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Karlsson, Tomas, and Karen Williams Middleton. "Strategies for Creating New Venture Legitimacy." Industry and Higher Education 29, no. 6 (December 2015): 469–79. http://dx.doi.org/10.5367/ihe.2015.0279.
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New ventures, being heavily subjected to liabilities of newness, are seen to engage in legitimacy strategies to overcome these liabilities. Building on an adapted theoretical framework of organizational legitimacy, self-reported weekly diaries of twelve entrepreneurs were analysed to identify strategies used by new ventures to create legitimacy. New ventures appear to prefer pragmatically related strategies over moral and cognitive ones, and adopt malleability with respect to moral strategies. The novelty of the venture technology increases the focus on conformity strategies, whereas more established technologies use manipulative strategies to gain legitimacy. New ventures also appear to engage strongly in moral selection strategies in terms of goal formulation.
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Harrison, Richard T., Babangida Yohanna, and Yannis Pierrakis. "Internationalisation and localisation: Foreign venture capital investments in the United Kingdom." Local Economy: The Journal of the Local Economy Policy Unit 35, no. 3 (May 2020): 230–56. http://dx.doi.org/10.1177/0269094220924344.
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Venture capital plays a significant role in economic development through the emergence of new firms, technologies, industries and markets. This role, however, is associated with systemic uneven development regionally as both the supply of venture capital and the investment in new and growing ventures is highly concentrated regionally in the core economic regions of a country. Over the past decade, this intra-national regional concentration has been accompanied by an increasing internationalisation of the venture capital industry, as cross-border investment becomes more significant. In this paper, we explore the implications of this internationalisation for regional economic development in the UK. We conclude that the geography of venture capital in the UK has been shaped since the turn of the century by a significant increase in venture capital investments made by foreign funds, mainly in the form of co-investments with local funds. These foreign venture capital investments are primarily concentrated in London, Southeast England and East of England, which collectively attracted 82.5% of all foreign venture capital investments made to UK companies in 2017, strongly reinforcing the existing spatial concentration of venture capital investment. The paper concludes by questioning whether this increased dependency of these regions on foreign venture capital matters to regional development and draws out some of the implications for public policy.
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Varshney, Vishnu. "Nurturing a Venture: A Venture Capitalist's Perspective." Vikalpa: The Journal for Decision Makers 28, no. 2 (April 2003): 83–87. http://dx.doi.org/10.1177/0256090920030207.
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The concept of venture capital originated in the US in 1946. A number of new technologies which could be commercially exploited had come up after the Second World War and funds given for such ventures were called venture capital investment. Though the venture capital movement has been in existence for more than three decades in India, it has only recently gained momentum. New ventures found it difficult to get funding from the banks as they did not have any collateral to offer. Hence, venture capital industry was started in India to fund such enterprises. Gujarat Venture Finance Limited (GVFL) was set up by the World Bank in 1990. Till date, it has funded 56 companies from all over the country. GVFL supports only technology-oriented companies. Funding is provided in stages. The money given at the seed or early stage is called angel funding. This paper documents how GVFL funded and nurtured a venture called Permionics which was involved in manufacturing an innovative water filter and helped it to grow into a commercially viable enterprise. This was not smooth sailing and the venture did not take off initially as the project required a lot of product innovation and market research for its feasibility. However, the venture capitalist persisted with the efforts in making the venture successful as he had faith in the product. Thus, he went beyond hand-holding and helped in the company's promotional effort, getting expert advice, solving internal disputes, coordinating strategic tie-ups, etc. After some trial and error, the product was finally relaunched and was a great success. The main conclusions emerging from this paper are: A venture capitalist's contribution is not just funding an enterprise but also seeing to its proper functioning. A venture capitalist provides necessary linkages to the entrepreneur for the growth of the enterprise. A venture capitalist not only provides moral support but also helps in forming the company. He is more of a partner than an outsider. A good venture capitalist sees the enterprise through its ups and downs until it becomes a commercially successful venture.
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Bock, Carolin, and Christian Hackober. "Unicorns—what drives multibillion-dollar valuations?" Business Research 13, no. 3 (July 29, 2020): 949–84. http://dx.doi.org/10.1007/s40685-020-00120-2.
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AbstractThe number of ventures with a market value of one billion USD or more has considerably increased during the last decade. Driven by new technologies and business models, these ventures became an integral part of our daily life. Particularly, the number of unicorns based in China and other regions outside the US raised during recent years whereas the phenomenon was initially limited to the US region. Existing research has mainly focused on descriptive approaches to examine the rise of these ventures but lacks knowledge on the drivers of this phenomenon. We address these research gaps and investigate the underlying factors that foster the emergence of such high-valued ventures. Our results present several economic environmental as well as investor-related factors that impact the likelihood for a venture to achieve a market valuation of more than one billion USD. Subsequently, we derive theoretical and practical implications that may foster the future emergence of new high-valued ventures, covering regulatory, investor- and venture-specific aspects.
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Bogojević, Aleksandar. "Zajedničko ulaganje (joint venture) i tržišna konkurencija / Joint Venture and Market Competition." Годишњак факултета правних наука - АПЕИРОН 6, no. 6 (July 11, 2016): 254. http://dx.doi.org/10.7251/gfp1606254b.
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In modern business of the business entities, on the EU market, as well as on the other national markets, it is joint venture is increasingly used as a form of joining of business entities. For a competition law basic question is an effect on the market competition of this joining of the business entities. The effects made by joint ventures on market competition may be positive, which is the case with the invention, the availability of new technologies, increasing of the efficiency, new products etc., or negative, which is the case with market separation or closing of the market for new participants. In European competition law there is an opinion that there is greater possibility of the negative effects on market competition when real or potential competitors make joint venture. Authority for protection of competition on two basis can evaluate joint venture. The first base is joint venture, which is evaluated as concentration of the business entities, and the second base is joint venture, which is evaluated as an agreement between business entities. This paper shall elaborate both basis, paying special attention on its demarcation, as well as the effects they have on market competition. In addition, the paper shall show and explain the most common modalities of the joint venture agreements, and point out their differences between them.
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Bobera, Dušan, and Bojan Leković. "BUSINESS INTERNATIONALIZATION - CONDITIO SINE QUA NON OF ENTREPRENEURIAL VENTURE SUCCESS." ЗБОРНИК РАДОВА ЕКОНОМСКОГ ФАКУЛТЕТА У ИСТОЧНОМ САРАЈЕВУ 1, no. 12 (May 3, 2017): 11. http://dx.doi.org/10.7251/zrefis1612011b.
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The incentive for launching an entrepreneurial venture determines also the entrepreneur’s striving towards the growth of the venture, development of innovation or business internationalization. Assessment and understanding of outcomes of the launched entrepreneurial venture is possible if one have insight into both endeavor and motivation of an entrepreneur towards expressed entrepreneurial initiative. Entrepreneurs as holders of the entrepreneurial process based on recognition and profitable exploitation of identified opportunities, often find possibilities of venture growth outside the borders of their country. Internationalization of business is available to new established entrepreneurial ventures. Using available technologies, innovative products/services and available market, they find potential for entrepreneurial venture growth outside the framework of national economies. Therefore, the subject of this paper is analysis of the impact of the business internationalization on entrepreneurial venture, observing it towards maturity stage of entrepreneurial ventures. The aim of this paper is to determine relationship between business internationalization and maturity of entrepreneurial venture. For the purpose of analysis of interaction between the observed variables, database of Global Entrepreneurship Monitor has been used. For statistical analysis Spearman's correlation coefficient has been used. The results of statistical analysis confirmed a positive correlation between the level of business internationalization and maturity of the entrepreneurial venture. Also, a positive correlation has been confirmed between the level of education and business internationalization. Within this relationship, higher degree of entrepreneurial education simultaneously means a higher degree of business internationalization
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von Briel, Frederik, Per Davidsson, and Jan Recker. "Digital Technologies as External Enablers of New Venture Creation in the IT Hardware Sector." Entrepreneurship Theory and Practice 42, no. 1 (October 9, 2017): 47–69. http://dx.doi.org/10.1177/1042258717732779.
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We develop theory about how and when digital technologies enable new venture creation processes. We identify two fundamental properties of digital technologies—specificity and relationality—and develop propositions that link these properties to six enabling mechanisms: compression, conservation, expansion, substitution, combination, and generation. We use the linked properties and mechanisms to determine how and when in the venture creation process—from prospecting to developing to exploiting—digital technologies have enabled start-ups in the IT hardware sector and develop stage-dependent propositions about their sector-level effects. We conclude our theorizing by discussing its implications beyond digital technologies and the IT hardware sector.
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Pinkow, Felix, and Jasper Iversen. "Strategic Objectives of Corporate Venture Capital as a Tool for Open Innovation." Journal of Open Innovation: Technology, Market, and Complexity 6, no. 4 (November 18, 2020): 157. http://dx.doi.org/10.3390/joitmc6040157.
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Corporations are confronted with challenges adjusting to changing technologies and markets. Seeking innovations externally through open innovation is a possible approach to go beyond the internal development of innovations. One practice of open innovation to assimilate external knowledge is corporate venture capital (CVC), meaning minority investments in entrepreneurial ventures by incumbent firms, whereby the objectives of CVC investments might be purely financial or may pursue strategic goals. CVC has been identified as a possible approach to ambidexterity, since investments in new ventures can allow to explore new technologies and markets, or to improve internal exploitative capabilities. Although literature on the potential strategic benefits of CVC is abundantly available, a systematic conceptualization of strategic objectives is lacking. Therefore, this paper examines strategic objectives of CVC and seeks to enrich, extend and conceptualize existing research through a theoretical framework. The conceptual foundation of this study embeds CVC in the ambidexterity literature, and clusters objectives of CVC investments in view of an ambidextrous organization and the degree of autonomy given to CVC units. The strategic objectives that can be pursued through CVC investments are (a) strengthening the core business, (b) leveraging the ecosystem, and (c) exploring new markets and technologies. This study concludes with a comprehensive overview of the strategic objectives that can be pursued by CVC, illustrates the barriers and limitations of CVC investments, and discusses the role of autonomy and ambidexterity with respect to the individual strategic objectives. Hereby, CVC is identified as a powerful approach to engage in open innovation practices, since it allows one to pursue a range of different strategic objectives through tapping into external knowledge held by new ventures. Often considered an approach for exploring new technologies through external knowledge acquisition, CVC is also identified as an open innovation approach that allows organizations to increase their internal exploitation capabilities.
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Lehoux, P., F. A. Miller, G. Daudelin, and D. R. Urbach. "How venture capitalists decide which new medical technologies come to exist." Science and Public Policy 43, no. 3 (August 27, 2015): 375–85. http://dx.doi.org/10.1093/scipol/scv051.
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Lekovic, Bojan, Zeljko Vojinovic, and Sunčica Milutinović. "Cooperation as a Mediator between Entrepreneurial Competences and Internationalization of New Venture." Engineering Economics 31, no. 1 (February 28, 2020): 72–83. http://dx.doi.org/10.5755/j01.ee.31.1.20743.
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Most entrepreneurs have adequate knowledge and skills, however, they lack internal resources for commercialization of products on foreign markets. This group of entrepreneurs recognizes the chance through collaboration with other organizations, ensuring the engagement of new technologies that contribute to fast and early commercialization on the global market. The focus of this research is related to the analysis of the influence of entrepreneurs’ competences on cooperation with the other organization as well as on the internationalization of a new business venture. In order to provide deeper insight, the subject of research is also expanded with the field of new technology usage, as a moderator variable, to consider its role of strengthening the relationship between cooperation with other organizations and internationalization of a new venture. This paper aims to analyse the impact of entrepreneurial competences based on knowledge, skills and abilities (KSA’s) on cooperation with the other organization as well as mediating influence of cooperation with other organizations on internationalization of a new venture, in the South East Europe region. The main source of data in this study is the GEM research database for 2013. For this research, the authors included six countries in the research sample of the South East Europe region: Slovenia, Croatia, Hungary, Romania, Bosnia and Herzegovina, and FYR of Macedonia. The results of path analyses of Structure Equation Modelling indicate a positive direct and indirect impact of entrepreneurial intentions on cooperation and internationalization of a new venture. Results also indicate that the usage of new technologies, as a moderator variable, strengthens the relationship between cooperation and internationalization of a new venture.
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Bril, Aleksander, Olga Kalinina, and Anastasia Levina. "Two-stage commercial evaluation of engineering systems production projects for high-rise buildings." E3S Web of Conferences 33 (2018): 03004. http://dx.doi.org/10.1051/e3sconf/20183303004.
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The paper is devoted to the current and debatable problem of methodology of choosing the effective innovative enterprises for venture financing. A two-stage system of commercial innovation evaluation based on the UNIDO methodology is proposed. Engineering systems account for 25 to 40% of the cost of high-rise residential buildings. This proportion increases with the use of new construction technologies. Analysis of the construction market in Russia showed that the production of internal engineering systems elements based on innovative technologies has a growth trend. The production of simple elements is organized in small enterprises on the basis of new technologies. The most attractive for development is the use of venture financing of small innovative business. To improve the efficiency of these operations, the paper proposes a methodology for a two-stage evaluation of small business development projects. A two-stage system of commercial evaluation of innovative projects allows creating an information base for informed and coordinated decision-making on venture financing of enterprises that produce engineering systems elements for the construction business.
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Reshetnikova, Marina S. "China venture market overview." RUDN Journal of Economics 27, no. 4 (December 15, 2019): 753–60. http://dx.doi.org/10.22363/2313-2329-2019-27-4-753-760.
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Today the Chinese economy has rapidly begun the transition to a new stage of development. Its basis is high-tech production and national breakthrough technologies. This process happens due to the transformation of the government strategy in the direction of scaling up innovation through the inclusion of small and medium enterprises. China has been able to raise venture investments for its new development plan. However, since 2016, the rapid growth of the Chinese venture market has raised many concerns. The purpose of the study was to analyze and assess the current state of China's venture capital market. The research proved that, despite signs of overheating, it is still premature to talk about the formation of a “bubble” in the Chinese venture market. The article concludes with a discussion that China is transforming itself again and that the next wave of innovation and private entrepreneurship will be the wave of the future, with substantial global consequences.
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Bukhtiarova, Alina, Arsen Hayriyan, Nikol Bort, and Andrii Semenog. "Modeling of FinTech market development (on the example of Ukraine)." Innovative Marketing 14, no. 4 (December 17, 2018): 34–45. http://dx.doi.org/10.21511/im.14(4).2018.03.
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FinTech startups and services are one of the most dynamic segments of the modern economy. New financial technologies have already attracted many investors and form millions of budgets. Changing the traditional financial services concept, FinTech companies formed a new niche within the financial services market, the dynamic development of which determines the relevance of the development and implementation of an effective regulatory and oversight system.The purpose of the article is to develop an economic and mathematical model for forecasting the development of the FinTech market on the example of Ukraine. In order to study the development of the FinTech industry, a multiple regression model was presented. The model describes the dependence of the total investment value of FinTech from venture investments in financial technology, venture investments in other technologies and venture investments in online lending. Based on this model, the effect of attracting investments with new FinTech projects on the total volume of investments in the industry was clarified. According to the model, with a change in investments in FinTech by 1%, the total rate of venture investments decreases by 0.03, funds in new projects of other companies grow by 0.05, and venture investments in online lending increase by 0.89. According to the analysis of regulatory legislation in the foreign countries of the FinTech services sphere, it was found that the regulation of most of the risks associated with the development of FinTech services falls within the competence of different supervisory authorities, requiring cross-sectoral cooperation between public institutions.
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Chernyavs'ka, Iryna. "DEVELOPMENT OF THE MODEL OF ENTERPRISE GROWTH ON THE BASIS OF TECHNOLOGY TRANSFER ACTIVATION IN THE FORM OF JOINT ENTREPRENEURSHIP." ECONOMIC BULLETIN OF THE DNIPROVSK STATE TECHNICAL UNIVERSITY, no. 1(2) (June 2, 2021): 70–76. http://dx.doi.org/10.31319/2709-2879.2021iss1(2).232579pp70-76.
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Technology transfer is an important element in ensuring the growth of technological development and competitiveness of the modern enterprise. Joint venture as one of the specific forms of technology transfer gives participating companies the opportunity to attract significant investment, new management technologies, stimulates the production process of competitive products and facilitates technological exchange. Today, the problem of participation in various forms of joint ventures, which is an appropriate method of achieving competitive advantage through cooperation, is becoming relevant for the development of domestic enterprises. Solving problematic issues requires detailing the limitations of joint ventures and researching the areas of common interests of its subjects.
The aim of the study is to develop an effective model of intensifying technology transfer in the form of joint ventures based on the interaction of partner entities. The spheres of independent interests of the subjects of joint venture are researched and determined, the factors of guaranteed result are determined. The basis for the analysis was the scientific studies of domestic and foreign scientists on this issue. The theoretical and methodological basis of the study is a set of principles and methods of scientific research: the principle of systematization and theoretical generalization, methods of structural and functional analysis.
The results of the study showed that the conflict of interests of the subjects of joint venture arises in situations where there is a tendency to integration and the subjects expect to get a certain guaranteed result. It has been proved that a necessary condition for ensuring mutually beneficial cooperation of individual joint ventures is the existence of a guarantee of useful results, and partnership within the joint venture is based on common interests and goals to be achieved in the results of activities and aimed at consolidating cooperation of individual participants through joint ventures. The implementation of the developed model of enterprise development based on the intensification of technology transfer, which describes the continuous changes in the process of functioning of the form of joint venture over time, can have a useful effect on its successful operation. The practical value of the model is that individual entities, regardless of their own economic policies and the nature of their interests, have a common area of compromise in which they can conduct joint ventures.
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Hussain, Marwan Rajeh, Abduljalil Zainal, Wael Mohamed Elmedany, and Mohamed Waleed Fakhr. "Telematics Business and Management in the Bahrain Market." International Journal of Technology Diffusion 3, no. 3 (July 2012): 13–21. http://dx.doi.org/10.4018/jtd.2012070102.
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The aim of this paper is to present and demonstrate the main challenges and obstacles facing Telematics companies entering the market in Bahrain. Telematics is part of Information and communication technologies (ICT) which plays a major role in the economic development of countries. However, there are many obstacles and challenges facing new businesses that venture into the small market of Bahrain; e.g. the small market size, competition and lack of financing channels (e.g. venture capital).
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INGANÄS, MARTIN, MIKAEL HARDER, and CHRISTIAN MARXT. "MEASURING THE SCIENCE-TO-MARKET GAP — THE CASE OF NEW ENERGY TECHNOLOGIES." International Journal of Innovation and Technology Management 04, no. 04 (December 2007): 457–78. http://dx.doi.org/10.1142/s0219877007001181.
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With the aim of improving our understanding of the factors that affect the commercialization of new energy technologies (NET), this paper investigates the NET science-to-market gap for the European context. The results from interviews as well as a survey indicate that there is substantial disagreement regarding the importance of intellectual property rights and venture capital. We also found strong evidence that the stakeholders have low faith in each other. Arguing that science-industry interaction is a key ingredient for bringing NET to the market, we suggest that the science-to-market gap is rooted in different stakeholder preferences and expectations.
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Jayasimha, K. R., and Harshvardhan Halve. "Nidan Technologies Private Limited (NTPL): The Entrepreneur's Conundrum." Asian Case Research Journal 13, no. 01 (June 2009): 81–103. http://dx.doi.org/10.1142/s0218927509001212.
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The case describes the situation faced by the CEO of Nidan Technologies Private Ltd (NTPL), a first generation entrepreneurial firm struggling to ensure the growth and survival of the new venture viz., SMS based railway enquiry system. Spectrum, Nidan's predecessor which was set up as a small office home office (SOHO) in 1996 had survived for over 8 years by doing small time software development for small and medium enterprises (SMEs) in Jabalpur. Given that everyone involved with Spectrum were first generation entrepreneurs, survival of the venture had given them enough confidence to keep going. In its search for bigger, better margin projects that would give steady income, NTPL had set its eyes on government and public utility projects. SMS based railway enquiry system was the first idea which NTPL believed would take it to the next level. NTPL was successful in convincing the Indian railway's Central West Railway zonal officials about the need for such a system. Though NTPL wanted to tie-up with all the cellular service providers in the circle to offer this service, it could convince only Idea, the largest cellular service provider in the circle in partnering with NTPL for this service. Everything seemed to go well during the nine months trial period. Following an open bid tender, in which NTPL was the sole bidder, commercial operations were started in January 2006. However a year later, it appeared that NTPL was back to square one with around 1.7% of the total rail enquiries in the zone being routed through NTPL's system, Rail Nidan. Breakeven was nowhere in sight. After deliberations, Vishal Karendikar had to decide on one of the following options that had emerged in the January 2007 meeting with his four other partners; a) Bid adieu to the project. b) Make the venture profiable. c) Sell it off to a prospective buyer right now or once the project is on the path to profiability?
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Singh, Puran, and Suryani Sinha Ray. "Arnetta technologies: minimum viable product." CASE Journal 17, no. 1 (April 20, 2021): 117–45. http://dx.doi.org/10.1108/tcj-08-2019-0076.
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Theoretical basis The case fosters discussions on basic concepts of entrepreneurship that include building a minimum viable product before launching a finished product, the importance of doing market research for early-stage startups, challenges in understanding an unfamiliar domain or industry and understanding the dynamics of business to business market. Research methodology Team Arnetta’s founders were interviewed in relation to the case. After the initial round of interviews, a product demonstration was given by Arnetta. Follow up interviews were conducted to delve-deeper into the problem while secondary research was conducted to understand the market dynamics and competitive landscape at the point in time in the case. Case overview/synopsis The four founders of Arnetta Technologies debate go-to-market timing for Integrated Breeding and Research Management Software, a data handling software for the R&D process followed by seed enterprises in India. The founders had spent over US$75,000 on the product development on which they had been working for more than one year. Two of the founders had given up their full-time jobs to work dedicatedly on the venture. The product was being customized to the requirements of their only client. Product development was taking longer than anticipated. To add to the challenges, international competitors had started capturing the Indian market. The founders had two options. First, they could wait and finish the product development before reaching out to their prospective clients – leading to delays and losing out on the market. Second, they could reach out to prospective clients and convince them to use the work-in-progress version of the product – which could turn out to be a deal breaker. The founders had to come to a consensus soon. Complexity academic Level The case is intended for students in undergraduate or graduate-level courses related to entrepreneurship, new venture creation, innovation management and business management.
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PASHTOVA, Lelya G. "Retrospective analysis of the Russian venture capital market." Economic Analysis: Theory and Practice 22, no. 3 (March 30, 2023): 482–503. http://dx.doi.org/10.24891/ea.22.3.482.
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Subject. The article investigates the Russian venture capital market. Objectives. The purpose is to underpin the advantages of using venture funds in financing innovations based on a retrospective analysis of the Russian venture capital market. Methods. The study employs general scientific and special methods of scientific cognition, such as systems and comparative analysis, functional-structural and retrospective analysis. Results. I analyzed the venture capital market in Russia for 2017–2022 and defined the main directions of the venture financing growth, unveiled the features of the use of venture capital, and specified the problematic moments of its development. Conclusions. The retrospective analysis of the Russian venture capital market for 2017–2022 demonstrated the need for further State support to venture activities to create conditions for a technological breakthrough of the domestic economic system, the relevance of replacing imported technologies and products with domestic ones. The paper determines that under the influence of external threats, private investors have become new drivers of the Russian venture capital market. Thus, most of the transactions were made with the participation of business angels, 70% of which are syndicated transactions, including those involving professional communities of business angels. In the first half of 2022, there was an increase in the share of early-stage transactions. This is a positive trend, as it will enable investors to enhance the technological independence of Russia through investing in promising projects.
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J. Garrigos-Simon, Fernando, Shokooh Sadat Alizadeh Moghadam, Leili Abdi, Zahra Pourmirali, and Bahram Abdi. "Digital Entrepreneurship Dimensions and Strategies: Crowdsourcing and Digital Financing." Management and Business Research Quarterly 18 (August 2021): 1–15. http://dx.doi.org/10.32038/mbrq.2021.18.01.
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This paper aims to investigate an agile, knowledge-based, innovative, and integrated solution for businesses, i.e., “Digital entrepreneurship”, which means creating new ventures and transforming existing businesses by developing novel digital technologies and novel usage of such technologies. On the one hand, financing the projects is unaffordable for the companies, and a crowdsourcing platform is a good way to mitigate the burden of expenditure. The Digital Entrepreneurship process is a multidisciplinary field: developing software is rooted in information systems (IS), conceptualising business models, and formulating strategy. In addition to that, digital entrepreneurship is located at the junction of knowledge, business, and institutional entrepreneurship. This complicated nature of digital entrepreneurship requires a strategy. The type of opportunities they pursue characterises the strategy of formation and sustainability for a new venture; therefore, the entrepreneurs need to select strategies to make the best position according to their resources or the attainable resources through crowdsourcing. We shed light on the importance of crowdsourcing to have a successful state-of-the-art business after reviewing the background of digital entrepreneurship, crowdsourcing, and the digital entrepreneurship strategy.
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Zhornokui, Yurii. "Problematic issues of determining the parties of relations of venture investment into innovation activities." Law and innovations, no. 3 (35) (September 21, 2021): 104–11. http://dx.doi.org/10.37772/2518-1718-2021-3(35)-14.
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Problem setting. Nowadays, given that public relations, as a rule, are ahead of the development of legislation that does not have time to adapt and modernize to new economic relationships, such relations do not receive adequate legal provision. Relations on venture investment into innovation activities are no exception. It is related both to the lack of a mechanism for legal provision, as well as scientific and practical best practice of its basic categories, one of which is the parties of the relevant legal relations. Analysis of recent researches and publications. The current state of the research on the selected issues indicates the imperfection of the current legislation and the lack of legal doctrine in the context of determining the parties of relations of venture investment into innovation activities. The doctrinal works of domestic and foreign experts, although contain analysis and reasoned conclusions about the participants of innovation relations, but do not provide unambiguous answer to the question on their parties. Target of research. The purpose of the research is to outline the parties of relations of venture investment into innovation activities. Article’s main body. The venture capital market is represented by two sectors: formal (venture funds) and informal (individual investors). Studying the essence and specifics of venture entrepreneurship is due to the fact that different countries have their own specifics of its implementation, and, accordingly, different parties of the relevant relations. It is mainly applied to organizational and legal forms of legal entities. At the same time, the implementation of corporate venture investments provides a significant number of new opportunities for a corporations, related to the reduction of costs for the purchase of new technologies, reduction of risks from the development of technologies, etc. The parties of venture investment into innovation activities can be represented by institutional investors, which should be understood as financial institutions that attract a large number of investors to combine them into a single money pool with the subsequent placement at the securities market and (or) investing into real estate. Thus, one can distinguish two groups of institutional investors depending on the subject matter of activity: universal investors (commercial banks, professional participants of securities market) and specialized investors (venture funds, incorporated investment funds, asset management companies, private pension funds). Conclusions and prospects for the development. There is currently no clear definition of organizational and legal forms of venture funds, because they are created as legal entities (corporate funds) or a set of assets (share funds) according to the current legislation. Venture funds should be created and should operate exclusively as legal entities – corporate investment funds. It provides certain guarantees to their individual investors, since the legislator establishes special conditions for the participation of individuals in venture funds. Organizational and legal forms of legal entities in the field of venture entrepreneurship should be a joint stock company or a limited liability company. The entities of venture investment into innovation activities are: 1) entities that bring the object of intellectual property to the status of an innovative product; and 2) entities that implement innovations and / or produce innovative products.
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Zhornokui, Yurii. "Problematic issues of determining the parties of relations of venture investment into innovation activities." Law and innovations, no. 3 (35) (September 21, 2021): 104–11. http://dx.doi.org/10.37772/2518-1718-2021-3(35)-14.
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Problem setting. Nowadays, given that public relations, as a rule, are ahead of the development of legislation that does not have time to adapt and modernize to new economic relationships, such relations do not receive adequate legal provision. Relations on venture investment into innovation activities are no exception. It is related both to the lack of a mechanism for legal provision, as well as scientific and practical best practice of its basic categories, one of which is the parties of the relevant legal relations. Analysis of recent researches and publications. The current state of the research on the selected issues indicates the imperfection of the current legislation and the lack of legal doctrine in the context of determining the parties of relations of venture investment into innovation activities. The doctrinal works of domestic and foreign experts, although contain analysis and reasoned conclusions about the participants of innovation relations, but do not provide unambiguous answer to the question on their parties. Target of research. The purpose of the research is to outline the parties of relations of venture investment into innovation activities. Article’s main body. The venture capital market is represented by two sectors: formal (venture funds) and informal (individual investors). Studying the essence and specifics of venture entrepreneurship is due to the fact that different countries have their own specifics of its implementation, and, accordingly, different parties of the relevant relations. It is mainly applied to organizational and legal forms of legal entities. At the same time, the implementation of corporate venture investments provides a significant number of new opportunities for a corporations, related to the reduction of costs for the purchase of new technologies, reduction of risks from the development of technologies, etc. The parties of venture investment into innovation activities can be represented by institutional investors, which should be understood as financial institutions that attract a large number of investors to combine them into a single money pool with the subsequent placement at the securities market and (or) investing into real estate. Thus, one can distinguish two groups of institutional investors depending on the subject matter of activity: universal investors (commercial banks, professional participants of securities market) and specialized investors (venture funds, incorporated investment funds, asset management companies, private pension funds). Conclusions and prospects for the development. There is currently no clear definition of organizational and legal forms of venture funds, because they are created as legal entities (corporate funds) or a set of assets (share funds) according to the current legislation. Venture funds should be created and should operate exclusively as legal entities – corporate investment funds. It provides certain guarantees to their individual investors, since the legislator establishes special conditions for the participation of individuals in venture funds. Organizational and legal forms of legal entities in the field of venture entrepreneurship should be a joint stock company or a limited liability company. The entities of venture investment into innovation activities are: 1) entities that bring the object of intellectual property to the status of an innovative product; and 2) entities that implement innovations and / or produce innovative products.
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Plotnikov, A. N., and M. V. Volkova. "Prospects of Venture Investment Development in Russia." Izvestiya of Saratov University. Economics. Management. Law 13, no. 2 (2013): 144–48. http://dx.doi.org/10.18500/1994-2540-2013-13-2-144-148.
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Introduction. At the Russian economy’s transition to innovative development, the question of its investment mechanism is very important. Venture investment is most promising in this case. For Russia, venture investment is a rather new tool and, therefore, market mechanisms are introduced with great difficulties. Tasks and methods. To observe the current situation and the causes thereof; to detect the existence of a link between innovative development and the usage of the venture investment mechanism. Theoretical methods (analysis, synthesis, modeling, logical and system approaches, deduction, and induction) and empirical methods (observation, measurement, and comparison) were used. Results: the causes of the slow introduction of venture investment into the Russian economy were recognized; an idea of strengthening the links between innovative development and market investment mechanisms was developed. In particular, a conclusion was made that using venture investment would allow implementing developer projects as well as innovative ones. Such investments would allow companies to develop much quicker. It has impact on the regional and national development, on the increase of well-being, and on the unemployment rate decrease. Conclusion. Thus, the use of venture funds would allow turning to the innovative model of development, but the state support is necessary at the early stages of venture financing. For increasing the Russian economy’s competitiveness at this stage, it is recommended to address venture investments to a limited number of critical technologies.
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PASTUSHENKO, Kateryna, Adil Mohamed Abdalla Sultan AL ALI, and Viktor ZAMLYNSKYI. "Prospects of venture investment innovative activity in modern conditions of sustainable development." Economics. Finances. Law 12, no. - (December 24, 2021): 17–21. http://dx.doi.org/10.37634/efp.2021.12.4.
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Sustainable development of the country's economy depends on the level of innovation of each enterprise. Enterprises have an unsatisfactory level of innovative development and their strategies do not meet the goals of sustainable development, which is a consequence of many years of erroneous approaches to the management of enterprises and the country's economy. In modern conditions, venture investment is able to overcome the negative trends caused by insufficient funding, low level of interest of business management in innovations with a high level of risk. The paper substantiates the relevance of attracting venture capital for the development of innovative activities of enterprises. It is analyzed how venture investment differs from the usual. The current state and trends of venture investment in Ukraine have been carefully studied. Problems and obstacles to the functioning of the domestic venture business have been identified. Based on the obtained research results and taking into account the best foreign experience, a comprehensive step-by-step technology of attracting venture capital by innovative enterprises on the basis of sustainable development has been formed. The stages of venture financing and the activity of a venture company in general, mechanisms and incentives for increasing interest in the implementation of innovations in accordance with the goals of sustainable development at the enterprise level are considered. The influence of venture entrepreneurship on the innovative activity of companies is investigated. Also, attention is focused on how the venture manager manages the organization. The ways of formation, disadvantages and advantages of using venture capital at the globalized stage of development as a means of promoting new products and technologies on world markets in the context of sustainable socio-economic development are proposed. The paper considers the current state of venture investment and identifies areas for further development in the development of socio-economic system.
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Akaki Gvarutsidze, Akaki Gvarutsidze. "The Role Of Venture Capital in The Development of Innovative Business." Economics 105, no. 1-2 (February 7, 2022): 126–33. http://dx.doi.org/10.36962/ecs105/1-2/2022-126.
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The scientific article discusses the essence and importance of venture capital in the development of innovative business. Venture capital is the capital born in high-risk projects and is designed to finance innovative productions and is associated with a fairly high risk. In case of successful implementation of these investment projects, venture capital is a "golden vessel" for its owners to make huge profits. Venture capital can have a significant impact on a country's economy. We can say that this is a unique field, the development and perfection of which contributes to the growth and development of a number of sectors of the economy. The experience of the US and European countries in the field of venture business development is discussed, that the venture business has facilitated the transition of the world's leading countries to the post-industrial phase of development. It is noted that Georgia is a preferred market for venture capitalists, but unfortunately this type of business does not actually exist, as we do not have experience working with new technologies and risky investments, as well as financial infrastructure. This is partly due to the fact that today’s institutional organizational structures, as state representatives in the field of science and technology, are unable to meet modern requirements. It is necessary to develop the stock market, to create and enter venture firms, which will include experienced scientists, engineers, inventors, innovators, whose deficit, fortunately, Georgia does not suffer. Keywords: Innovative, Venture, Progressive, Investor, Corporation, Sapaio, Intellectual, Business Incubators, Techno park.
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Meng, Fanglin, Zengrui Tian, Beiquan Chang, Hongxin Yu, and Shuai Zhang. "Research on the Niche Evolution Game of Ecological Community Innovation of Corporate Venture Capital Based on Logistic Extended Complexity Model." Complexity 2020 (August 28, 2020): 1–13. http://dx.doi.org/10.1155/2020/6327218.
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With the gestation and development of new technologies, new products, new formats, and new models, venture capital investment, as one of the most important forms of open innovation in large companies, plays an increasingly important role in the innovation of mature large companies and entrepreneurial enterprises. To deal with the complex and dynamic environment, the niche of Corporate Venture Capital (CVC) ecological community is investigated from the perspective of the innovation ecosystem. By analyzing the innovation of CVC ecological community with the use of the logistic expansion model, this paper analyzes the stability of evolution game through the replicator dynamic equation and discusses ten parameters of niche state. In the end, we conclude that there are four optimization strategies in the coevolution of major corporations and entrepreneurial firms, namely, niche separation, niche expansion, niche K-R, and niche alliance.
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Wilk, Marcin. "FINANCING VENTURE CAPITAL INVESTMENTS IN A COVID-19 LANDSCAPE." Zeszyty Naukowe Uniwersytetu Przyrodniczo-Humanistycznego w Siedlcach. Seria: Administracja i Zarządzanie, no. 54 (127) (March 30, 2021): 23–31. http://dx.doi.org/10.34739/zn.2020.54.03.
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This article attempts to identify factors negatively affecting economic growth in developing regions and to answer the question of what aid is effective in the form of individualized investment activities that correspond to selected development problems in startups and small enterprises. The use and implementation of capital instruments based on commercial investment standards allows to increase the efficiency of managing financial intervention processes in times of crisis, as well as strengthening local enterprises by improving their capital position. In addition, it enables the implementation of valuable products and services based on new technologies.
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Döll, Luciano Mathias, Micaela Ines Castillo Ulloa, Alexandre Zammar, Guilherme Francisco do Prado, and Cassiano Moro Piekarski. "Corporate Venture Capital and Sustainability." Journal of Open Innovation: Technology, Market, and Complexity 8, no. 3 (August 1, 2022): 132. http://dx.doi.org/10.3390/joitmc8030132.
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Corporate Venture Capital (CVC) has been receiving increasingly more attention all over the world as a special way for accessing new ideas and innovative opportunities through minor-share investing in established companies. The purpose of CVC investments may either be purely financial or to pursue strategic goals. Organisations often seek to take actions that impact positively on sustainability by assembling related knowledge and technologies. These resources may come from invested startups through the use of a CVC programme. This research aims to measure and analyse the Corporate Venture Capital programmes of companies listed in the ISE B3 Corporate Sustainability Index. To this end, a three-step methodology was conducted. First, a systematic review of the literature took place, followed by a review of companies based on secondary sources such as their websites. Finally, a survey was developed and was opted to survey companies through their Investor Relationship (IR) public channels. Results show that 27 of the companies listed in the ISE B3 Index have CVC programmes that contemplate organizational initiatives besides investment. In this sense, one can claim that at least 70% of the ISE B3 Index companies are somehow involved in CVC operations. The results contribute to the literature on corporate venture capital and sustainability by showing that companies spend from 10% to 15% of their capital in sustainable businesses in order to remain competitive.
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Militaru, Gheorghe, Massimo Pollifroni, and Cristian Niculescu. "The Role of Technology Entrepreneurship Education in Encouraging to Launch New Ventures." Balkan Region Conference on Engineering and Business Education 1, no. 1 (November 1, 2015): 274–81. http://dx.doi.org/10.1515/cplbu-2015-0031.
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AbstractTechnology entrepreneurship refers to processes by which entrepreneurs use resources, and technical systems through collaborative exploration and experimentation to pursue opportunities. The purpose of this study is to explore the role of technology entrepreneurship to increase the intention and motivation of engineering students to establish and manage sustainable new ventures and commercialization of technologies developed in university laboratories. Quantitative data were collected via a questionnaire-based by investigating whether engineering students have sufficient entrepreneurial skills to evaluate opportunity, developing new products, and recognizing potential market applications. Engineering students need to be able to exploit opportunities that rely on scientific and technical knowledge to create and capture value by launch new venture. Our important findings have a series of important practical implications for managers, engineering students, engineers, and scientists interested in encouraging economic growth. For example, technology entrepreneurship education increases the intention to start a business and stimulates the activities in a group setting and a network context because of increasing global competition based on agility, creativity and innovation. The findings of the study also provide practical implications suggest that increasing engineering students understanding and awareness of entrepreneurship lead to greater levels of interest in entrepreneurship careers.
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Danilin, I. "Innovative Transformation of Superplatforms." International Trends / Mezhdunarodnye protsessy 18, no. 4 (2020): 127–42. http://dx.doi.org/10.17994/it.2020.18.4.63.2.
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Superplatforms – diversified digital corporations from the United States (Amazon, Google and others grouped in FAMGA/GAFAM) and China (Baidu, Alibaba, Tencent) dominating the Internet markets – are the leading actors of digital economy. In terms of revenue, markets, and capitalization they are already among the largest multinational corporations. Many basic factors of their success are still in place, but increased competition, diminishing importance of low base effects and other challenges forced them to sharpen focus on innovations and emerging technologies since late 2000s – early 2010s. This process was supported by a strong influx of capital from financial markets. As a result, superplatforms executed strong growth of research and development (R&D) expenditures and investments in venture markets – especially in the domain of emerging technologies. By the end of 2010s, superplatforms appeared among leading technology and innovation actors of respective National Innovation Systems (NIS) in terms of their share of national business R&D, venture investments and because of unique role in promoting digital transformation of the U.S.A. and China. It may also be stated, that superplatforms now are an important factor of both potential and competitiveness of the superpowers, including issues of digital sovereignty. For the future, disruptive innovations and technologies will still be in focus of the superplatforms. This is especially true since superplatforms need new quality of innovative development: further accelerated increase of R&D and venture investments seem to be almost impossible in new realm of the financial markets. The process will be more influenced by the external factors, than in the previous decade. (Among them are changes in the regulatory environment – also to compensate challenging monopolistic behaviors of FAMGA and BAT; changing global trade and investment dynamics – including technological “war” between the U.S.A. and China; rise of global competition). As a result, we may envision further rise of importance of the superplatforms for NIS and their transformation into a new factor of economic and digital power – and new arena of global competition for the U.S.A. and China.
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Lemekh, U. V. "Venture-based sociosystem of the agroindustrial complex of the Republic of Belarus: conception and perspective." Agrarian Economics, no. 7 (July 29, 2023): 57–69. http://dx.doi.org/10.29235/1818-9806-2023-7-57-69.
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According to a number of influential consultants on business models and new technology economics, the market system of innovative projects and technology startups is not capable of producing or benefiting from disruptive technologies, generating significant efficiency, long-term growth or providing well-paying jobs for employees. Stimulation of this business model by the state leads to uncontrolled privatization of the benefits and preferences provided, and their detachment from positive change. Therefore, the state policy in the field of venture capital activity should solve the key question: how to combine the goals of Belarusian society related to the development of knowledge-intensive industries and new technologies in agribusiness with the goals of the entrepreneurs themselves, whose main incentive is the efficiency of investment.
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Duma, Oleh. "Mechanisms of venture investing in startups." Management and Entrepreneurship in Ukraine: the stages of formation and problems of development 2022, no. 2 (December 27, 2022): 169–82. http://dx.doi.org/10.23939/smeu2022.02.169.
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The article presents the research results of the mechanisms of startups venture capital investment. The role and significance of venture capital investment in the startup ecosystem and the innovation ecosystem in general are considered. The economic essence of the concept of venture investing is presented. In the process of research, the peculiarities of venture capital investment for startups were analyzed and a comparative characteristic of venture capital investment and classical investment was given. Mechanisms of financing and support of innovative startups at different stages of the life cycle are analyzed. The main and auxiliary success factors of startups by stages of the life cycle are described. The research examines models of venture capital investment in innovative enterprises. In particular, the following options were considered: the model of capital transfer (partial participation), the model of joint investment and the fund of funds model. For each model, the implementation mechanisms of investing in startups are described and described schematically. Key stakeholders and all stages of the investment process are listed. The models of joint investment in startups are described, in particular the model of a public-private venture capital fund and the model of joint investment in a private venture capital fund. The three selected models have many common elements, but differ from each other in terms of their dependence on specific contractual mechanisms, financing and access tools, and in some cases, exit mechanisms from the investment process. They also differ in terms of overall complexity, with the “fund of funds” model being more complex than the other two models. When considering specific models of the organization of venture funds, the work used the practices and experience of a number of jurisdictions, including Australia, Israel, Tunisia and Great Britain. Recipients in the implementation of any of the considered investment models should be startups, academic spin-offs, technological enterprises at an early stage of development, innovative enterprises that carry out technology transfer. Projects may involve the development of new products or technologies or the expansion of existing operations to commercial scale.
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Terletska, Viktoria, and I. Prokopenko. "Venture business development modeling." Management and Entrepreneurship in Ukraine: the stages of formation and problems of development 2022, no. 1 (June 1, 2022): 80–87. http://dx.doi.org/10.23939/smeu2022.01.080.
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In modern conditions, innovation is one of the most important factors of economic development, and the development of innovation is the main condition for ensuring the competitiveness of the economy. Therefore, modeling the development of venture business is relevant and very important for the development of investment and innovation market and structural adjustment of Ukraine's economy. The development of venture financing as a proven extrabudgetary financing in science-intensive sectors of the economy and its adaptation to the realities of our country will allow it as one of the most effective tools for commercializing scientific innovations to become a promising source of financial resources for innovation. The level of economic development of venture structures is determined not so much by the scale of activity, but by the innovative orientation and flexibility of management. Among the main problems associated with investment activities are the problems of stimulating systemic innovations, from basic research, stages of implementation of new technologies, goods and services, to commercial development of new products, creating conditions that will promote venture capital, and modeling and forecasting. venture business. World experience proves the important role of innovative entrepreneurship in the transformation of the economic mechanism, increasing the intensity of its restructuring, where the dominant development should be the effective use of innovation potential of the country. Given the difficulties in attracting material resources by domestic businesses, it is necessary to provide for the development of the venture industry through the active attraction of funds from commercial banks and foreign capital. The issues of modeling the development of venture business deserve special attention, which requires the study and use of significant practical experience of Western venture structures. It is clear that the main elements of the mechanism of risk financing of innovation, which normally work in a highly developed market economy, can not be used without change in the domestic economy where there is no competition and sources of free capital. An important factor in intensifying venture business in Ukraine is the improvement of methodological support for venture capital. Such activities concern special forms and types of implementation of the innovation and investment process as a whole. First of all, the issues of modeling the development of venture business in Ukraine are becoming important in today's conditions. Since development is a rather multifaceted and interdisciplinary concept, including a wide variety of indicators, the studied developments often contain various methods, approaches and indicators for evaluating and modeling the development of venture funds. In addition, the complexity and versatility of asset management activities complicate the process of modeling the development of venture business. Summarizing the above, it is worth noting that the results of the study can be concluded: taking into account the work of both domestic and foreign scientists, in modeling the development of venture business use different models and perform modeling through the prism of venture business risk analysis, systemic risk, venture attractiveness analysis investment projects, the formation of a balanced investment portfolio, etc., taking into account both the availability of information and the tasks and objectives set by scientists.
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Bogoviz, Aleksei, Ivan Sandu, and Natalia Ryzhenkova. "Scientific basis of innovative development of the agro-industrial complex: the mechanism of public-private partnership in venture capital investment." MATEC Web of Conferences 212 (2018): 07006. http://dx.doi.org/10.1051/matecconf/201821207006.
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Relevance of the research: The article justifies the expediency of clarifying the scientific basis of innovative development of the agricultural sector in modern conditions. The purpose of this paper is to formulate proposals for using the principles of venture investment as the main tool for successful innovation development. Research methods: the major approach to the study of this problem is the use of the main provisions of the theory of development of innovation processes in the agro-industrial complex. Results of the research: the article clarifies the conceptual apparatus of “public-private partnership”. In particular, the role and importance of the Russian Venture Company created for the formation of venture investment institutions in Russia is examined. In this connection, an algorithm for creating a model venture fund in the Moscow region is proposed, and the objectives and tasks of its activities, the functioning mechanism, including the financial block in terms of the distribution of investment along the stages of the innovation process are defined. Importance of the research: innovative development is currently the main driver of economic growth, which contributes to the emergence of new industries, increasing investment activity of economic entities and the growth of incomes and consumption. In turn, economic growth expands, firstly, the opportunities for the emergence of new products and technologies, secondly, increases investment in the development of human capital (primarily in education and basic science), and thirdly, supports innovations, which will have a multiplier effect on the pace of innovative development of the agricultural sector of the national economy.
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Glaziev, S. S. "Problems and Prospects of Development of Venture Capital Institutions in Russia." Russian Economic Journal, no. 3 (July 12, 2021): 81–103. http://dx.doi.org/10.33983/0130-9757-2021-3-81-103.
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The relevance of the topic of the article is directly due to the increased interest on the part of government agencies, business circles and the scientific and economic community to the problem of stimulating the processes of creation, replication and economic promotion of innovations, and ultimately-the growing objective need of the national economy in a favorable innovation environment. Venture capital plays a role in maintaining the flow of innovative products in the economies of a number of countries around the world. However, venture capital is still not a well — established phenomenon in most national economies, if we consider this phenomenon as a system that is essential for the search and introduction of new ideas and technologies into socio-economic life, and not as scattered precedents for financing young high-risk, but fast-growing and promising innovative companies.
Based on these fundamental provisions, the author of the article, first, describes in detail the subject structure of this system, characterizes the interaction between special funds, start-up companies and their final investors-large high-tech industrial corporations, which in many cases forms the innovative mechanism of venture capital. Secondly, it examines the factors, the history of the formation of venture capital, shows its national specifics, place and functions in specific countries of the modern market-capitalist economy, including the United States, the EU states and Japan. Third, it assesses the Russian innovation and investment environment, the possible role in them and the prospects for the development of venture capital institutions in Russia.
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Lee, Munjae, Sewon Park, and Kyu-Sung Lee. "What Are the Features of Successful Medical Device Start-Ups? Evidence from KOREA." Sustainability 11, no. 7 (April 2, 2019): 1948. http://dx.doi.org/10.3390/su11071948.
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This study analyzes the factors determining the success of medical device start-ups, focusing on the healthcare sector as the starting point of the Fourth Industrial Revolution. The government is also working to establish a business model to revitalize medical device start-ups as a new driving force for the economy. Accordingly, such start-ups based on innovative technologies have been actively developed, but it seems that there is a limit to growth. We employed an analytical hierarchy process to derive an activation strategy for medical device start-ups. A survey was administered to experts in such start-ups, including medical device companies and venture capital firms, prospective start-up entrepreneurs, medical device developers, and professors. A total of 18 responses were obtained for analysis. The results revealed the following priorities for the success of medical device start-ups: technical skills, marketability, entrepreneurial capacity, and funding. In addition, medical device and venture capital firms were divided into separate groups and compared and analyzed. Technical skills are considered a priority for those in the medical industry. However, entrepreneurial skills are a priority for venture capitalists. Based on these results, we suggest measures for the success of medical device start-ups.
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Santos, Roberto S., and Lingling Qin. "Risk Capital and Emerging Technologies: Innovation and Investment Patterns Based on Artificial Intelligence Patent Data Analysis." Journal of Risk and Financial Management 12, no. 4 (December 14, 2019): 189. http://dx.doi.org/10.3390/jrfm12040189.
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The promise of artificial intelligence (AI) to drive economic growth and improve quality of life has ushered in a new AI arms race. Investments of risk capital fuel this emerging technology. We examine the role that venture capital (VC) and corporate investments of risk capital play in the emergence of AI-related technologies. Drawing upon a dataset of 29,954 U.S. patents from 1970 to 2018, including 1484 U.S. patents granted to 224 VC-backed start-ups, we identify AI-related innovation and investment characteristics. Furthermore, we develop a new measure of knowledge coupling at the firm-level and use this to explore how knowledge coupling influences VC risk capital decisions in emerging AI technologies. Our findings show that knowledge coupling is a better predictor of VC investment in emerging technologies than the breadth of a patent’s technological domains. Furthermore, our results show that there are differences in knowledge coupling between private start-ups and public corporations. These findings enhance our understanding of what types of AI innovations are more likely to be selected by VCs and have important implications for our understanding of how risk capital induces the emergence of new technologies.
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Sukel, Kayt. "Come Fly with Me." Mechanical Engineering 142, no. 01 (January 1, 2020): 38–43. http://dx.doi.org/10.1115/1.2020-jan1.
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Abstract Each year, flight enthusiasts from all over the globe descend on Oshkosh, Wis., for Air Venture, to see fighter jet fly-bys, world-class aerobatics, and outstanding fire works. But this past year, one of the highlights of the show’s Innovation Showcase was a GoFly Prize challenge set amidst a field of new technologies poised to transform the aeronautical industry. This article showcases a few of the innovative entries including an electric vertical take-off and landing drone and an octocopter.
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Owen, Robyn, and Marcus O'Dair. "How blockchain technology can monetize new music ventures: an examination of new business models." Journal of Risk Finance 21, no. 4 (July 6, 2020): 333–53. http://dx.doi.org/10.1108/jrf-03-2020-0053.
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Purpose This paper aims to examine how blockchain technology is disrupting business models for new venture finance. Design/methodology/approach The role of blockchain technology in the evolution of new business models to monetize the creative economy is explored by means of a case study approach. The focus is on the recorded music industry, which is in the vanguard of new forms of intermediation and financialization. There is a particular focus on emerging artists. Findings This paper provides novel case study insights and concludes by considering how further research can contribute to building a theory of technology-driven business models which apply to the development, on the one hand, of new forms of financial intermediaries, more correctly referred to as “infomediaries,” and on the other hand, to new forms of direct monetization by artists. Originality/value This paper provides early insight into the emerging potential applications of blockchain technologies to streamline music industry business service models and improve finance streams for new artists. The findings have far-reaching implications across the creative sector.
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Yakusheva, E. E. "Investment Partnership in the realm of Other Forms of Joint Ventures Existing in Russia in comparison with US Limited Partnership." Lex Russica 74, no. 10 (November 12, 2021): 147–55. http://dx.doi.org/10.17803/1729-5920.2021.179.10.147-155.
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Globally the developed countries economies exist in conditions of ever-increasing competition. In recent decades, the states whose economy is based on modern technologies, the introduction of innovations and the creation of a favorable environment for their emergence has gained some advantage. Venture investment is an important component of the innovation economy, without which it is difficult to imagine the rapid development of new technologies. Under these conditions, the task of the legal systems of developed countries has become to create a legal framework for venture investment: convenient, transparent and understandable for national and international investors.In Russia, an important stage in the creation of a legal infrastructure for investment was the adoption of the Federal Law “On Investment Partnership” in 2011, designed to provide the investment community with contractual organizational and legal forms of collective investment activity, taking into account the specifics of the implementation of venture (especially risky) business projects. The Russian investment partnership is a direct analogue of the American limited partnership (limited partnership).The paper considers the main advantages of an investment partnership over other forms of collective investment activity, as well as analyzes some aspects of the regulation of investment partnerships in Russia and limited partnerships in the United States. The author concludes that an investment partnership is the optimal form of collective investment activity provided for by Russian legislation. There is no doubt that the general proximity of the construction of an investment partnership and a limited partnership, common in the United States (and other common law countries), makes an investment partnership the most attractive form of attracting foreign investment to the Russian market.
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Zhornokui, Yurii, and Iryna Podrez-Riapolova. "Object of legal relations in the field of venture investment into innovation activity." Law and innovations, no. 1 (37) (April 1, 2022): 31–37. http://dx.doi.org/10.37772/2518-1718-2022-1(37)-4.
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Problem setting. The basis of carrying out venture investment into innovation activity is a creative search for opportunities to establish the objective truth of certain processes and, if possible, their implementation into industrial production. Therefore, one can determine by using legislative norms on intellectual property the persons who own the result of intellectual creative activity, embodied into a certain objective form (a patent, a certificate, etc.). However, it is often emphasized, except the objects of industrial property rights, that the objects of venture investment into innovation activity are innovative products or technologies. Analysis of recent researches and publications. The modern research situation of the selected issues indicates the imperfection of the current legislation and the lack of legal doctrine in the context of determining the objects of legal relations of venture investment into innovation activity. Doctrinal developments of domestic and foreign experts, such as Yu. Ye. Atamanov, K. M. Vrublevska-Misiuna, V. P. Kokhan, O. E. Simson, F. Pinkow, J. Iversen, although contain analysis and arguments in favor of a certain scientific approach in the context of understanding the outlined issue, but do not give an unambiguous answer. Significant scientific achievements in considering the development of startups by business incubators and venture financing of startups is the work of O.V. Rozghon. Target of research. The objective of the article is to clarify the issue of determining the object of venture investment into innovation activity. Article’s main body. The author of the research argues against the recognition of innovative products and technologies as the object of venture investment into innovation activity, because: 1) innovative product is only the result of production activities (secondary, derivative object), when there is already the object (the object of intellectual property law) having the security document; such a product can be discussed in the context of the characteristics of quality components of the products, taking into account the implementation of a new object of industrial property rights into the innovation process; 2) the concept of technology as an object contained in the legislation of Ukraine and legal doctrine is rather vague and does not clearly answer the question on understanding the object of researched legal relations, since it is mostly a generalizing concept that covers the entire range of relations taking place in the chain of the innovation process. Conclusions and prospects for the development. The purpose of the activity of the objects of venture investment into innovation activity is to create an object of intellectual, creative activity, i.e. the creation of venture entrepreneurship object, which includes inventions, utility models and other innovations, the creation of which are carried out with a certain risk. The interest of the subjects of innovation activity is the positive results of scientific and technical, engineering developments, the result of which is the creation of an object of intellectual creative activity embodied in a certain objective form (a patent, a certificate, etc.). Accordingly, the object of venture investment into innovation activity is property rights to the intellectual product embodied into the material carrier, which is created as a result of basic and applied scientific research, the results of which have practical applicability, mostly industrial one.
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MINSHALL, TIM. "A RESOURCE-BASED VIEW OF ALLIANCES: THE CASE OF THE HANDHELD COMPUTER INDUSTRY." International Journal of Innovation Management 03, no. 02 (June 1999): 159–83. http://dx.doi.org/10.1142/s1363919699000086.
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Strategic alliances are a common feature of uncertain competitive environments driven by fast-changing technologies. However, research also reveals that firms find strategic alliances frequently to be more expensive, less efficient and more difficult to manage than anticipated. Alliances based around emerging technologies can suffer higher failure rates and incur greater costs than the formation of a new business venture. This paper uses a resource-based perspective to examine the variety of roles that, despite the problems they present, alliances have played in the strategies of three firms competing within the rapidly evolving handheld computer industry. The paper concludes by presenting a view that the ability of a firm to set up and manage strategic alliances can be considered as a distinct organisational capability for firms seeking to compete in a fast changing competitive environment driven by emerging technologies, and indicates possible directions for future research in this area.
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Силаева, Анна, and Anna Silaeva. "Problems of development of tourist startups at the current stage: the financial aspect." Services in Russia and abroad 8, no. 9 (December 24, 2014): 128–39. http://dx.doi.org/10.12737/10802.
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This article discusses the problematic issues of financing and development of tourism startups at the present stage in terms of financial instability. Under the tourist startup understood is a project focused on the sale of tickets for transport which is associated with travel or hotel rooms, or both, as well as traditional designs for the sale of package tours. The paper describes the case for the conceptual provisions of financing for small businesses in the tourism industry, in particular, with the help of venture capital, which effectively supports the small businesses’ innovative sector and solves the problem of the introduction of new technologies, as well as the peculiarities and directions of its development in modern conditions. Typically, venture capital plays a critical role in the commercialization of the companies at the early stages, and complement government grants only increase the chances of success, as evidenced by studies of the Russian Venture Capital Association. However, the Russian venture industry is largely focused on investments in companies at later stages of development. Identified is the necessity of initiatives to support start-ups in the form of the public-private partnership (PPP). The key issue in the implementation of such projects is the complexity of structuring start-ups, as a public-private partnership - a long-term mutually beneficial cooperation of public and private partners to carry out projects in order to achieve the objectives of public law entities, improving the availability and quality of public services, achieved through leveraging private resources and risk sharing between partners.
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Ziółkowska, Julia. "Finding Opportunities in Uncertain Times. The Case Study of a Tourist Guides Venture in the EU." Sustainability 13, no. 23 (November 23, 2021): 12959. http://dx.doi.org/10.3390/su132312959.
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In times of uncertainty, new ideas, concepts and business solutions are born. The crisis caused by the Coronavirus disease 2019 (COVID-19) pandemic has had a wide impact on the tourism sector, from small-scale to multinational companies. Based on an explanatory case study of a tourist guides venture, the paper seeks evidence on how conditions such as social capital, the use of information technologies and the application of new organizational solutions can support entrepreneurship at times of crisis. The paper provides insight into the functioning of Guides without Borders—a venture bringing together over 50 tourist guides. The research is based on the case study methodology supported by semi-structured interviews and questionnaires. Findings indicate that despite harsh times, social ties, trust and technology can leverage an organization. The research also confirms that the application of an innovative approach to the organizational structure and processes (in accordance with the concept of teal organizations) is beneficial at times of crisis. Thus, the organizational approach adapted by the studied organization can serve as an example for future tourist guides and other professionals’ undertakings in uncertain times.
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Benson, David, and Rosemarie H. Ziedonis. "Corporate Venture Capital as a Window on New Technologies: Implications for the Performance of Corporate Investors When Acquiring Startups." Organization Science 20, no. 2 (April 2009): 329–51. http://dx.doi.org/10.1287/orsc.1080.0386.
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Le Van, Cong, Dung Nguyen Quoc, Ngo Nguyen Van, Tuy Dao Quoc, and Trung Do Thanh. "Results of research, application of chemical systems for bottom-hole zone treatment to improve the efficiency of oil explosion at Vietsovpetro." Vietnam Journal of Catalysis and Adsorption 10, no. 1 (November 25, 2021): 48–53. http://dx.doi.org/10.51316/jca.2021.008.
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The bottom-hole zone treatment to eliminate contaminating materials is one of the most effective measures to improve oil and gas exploitation efficiency. At Joint Venture Vietsovpetro, in addition to utilizing of traditional acid systems to treat the bottom-hole zone, researchs and applications of new technologies have been conducted to improve treatment efficiency, especially for wells with specific conditions and wells which are entering the final stage of exploitation. In this report, the results of research and assessments of the effectiveness of the chemical systems currently used by Vietsovpetro and the results of research and applications of some new technological solutions in this field in the period 2015-2019 will be presented
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Bernardino, Susana, and J. Freitas Santos. "Crowdfunding: An Exploratory Study on Knowledge, Benefits and Barriers Perceived by Young Potential Entrepreneurs." Journal of Risk and Financial Management 13, no. 4 (April 22, 2020): 81. http://dx.doi.org/10.3390/jrfm13040081.
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Crowdfunding (CF) has experienced impressive growth in recent years with the development of internet and information technologies that increased the participation of the “crowd” to fund entrepreneurial projects. Young entrepreneurs, especially well-qualified students, have recently begun to play a new role in the economy by launching new ventures in niche markets. The aim of the present paper is to provide a deeper understanding of CF among Portuguese young potential entrepreneurs as an alternative funding mechanism, by discussing its main characteristics and the perceived benefits and barriers that might drive young entrepreneurs to post a project on a CF platform or discourage its use. Through an online survey, we query well-qualified students about the knowledge they have about crowdfunding and benefits and barriers that can increase or reduce the possibility of funding to launch a new venture. The results show that potential young entrepreneurs have moderate knowledge about CF. Consequently, they are not able to explore all the business models available, specifically the models related to investment (lending and equity). The respondents perceive several benefits of the use of CF that go beyond the financial advantages, such as the communication of the project to a wider audience and the additional feedback from potential customers. The perceived barriers that could deter the use of CF are related to the implementation of the CF campaign, although contextual constraints have been mentioned.
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Nikolaevna Likhacheva, Olga, Lelya Germanovna Pashtova, Liubov Alexandrovna Setchenkova, Tatiana Alexandrovna Slepneva, and . "The Role of Startups in Digitalization and Innovative Develop-ment of Economy." International Journal of Engineering & Technology 7, no. 4.38 (December 3, 2018): 314. http://dx.doi.org/10.14419/ijet.v7i4.38.24492.
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The article examines the potential of introduction of new digital technologies in the Russian market through the development of startups in the modern economy. The article considers the key drivers of growth of digital startups and the prospects for their development in the domestic market of Russia and establishes the role of progressively developing information sphere for the investments of venture units of large corporations, business angels, the largest investment funds and other investors in the world economy. The peculiarities of startups' development in the Russian economy in modern conditions are revealed and the most significant solutions of this problem are presented.
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Astapov, K. L., and D. I. Zhdanov. "Strategic initiatives for startup development in Russian information technologies." Russian Journal of Industrial Economics 15, no. 1 (April 2, 2022): 78–92. http://dx.doi.org/10.17073/2072-1633-2022-1-78-92.
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The purpose of the article is developing strategic initiatives on supporting technological startups in Russia. Startups are innovative businesses aimed at such tasks as promotion of new products and services, capitalization growth and earning income for investors; they also contribute to diversification of Russian economy, growth of employment within post-industrial net economy, IT sector and creation of a new country's image worldwide. When developing strategic initiatives the authors relied heavily on the methodology of strategizing suggested by Vladimir Kvint, Foreign member of RAS. The existing trends in changing investment models when more and more corporations are moving from selling products to selling solutions allow optimizing investment by transferring internal processes to outsourcing. It creates additional opportunities for startups as small innovative businesses. Significant opportunities for development appear due to a vast domestic market and fast growth of information technology, and companies and universities' readiness to provide startups with organizational support. It is especially important as unlike sustainable businesses startups have not reached stable sales, do not generate sufficient cash flow and operate on the funds of investors and founders. The authors explain that technological startups can rely on Business Model Canvas that allows flexible transformation of business process in the search for the optimal offer for the consumers as well as provides for development of corporate strategy. Sustainable financing model for small innovative companies is significantly different from standard financial models. The authors conclude that it is essential to create business-accelerators to support startups. They can be founded either by big companies, universities, development institutes or by private foundations. Startup funding sources are not limited to venture investment. They can involve new tools like mutual funds for qualified investors. In addition, the authors present strategic initiatives which can be used by Kaspersky iHub to support startups in information technology and to optimize the performance of a business-incubator.
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Stupnytskyi, Viktor, Liliya Filipishyna, Oksana Chumak, Viktoriya Gonchar, Veronika Komandrovska, and Ganna Iefimova. "Environmental compliance and business strategies practices of entrepreneurial ventures." E3S Web of Conferences 408 (2023): 01025. http://dx.doi.org/10.1051/e3sconf/202340801025.
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The study is devoted to the research of environmental compliance and business strategies of the practice of venture enterprises. The purpose of the study is to determine the role of environmental compliance in the business strategies of enterprises and to reveal the potential of a positive impact on sustainable development. The paper examines hypotheses regarding the favourable impact of environmental compliance on the competitiveness and innovative potential of enterprises. Environmental compliance and business strategies of enterprises have the potential to promote sustainable environmental development, which is currently only 10% used. This requires the active participation of enterprises in the implementation of environmental practices, investments in innovative solutions and the development of knowledge. The study highlights the need to support and promote practices such as venture entrepreneurship, which contribute to the creation of new environmentally relevant technologies, products and services. Therefore, the results of this work indicate the importance of developing and implementing ecologically appropriate business strategies in business practices. This can contribute to improving the environmental condition, ensuring sustainable development and strengthening the competitive positions of national economies.