The purpose of this study is to identify the role a business model plays for Venture Capitalists (VCs) when analysing a new venture proposal for funding. The primary data for this research was collected through six qualitative interviews conducted during a two month period. Furthermore, the gathered data was evaluated in accordance with the information found in current literature which describes de term "business model" as well as specific criteria for it. The findings from this research demonstrate that the perception of the role of a business model is strongly similar among the VCs whom were interviewed. They all argued that a business model plays a secondary role in the evaluation process and see it as part of the business plan. At the same time, this research could could pinpoint the fact that no specific instrument including explicit evaluation criteria is currently being implemented by the VCs in question in order to evaluate a business model. Notwithstanding this study cannot be generalized since the pool of applicants included only six Investment Manages working in Venture Capital Funds in Sweden and Mexico. At the same, even though the geographical differences exist, the evaluation process resulted quite similar amongst them. Evidence from this study has demostrated that the current ambiguity of the meaning of the term "business model" is the most frequent perceived challenge to the evaluation of these. Therefore, our interest to shed more light into the topic was encouraged.

Combining agency theory and the resource-dependence perspective as well as signalling theory, this thesis examines the role venture capitalists (VCs) and founders play with respect to both structural board characteristics and board capital in terms of experience and prestige and whether these are linked to performance. It claims that VCs and founders shape the governance system of the firms going public and are influential in the professionalisation of the ventures especially in terms of human and social capital of its board of directors. It also argues that the board of directors represents a signal of firm quality in the initial public offering (IPO) market and should thus be linked to performance. Similarly, according to the venture capital certification hypothesis, being funded by VCs signals a firm's quality and potential. In order to assess these claims, this thesis employs a unique sample of matched venturecapital- backed and non-venture-capital-backed entrepreneurial IPOs that floated either on the London Stock Exchange's Official List or the Alternative Investment Market (AIM). Extending previous research this thesis employs more fine-grained measures and introduces new conceptually relevant variables in the analysis. The findings indicate that VCs and founders are influential in shaping corporate governance of IPO-stage ventures both from an agency and resource-provision perspective. Findings from the examination of governance and professionalisation characteristics with respect to IPO short-run performance (underpricing) indicate that it may the involvement of prestigious auditors that signal firm quality while a founder bias discount seems to exist. While evidence is found that VC involvement (and to a lesser extent director/board characteristics) is related to post-IPO market performance, this seems to depend on the time period following the IPO examined, whereas auditor prestige shows a positive association in all of these time periods.

Background: The importance of creativity and innovation is frequently stressed in modern literature on management. The significance of innovation gives entrepreneurs the reason to prior to the commencement of a relationship with a venture capitalist, obtain necessary insights regarding the influences such a relationship may have, in terms of innovation. Purpose: The purpose of this thesis is to scrutinise the influence of venture capital firms on their portfolio companies regarding their ability to be innovative. Delimitations: The intent is to study the impact of a venture capitalist from the viewpoint of its portfolio companies. In other words, what the portfolio companies have perceived as changes is our main area of concern, rather than what the venture capitalist has perceived as change. Realisation: LinkTech, a venture capitalist located and active in the town of Linköping, has together with three of its portfolio companies constituted as an example for the empirical research. An interview with the CEO at LinkTech was carried out as well as interviews with managers at the three portfolio companies. Additionally, a survey aimed towards the employees atthe portfolio companies was conducted. Results: It has been found that a venture capitalist does influence its portfolio companies in terms of innovation. This is mainly done through changes in the existing strategy, but also through the building of networks, changes in the organisational structure of the firms, and through the establishment of reward systems. Empowerment, corporate culture, decision- making, and teamwork have also been examined but been shown to be less influenced.

Purpose - This paper aims to analyze different groups, such as venture capitalists’, banks’, governmental support agencies’ and incubator managers’ attitudes toward business plans. Approach – The interviews have been conducted within the following institutions: Jönköping Business Development (JBD, Handelsbanken and Swedbank, Jönköping, ALMI and NyföretagarCentrum (Government Support Agencies (GSAs) and Business Incubator Science Park Jönköping (BISPJ). The author has chosen to conduct the study within this the previous mentioned institutions because those are the ones who mostly demand a formal written BP from firms or potential businesses. Findings – it was found that all the institutions interviewed thinks that a formal written business plan is very important for the entrepreneurs to clarify goals and raise funds. They don’t see any direct negative sides with a business plan.  It was also found that the majority were of the opinion that a business plan does not need to be long. The funding decision is mostly based on the personal characteristics of the entrepreneur; it can be very hard for start-ups manager to convince the funds providers that they are the right people. The type of resources provided to the venture determines the need of follow-ups. It is done mainly based on the financial aspects while those who provide advice or assistance tend to not engage in follow-ups. Limitations - the study was conducted in the period when the many of the potential people to be interviewed were on holiday. The language was sometimes a limitation since English is not the first language neither for the interviewer nor the interviewees.

<p><strong>Purpose</strong> - This paper aims to analyze different groups, such as venture capitalists’, banks’, governmental support agencies’ and incubator managers’ attitudes toward business plans.</p><p><strong>Approach</strong> – The interviews have been conducted within the following institutions: Jönköping Business Development (JBD, Handelsbanken and Swedbank, Jönköping, ALMI and NyföretagarCentrum (Government Support Agencies (GSAs) and Business Incubator Science Park Jönköping (BISPJ). The author has chosen to conduct the study within this the previous mentioned institutions because those are the ones who mostly demand a formal written BP from firms or potential businesses.</p><p><strong>Findings</strong> – it was found that all the institutions interviewed thinks that a formal written business plan is very important for the entrepreneurs to clarify goals and raise funds. They don’t see any direct negative sides with a business plan.  It was also found that the majority were of the opinion that a business plan does not need to be long. The funding decision is mostly based on the personal characteristics of the entrepreneur; it can be very hard for start-ups manager to convince the funds providers that they are the right people. The type of resources provided to the venture determines the need of follow-ups. It is done mainly based on the financial aspects while those who provide advice or assistance tend to not engage in follow-ups.</p><p><strong>Limitations </strong>- the study was conducted in the period when the many of the potential people to be interviewed were on holiday. The language was sometimes a limitation since English is not the first language neither for the interviewer nor the interviewees.</p>

<p>Background: The importance of creativity and innovation is frequently stressed in modern literature on management. The significance of innovation gives entrepreneurs the reason to prior to the commencement of a relationship with a venture capitalist, obtain necessary insights regarding the influences such a relationship may have, in terms of innovation. Purpose: The purpose of this thesis is to scrutinise the influence of venture capital firms on their portfolio companies regarding their ability to be innovative. Delimitations: The intent is to study the impact of a venture capitalist from the viewpoint of its portfolio companies. In other words, what the portfolio companies have perceived as changes is our main area of concern, rather than what the venture capitalist has perceived as change. Realisation: LinkTech, a venture capitalist located and active in the town of Linköping, has together with three of its portfolio companies constituted as an example for the empirical research. An interview with the CEO at LinkTech was carried out as well as interviews with managers at the three portfolio companies. Additionally, a survey aimed towards the employees atthe portfolio companies was conducted. Results: It has been found that a venture capitalist does influence its portfolio companies in terms of innovation. This is mainly done through changes in the existing strategy, but also through the building of networks, changes in the organisational structure of the firms, and through the establishment of reward systems. Empowerment, corporate culture, decision- making, and teamwork have also been examined but been shown to be less influenced.</p>

It is generally well understood that venture capital (VC) is an important and significant source of financing for small firms. Questions revolving around the increased likelihood of a firm backed by Venture Capitalists (VCs) to be export oriented have yet to be fully explored. Responding to this research gap, a sample of Canadian VC backed firms is used to compare the performance of Canadian VC firms in terms of facilitating internationalization among their portfolio companies. The particular reference of this study is Export Development Canada (EDC), a crown corporation mandated to promote export among Canadian firms. This research finds that EDC as a VC investor and export-oriented consultant has no association with the increased probability of exporting. Also, stage of the investment does not show any relationship with internationalization. These results run contrary to previous speculation that syndication of VCs increases the probability of internationalization among portfolio firms.

Although just a minority of all small firms in the UK, high-growth entrepreneurial ventures are becoming widely recognised for their role in job growth and economic prosperity. However, due to their inherently high-risk nature, many of these early-stage firms experience difficulty in securing outside finance from institutional investors, which ultimately limits their growth and economic potential. Fortunately, two investor types, business angels (BAs) and venture capitalists (VCs), do fund a small proportion of these entrepreneurial ventures, although they, especially BAs, often have much more financial capital available for such investments. Since many aspects of BA and VC investment processes remain unknown, it is hoped that a better understanding of how and why these investors fund particular investments may aid in further lessening the entrepreneurial funding problem. This research study, therefore, conducts the first-ever detailed comparison of the investment criteria and procedures of these two financiers across the full investment process. To make the study more robust, a theoretical base is adopted (based on agency theory) to form research hypotheses which propose that BAs and VCs in the UK may use different approaches to limit potential agency risks in their investments (i.e. the risks associated with an entrepreneur's potential misuse of the investor's money). Utilising data from 40 personal interviews and 262 questionnaire responses, this study empirically supports the main hypothesised notion that, although both investors reduce agency risks at all stages of the investment process, BAs place more emphasis on doing so ex-post investment (the incomplete contracts approach), whilst VCs stress doing so more ex-ante investment (the principal-agent approach). In supporting the hypothese, empirical information is gathered about each investment stage and each investor group's heterogeneity. Possible implications of these findings are then discussed in the hope of aiding, no matter how slightly, the funding efficiency of small entrepreneurial firms.

It is generally well understood that venture capital (VC) is an important and significant source of financing for small firms. Questions revolving around the increased likelihood of a firm backed by Venture Capitalists (VCs) to be export oriented have yet to be fully explored. Responding to this research gap, a sample of Canadian VC backed firms is used to compare the performance of Canadian VC firms in terms of facilitating internationalization among their portfolio companies. The particular reference of this study is Export Development Canada (EDC), a crown corporation mandated to promote export among Canadian firms. This research finds that EDC as a VC investor and export-oriented consultant has no association with the increased probability of exporting. Also, stage of the investment does not show any relationship with internationalization. These results run contrary to previous speculation that syndication of VCs increases the probability of internationalization among portfolio firms.

In 2014, venture capitalist (VC) investments were as high as $87 billion for startup companies. Furthermore, although more than 50% of venture-backed startups failed, return on investment came from only 10% of the investee companies. The high VC investment dollars and the low number of profitable VC-backed startups suggest challenges that VCs might experience in identifying profitable startups. Using a real options theory conceptual framework, the purpose of this multiple case study was to explore strategies VCs in the southeastern United States use to identify profitable startups. Data collection included observation and archival document reviews and involved semistructured interviews of 11 VC participants in 8 firms who participated in assessing startups that led to an initial public offering or buyout within the past 5 years. Data analysis involved a coding technique for extrapolating themes. Several themes emerged including due diligence and investor involvement, reduction of information asymmetry, human capital management, environment and market forces, startup experience matching investor strategy, trust building, investment timing, and VC market dynamics. Findings from this study might contribute to positive social change by assisting VCs, entrepreneurs, and capital investors in identifying startups that lead to sustainable and profitable businesses. Sustainable and profitable businesses may result in stable jobs in the local community. Beneficiaries of this research include VCs, entrepreneurs, and capital investors.