The role of top management team human capital in venture capital markets: Evidence from first-time funds

Entrepreneurs’ Resources, Technology Strategy, and New Technology‐Based Firms’ Performance

“…Specifically, technological competencies refer to the ability to apply scientific and technical knowledge in order to develop products and processes (Schriber and Löwstedt ); managerial capabilities refer to the skills, knowledge, and experience required to manage the complexities of the NTBF (Eisenhardt and Schoonhoven ). Therefore, educational specialty, level of education, and professional background are relevant characteristics of the collective human capital of a management team and condition the successful implementation of the decisions made by them (Zarutskie ). In particular, the fact that the entrepreneurial team is better qualified in technology‐related areas (Colombo and Grilli ; Shrader and Siegel ; West ) is said to be critical to the NTBF's implementation of the technology strategy (Lee, Lee, and Pennings ).…”

Success in Global Venture Capital Investing: Do Institutional and Cultural Differences Matter?

“…Scharfstein (2008), (2010), and Zarutskie (2010). 2 One possible explanation for this is that VCs, expecting cultural differences, do a more careful job screening potential investments before investing in their portfolio companies.…”

(No) Patent, No Cash? A Risk Perception Perspective on the Investment Attitude of Managers Toward Patents

“…As a result, general human capital relates to the overall education and practical experience of the investment executive which are useful across a wide range of occupational alternatives, while specifi c human capital concerns the education and experience which is only applicable in a particular activity or context (Dimov and Shepherd, 2005), in this case the high-tech VC context. Furthermore, consistent with Zarutskie (2010), specifi c human capital can be split up into industry-specifi c human capital and task-specifi c human capital. In what follows, we elaborate on these three types of human capital, their impact on risk perception, and subsequently the impact on the VC's attitude toward patents during the screening and selection process.…”