The Venture Capital Cycle

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The Venture Capital Cycle

The Venture Capital Cycle written by Paul Alan Gompers and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Business & Economics categories.

An analysis of the venture capital process, from fund-raising through investing to exiting investments; a new edition with major revisions and six new chapters that reflect the latest research.

The Venture Capital Cycle

The Venture Capital Cycle written by Paul A. Gompers and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with categories.

Three principal aspects of venture capital (VC) are empirically explored: fundraising, investing, and exiting those investments. Despite the recent attention to VC, misconceptions abound that the authors attempt to correct. Throughout, the discussions are based on examinations of a large sample of firms, VC funds, and investments. Three themes are elaborated in the volume: (1) The great incentive and information problems venture capitalists must overcome; (2) the interrelatedness of each aspect of the VC process and how it proceeds through cycles; and that (3) the VC industry adjusts slowly to shifts in the supply of capital or the demand for financing. The VC partnership is the intermediary between investors and high-tech start-ups. The fundraising aspect is examined in terms of its structure, means of compensation, and the importance of the structure of the limited partnership form used by most VC funds. The need to provide incentives and shifts in relative negotiating power impact the terms of VC limited partnerships. Covenants and compensation align the incentives of VC funds with those of investors; covenants and restrictions limit conflicts among investors and venture capitalists. Supply and demand and costs of contracting determine contractual provisions. VC contracting may not always be efficient. During periods of high demand and capital flows, partners negotiate compensation premiums. The investing aspect is discussed in terms of why investments are staged, how VC firms oversee firms, and why VC firms syndicate investments. Four factors limit access to capital for firms: uncertainty, asymmetric information, nature of firm assets, and conditions in the financial and product markets. These factors determine a firm's financing choices. Asymmetries may persist longer in high-tech firms, thus increasing the value of delaying investment decisions. Exiting VC investments is examined, in regard to the market conditions that affect the decision to go public, whether reputation affects the decision to go public, why venture capitalists distribute shares, the performance of VC-backed firms, and the future of the VC cycle. Exiting investments affects every aspect of the investment cycle. Venture capitalists add value to the firms in which they invest. The VC cycle is a solution to information and inventive problems. (TNM).

The Venture Capital Cycle Second Edition

The Venture Capital Cycle Second Edition written by Paul Alan Gompers and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Venture capital categories.

The Venture Capital Cycle

The Venture Capital Cycle written by Paul Alan Gompers and has been published by MIT Press (MA) this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Business & Economics categories.

Extensive research on venture capital organizations is based largely on original data sets developed through close relationships with institutional investors in venture capital funds and investment advisors.

The Venture Capital Cycle And The History Of Entrepreneurial Financing

The Venture Capital Cycle And The History Of Entrepreneurial Financing written by Adrian Lebherz and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with categories.

Seminar paper from the year 2010 in the subject Business economics - Investment and Finance, grade: A, BI Norwegian Business School, course: Financing Innovation and Entrepreneurial Ventures, language: English, abstract: The venture capital industry operates in a cyclical business model, called the venture capital cycle. A venture capital firm sets up venture capital funds that proceed through the stages of (1) fundraising, (2) selecting of investments, (3) contracting, (4) development of the portfolio companies and (5) the divestment of the investments and the distribution of the returns to the investors. It shows that the business model opposes challenges for both the investors that put money in the fund as well as for the entrepreneurial ventures in which the fund invests. "Reality" reveals that the venture capital cycle does not always work properly. In particular the burst of the .com bubble and the financial crisis have triggered imbalance in the cycle. It also shows that distractions from theory occur in coun-tries with less developed capital markets like China. An analysis of the history of entrepreneurial funding in the framework of Tim-mons model of the entrepreneurial process and Perez model of technological revolutions shows, that the financial instruments used to fund ventures have adapted to the needs of each revolutionary industry cluster and its specific char-acteristics and needs. The 'modern' venture capital constitutes the fitting finan-cial instrument for the latest revolution, namely the ICT revolution. Most of the major players in the IT sectors such as Apple were backed by VC and an in depth look at Apple shows the influence of VC on the development of the company. It will be interesting to see if the venture capital industry is able to adapt in a way that it can also fuel the next upcoming revolution, in whatever sector it may evolve, or if a completely new financial instrument will emerge.

A Soft Budget Constraint Explanation For The Venture Capital Cycle

A Soft Budget Constraint Explanation For The Venture Capital Cycle written by Georg Gebhardt and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with categories.

We explore why venture capital funds limit the amount of capital they raise and do not reinvest the proceeds. This structure is puzzling because it leads to a succession of several funds financing each new venture which multiplies the well known agency problems. We argue that an inside investor cannot provide a hard budget constraint while a less well informed outsider can. Therefore, the venture capitalist delegates the continuation decision to the outsider by ex ante restricting the amount of capital he has under management. The soft budget constraint problem becomes the more important the higher the entrepreneur's private benefits are and the higher the probability of failure of a project is.

The New Venture Capital Cycle And The Role Of Governments

The New Venture Capital Cycle And The Role Of Governments written by Janke Dittmer and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.

This paper examines recent trends in venture capital fundraising and investments. We find that the emergence of 'new' types of investors, such as crowdfunding platforms, super-angels and corporations, during this period may explain the changes in the venture capital model. Importantly, the new investment pattern emerges as a result of the increasing collaboration between new entrants, venture capitalists and partner industries. Our findings suggest that governments should take these trends and developments into account when deciding on how best to stimulate business growth and innovation.

Venture Capital Cycle

Venture Capital Cycle written by Paul|Lerner Gompers (Josh) and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with categories.

Venture Capital

Venture Capital written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1984 with Small business categories.

The Asian Venture Capital Journal

The Asian Venture Capital Journal written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996 with Venture capital categories.