A Study on Determinants of Venture Capital Investments During Economic Booms and Busts

경제 호황과 후퇴의 시기에 벤처캐피탈 투자 의사결정요인 비교연구

  • Received : 2023.12.26
  • Accepted : 2024.02.26
  • Published : 2024.02.29

Abstract

Recently, venture capital investment has been shrinking globally due to high interest rates and economic slowdown. Korea is no exception. Due to the downturn in the M&A and public markets, increasing economic uncertainty, and the aftermath of corporate bankruptcies, venture capitalists are facing many difficulties in raising funds. In the changed economic environment, the investment decision factors of venture capitalists have also changed. However, studies on VCs' investment decisions have focused on the general economic environment. This study examines how VCs' investment decision-making factors change during economic recessions and booms. To this end, we interviewed active investors who have experienced both economic recessions and booms to compare how VCs' investment decision factors change: 1) personal characteristics of founders, 2) experience of founders, 3) product/service, 4) market, 5) financial situation, 6) contract terms and 7) venture capital co-investment. The results showed that founder's personal characteristics, experience, and product/service were more important during the economic recession. Market is slightly more important during economic booms. The importance of financial situation and investment conditions increased sharply during the recession compared to the boom. Finally, venture capital co-investment did not differ significantly between recessions and booms. By understanding the investment decision-making factors of venture capitalists in the recent difficult venture investment environment, this study aims to help startups raise funds and survive in a difficult market.

최근 고금리, 경기둔화로 인한 벤처투자 위축이 전 세계적으로 진행 중이며, 우리나라도 예외가 아니다. M&A와 상장시장의 침체, 경기불확실성 증가, 기업 파산의 여파로 인한 투자심리 위축으로 벤처기업의 자금조달에 많은 어려움을 겪고 있다. 이렇게 바뀐 경제 환경에서 벤처캐피탈의 투자의사결정 요인도 많은 변화를 나타내고 있다. 하지만, 벤처캐피탈의 투자의사결정에 대한 연구는 일반적인 경제 환경에 초점을 맞추고 있다. 본 연구는 경제 후퇴와 호황에 따라 벤처캐피탈의 투자의사결정 요인이 어떻게 변화하는지를 살펴보았다. 이를 위해 경제 불황과 호황을 모두 겪은 적극적인 벤처 투자자들을 인터뷰하여 벤처캐피탈의 투자의사결정 요인: 1)창업자의 개인적 특성, 2)창업자의 경험, 3) 제품/서비스, 4) 시장, 5) 재무상황, 6) 투자조건, 7) 벤처캐피탈 공동투자가 어떻게 변화하는지를 비교하여 연구하였다. 연구결과, 투자의사결정 요인인 창업자의 개인적 특성, 경험, 제품/서비스는 경제 불황기에 더 높은 중요도를 가졌다. 시장 요인은 경제 호황기에 약간 높은 수준의 중요도를 나타냈다. 재무적 상황과 투자조건 요인은 경제 불황기에 경제 호황기 대비 중요도가 급격히 상승하였다. 마지막으로 벤처캐피탈 공동 투자는 경제 불황과 호황기에 많은 차이를 보이지 않았다. 본 연구는 최근 어려워진 벤처투자 환경에서 벤처캐피탈의 투자의사결정 요인을 보다 심도 있게 이해함으로써, 스타트업의 자금 조달을 돕고, 어려운 시장에서 생존하는 방안 마련에 도움을 준다.

Keywords

References

  1. Audretsch, D. B., & Acs, Z. J. (1991). Innovation and size at the firm level. Southern Economic Journal, 739-744.
  2. Ahlstrom, D., Bruton, G. D., & Yeh, K. S.(2007). Venture capital in China: Past, present, and future. Asia Pacific Journal of Management, 24, 247-268. https://doi.org/10.1007/s10490-006-9032-1
  3. Audretsch, D. B., & Thurik, A. R.(2001). What's new about the new economy? Sources of growth in the managed and entrepreneurial economies. Industrial and corporate change, 10(1), 267-315. https://doi.org/10.1093/icc/10.1.267
  4. Bahn, S. S.(2004). The Investment Decision Process of Korean Venture Capitalists: Do Experienced Venture Capitalists Make Better Decisions?. Industrial Economics Research, 17(4), 1339-1358.
  5. Bellavitis, C., Fisch, C., & McNaughton, R. B.(2021). COVID-19 and the global venture capital landscape. Small Business Economics, 1-25.
  6. Black, B. S., & Gilson, R. J.(1998). Venture capital and the structure of capital markets: banks versus stock markets. Journal of financial economics, 47(3), 243-277. https://doi.org/10.1016/S0304-405X(97)00045-7
  7. Block, J., & Sandner, P.(2009). What is the effect of the financial crisis on venture capital financing? Empirical evidence from US Internet start-ups. Venture Capital, 11(4), 295-309. https://doi.org/10.1080/13691060903184803
  8. Bowman-Upton, N., Seaman, S. L., & Sexton, D. L.(1989). Innovation Evaluation Programs: do they help the Inventors?. Journal of Small Business Management, 27(3), 23.
  9. Brander, J. A., Amit, R., & Antweiler, W.(2002). Venture-capital syndication: Improved venture selection vs. the value-added hypothesis. Journal of Economics & Management Strategy, 11(3), 423-452.
  10. Bruns, V., & Fletcher, M.(2008). Banks' risk assessment of Swedish SMEs. Venture Capital, 10(2), 171-194. https://doi.org/10.1080/13691060801946089
  11. Bruton, G. D., & Ahlstrom, D.(2003). An institutional view of China's venture capital industry: Explaining the differences between China and the West. Journal of business venturing, 18(2), 233-259. https://doi.org/10.1016/S0883-9026(02)00079-4
  12. Bygrave, W. D.(1988). The structure of the investment networks of venture capital firms. Journal of Business Venturing, 3(2), 137-157. https://doi.org/10.1016/0883-9026(88)90023-7
  13. Bygrave, W. D., & Timmons, J.(1992). Venture capital at the crossroads. University of Illinois at Urbana-Champaign's Academy for Entrepreneurial Leadership Historical Research Reference in Entrepreneurship.
  14. Cabral-Cardoso, C., Cortez, M. C., & Lopes, L.(2016). Venture capital and the financial crisis in Portugal: the VC managers' viewpoint. Journal of Small Business and Enterprise Development, 23(4), 1032-1056. https://doi.org/10.1108/JSBED-01-2016-0007
  15. Cooper, A. C., Woo, C. Y., & Dunkelberg, W. C.(1988). Entrepreneurs' perceived chances for success. Journal of business venturing, 3(2), 97-108. https://doi.org/10.1016/0883-9026(88)90020-1
  16. Cumming, D.(2014). Public economics gone wild: Lessons from venture capital. International Review of Financial Analysis, 36, 251-260. https://doi.org/10.1016/j.irfa.2013.10.005
  17. Cumming, D., & Dai, N.(2011). Fund size, limited attention and valuation of venture capital backed firms. Journal of Empirical Finance, 18(1), 2-15. https://doi.org/10.1016/j.jempfin.2010.09.002
  18. Cumming, D., Fleming, G., & Suchard, J. A.(2005). Venture capitalist value-added activities, fundraising and drawdowns. Journal of Banking & Finance, 29(2), 295-331. https://doi.org/10.1016/j.jbankfin.2004.05.007
  19. Davis, S. J., Haltiwanger, J., Handley, K., Jarmin, R., Lerner, J., & Miranda, J.(2014). Private equity, jobs, and productivity. American Economic Review, 104(12), 3956-3990. https://doi.org/10.1257/aer.104.12.3956
  20. De Vries, G., & Block, J. H.(2011). Venture capital syndication in times of economic crisis. Venture Capital, 13(3), 195-213. https://doi.org/10.1080/13691066.2011.600278
  21. Dell'Ariccia, G., Rabanal, P., & Sandri, D.(2018). Unconventional monetary policies in the euro area, Japan, and the United Kingdom. Journal of Economic Perspectives, 32(4), 147-172.
  22. Dhochak, M., & Sharma, A. K.(2016). Using interpretive structural modeling in venture capitalists' decision-making process. Decision, 43(1), 53-65. https://doi.org/10.1007/s40622-015-0106-0
  23. Dixon, R.(1991). Venture capitalists and the appraisal of investments. Omega, 19(5), 333-344. https://doi.org/10.1016/0305-0483(91)90052-U
  24. Drover, W., Busenitz, L., Matusik, S., Townsend, D., Anglin, A., & Dushnitsky, G.(2017). A review and road map of entrepreneurial equity financing research: Venture capital, corporate venture capital, angel investment, crowdfunding, and accelerators. Journal of management, 43(6), 1820-1853.
  25. Eisenhardt, K. M.(1989). Building theories from case study research. Academy of management review, 14(4), 532-550. https://doi.org/10.2307/258557
  26. Eisenhardt, K. M., & Graebner, M. E.(2007). Theory building from cases: Opportunities and challenges. Academy of management journal, 50(1), 25-32. https://doi.org/10.5465/amj.2007.24160888
  27. Felix, E. G. S., Pires, C. P., & Gulamhussen, M. A.(2013). The determinants of venture capital in Europe-Evidence across countries. Journal of Financial Services Research, 44, 259-279. https://doi.org/10.1007/s10693-012-0146-y
  28. Fisher, G., & Aguinis, H.(2017). Using theory elaboration to make theoretical advancements. Organizational research methods, 20(3), 438-464. https://doi.org/10.1177/1094428116689707
  29. Franke, N., Gruber, M., Harhoff, D., & Henkel, J.(2006). What you are is what you like-similarity biases in venture capitalists' evaluations of start-up teams. Journal of Business Venturing, 21(6), 802-826. https://doi.org/10.1016/j.jbusvent.2005.07.001
  30. Franke, N., Gruber, M., Harhoff, D., & Henkel, J.(2008). Venture capitalists' evaluations of start-up teams: Trade-offs, knock-out criteria, and the impact of VC experience. Entrepreneurship Theory and Practice, 32(3), 459-483. https://doi.org/10.1111/j.1540-6520.2008.00236.x
  31. Fried, V. H., & Hisrich, R. D.(1994). Toward a model of venture capital investment decision making. Financial management, 28-37.
  32. Gompers, P., & Lerner, J.(1996). The use of covenants: An empirical analysis of venture partnership agreements. The Journal of Law and Economics, 39(2), 463-498. https://doi.org/10.1086/467356
  33. Gompers, P., & Lerner, J. (1998). Venture capital distributions: Short-run and long-run reactions. The Journal of Finance, 53(6), 2161-2183.
  34. Gompers, P. A., & Lerner, J.(2004). The venture capital cycle. Cambridge: MIT press. 
  35. Gompers, P., & Lerner, J.(2001). The venture capital revolution. Journal of economic perspectives, 15(2), 145-168. https://doi.org/10.1257/jep.15.2.145
  36. Gompers, P., Kaplan, S. N., & Mukharlyamov, V.(2016). What do private equity firms say they do?. Journal of Financial Economics, 121(3), 449-476. https://doi.org/10.1016/j.jfineco.2016.06.003
  37. Gompers, P., Kovner, A., & Lerner, J.(2009). Specialization and success: Evidence from venture capital. Journal of Economics & Management Strategy, 18(3), 817-844.
  38. Gompers, P., Kovner, A., Lerner, J., & Scharfstein, D.(2008). Venture capital investment cycles: The impact of public markets. Journal of financial economics, 87(1), 1-23. https://doi.org/10.1016/j.jfineco.2006.12.002
  39. Gompers, P., Kovner, A., Lerner, J., & Scharfstein, D.(2010). Performance persistence in entrepreneurship. Journal of financial economics, 96(1), 18-32. https://doi.org/10.1016/j.jfineco.2009.11.001
  40. Gompers, P., Gornall, W., Kaplan, S. N., & Strebulaev, I. A. (2021). Venture capitalists and COVID-19. Journal of Financial and Quantitative Analysis, 56(7), 2474-2499. https://doi.org/10.1017/S0022109021000545
  41. Gorman, M., & Sahlman, W. A.(1989). What do venture capitalists do?. Journal of business venturing, 4(4), 231-248. https://doi.org/10.1016/0883-9026(89)90014-1
  42. Hall, J., & Hofer, C. W.(1993). Venture capitalists' decision criteria in new venture evaluation. Journal of business venturing, 8(1), 25-42.
  43. Harris, R. S., Jenkinson, T., & Kaplan, S. N.(2014). Private equity performance: What do we know?. The Journal of Finance, 69(5), 1851-1882. https://doi.org/10.1111/jofi.12154
  44. Harris, R. S., Jenkinson, T., & Kaplan, S. N.(2016). How do private equity investments perform compared to public equity?. Journal of Investment Management, 14(3), 14-37.
  45. Hisrich, R. D., & Jankowicz, A. D.(1990). Intuition in venture capital decisions: An exploratory study using a new technique. Journal of business venturing, 5(1), 49-62. https://doi.org/10.1016/0883-9026(90)90026-P
  46. Hsu, D. H.(2004). What do entrepreneurs pay for venture capital affiliation?. The journal of finance, 59(4), 1805-1844. https://doi.org/10.1111/j.1540-6261.2004.00680.x
  47. Imamuddin, K.(2009). PAKISTANI VENTURE CAPITALISTS'INVESTMENT CRITERIA: A COMPARATIVE LOOK. Asian Academy of Management Journal, 14(1).
  48. Inderst, R., & Muller, H. M.(2004). The effect of capital market characteristics on the value of start-up firms. Journal of Financial Economics, 72(2), 319-356. https://doi.org/10.1016/j.jfineco.2003.06.001
  49. Kaplan, S. N., & Lerner, J.(2010). It ain't broke: The past, present, and future of venture capital. Journal of Applied Corporate Finance, 22(2), 36-47. https://doi.org/10.1111/j.1745-6622.2010.00272.x
  50. Kaplan, S. N., & Stromberg, P.(2001). Venture capitalists as principals: Contracting, screening, and monitoring. American Economic Review, 91(2), 426-430. https://doi.org/10.1257/aer.91.2.426
  51. Kaplan, S. N., & Stromberg, P. E.(2004). Characteristics, contracts, and actions: Evidence from venture capitalist analyses. The journal of finance, 59(5), 2177-2210. https://doi.org/10.1111/j.1540-6261.2004.00696.x
  52. Keeley, R. H., Punjabi, S., & Turki, L.(1996). Valuation of early-stage ventures: option valuation models vs. traditional approaches. The Journal of Entrepreneurial Finance, 5(2), 115-138.
  53. Keuschnigg, C.(2004). Venture capital backed growth. Journal of Economic Growth, 9, 239-261. https://doi.org/10.1023/B:JOEG.0000031428.35711.fc
  54. Khan, A. M.(1987). Assessing venture capital investments with noncompensatory behavioral decision models. Journal of Business Venturing, 2(3), 193-205. https://doi.org/10.1016/0883-9026(87)90008-5
  55. Kim, B. Y.(2022). Recent recession fears and central banks' responses. Capital Markets Focus, Issue 2022-14, 4-5, Retrieved from https://www.kcmi.re.kr/publications/pub_detail_view?syear=2022&zcd=002001016&zno=1670&cno=5950 1016&zno=1670&cno=5950
  56. Kim, J. S., Bae, T. J., & Lee S. M.(2021). Key factors influencing startups' choice of venture capitalists. Venture Entrepreneurship Research, 16(2), 1-17.
  57. Korea Venture Investment (2022). 2022 VC Trend Report, Retrieved (2023.10.10.) from https://www.kvic.or.kr/board/view?category=marketWatch&depth1=4&depth2=1&boardDataNo=3699&pageNo=1&prevPage=%2Fresearch%2Fresearch1_1&isAdmin=N&searchCategory=&searchType=all&searchWord=.
  58. Kortum, S., & Lerner, J.(2001). Does venture capital spur innovation?. In Entrepreneurial inputs and outcomes: New studies of entrepreneurship in the United States, 1-44. UK: Emerald Group Publishing Limited.
  59. Lerner, J.(2022). The syndication of venture capital investments. In Venture Capital, 207-218. Routledge.
  60. Lockett, A., & Wright, M.(1999). The syndication of private equity: evidence from the UK. Venture Capital: an international journal of entrepreneurial finance, 1(4), 303-324. https://doi.org/10.1080/136910699295839
  61. MacMillan, I. C., Siegel, R., & Narasimha, P. S.(1985). Criteria used by venture capitalists to evaluate new venture proposals. Journal of Business venturing, 1(1), 119-128. https://doi.org/10.1016/0883-9026(85)90011-4
  62. MacMillan, I. C., & Day, D. L.(1987). Corporate ventures into industrial markets: Dynamics of aggressive entry. Journal of business venturing, 2(1), 29-39. https://doi.org/10.1016/0883-9026(87)90017-6
  63. Mason, C. M., & Harrison, R. T.(2015). Business angel investment activity in the financial crisis: UK evidence and policy implications. Environment and Planning C: Government and Policy, 33(1), 43-60. https://doi.org/10.1068/c12324b
  64. Mason, C. M., & Harrison, R. T.(2002). Barriers to investment in the informal venture capital sector. Entrepreneurship & Regional Development, 14(3), 271-287. https://doi.org/10.1080/08985620210142011
  65. Manigart, S., Wright, M., Robbie, K., Desbrieres, P., & De Waele, K.(1997). Venture capitalists' appraisal of investment projects: an empirical European study. Entrepreneurship Theory and Practice, 21(4), 29-43. https://doi.org/10.1177/104225879702100403
  66. Ministry of SMEs and Startups(2023). 'Trends of Venture Investment and Fund Formation in Q1 23, Retrieved (2023.10.10.) from https://www.mss.go.kr/common/board/Download.do?bcIdx=1040936&cbIdx=86&streFileNm=0b119db6-ac64-488f-b6f5-c9a209144153.pdf.
  67. Mintzberg, H., & Waters, J. A.(1982). Tracking strategy in an entrepreneurial firm. Academy of management journal, 25(3), 465-499. https://doi.org/10.2307/256075
  68. Mishra, A. K.(1996). Venture capital financing in India. Shipra Publications.
  69. Mishra, A.(2004). Indian venture capitalists (VCs): Investment evaluation criteria. ICFAI Journal of Applied Finance, 10(7), 71-93.
  70. Muzyka, D., Birley, S., & Leleux, B.(1996). Trade-offs in the investment decisons of European venture capitalists. Journal of business venturing, 11(4), 273-287. https://doi.org/10.1016/0883-9026(95)00126-3
  71. Ning, Y., Wang, W., & Yu, B.(2015). The driving forces of venture capital investments. Small Business Economics, 44, 315-344. https://doi.org/10.1007/s11187-014-9591-3
  72. Nunes, J. C., Felix, E. G. S., & Pires, C. P.(2014). Which criteria matter most in the evaluation of venture capital investments?. Journal of Small Business and Enterprise Development, 21(3), 505-527. https://doi.org/10.1108/JSBED-10-2013-0165
  73. Pare, G.(2004). Investigating information systems with positivist case research. Communications of the association for information systems, 13(1), 18.
  74. Poindexter, J. B.(1976). The efficiency of financial markets: The venture capital case. New York University, Graduate School of Business Administration.
  75. Rea, R. H.(1989). Factors affecting success and failure of seed capital/start-up negotiations. Journal of business Venturing, 4(2), 149-158. https://doi.org/10.1016/0883-9026(89)90028-1
  76. Reiner, M. L.(1989). The transformation of venture capital: A history of venture capital organizations in the United States. US: University of California, Berkeley.
  77. Robinson Jr, R. B.(1987). Emerging strategies in the venture capital industry. Journal of Business venturing, 2(1), 53-77. https://doi.org/10.1016/0883-9026(87)90019-X
  78. Robinson, W. T., & Fornell, C.(1985). Sources of market pioneer advantages in consumer goods industries. Journal of Marketing Research, 22(3), 305-317. https://doi.org/10.1177/002224378502200306
  79. Romani Chocce, G., & Atienza Ubeda, M.(2006). Venture capital in Latin America: evolution and prospects in Chile. International Journal of Entrepreneurship and Innovation Management, 6(4-5), 286-302. https://doi.org/10.1504/IJEIM.2006.010366
  80. Roure, J. B., & Maidique, M. A.(1986). Linking prefunding factors and high-technology venture success: An exploratory study. Journal of business venturing, 1(3), 295-306. https://doi.org/10.1016/0883-9026(86)90006-6
  81. Sahlman, W. A.(2022). The structure and governance of venture-capital organizations. In Venture capital, 3-51. Routledge.
  82. Sandberg, W. R., & Hofer, C. W.(1987). Improving new venture performance: The role of strategy, industry structure, and the entrepreneur. Journal of Business venturing, 2(1), 5-28.
  83. Sandberg, W. R., Schweiger, D. M., & Hofer, C. W.(1989). The use of verbal protocols in determining venture capitalists' decision processes. Entrepreneurship theory and practice, 13(2), 8-20. https://doi.org/10.1177/104225878801300204
  84. Sapienza, H. J., Manigart, S., & Vermeir, W.(1996). Venture capitalist governance and value added in four countries. Journal of Business Venturing, 11(6), 439-469. https://doi.org/10.1016/S0883-9026(96)00052-3
  85. Schmalensee, R.(1982). Product differentiation advantages of pioneering brands. The American Economic Review, 72(3), 349-365.
  86. Seo, H. S.(2023). Analysis of US startup investment trends in the first quarter of 2023, Retrieved (2023.10.10.) from https://me2.do/xznPBoHn.
  87. Shrader, R., & Siegel, D. S. (2007). Assessing the relationship between human capital and firm performance: Evidence from technology-based new ventures. Entrepreneurship theory and Practice, 31(6), 893-908. https://doi.org/10.1111/j.1540-6520.2007.00206.x
  88. Shepherd, D. A.(1999). Venture capitalists' assessment of new venture survival. Management science, 45(5), 621-632. https://doi.org/10.1287/mnsc.45.5.621
  89. Shepherd, D. A., Douglas, E. J., & Shanley, M.(2000). New venture survival: Ignorance, external shocks, and risk reduction strategies. Journal of business venturing, 15(5-6), 393-410. https://doi.org/10.1016/S0883-9026(98)00032-9
  90. Smith, G.(2001). How early stage entrepreneurs evaluate venture capitalists. The Journal of Private Equity, 33-45.
  91. Sorenson, O., & Stuart, T. E.(2008). Bringing the context back in: Settings and the search for syndicate partners in venture capital investment networks. Administrative Science Quarterly, 53(2), 266-294. https://doi.org/10.2189/asqu.53.2.266
  92. Starr, J. A., & Fondas, N.(1992). A model of entrepreneurial socialization and organization formation. Entrepreneurship Theory and Practice, 17(1), 67-76. https://doi.org/10.1177/104225879201700108
  93. Strebulaev, I. A., & Gornall, W.(2015). How Much Does Venture Capital Drive the US Economy?. Insights from Stanford Business, Retrieved from http://stanford.io/1GiVrcH.
  94. Stuart, R. W., & Abetti, P. A.(1990). Impact of entrepreneurial and management experience on early performance. Journal of business venturing, 5(3), 151-162. https://doi.org/10.1016/0883-9026(90)90029-S
  95. Stuart, R., & Abetti, P. A.(1987). Start-up ventures: Towards the prediction of initial success. Journal of business venturing, 2(3), 215-230.
  96. Sutton, R. I.(1987). The process of organizational death: Disbanding and reconnecting. Administrative Science Quarterly, 542-569.
  97. Sykes, H. B.(1986). The anatomy of a corporate venturing program: Factors influencing success. Journal of Business Venturing, 1(3), 275-293. https://doi.org/10.1016/0883-9026(86)90005-4
  98. The Conference Board(2023). LEI for the U.S. Declined Further in May Retrieved (2023.10.10) from https://www.conference-board.org/topics/us-leading-indicators/press/us-lei-june-2023.
  99. Tian, X.(2012). The role of venture capital syndication in value creation for entrepreneurial firms. Review of Finance, 16(1), 245-283. https://doi.org/10.1093/rof/rfr019
  100. Timmons, J. A., & Bygrave, W. D.(1986). Venture capital's role in financing innovation for economic growth. Journal of Business venturing, 1(2), 161-176. https://doi.org/10.1016/0883-9026(86)90012-1
  101. Tyebjee, T. T., & Bruno, A. V.(1981). Venture capital decision making: Preliminary results from three empirical studies. Frontiers of entrepreneurship research, 281-320.
  102. Tyebjee, T. T., & Bruno, A. V.(1984). A model of venture capitalist investment activity. Management science, 30(9), 1051-1066. https://doi.org/10.1287/mnsc.30.9.1051
  103. Wells, W. A.(1974). VENTURE CAPITAL DECISION-MAKING. Carnegie Mellon University.
  104. Wilson, J. W.(1985). The new venturers: Inside the high-stakes world of venture capital. (No Title).
  105. Yin, R. K.(2018). Case study research and applications (Vol. 6). Thousand Oaks, CA: Sage.
  106. Yoon, H. E.(2019.9.23). You don't understand our technology, get out... Startups 'picked on' by investors, The Korea Economic Daily, Retrieved from https://www.hankyung.com/article/2019092383861
  107. Zacharakis, A. L.(1995). The venture capital investment decision. University of Colorado at Boulder.
  108. Zacharakis, A. L., & Meyer, G. D.(1998). A lack of insight: do venture capitalists really understand their own decision process?. Journal of business venturing, 13(1), 57-76. https://doi.org/10.1016/S0883-9026(97)00004-9
  109. Zacharakis, A. L., & Meyer, G. D.(2000). The potential of actuarial decision models: can they improve the venture capital investment decision?. Journal of Business venturing, 15(4), 323-346.
  110. Zacharakis, A., & Shepherd, D. A.(2007). The pre-investment process: Venture capitalists' decision policies. Handbook of research on venture capital, 1, 177.