attract investment and development of the region.

Deciding whether or not to invest in a venture is a strategic decision that leads the financial resources of the venture capital companies. This research intends to provide a framework for evaluating and ranking ventures that apply for capital, considering various success factors. The novelty of this research is the application of Prospect Theory as a framework which is based on behavioral strategy in the decision-making of venture capitalists. To conduct this research, first, by reviewing the literature, the most important factors influencing venture failure has been identified, then experts’ opinion who are active in venture capital companies has been gathered. Next, a framework based on Prospect Theory has been developed. Finally, this framework has been used in one of the venture capital firms to evaluate the twelve ventures seeking capital. According to the results,, instead of making decisions based on final results, human beings make decisions based on the perceived value of gains and losses. At the same time, the value of losses has a greater effect on decision-making.

This study aims to identify the major factors that affect the success of open innovation in the digital business ecosystem.

After initial identification of the factors influencing the background, a survey was conducted in the digital business ecosystem using a sample of 70 experts. The research community includes all organizational experts and experts active in digital knowledge-based businesses. In this study, exploratory factor analysis has been used to measure divergent validity and the accuracy and significance of the relationships between these variables and confirmation of the measurement and structural model by confirmatory factor analysis or structural equations based on PLS and SPSS and Smart PLS software have been investigated.

The exogenous structures of the model together account for 62% of the variance of the structure of open innovation success, and the structures of the regulatory and regulatory environment, financial support and intermediary institutions have the most relevance and importance in the success of open innovation, respectively. Also, the value of Q2 index of the model is equal to 0.392, which indicates that the proposed model has a good predictive fit.

It is suggested that governments and policymakers implement strategies such as encouraging venture capital and crowd funding, tax incentives, establishing an efficient legal system for the protection of intellectual property, establishing open innovation platforms and technology hubs, and other research findings. In this way, a suitable ecosystem for the implementation of open innovation strategies in digital businesses is formed.

Startup valuation in venture capital investment has been a complex and important issue in negotiations between entrepreneurs and venture capitalists due to the high degree of uncertainty about their future. Considering the uncertainty in the first round of financing as well as the flexibility available to venture capitalists in the previous (abandon option) and the subsequent (expand option) stages of product commercialization in this research, we present a new approach to determining the value of startup companies. Due to the lack of an analytical solution for the developed approach, the numerical method of least squares Monte-Carlo simulation (Longstaff-Schwartz) was used to solve it. Comparing the result of the model with the results of three other scenarios confirms the role and importance of the aforementioned flexibilities in the making of a venture investment decision. Finally, there were suggestions for developing an approach under competitive interactions or developing it for other stages of investment.

Startup valuation in venture capital investment has always been an important issue in negotiations between entrepreneurs and venture capitalists. Results of conducted researches on startup valuation have revealed difficulties and complexities in determining entrepreneurial projects value, especially in early stages of their development. It is due to the existing challenges and high degree of uncertainty about their future. Using real options analysis in this research, a new approach for determining startup companies’ value, considering uncertainties in the first round of financing and flexibility available to venture capitalists in making their investment decision was presented. Due to lack of analytical solution for the developed approach, the numerical method of Monte Carlo least squares simulation (Longstaff-Schwartz) was used to solve it, where percentage of ownership of the entrepreneur and venture capitalist was determined based on the results of the simulation. In addition, by comparing the results of the proposed approach with results of the net present value method, as it was emphasized in the literature, it was concluded that traditional methods do not have the required credit for valuing in early stage companies. Finally, there were suggestions for developing the approach under competitive interactions or developing it for other stages of investment

Venture capital (VC) investment is an important tool for financing of technology based small firms (TBSF). However, the lack of incentives to invest in such firms has prevented the development of VC industry in Iran. Since the institutions create frameworks that shape the incentives and behavior of economic actors, the current study has adopted institutional approach to answer the question: “Why incentives to venture capital investment are lacking in Iran?” Therefore, this research is applied in terms of purpose, and to answer the mentioned question, has used qualitative grounded theory research method (Glaisarian approach). The statistical population includes VC fund managers, TBSF managers, policy makers and academic experts, 29 of which were selected in a purposive-theoretical sampling. Data were collected and analysed through conducting semi-structured interviews. The research finding suggest that 5 defective investment stream decrease the incentives to invest in innovation. Institutions such as information disclosure, tax regulations, financial markets, inflation, labor regulations, property rights, law enforcement and several other socio-cultural institutons are critically important in shaping that defective investment streams. Finally it is recommended that policy makers reform institutions rather than direct interventionist policies.

The main purpose for this study is to find practical terms in venture capital (VC) contracting which investigates entrepreneurial firm's stage of growth. Information asymmetry and conflict of interest causes lots of challenges between VC and entrepreneur and there have been a lot of studies considered them based on agency theory, and suggested controlling and motivation mechanisms to mitigate agency problems. But the factor helps to choose among these mechanisms is firm's growth, because the firms needs, characteristics and so the problems change with growth.
Using grounded theory approach, we tried to find different mechanisms which VCs usually use. Open and axial coding helped to find relation between concepts and categories and it shows that developing the firm, improving entrepreneur's abilities and risks can change the contracting approach. Also context conditions such as market, government's intervention, legal and cultural condition change the contracting approach as well.

In a knowledge-based economy, advanced science and technologies and thus technology-based firms are considered as competitive advantages of countries and driving force of economic growth. They have been also taken into consideration by most researchers in different countries in recent years. Success and value creation of these firms depend on numerous factors. Availability of financial resources is considered as one of the most important key factors in development of these firms. Venture capital (VC) is one of financing ways due to the special nature of these firms. During a financing process by venture capital, valuation of new technology-based firms (NTBFs) is one of the most important and challenging issues for venture capitalists and entrepreneurs. This paper explained challenges of this field by accurate examination of issue and statement of problem, and investigated valuation of these firms by review of internal and external studies and a literature gap between financial and entrepreneurial approaches, and finally offered a solution for filling this gap by utilization of a strategic management approach

When an entrepreneur wishes to establish a business, the required financial resources are often limited to the capital he/she raises and this stage is likely the most complex and difficult one. One of the financial resources in this stage is venture capital companies (VCs) which have recently the attracted the attention of the government authorities in Iran as a practical way for entrepreneurship development. Researchers in this article try to review venture capital factors in evaluating business plans and finding the importance of their position in this process. We gathered the data by studying different books and articles, interviewing with experts by using questionnaires: we finally analyzed them with the aid of Analytic Network Process (ANP) method. The criteria used in the order of importance were: market, management, finance, VC and product.