ABSTRACT

In this paper, we draw upon resource dependence theory to investigate the impact of different types of value-added services on entrepreneurs’ venture capitalist selection. We use a mixed method research design based on a choice experiment with 3,172 decisions of 122 entrepreneurs in Germany, Austria, and Switzerland and semi-structured interviews with the participating entrepreneurs. Our results indicate that entrepreneurs focus on selecting venture capitalists that act as scouts rather than as coaches. In particular, scouting activities such as the extension of the operational network and exit support are important for entrepreneurs in their selection process, whereas coaching activities such as strategic advice and help in internal business development are less relevant. Furthermore, entrepreneurs perceive value-added services as an active resource management tool to take advantage of interdependencies between their own and the venture capitalist’s resources, rather than as primarily filling their own resource gaps.

摘要

在本文中，我们利用资源依赖理论来研究不同类型的增值服务对企业家风险资本家选择的影响。我们使用基于选择实验的混合方法研究设计，该实验具有德国，奥地利和瑞士的122位企业家的3,172项决定以及与参与的企业家的半结构化访谈。我们的结果表明，企业家专注于选择充当侦察员而不是教练的风险资本家。尤其是，侦查活动（如扩展运营网络和退出支持）对于企业家的甄选过程至关重要，而教练活动（如战略建议和内部业务发展帮助）则不那么重要。此外，