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The Effects of Intra- and Extra-Industry Networks on Performance of Venture Capital Portfolio Firms
內容大綱
In the venture capital (VC) industry, firms often co-invest with other peers in syndicated deals. This process is a form of investment alliance that generates networks of VC firms and start-up companies. Despite the prominent role played by syndicates, our understanding of the circumstances under which syndicates can improve a venture's performance remains limited. This book intends to fill this gap and explore the performance dynamics surrounding networks in the ventureÂcapital industry. It also introduces interested readers to network studies and methods. Chapter 1 investigates the effect of the portfolio companies' network on the performance of the start-up. It distinguishes between connections in the same or different industries, it examines how different ties lead the focal investee company to better performance, namely, the achievement of an IPO or an M&A event. This chapter contributes to the VC literature by showing that other network attributes beyond network centrality should be considered for explaining the performance benefits of certain networks.