Venture Capital Financing of U.S., UK, German and French IT Start-ups

Inhaltsverzeichnis (Table of Contents)

• Introduction
• Topic
• Research Objectives
• Research Design
• Structure
• e-Business in Business Administration Theory
• Definitions, Characteristics and Concept of e-Business
• Definitions of the Term e-Business
• Contrasting e-Business and e-Commerce
• Applications in e-Business
• Market and Transaction Categories in e-Business
• Consumer as Value Generator: C2C, C2B, C2G
• Consumer-to-Consumer (C2C)
• Consumer-to-Business (C2B)
• Consumer-to-Government (C2G)
• Business as Value Generator: B2C, B2B, B2G
• Business-to-Consumer (B2C)
• Business-to-Business (B2B)
• Business-to-Government (B2G)
• Government as Value Generator: G2C, G2B, G2G
• e-Business Model
• e-Business and Entrepreneurship Theories
• Creative Destruction Theory
• Entrepreneurial Discovery and Competitive Market Process
• Venture Capital Financing of Start-ups in Business Administration Theory
• Equity Financing: Venture Capital Financing
• Institutional Venture Capital Financing
• Independent Venture Capital Financing (IVC)
• Definitions and Characteristics of Independent Venture Capital Financing
• Stages in the Financing Life Cycle of a Start-up
• Structure of Independent Venture Capital Firms
• Role of Independent Venture Capital Firms in Start-ups
• Theoretical Foundation for Explanation of the Behavior of Venture Capital Firms
• Agency Theory Model: Asymmetric Information, Moral Hazard and Adverse Selection
• Mitigation of Agency Risks
• Typical Venture Capital Investment Process: VC Investment Cycle
• Contact Phase
• Initial Screening Phase
• Due Diligence Phase
• Investment Criteria: Management Team, Market, Product, Potential Exit Channel
• Evaluation of Management Team
• Evaluation of Business Model: Product or Service
• Evaluation of Market: Market Analysis
• Evaluation of Potential Exit Channel
• Financial Due Diligence: Valuation of Start-ups
• Dilution
• Pre-Money and Post-Money Valuation
• Virtual Valuation
• Multiples: Comparable Companies and Comparable Transactions Method
• Discounted Cash Flow Method (DCF)
• Deal Structuring and Negotiation Phase
• Deal Negotiation
• Structuring a Venture Capital Deal
• Management Phase—Value Adding Services
• Exit Phase
• Venture Capital Investment Syndication
• Staged Financing of Start-ups

Zielsetzung und Themenschwerpunkte (Objectives and Key Themes)

This doctoral dissertation aims to investigate the differences in venture capital financing of information technology start-ups across the U.S., UK, Germany, and France. It focuses on understanding the investment process from the perspective of venture capital firms, comparing their practices and strategies in each country.

• Comparative analysis of venture capital financing practices in the U.S., UK, Germany, and France
• Examination of the investment process from the venture capital firm perspective
• Exploration of the factors influencing venture capital investment decisions across different countries
• Identification of key differences in the financing life cycle of start-ups across regions
• Analysis of the impact of cultural and institutional factors on venture capital financing

Zusammenfassung der Kapitel (Chapter Summaries)

The dissertation is structured to provide a comprehensive analysis of venture capital financing in different countries. Chapter 1 introduces the topic, research objectives, design, and structure of the dissertation. Chapter 2 explores the concept of e-business, defining terms, contrasting e-business with e-commerce, and examining various applications. Chapter 3 provides a detailed explanation of venture capital financing of start-ups, encompassing aspects like equity financing, independent venture capital financing, and the stages of the financing life cycle.

Schlüsselwörter (Keywords)

The dissertation focuses on the following key areas: Venture Capital Financing, Information Technology Start-ups, Comparative Analysis, Investment Process, e-Business, Financing Life Cycle, Cultural and Institutional Factors. It delves into concepts like equity financing, independent venture capital financing, and the role of venture capital firms in mitigating agency risks.