publication . Article . 2011

The Internationalization of Venture Capital: Challenges and Opportunities

Thomas Gstraunthaler; Galina Sagieva;
Open Access
  • Published: 01 Jan 2011 Journal: Foresight-Russia, volume 5, issue 4, pages 66-76
This paper attempts to summarize and systematize the landscape of the global venture capital industry. It presents major basic business models and investment strategies, assesses the contribution of venture capital (VC) to economic growth, and the incentives and constraints for VC’s development, and it identifies research gaps in this area. Venture capital is often regarded as the only source of support for start-ups, particularly for those in high-tech innovative sectors. The authors explore the reasons for this. In contrast to more traditional investors, VCs provide targeted investment, and they maintain a long-term strategic focus. Financial capital is only o...
free text keywords: venture funding; venture capital; innovative company; innovation startup; capital market; venture investment; venture capitalist; venture fund; regional pattern, jel:G24

Acs Z., Audretsch D.B. (1994) New Firm Start-ups, Technology, and Macroeconomic Fluctuation. Small Business Economic, vol. 6, no 6, pp. 439-449.

Alipov C., Samokhin V. (2009) Zarubezhnyi venchurnyi kapital v Rossii [Foreign Venture Capital in Russia]. Available at: http://business. (accessed 30 November 2011).

Akerlof G.A. (1970) eTh Market for “Lemons”: Quality Uncertainty and the Market Mechanism. ehT Quarterly Journal of Economics , vol. 84, no 3, pp. 488-500.

Barry C. (1994) New Directions on Research in Venture Capital Finance. Financial Management, vol. 23, no 3, pp. 3-15.

Batjargal B. (2001) Eefcts of Networks on Entrepreneurial Performance in a Transition Economy: eTh Case of Russia. Frontiers of Entrepreneurship Research (eds. P. Reynolds, E. Autio, C. Brush, W. Bygrave, S. Manigart, H Sapienza., K. Shaver), Babson Park, MA: Babson College Center for Entrepreneurship, pp. 97-110.

Batjargal B. (2003a) Social Capital and Entrepreneurial Performance in Russia: A Longitudinal Study. Organizational Studies, vol. 24, no 4, pp. 535-556.

Batjargal B. (2003b) Internet Entrepreneurship in an Emerging Market: Networks and Performance of Internet Startups. Paper presented at Academy of Management Best Conference, 2003 BPS: H6.

Batjargal B. (2007) Network Triads: Transitivity, Referral and Venture Capital Decisions in China and Russia. Journal of International Business Studies, vol. 38, no 6, pp. 998-1012. [OpenAIRE]

Baygan G., Freudenberg M. (2000) eTh Internationalization of Venture Capital Activity in Countries: Implications for Measurement and Policy. STI Working Papers, 2000/7, Paris: OECD.

Berger A.N., Udell G.F. (1998) eTh Economics of Small Business Finance: eTh Roles of Private Equity and Debt Markets in the Financial Growth Cycle. Journal of Banking and Finance, vol. 11, pp. 613-673. [OpenAIRE]

Powered by OpenAIRE Research Graph
Any information missing or wrong?Report an Issue