The objective of this study is to determine whether specific industries across countries or within countries are more likely to reach a stage of profitability and make a successful exit. In particular, we assess whether firms in certain industries are more prone to exit via IPO, be acquired, or...

This paper is Chapter 5 of the textbook, "Venture Capital and the Finance of Innovation." The focal point of the chapter is a subjective listing of 15 “top-tier” VC firms, based upon historical investment performance and success in charging above market fees and carried interest. The list...

This paper analyses the factors that drive the dynamics of French new technology-based and venture-backed companies, using a hand-collected database with 216 companies created between 1998 and 2005. The Venture Capital (VC) firms can choose between three outcomes: the company exits from their...

I analyze prior entrepreneurship as a determinant of financial contracting with venture capitalists and find more company-favorable contracts in startups founded by serial entrepreneurs. Repeat founders and other insiders retain greater board control and also suffer less equity dilution in their...

Entrepreneurs often struggle to find sufficient funding for their start-ups. A relatively new way for companies to attract capital is via an internet platform, locating investors who in return receive something in return for their ventures. Equity crowdfunding is one of several types of...

This paper examines whether solo founders are more likely to succeed in an initial equity crowdfunding (ECF) campaign and are subsequently less likely to fail than founder teams for a large sample of initial ECF campaigns conducted on the three largest UK platforms: Crowdcube, Seedrs and...

Evidence shows that social network structures drive important economic outcomes. Building on social network theory, this study is the first to analyse the impact of team networks on venture success. Using information about team affiliations for a sample of token-financed startups, we model...