A capital partnership: how human and venture capital affect the growth of high‐tech start‐ups | Zendy

Colombo Massimo G. | Zendy; Grilli Luca | Zendy

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A capital partnership: how human and venture capital affect the growth of high‐tech start‐ups

Author(s) -

Colombo Massimo G.,

Grilli Luca

Publication year - 2009

Publication title -

strategic change

Language(s) - English

Resource type - Journals

SCImago Journal Rank - 0.527

H-Index - 16

eISSN - 1099-1697

pISSN - 1086-1718

DOI - 10.1002/jsc.850

Subject(s) - venture capital , human capital , business , social venture capital , affect (linguistics) , function (biology) , general partnership , high tech , start up , sample (material) , industrial organization , business administration , economics , finance , market economy , sociology , law , chemistry , communication , chromatography , evolutionary biology , political science , biology

Founders' human capital and venture capital (VC) are two fundamental ingredients for new venture success in high‐tech sectors. We jointly investigate their influence on the growth performance of a large sample of Italian high‐tech start‐ups and find:the importance of both components; some characteristics of founders' human capital also exert an indirect rather than a direct effect on growth by attracting VC; the ‘coach’ function performed by Italian venture capitalists on invested companies is important; a substitution rather than a complementary relationship exists between these two drivers of firm growth.Copyright © 2009 John Wiley & Sons, Ltd.

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