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A higher degree of digitalization in new ventures’ product/service offerings and their processes can lead to a faster time to market and the ability to rapidly scale. Hence, it has the possibility to significantly impact the performance. To increase the degree of digitalization in new ventures, they can implement a digital strategy. Currently there is no evidence if this measure has a strong impact on the degree of digitalization. We therefore empirically investigate the influence of a digital strategy on the degree of digitalization in new ventures’ products/services and processes. We analyzed 102 new ventures using SEM. Building on the contingency theory, we show that only having a digital strategy is insufficient to achieve a high degree of digitalization. The digitalization of products/services is partially mediated by digital IT capabilities, and the effect of digital strategy on process digitalization is partially mediated by digital IT capabilities and a digital culture.
Innovation is an important value lever, especially within small- and medium-sized companies. However, little research has examined its influence within the investment process of equity investment funds – a surprising circumstance since innovation could increase an investment’s value. This study provides insights into equity investment funds’ perspective on innovation throughout the various phases of the investment process. We conducted in-depth interviews with investment professionals from 30 German-based equity investment funds. Our results show that innovation’s importance depends on the strategic orientation of the equity investment fund type. In addition, our study provides an overview of the criteria, methods, and mechanisms equity investment funds use to support innovation. We show that the emphasis of many equity investment funds on innovation during the identification of investment targets is not reflected in the measures the fund later employs to support innovation processes within the portfolio company. This indicates potential for equity investment funds to be more actively involved in the supervision and management of innovation activities of their portfolio companies. Keywords: Venture capital, corporate venture capital, private equity, family offices, innovation, investment strategy
Digital new ventures
(2020)
Digital Entrepreneurship
(2020)
The importance of innovation in healthcare has increased within the last decades as challenges, like rising costs and an aging demographic, have to be solved. The degree of innovativeness in healthcare is strongly influenced by the National Health Innovation System, which as a sectoral innovation system encompasses a wide variety of actors and related knowledge. Despite the highly practical relevance of the topic, there are only a few studies that analyze innovation in healthcare on a national level. Thus, this study is a starting point and, building on the theoretical framework of national innovation systems, answers the following questions: “Can countries be grouped by their innovation output in healthcare and do those groups differ in factors describing the healthcare system? Do countries with strong national innovation systems also have strong national health innovation systems and vice versa?” We compare the healthcare innovation output of 30 OECD countries using a multi-indicator approach and categorize them into four distinct groups using cluster analysis. The cluster consisting of the Scandinavian countries, the Netherlands and Switzerland shows the highest innovation output measured in knowledge production and knowledge commercialization. Surprisingly, these countries, with the exception of Switzerland, only rank in the medium group when considering the entire national innovation system. Policymakers and researchers might be particularly interested in studying the healthcare systems of these countries.
Das Projekt GISBERT - Gründungen in die Spitzencluster BioEconomy Region transportieren - unterstützte die Etablierung von Gründungsförderungsaktivitäten durch die Verzahnung der Gründungs- und Innovationsstrukturen in der Region des BioEconomy Clusters Mitteldeutschland sowie die Identifizierung und Sensibilisierung potentieller Gründer im Bereich Bioökonomie und deren Unterstützung bei der Entwicklung geeigneter Geschäftsmodelle und Startups. Das Projekt wurde vom Bundesministerium für Bildung und Forschung (BMBF, FKZ 031B0049) gefördert und federführend durch die HHL Leipzig Graduate School of Management sowie durch die BioEconomy Cluster Management GmbH koordiniert. In dem Projekt wurden Gründungs- und Ausgründungsvorhaben mit biobasierten Geschäftsmodellen durch vielfältige Dienstleistungen und ein weit verzweigtes Partnernetzwerk unterstützt.
Showcasing needmining (the semi-automatic extraction of customer needs from social media data) with Twitter data. It uses the handling of the Twitter API provided bythe package 'rtweet' and the textmining algorithms provided by the package. Niklas Kuehl (2016) (DOI 10.1007/978-3-319-32689-4_14) wrote an introduction to the topic of needmining.
Venture Capital is one of the most important sources of financing for young technology-based companies. However, investments in new ventures are classified as high-risk investments due to the high failure rate. Therefore, risk management is one of the core activities of venture capital firms (VCF). Until now, risk management of VCF hasn’t received much attention in literature despite its high practical relevance. In the current study, we analyze how VCF perform risk management and how measures differ in investment phases. 500 original documents of nine different VCF were analyzed. Risk management measures identified includes risk measurement, contracting, risk controlling, risk steering and active involvement. Risk controlling was the one most described in the documents. Further, we identified differences between the systematization and professionalization of different VCF and between different investments within a VCF. Abstract in German: Venture Capital ist eine der bedeutendsten Finanzierungsformen für junge, technologieorientierte Unternehmen. Jedoch sind Investitionen in solche Unternehmen aufgrund der hohen Wahrscheinlichkeit des Scheiterns für Venture Capital Firmen (VCF) mit hohen Risiken verbunden. Das Risikomanagement gehört daher zu den Kernaktivitäten von VCF. Trotz der hohen praktischen Relevanz für VCF wurde das Thema in der Forschung bislang nur wenig betrachtet. In der vorliegenden Studie haben wir daher untersucht, wie VCF Risikomanagement auf der Ebene der Portfoliounternehmen anwenden und inwiefern sich die Maßnahmen in den einzelnen Phasen des Investitionsprozesses unterscheiden. Dazu haben wir 500 Originaldokumente von neun VCF untersucht. Die Bereiche Risikomessung, Vertragsgestaltung, Risikocontrolling, Risikosteuerung und aktive Einflussnahme konnten als Risikomanagementmaßnahmen identifiziert werden. Dem Risikocontrolling kam dabei die größte Bedeutung zu. Es zeigten sich darüber hinaus Unterschiede in der Ausprägung der Systematik und Professionalisierung, sowohl zwischen verschiedenen VCF als auch verschiedenen Investments der einzelnen VCF.
While the media portrayal of the US entrepreneur is dominated by the young tech-savvy college dropout, the German entrepreneur is often characterised as an experienced engineer with a PhD. But is this really the case? Drawing on qualitative and quantitative data of 90 venture capital-backed new technology-based firms, this paper explores two research questions: How do the backgrounds and competencies of German high-tech founders differ and do these differences affect the success of the venture? Cluster analysis revealed three representative types of German entrepreneurs: the scientist, the practice-oriented technician, and the business professional. Surprisingly, the scientist ranks lowest in social, business and managerial competencies as well as having the lowest success. However, this founder type raises the highest iestments. In contrast, the practice-oriented technician is the most successful. The results of this study offer support to iestors in improving their investment strategy.
Partial least squares structural equation modeling (PLS-SEM) has become a key method in international marketing research. Users of PLS-SEM have, however, largely overlooked the issue of endogeneity, which has become an integral component of regression analysis applications. This lack of attention is surprising because the PLS-SEM method is grounded in regression analysis, for which numerous approaches for handling endogeneity have been proposed. To identify and treat endogeneity, and create awareness of how to deal with this issue, this study introduces a systematic procedure that translates control variables, instrumental variables, and Gaussian copulas into a PLS-SEM framework. We illustrate the procedure’s efficacy by means of empirical data and offer recommendations to guide international marketing researchers on how to effectively address endogeneity concerns in their PLS-SEM analyses.
Venture capital is an important resource for new ventures with no access to the capital market. However, venture capital companies' investment decisions could be extremely risky. Assessing and managing risk is therefore a major task of venture capital companies. Despite the topic's high practical relevance, there is very little literature in this field. We aim to extend the academic discussion by investigating the risk types and risk assessment in venture capital investments. We analysed more than 500 deal documents of nine German venture capital companies, resulting in 2,452 qualitative quotes. We categorised these quotes into seven risk types, namely financial, market, strategy, technology, production, human capital, and legal risks, implying their relevance during the VC investment process. Market risk and technology risk are mentioned the most in the due diligence and the decision papers. Financial risk with 710 quotes is the most often documented risk considering all venture capital documents.
As many studies have shown, venture capital companies pursue value-adding activities for their portfolio firms to achieve abnormal returns compared to the market. Value-adding activities are complex and highly diverse, but also are very relevant to practice. Hence, the topic has been considerably analyzed in academic literature. However, there continues to be a lack of in-depth knowledge because of the sensitivity and scarcity of publicly available data from venture capital companies. We provide in-depth insights into the practices of venture capital companies. Using a longitudinal data-set obtained from nine venture capital companies in Germany, we qualitatively analyzed their value-adding activities. Drawing on iestors’ original documents, including business plans, iestment committee papers, reports and annual statements of the iestments, we created a typology of which value-adding services were performed. Results suggest that, consistent with prior studies, venture capital companies are highly engaged in supporting ventures with respect to financial and human capital issues as well as in establishing strong governance mechanisms to reduce information asymmetries between founders and iestors. Venture capital companies also make moderate use of their network of relevant contacts. Support for operational issues is low._x000D_ Keywords: Venture capital, non-financial value added, non-financial contributions, value creation, new venture
Managing risk is one of the main activities of venture capital companies. Despite the fact that this topic is of high practical relevance, only little research was published on risk management performed by venture capital companies in their ventures. Hence, we conducted a structured literature review which was the basis for developing five hypotheses concerning measures to decrease failure risk in venture capital-backed ventures. We tested these hypotheses with an empirical data set of 93 venture capital-backed ventures in Germany using original deal data from nine different venture capital funds using a structural equation model. We showed that the experience and the skills of the corresponding iestment manager have a significant negative impact on the failure risk of a venture. Iestment manager´s experience and skills were measured by the working and founding experience, the technology expertise and the network size. Hence, the results emphasize the importance of the selection of the iestment manager for risk management in venture capital iestments.
As national innovative capacity is one of the main drivers for long-term economic growth, several countries have tried to increase their capacity by applying a high-tech strategy and supporting this strategy with policies. A better knowledge of successful strategies could support these processes. Previous studies have identified various determinants for a high capacity, but have failed to analyze their interconnections and therefore to derive comprehensive strategies. Applying fuzzy-set qualitative comparative analysis to 17 European countries, we identified different paths leading to a high innovative capacity by combining various determinants. The paths were translated into innovation strategies. Rather than a single strategy, different strategies with the same outcome exist, thus allowing countries to choose the appropriate strategies on the basis of their preconditions. Applying the identified strategies to countries with a low innovative capacity, we found that the UK is strong in all areas except high-tech specialization. Ireland lacks a high share on education spending and venture capital, as do Italy and Spain, which also lack private funding and a high base of journal publications. The Czech Republic, Hungary, Romania, Poland, and Portugal have only a few preconditions for raising their innovative capacity._x000D_ Keywords National innovative capacity, national innovation system, innovation strategy, innovation within the European Union, innovation clusters, fsQCA
In einem Kooperationsprojekt der TU Dresden und der HHL Leipzig Graduate School of Management haben wir uns als Forscherteam bislang 128 Technologieunternehmen bei neun Frühphasenfonds angeschaut, um unterschiedliche Forschungsbereiche zu untersuchen. Im Mittelpunkt stand dabei u.a. die Identifikation von Insolvenzursachen in jungen Hightech-Unternehmen in Deutschland in verschiedenen Finanzierungsphasen.
Als Forscherteam haben wir in einem Kooperationsprojekt der TU Dresden und der HHL Leipzig Graduate School of Management bis lang neun Frühphasenfonds 128 Technologieunternehmen untersucht, um unterschiedliche Forschungsbereiche zu durchleuchten. Ein zentrales Thema dabei ist die Internationalisierung.
Reasons for the failure of new technology-based firms: a longitudinal empirical study for Germany
(2015)
We analyzed the determinants for the business failure of German New Technology-Based Firms (NTBF) in different financial stages. This included a literature review and creation of a set of propositions for the determinants within the individual stages. On the basis of an empirical and longitudinal dataset including data of 82 NTBFs, we tested a subset of our assumptions. With this, we could prove that the technology, the market, the financing and the management competencies comprise important factors as identified in previous studies. Further, we proved that the factors differ in each iestment stage as shown by the significance and the connotation of the correlations. The area of technology was not significant in the first iestment stage but in the second. While the determinants proved to be the same in the market area, the connotations of the variables differ in the financial and human resource variables. We showed that the different financial states should be analyzed separately when determining factors of business failure._x000D_ Abstract in German:_x000D_ Insolvenzursachen in jungen High-Tech Unternehmen in Deutschland: eine empirische longitudinale Studie_x000D_ In dem vorliegenden Artikel werden die Insolvenzursachen in jungen High-Tech Unternehmen in Deutschland in verschiedenen Finanzierungsphasen untersucht. Auf Basis einer umfassenden Literaturanalyse werden mögliche Insolvenzursachen für die einzelnen Finanzierungsphasen entwickelt. Mit Hilfe eines longitudinalen Datensatzes von 82 junge High-Tech Unternehmen wurde eine Untermenge dieser Insolvenzursachen empirisch getestet. Dabei konnten frühere Studien in Bezug auf die Technologie, den Markt, die Finanzierung und das Humankapital als wichtige Ursachenbereiche für das Scheitern von High-Tech Unternehmen bestätigt werden. Weiterhin lässt sich anhand der unterschiedlichen Signifikanzen und Vorzeichen der Korrelationen zeigen, dass sich die Insolvenzursachen in den jeweiligen Finanzierungsphasen unterscheiden. Die Variablen im Bereich Technologie sind in der frühen, ersten Finanzierungsphase nicht relevant, wohl aber in der zweiten. Während die marktbezogenen Variablen in allen Finanzierungsphasen übereinstimmen, ändern sich die Vorzeichen in den Bereichen Finanzierung und Humankapital. Die longitudinale Analyse legt offen, dass sich die Insolvenzursachen in den einzelnen Finanzierungsphasen signifikant unterscheiden._x000D_ JEL Classification: L260, M130, G240, G33