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Mi Casa Es Tu Casa: Immigrant Entrepreneurs as Pathways to Foreign Venture Capital Investments
Strategic Management Journal ( IF 7.815 ) Pub Date : 2021-04-30 , DOI: 10.1002/smj.3289
Sarath Balachandran 1 , Exequiel Hernandez 2
Affiliation  

Venture capital (VC) firms predominantly source investments from local networks within tight geographic bounds. Against that tendency, VCs are increasingly investing internationally—but with substantial heterogeneity across firms in extent, location, and success. We propose a mechanism that explains these patterns. The ties VCs form to immigrant entrepreneurs when investing domestically provide access to the knowledge and connections of those immigrants, which facilitates VC investments in the immigrants' homelands. Using data on U.S. VC activity in India, we find that firms invest in more Indian startups as their ties to Indian entrepreneurs in the United States increase—particularly in the Indian region where immigrants originate and when the VC faces heightened domestic competition. Such ties also enhance the odds of successful exit for the VC's Indian investments.

中文翻译:

Mi Casa Es Tu Casa:移民企业家作为外国风险投资的途径

风险投资 (VC) 公司主要从地理范围狭窄的本地网络中获取投资。与这种趋势相反,风险投资越来越多地进行国际投资,但在规模、地点和成功方面,不同公司之间存在很大差异。我们提出了一种解释这些模式的机制。风险投资与移民企业家在国内投资时形成的联系提供了获取这些移民的知识和联系的途径,这促进了风险投资在移民家乡的投资。使用有关美国风险投资在印度的活动数据,我们发现,随着公司与美国印度企业家的联系增加,公司投资于更多印度初创公司——尤其是在移民起源的印度地区,以及当风险投资面临激烈的国内竞争时。
更新日期:2021-04-30
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