Early Stage Investments In New Technology Based Firms Analyzing The Changing German Landscape Of Venture Capital Finance In The Light Of Capital Market Theory And New Institutional Economics PDF Download
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Author | : Holger Ludewig |
Publisher | : diplom.de |
Total Pages | : 192 |
Release | : 1999-01-04 |
Genre | : Business & Economics |
ISBN | : 383241214X |
Download Early Stage Investments in New Technology Based Firms Book in PDF, ePub and Kindle
Inhaltsangabe:Abstract: In recent years the issue of early stage investment in new technology based firms has drawn considerable attention. Its relevance emerges from the rise of high technology industries in the global economy. As competition in established, mature industries all over the world is ever increasing, the importance of keeping up and increasing the speed of innovation to ensure competitiveness of companies and national wealth is widely recognized. Innovation may concern products or processes. It refers to the development of new proprietary knowledge, i. e. technology, which is embodied in marketable products or services. In as far as the added private knowledge increases the utility of a product to the customers, it adds value. Unless the new features of a product are matched by competitors, a company may earn innovation rents. Thus proprietary knowledge attained through innovation is an important source of strategic advantage. In a competitive, dynamic market, however innovation rents are not sustainable. Competitors will attempt to match and exceed the innovation advantage. This may be achieved by imitation or by adding other or more innovative features. Whereas following the product life cycle model initial growth may be steep and rents may be high for the first mover, imitators competing on price and other rivals competing on innovations, may inflate the monopolistic power of the proprietary knowledge. Striving to maintain and increase market shares and profitability, companies thus have a strong incentive to keep innovating. For new technology-based firms the importance of proprietary knowledge is particularly pronounced. These start-ups operate in a hostile competitive environment, characterized by high uncertainty, offering the potential for rapid growth and high profits on the upside, but also the substantial threat of incurring deep losses on the downside. Whereas large companies generally possess a diversified product portfolio and a host of strategic assets, small companies will need to compete on a single new product or service and the determination of its management team. Politicians, worried by high unemployment and budget deficits, lately fell in love with the high-technology start-ups for their ability to create jobs and ensure future tax revenues. New technology-based firms are drivers of structural change in the economy in that they are among the first to enter new high growth potential industries. For [...]
Author | : Fritz Holger Ludewig |
Publisher | : GRIN Verlag |
Total Pages | : 187 |
Release | : 2012-07-13 |
Genre | : Business & Economics |
ISBN | : 3656997993 |
Download Early Stage Investments in New Technology Based Firms - Analyzing the Changing German Landscape of Venture Capital Finance in the Light of Capital Market Theory and New Institutional Economics Book in PDF, ePub and Kindle
Diploma Thesis from the year 1998 in the subject Economics - Finance, grade: 2, University of Paderborn, language: English, abstract: Gegenstand der Arbeit ist die Untersuchung der jüngsten Veränderungen in der institutionellen Mikrostruktur des deutschen Kapitalmarktes, die geeignet sind die Bedingungen für die Versorgung junger Technologieunternehmen mit Eigenkapital zu verbessern. Behandelt werden insbesondere die Funktionsweise und zunehmende Bedeutung professioneller Venture Capital-Intermediäre und die hierzu komplementäre Rolle des “Neuen Marktes” in Deutschland. Der Autor zeigt, wie die Finanzierung junger Technologieunternehmen durch strukturelle Imperfektionen des Kapitalmarktes in besonderem Maße beeinträchtigt wird. Unter Berücksichtigung der fundamentalen Aussagen der neoklassischen Kapitalmarkttheorie und der Neuen Institutionenökonomik wird die Hypothese entwickelt, daß die durch die Unvollkommenheit der Märkte bedingten Risikoprämien und Transaktionskosten im Falle von Frühphaseninvestitionen in innovativen Unternehmen besonders hoch sind. Somit besteht im Falle dieser Investitionen eine erhebliche Spanne zwischen den vom Unternehmer zu tragenden Kapitalkosten und den vom Financier empfangenen Nettoerträgen. Bestimmte Institutionen des Kapitalmarktes, d. h. spezialisierte Intermediäre und regulierte Marktsegmente sind geeignet diese Spanne zwischen Kapitalkosten und Nettoerträgen zu vermindern, indem nicht-projektinhärente Risiken oder Transaktionskosten reduziert werden. Das für die Investitionsentscheidung maßgebliche Risiko-Rendite-Verhältnis einer Investition wird somit durch institutionelle Rahmenbedingungen erheblich beeinflußt. Der Autor diskutiert vor diesem theoretischen Hintergrund umfassend die konkreten Veränderungen des deutschen Venture-Capital-Marktes in der jüngsten Zeit und entwirft verschiedene Szenarien für dessen zukünftige Entwicklung. Keywords: Venture Capital, Neuer Markt, Unternehmensgründung, Innovationsmanagement
Author | : Oliver Pfirrmann |
Publisher | : Springer Science & Business Media |
Total Pages | : 165 |
Release | : 2012-12-06 |
Genre | : Science |
ISBN | : 3642486835 |
Download Venture Capital and New Technology Based Firms Book in PDF, ePub and Kindle
The aim of this study is to investigate in the role of Venture Capital in the development of New Technology Based Firms in two countries: USA and Germany. Based on literature review and empirical work issues concerning the extent and stage of financing, the nature of oversight provided by Venture Capitalists and the framework conditions for Venture Capital are subject of investigation. The results have been reflected in a workshop with experts from research, industry and policy.
Author | : Jens Engelhardt |
Publisher | : Haupt Verlag AG |
Total Pages | : 234 |
Release | : 2010 |
Genre | : Investments |
ISBN | : 3258076278 |
Download Venture Capital in Switzerland Book in PDF, ePub and Kindle
Author | : |
Publisher | : |
Total Pages | : 116 |
Release | : 1970-06 |
Genre | : |
ISBN | : |
Download Bulletin of the Atomic Scientists Book in PDF, ePub and Kindle
The Bulletin of the Atomic Scientists is the premier public resource on scientific and technological developments that impact global security. Founded by Manhattan Project Scientists, the Bulletin's iconic "Doomsday Clock" stimulates solutions for a safer world.
Author | : Dirk Engel |
Publisher | : |
Total Pages | : 0 |
Release | : 2015 |
Genre | : |
ISBN | : |
Download Firm Level Implications of Early Stage Venture Capital Investment - an Empirical Investigation Book in PDF, ePub and Kindle
The paper analyses the impact of venture capital finance on growth and innovation activities of young German firms. Among other variables, our panel of firm data includes data on venture capital funding and patent applications. With a statistical matching procedure we draw an adequate control group of non venture funded firms. The analysis gives evidence that innovative firms will be able to close a venture capital deal with higher probability. Once the firms are venture funded, they display higher growth rates but do not differ in their innovative output from otherwise comparable firms. We derive strategic implications.
Author | : M. Elizabeth Harrison |
Publisher | : Peter Lang Gmbh, Internationaler Verlag Der Wissenschaften |
Total Pages | : 266 |
Release | : 1990 |
Genre | : Business & Economics |
ISBN | : |
Download The West German Venture Capital Market Book in PDF, ePub and Kindle
Originally presented as the author's thesis (doctoral)--Christian-Albrechts-Universiteat, Kiel, 1988.
Author | : |
Publisher | : |
Total Pages | : 96 |
Release | : 1966-06 |
Genre | : |
ISBN | : |
Download Bulletin of the Atomic Scientists Book in PDF, ePub and Kindle
The Bulletin of the Atomic Scientists is the premier public resource on scientific and technological developments that impact global security. Founded by Manhattan Project Scientists, the Bulletin's iconic "Doomsday Clock" stimulates solutions for a safer world.
Author | : Cordelia Friesendorf |
Publisher | : Springer |
Total Pages | : 0 |
Release | : 2024-07-06 |
Genre | : Business & Economics |
ISBN | : 9783031337109 |
Download Private Equity in Germany Book in PDF, ePub and Kindle
Start-ups are emerging, non-conventional enterprises that enter established markets with radically different products, displace incumbents, create new markets, and promote economic growth through innovation. Start-ups are often faced with many challenges that may threaten their survival, which can often be overcome by securing steady financial support. Start-ups are high-risk enterprises that are unattractive to conventional financiers, but absolutely suited to private equity (PE) and venture capital (VC) investors who seek rewards and are therefore willing to accept risk. The success stories of global digital platform start-ups have attracted PE investors in particular. When investing in a digital platform start-up in Germany, what criteria do PE and VC investors look for? How should entrepreneurs prepare for VC funding? What strategies should they use? The authors examine these questions in this book and provide a comprehensive analysis of the German start-up, digital platform, PE, and VC ecosystems. The book exposes entrepreneurs, investors, mergers and acquisitions experts, regulators and policy-makers to the market's workings and pain points so that they can help create a German start-up ecosystem that is as functional as the other organized industries.
Author | : Greg N. Gregoriou |
Publisher | : Elsevier |
Total Pages | : 433 |
Release | : 2011-04-01 |
Genre | : Business & Economics |
ISBN | : 0080466079 |
Download Venture Capital in Europe Book in PDF, ePub and Kindle
Until recently, only the United States had an active venture capital market. This is changing rapidly, as many other countries have experienced rapid growth in venture capital financing over the past five years. This book contains new scientific articles showcasing the latest research on venture capital in Europe. Venture capital investment remains a hot topic with portfolio managers, individual investors, academics worldwide. This book examines in detail all the major issues regarding venture capital investment: contracting, financing, regulation, valuation, etc. and identifies new trends in the venture capital arena. Features a foreword by Josh Lerner. *The only book in which academics from around the world present the latest research on venture capital in Europe *Covers all of Europe as well as including overview papers about venture capital industry, public and private venture capital, valuation, financing, contracting, structuring, regulation, etc. *Comprehensive, authoritative coverage