The effects of investor types on investees’ performance: Focusing on the seed accelerator

Abstract

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Contribution of business angel investments: evidence from Estonia

“…BAs in the USA contributed less to innovation and exit of their investees than VC (Dutta and Folta, 2016). Choi and Kim (2018) concluded that the survival rate of BA-backed firms was inferior to that of VC-backed firms based on an international private equity database.…”

A systematic literature review on accelerators

“…To conduct the analysis, we initially included all empirical sources (n=83). Further analysis revealed that four of these sources provided too few details concerning accelerators' operations (Choi and Kim 2018;Frimodig and Torkkeli 2017;Kim and Wagman 2014;Yang et al 2019) and were thus excluded, while two further conceptual papers provided valuable examples concerning university accelerators activities (Drori and Wright 2018;Wright et al 2017) and were included. Thus 81 papers were finally included for analysis.…”

“…While research documented the proliferation of these services, the implications that these changes in interventions (in terms of both service extension and degree of customization) have on accelerators' operations, and the evidence base on which these services are provided to clients are less understood. There is thus scope for further research to examine how different levels of services add value to both accelerators and startup clients (Choi and Kim 2018). There are also opportunities for better theoretical grounding of such studies on interventions by drawing from theories related to entrepreneurial development and education.…”

“…Our analysis of outcomes revealed a tendency to confuse outcomes with outputs, especially for considering results at accelerator level, a focus on hard (economic) rather than soft (non-economic) outcomes especially at accelerator and ecosystem levels, and a very strong bias towards positive outcomes. The first problem explains to some extent the lack of congruency noted in existing research in explanations of accelerators performance and their results (Choi and Kim 2018;Hochberg 2016;Miller and Bound 2011). The key shortcoming here is the lack of a theoretically informed analysis of accelerators outcome, with most studies focused on identifying a list of outcomes, rather than on explaining why they happen in the first place.…”

Parceria entre grandes empresas e startups que participam de aceleradoras corporativas: benefícios e desvantagens para as startups

“…Tendo em vista que existe na literatura uma lacuna em relação aos benefícios proporcionados às startups por diferentes serviços em aceleradoras (Choi & Kim, 2018), mais especificamente quanto aos efeitos no processo de aprendizagem organizacional (Cohen, Fehder, Hochberg, & Murray, 2019;Crișan et al, 2019), um dos objetivos desta pesquisa é avaliar se os benefícios para as startups diferem de acordo com o suporte e serviço que recebem da aceleradora corporativa. Diante disso, foram definidas as seguintes hipóteses: H1: em comparação com as startups que estão em espaços de inovação, aquelas inseridas em programas estruturados de inovação usam mais a parceria para aquisição de novos conhecimentos; H2: em comparação com as startups que estão em espaços de inovação, aquelas inseridas em programas estruturados de inovação usam mais a parceria para estabelecer rotinas eficazes de comunicação com a grande empresa; H3: em comparação com as startups que estão em espaços de inovação, aquelas inseridas em programas estruturados de inovação usam mais a parceria para aplicação dos novos conhecimentos adquiridos da grande empresa ao trabalho prático da startup; H4: em comparação com as startups que estão em espaços de inovação, aquelas inseridas em programas estruturados de inovação aproveitam mais a parceria para utilizar as informações e conhecimentos obtidos da grande empresa no desenvolvimento de novos produtos e serviços ou na melhoria do desempenho.…”