Assessing behavioral and environmental factors affecting the attraction of venture capital for investing in Knowledge-based companies (Case study: Iranian Biotechnology Industry)

Knowledge-based companies are known as the engines of economic growth.  As other businesses, these companies need financial resources to run their projects. Their high risk has led to decrease in the willingness of investors to provide facilities for them. Therefore, according to the importance and place of the knowledge-based companies in economic growth and development, this study aims to assess the behavioral and environmental factors affecting the attraction of venture capital in Iran in order to invest in such companies. The statistical population is knowledge-based companies, which are active in biotechnology. The commonly used statistical methods such as regression models and correlation coefficients are used to analyze the data. The results of this study indicate that the ability to communicate, experience and risk loving managers, the support of joint venturers as well as initial resources have meaningful relationships with attraction of joint venture. Based on the findings, the experience of a management team as well as the ability to establish effective corporate communications with other companies, and legal and natural persons will be key success factors for knowledge-based companies, in the event of a lack of initial capital and the necessity of attracting capital, especially joint venture. Therefore, it is suggested that knowledge-based companies use appropriate investment to enrich their capability to establish communications. These capabilities include coordination, communication skills, partner recognition, and internal communication. In sum, it can be said that the performance of management in knowledge-based companies is the most effective factor in their success or failure in today’s turbulent economy