Strategy logic of the venture capitalist: Understanding venture capitalism - the businesses within - by exploring linkages between ownership and strategy of venture capital companies, over time, in America and Europe
Yhteenveto.
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| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Jyväskylä
2000
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| Series: | Jyväskylä studies in business and economics
3 |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Summary: | Yhteenveto. |
| Item Description: | Zugl.:Jyväskylä, Univ. Diss. |
| Physical Description: | 321 S. |
| ISBN: | 9513906965 |
Staff View
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| 245 | 1 | 0 | |a Strategy logic of the venture capitalist |b Understanding venture capitalism - the businesses within - by exploring linkages between ownership and strategy of venture capital companies, over time, in America and Europe |c Marko Seppä |
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Record in the Search Index
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| adam_text | CONTENTS
ABSTRACT
PREFACE
ACKNOWLEDGEMENTS
LISTOFFIGURES
LISTOFTABLES
1 INTRODUCTION 15
1.1 In search of the venture capitalist 16
1.2 Objectives, limitations, and structure of the study 22
1.3 Quest for strategy logic: The concepts of ownership and strategy
in the venture capital Company context 36
2 METHODOLOGY AND RESEARCH DESIGN 42
2.1 Research methodology 42
2.1.1 Directions in venture capital research 42
2.1.2 Venture capital organisations as research objects 51
2.1.3 Conducting research within the phenomenon explored 53
2.2 Research strategy: A synthesis of four methodological approaches ... 54
2.2.1 Conceptual constructing to reframe the phenomenon 57
2.2.2 Historical review on the evolution of venture capitalist types 59
2.2.3 Survey exercise to probe the linkage of ownership and strategy 60
2.2.4 Case study to address strategy logic through times of change .... 61
2.3 Nature and role of empirical data under each approach 62
3 RE FRAMING THE PHENOMENON: LOOKING AT VENTURE
CAPITALISM FROM A STRATEGY LOGIC PERSPECTIVE 64
3.1 Stripping the phenomenon conceptually: Rediscovering the core 64
3.1.1 Adventuring around the venture capital concept 65
3.1.2 Approaching venture capital as a business phenomenon:
Discoveringa business oiowners 70
3.2 Ownership of the venture capital Company 75
3.2.1 Owners: Addressing the who question of ownership 76
3.2.2 Mission: Addressing the why question of ownership 85
3.2.3 Governance: Addressing the how question of ownership 89
3.3 Strategy world of the venture capitalist 95
3.3.1 Strategos: The art the logic of the general 95
3.3.2 Organisation: Company s way to operate 102
3.3.3 Product market decisions: Supply meets demand 106
3.4 Looking at the stages of the venture capital process through
the ownership strategy window of a venture capital Company 109
3.4.1 Fund raising: Getting business plans funded? 110
3.4.2 Entering: Search for the perfect raw material ? 112
LIST OF TABLES
TABLE 1 The visible and the invisible in venture capitalism
TABLE 2 Demographics of the study summarised
TABLE 3 Key empirical research questions summarised
TABLE 4 Nature and role of empirical data and the selection, collection, and
analysis thereof during the different research stages
TABLE 5 Rough classification of financial actors by basic earning logic
TABLE 6 Typology of good versus bad strategic and operational competence
TABLE 7 Growth of the total venture capital pool in America 1969 1984
TABLE 8 Types of venture capitalists
TABLE 9 Longitudinal summary information on the survey data (1989,1992,1997)
TABLE 10 Primary research questions of the study repeated
TABLE 11 Controlling owner today vs. (as estimated) in the future (1997)
TABLE 12 Perception of oneself vs. the firm (as a whole) as venture capitalists (1992)
TABLE 13 Influence of given factors to starting a venture capital company (1989)
TABLE 14 Evaluating Finland as a playground for classic venture capitalism (1989)
TABLE 15 Importance of profitability to venture capital company s mission (1989)
TABLE 16 Reasons for change of business idea (1989)
TABLE 17 Mission of the venture capital company (1992,1997)
TABLE 18 Relative importance of given objectives to company mission (1992)
TABLE 19 Characteristics of true venture capital evaluated (1992)
TABLE 20 Characteristics of the ideal venture capitalist (1997)
TABLE 21 Structure of the venture capital fund vehicle (1989,1992,1997)
TABLE 22 Influence of funders on the venture capital company s decision making
(1992,1997)
TABLE 23 Who makes the venture capital investment decision (1989,1992)?
TABLE 24 Who makes the venture capital investment decision (1997)?
TABLE 25 Composition of venture capital company board of directors (1992)
TABLE 26 Venture capital company s investment criteria (1989,1992)
TABLE 27 Where do the Finnish respondents (geographically) operate (1997)?
TABLE 28 Relative importance of value adding roles (1992)
TABLE 29 Historical use of various exit avenues (1992,1997)
TABLE 30 Engagement with the three marketing tasks (1992)
TABLE 31 Position regarding the importance of the three marketing tasks (1992)
TABLE 32 Rating the importance of the three marketing tasks (1992)
TABLE 33 Ranking the three marketing tasks in relative importance (1997)
TABLE 34 Discovering the product of the venture capital company (1992)
TABLE 35 Discovering the market of the venture capital company (1992)
TABLE 36 Attempted innovation by the venture capital company (1992)
TABLE 37 Industry formation under the kehitysyhtio era by owner type
TABLE 38 Developments of the venture capital industry, the general environment,
and the researcher s process during 1967 2000
TABLE 39 Summary features of the archetypes of strategy logic
TABLE 40 Rough classification of investors, owners, and managers by basic earning
logic
3.4.3 Value adding: Production of marketable business value? 116
3.4.4 Exiting: Sale of a final product? 119
3.5 Framework of venture capitalist strategy logic 120
4 EVOLUTION OF STRATEGY LOGIC: BIRTH AND TRANSFORMATION
OF A DIVERSE GLOBAL VENTURE CAPITALIST COMMUNITY 124
4.1 Individual venture capitalists: Owners with a face 125
4.1.1 Private venture capitalists 126
4.1.1.1 The story of America 126
4.1.1.2 From founding fathers to informal players 128
4.1.1.3 Incorporation: Paving the way for the leverage factor .. 129
4.1.2 Entrepreneurial venture capitalists 132
4.1.2.1 SBIC program: An early private public partnership 132
4.1.2.2 Discovery of the LP structure 136
4.1.2.3 Venture capital spiral of institutionalisation 139
4.2 Institutional venture capitalists: Persons on paper 142
4.2.1 Corporate venture capitalists 143
4.2.1.1 Independent corporate venture capital companies
revolving seats for venture capitalists 143
4.2.1.2 Captive corporate venture capital companies:
Arms of corporate strategy 148
4.2.2 Governmental venture capitalists 150
4.2.2.1 The story of Europe 151
4.2.2.2 National governmental venture capital companies:
Tools of economic policy 153
4.2.2.3 Regional governmental venture capital companies:
A path of trial and error 155
4.3 Family tree of the venture capitalist 156
5 ARCHETYPES OF STRATEGY LOGIC: SEEKING EVIDENCE FROM
INDUSTRY SURVEYS 159
5.1 Introduction to the surveys 159
5.2. Addressing the ownership questions 162
5.2.1 Owners: Who own venture capital companies? 162
5.2.2 Missions: Why are venture capital companies established
what are they vehicles for? 166
5.2.3 Governance: How are venture capital companies structured,
owned, and organised? 173
5.3. Exploring the strategy world of differently owned venture capital
companies by following the stages of the venture capital process 182
5.3.1 Entering 182
5.3.2 Value adding 186
5.3.3 Exiting 188
5.4 Linking the faces with the phases: Towards archetypes of venture
capitalist strategy logic 191
6=SEE= == PE „
6.2.2.1 Fiscal toentiveand trend settingIlisof leading ^
6297 T°mPTeSriVeth!flrstindusfIyboom(1984 1986) 207
6.3.1 tetotaMiscoverToTft?^ ^ mdUStryreStart 213
2f^Ti;j24*^t:oSi98M992) So4
7 DBGUffiTON AND CONCLUSIONS .
7 1.3.1 ^!^rfWltoapi^rtn^Io8fc 238
7.1.3.2 Venture bankers 238
7.1.3.3 Empire builders 239
7 1.3.4 Bounty hunters 240
7.1.3.5 Care takers 241
7.1.3.6 Interim owners 242
logic window ! *e Ventoe caPiMs to^gh the strategy
¦2.2 V^.,*..,.,^^ —.. 247
REFERENCES
253
APPENDICES 267
YHTEENVETO (FINNISH SUMMARY)
LIST OF FIGURES
FIGURE 1 Key conceptual issues of the study: An initial framework
FIGURE 2 Status of public and scholarly attention on the venture capital phenomenon
FIGURE 3 Key terms of the study defined (EVCA and KPMG1997)
FIGURE 4 The stages of the venture capital process
FIGURE 5 Stakeholders of the venture capital process
FIGURE 6 Directions of choice in the study of the venture capital phenomenon
FIGURE 7 Research strategy illustrated (a report disposition perspective)
FIGURE 8 Stages and main events of data collection over time
FIGURE 9 Basic ingredients of venture capital
FIGURE 10 The making of a venture capitalist.
FIGURE 11 An early typology of ownership operators (Finland)
FIGURE 12 The making of a venture capital company
FIGURE 13 Key concepts of the study anchored together
FIGURE 14 Framework of ownership issues in the venture capital company context
FIGURE 15 Pigeonholes for basic owner types
FIGURE 16 Pigeonholes for basic owner types and missions
FIGURE 17 Pigeonholes for basic owner types, missions, and widths of owner base
FIGURE 18 Strategy concepts (Nasi 1999)
FIGURE 19 The ownership strategy framework of the venture capital company
FIGURE 20 The making of a venture capital company utilising the LP fund structure
FIGURE 21 The making of a venture capital company utilising the single LTD structure
FIGURE 22 Stakeholders of the venture capital process (Bygrave 1989 amended)
FIGURE 23 Fund raising stage and the steps preceding
FIGURE 24 Entering: Venture capitalist s search for the perfect raw material
FIGURE 25 Investment spectrum of today s venture capitalists
FIGURE 26 Value adding: Venture capitalist at work building business value
FIGURE 27 Exiting: Venture capitalist realising value added by selling his products
FIGURE 28 Strategy logic framework of the venture capitalist
FIGURE 29 The symbols to describe the evolution of venture capitalist types
FIGURE 30 Portrait of an individual venture capitalist making direct investments
FIGURE 31 Portrait of an individual venture capitalist making investments via a single
LTD structure
FIGURE 32 Portrait of an entrepreneurial venture capitalist team making investments via
a single LTD structure (e.g., an SBIC)
FIGURE 33 Portrait of an entrepreneurial venture capitalist team making investments via
an LTD structured venture capital company utilising the LP fund structure
FIGURE 34 The venture capital spiral
FIGURE 35 Portrait of an institutional venture capitalist team making investments via a
single LTD structure
FIGURE 36 Portrait of an institutional venture capitalist making investments via a single
LTD structure
FIGURE 37 Portrait of an institutional venture capitalist team making investments via an
LTD structured venture capital company utilising the LP fund structure
FIGURE 38 Venture capitalists in pigeonholes of ownership
FIGURE 39 Family tree of the venture capitalist
FIGURE 40 Finnish respondent companies by owner type (1989,1992,1997)
FIGURE 41 Changes of ownership in CapMan and Sponsor
FIGURE 42 Transformation of the venture capitalist community in Finland
FIGURE 43 The strategy logic window on venture capitalism: The spiral view
FIGURE 44 Archetypes of venture capitalist strategy logic: Asset manager
FIGURE 45 Archetypes of venture capitalist strategy logic: Venture banker
FIGURE 46 Archetypes of venture capitalist strategy logic: Empire builder
FIGURE 47 Archetypes of venture capitalist strategy logic: Bounty hunter
FIGURE 48 Archetypes of venture capitalist strategy logic: Care taker
FIGURE 49 Archetypes of venture capitalist strategy logic: Interim owner
FIGURE 50 Theory roots of ownership management mapped
FIGURE 51 Divergence of management professions
FIGURE 51 The differing roles of investors, owners, and managers depicted
|
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| spelling | Seppä, Marko Verfasser aut Strategy logic of the venture capitalist Understanding venture capitalism - the businesses within - by exploring linkages between ownership and strategy of venture capital companies, over time, in America and Europe Marko Seppä Jyväskylä 2000 321 S. txt rdacontent n rdamedia nc rdacarrier Jyväskylä studies in business and economics 3 Zugl.:Jyväskylä, Univ. Diss. Yhteenveto. omistus ysa pääomamarkkinat ysa riskipääoma ysa sijoitukset ysa yrittäjyys ysa yrittäjät ysa yritysstrategiat ysa (DE-588)4113937-9 Hochschulschrift gnd-content Jyväskylä studies in business and economics 3 (DE-604)BV013827915 3 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=009456867&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Seppä, Marko Strategy logic of the venture capitalist Understanding venture capitalism - the businesses within - by exploring linkages between ownership and strategy of venture capital companies, over time, in America and Europe Jyväskylä studies in business and economics omistus ysa pääomamarkkinat ysa riskipääoma ysa sijoitukset ysa yrittäjyys ysa yrittäjät ysa yritysstrategiat ysa |
| subject_GND | (DE-588)4113937-9 |
| title | Strategy logic of the venture capitalist Understanding venture capitalism - the businesses within - by exploring linkages between ownership and strategy of venture capital companies, over time, in America and Europe |
| title_auth | Strategy logic of the venture capitalist Understanding venture capitalism - the businesses within - by exploring linkages between ownership and strategy of venture capital companies, over time, in America and Europe |
| title_exact_search | Strategy logic of the venture capitalist Understanding venture capitalism - the businesses within - by exploring linkages between ownership and strategy of venture capital companies, over time, in America and Europe |
| title_full | Strategy logic of the venture capitalist Understanding venture capitalism - the businesses within - by exploring linkages between ownership and strategy of venture capital companies, over time, in America and Europe Marko Seppä |
| title_fullStr | Strategy logic of the venture capitalist Understanding venture capitalism - the businesses within - by exploring linkages between ownership and strategy of venture capital companies, over time, in America and Europe Marko Seppä |
| title_full_unstemmed | Strategy logic of the venture capitalist Understanding venture capitalism - the businesses within - by exploring linkages between ownership and strategy of venture capital companies, over time, in America and Europe Marko Seppä |
| title_short | Strategy logic of the venture capitalist |
| title_sort | strategy logic of the venture capitalist understanding venture capitalism the businesses within by exploring linkages between ownership and strategy of venture capital companies over time in america and europe |
| title_sub | Understanding venture capitalism - the businesses within - by exploring linkages between ownership and strategy of venture capital companies, over time, in America and Europe |
| topic | omistus ysa pääomamarkkinat ysa riskipääoma ysa sijoitukset ysa yrittäjyys ysa yrittäjät ysa yritysstrategiat ysa |
| topic_facet | omistus pääomamarkkinat riskipääoma sijoitukset yrittäjyys yrittäjät yritysstrategiat Hochschulschrift |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=009456867&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| volume_link | (DE-604)BV013827915 |
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