Purpose

This study aims to analyze the impact of different exit alternatives, investor presence and founders’ human capital on the exit value of European venture capital (VC)-backed high technology startups.

Design/methodology/approach

The empirical analysis is based on a sample of 107 European firms that obtained an exit through Merger&Acquisition (M&A) or an initial public offering (IPO) between 2010 and 2017, backed by VC investors.

Findings

This study provides empirical evidence on how different exit alternatives, investor heterogeneity and founders’ human capital may affect the exit value of European VC-backed startups. Exiting through an IPO and retaining a larger equity stake are positively correlated with the exit value. The presence of business angels and non-governmental VC firms is associated with larger valuations. Founders’ previous education was positively correlated with the exit value.

Originality/value

Exit strategies in technology startups are essential to capitalize investors’ efforts and reinvest cash into new ventures, supporting the development of entrepreneurial ecosystems and countries’ competitiveness. The results of this study provide interesting hints for policymakers and contribute to an in-depth understanding of the drivers of exit valuation for startups.

中文翻译：

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欧洲风险投资支持的技术初创公司退出价值的决定因素

目的

本研究旨在分析不同退出选择、投资者存在和创始人的人力资本对欧洲风险投资 (VC) 支持的高科技初创公司退出价值的影响。

设计/方法/方法

实证分析基于 107 家欧洲公司的样本，这些公司在 2010 年至 2017 年间通过并购 (M&A) 或首次公开募股 (IPO) 获得退出，并由 VC 投资者支持。

发现

这项研究提供了经验证据，说明不同的退出选择、投资者异质性和创始人的人力资本可能如何影响欧洲风险投资支持的初创公司的退出价值。通过首次公开募股退出并保留更大的股权与退出价值呈正相关。商业天使和非政府风险投资公司的存在与更高的估值有关。创始人以前的学历与退出价值呈正相关。

原创性/价值

科技初创公司的退出策略对于利用投资者的努力并将现金再投资于新企业、支持创业生态系统的发展和国家竞争力至关重要。这项研究的结果为政策制定者提供了有趣的提示，并有助于深入了解初创企业退出估值的驱动因素。