Research Note: Venture Capitalists' Investment Criteria: A Replication

This study replicates substantial portions of a study entitled “Criteria Used by Venture Capitalists to Evaluate New Ventures Proposals” by MacMillan, Siegal, and SubbaNarasimha. Results were similar to the earlier work. The differences observed can be attributed to history effects caused by the passage of six years between the studies. Venture capitalists have become more concerned over market acceptance and less demanding of high potential rates of return and quick exit. These changes represent a more realistic view of venture potential.