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The Role of Private Equity Academic Network in Entrepreneurship, Innovation and Finance Proceedings of the First Specialized Research Workshop on Managing Growth: The Role of Private Equity Edited by: Tom Schamp http://www.gate2growth.com The Gate2Growth Academic Network is managed by the European Institute of Advanced Studies in Management (EIASM) and the Vlerick Leuven Gent Management School (VLGMS) on behalf of the European Commission services The practice-oriented version of the here-included papers were published under the title: Entrepreneurship and the Financial Community: Starting up and Growing New Businesses Bart Clarysse, Juan Roure & Tom Schamp (Eds.) Edward Elgar Cheltenham, UK • Northampton, MA, USA ©2005 - European Communities Reproduction within the framework of the Gate2Growth Initiative is authorized provided the source is acknowledged. LEGAL NOTICE: Neither the European Commission, nor any person acting on behalf of the Commission is responsible for the use, which might be made of the following information. The views expressed in this study are those of the authors and do not necessarily reflect the policies of the European Commission or any person acting on behalf of the Commission. http://www.gate2growth.com The Gate2Growth Academic Network is managed by the European Institute of Advanced Studies in Management (EIASM) and the Vlerick Leuven Gent Management School (VLGMS) on behalf of the European Commission services Table of Contents Table of Contents 3 Foreword and Introduction 4 Part 1: The Financial Community’s Perspective on the Role of 7 Private Equity Ch. 1: Investment into Venture Capital Funds in Europe: An Exploratory 8 Study Ch. 2: Business Angels Academies: Unleashing the Potential for Business 28 Angel Investment Ch. 3: Through a Glass Darkly: New Perspectives on the Equity Gap 45 Ch. 4: The Impact of Capital Inflows and Management Skills on the Performance of Private Equity Funds 61 Part 2: The Entrepreneur’s Perspective on the Role of Private 74 Equity Ch. 5: The Hierarchical Cognitive Structure of Entrepreneur Motivation 75 toward Private Equity Financing Ch. 6: What Factors determine the Use of Venture Capital? Evidence from 90 the Irish Software Sector Ch. 7: Cross-Border Venture Capital and New Venture Internationalization: 113 An Isomorphism Perspective Ch. 8: Effects of Relational Capital and Commitment on Venture 142 Capitalists' Perception of Portfolio Company Performance Ch. 9: Venture Capital, Private Equity and Earnings Quality 164 Part 3: The Role of Government 196 Ch. 10: Resources, Capabilities, Risk Capital and the Creation of University 197 Spin-Out Companies Ch. 11: How do Early Stage High Technology Investors select their 217 Investments? Ch. 12: Private Equity Investments and Disclosure Policy 239 Ch. 13: Dynamic University Spin-Out Companies: Entrepreneurial 270 Ventures or Technological Lifestyle Businesses? Foreword and introduction A presentation of the network The Gate2Growth Academic Network in Entrepreneurship, Innovation and Finance was launched in the summer of 2002 by the contracting parties: the European Institute for Advanced Studies in Management (www.eiasm.org) and the Vlerick Leuven Ghent Management School (www.vlerick.be). At the time of the Specialized Research Workshop (November 2004) the network counted 170 members representing around 75 academic institutions (i.e. university and business school department and other research centres). Under the SME and Innovation programme (FP5) the network is a part of the Gate2Growth Initiative. This initiative is supported and funded by the European Commission’s DG Enterprise, Innovation Policy Unit, in principle with the intention to allow the network to become self-sustainable. The main objective of the G2G Academic Network is to foster the development of the academic profession in entrepreneurship, innovation and finance and to support the exchange and integration of research and teaching expertise on a pan-European scale. The network’s central activities and events are the annual doctoral seminar series, the specialized research workshops, the financing of short-term research visits and long-term exchange programmes, the case writing and a yearly best paper award competition. Since the start of the project these activities have made the network an important reference for the support, generation and dissemination of top-level academic research expertise at the earliest possible stage and of good teaching practice in the three central subject areas. As more fundamental research results are translated into more practical insights and the development of specific training formats (toolkit), the findings and other deliverables are dissemination to a wider research, policy and business audience. In an effort to centralise and share the pan-European (largely fragmented) knowledge and expertise, the network aims to become a prime partner for the EC to actively help formulate policy guidelines to stimulate entrepreneurial activity, to detect better ways of supporting and financing innovative start-ups or research-based and high-tech ventures. The network intends to increase the number and educational impact of courses in entrepreneurship, innovation and finance around Europe and to deliver proper tools and methodologies from which the very diverse communities of business-owners, politicians, investors, academics and other experts can benefit. An introduction to the book Somewhat proudful we here present the first of a series of G2G Academic Network yearly policy reports. The articles here-included have been submitted for the First Specialized Research Workshop (12 November 2004) that was hosted by the IESE Business School (University of Navarra, Barcelona, Spain) and sponsored by the network. In total 53 members attended the workshop. The objective of a specialized research workshop is to collect the insights of leading academics and researchers on a specific topic in the field of entrepreneurship, innovation and finance. The purpose of the yearly policy report is to translate this body of scientific and fundamental knowledge into more practice- oriented findings, useful for the entire Gate2Growth public including investors, entrepreneurs, business- owners and policy-makers. The paper selection process The central theme for this research workshop was ‘Managing growth: the role of private equity’. The objective of the workshop was to promote a better understanding of the role of private equity providers in the development of growth-oriented start-ups and the management of growth processes. The selection of the papers was done through a three stage selection and review process. Firstly, the organising committee invited a short list of less than fifteen well-known European experts in the field to contribute to the workshop. Almost in parallel a general ‘call for papers’ was sent to all the members of the network. The submissions were selected first on basis of a two-page abstracts and in a later stage on a 2000 word summary of the paper. In total over 40 proposals have been submitted. Authors of selected papers were invited to present their research at the workshop. Twelve papers were presented in three different streams, each one of the streams illuminating a different perspectives on the role and relevance of private equity for starting and growing new ventures. In the morning sessions “the venture capitalist’s perspective” and “the entrepreneur’s perspective” were explored. In the afternoon “the role of government” in stimulating the influx of private equity into the entrepreneurial process was presented. At the end of the workshop, three best papers were given a European Best Paper Award. The selection of the best papers was based on a profound review including more than twenty different parameters - the most important ones being the level of contribution to the already existing body of knowledge, the methodological soundness and newness of the research, and the relevance of the research findings for the entire G2G community and the EC, i.e. the European dimension of the research. One other important requirement is that the research is post-doctoral and that one of the authors obtained a PhD degree not longer than five years ago. Also the paper should not be published or accepted for publication by any journal or book publisher. This said, the celebrated papers for the G2G Academic Network European Best Paper Award competition for the year 2004 are: Clarysse, B., Knockaert, M. & Lockett A., “How do early stage high technology investors select their investments?” (First Rank), Murray, G. & Dimov, D., “Through a glass darkly: new perspectives on the equity gap” (Second Rank), and Lockett A. & Wright M., “Resources, capabilities, risk capital and the creation of university spin-out companies” (Thirs Rank). We once more congratulate the authors for their excellent contribution to the workshop. The outline of the book The introduction highlights the importance of the topic and gives amore general description of the evolution of the venture capital industry. The main argument is that in the early nineties, practitioners in the industry pointed out screening and analysis of opportunities as their main competitive advantage. Today, they see themselves as hands on investors capable to deliver value added. But do they really add value? This proceedings has three main parts, each part representing new research findings relating to one specific perspective on the role of private equity in managing start-ups and firm growth. PART 1: THE FINANCIAL COMMUNITY’S
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