Venture capital y su valor añadido a los emprendedoresmodelo de análisis

Résumé

The present research belongs to the field of entrepreneurial finance, an emergent area within the corporative finances that is in the crossroads of these with the entrepreneurship. Both issues have a growing importance and relevance, in the academic field and also in the social and economic ecosystem. One of the distinguishing features of venture capital investors is the possibility of contributing, along with money, with value added services. Thus, we have developed a statistical model that allows evaluating what kind of added value by venture capital to startups has more impact on the performance of the financed company. In order to do this, an empirical study has been carried out in the Spanish ecosystem, gathering information from both the financing provider (the venture capitalist) and its value-added services and the recipient (the entrepreneur and his company). As there is no appropriate database, it was necessary to create our own database. To this end, the financing operations carried out during the study period were identified. Then, from the literature review carried out, a questionnaire was designed, validated and administered, which was sent to both agents to obtain the two points of view. One of the strengths of the study is the representativeness of the data and having achieved a percentage of responses as high as 74% on the 288 questionnaires sent, which validates the suitability of the design of the research. To test the hypotheses, the PLS structural equation methodology was used. Five independent variables were defined corresponding to the five types of added value (contacts, advise, incentives, interpersonal relationships and reputation), the dependent variable (added value) and the scales of measurement of the 21 variables observed (items) that characterized them. Finally, the measurement model and the structural model were validated. In addition, the results obtained show how, in this order, "advice", "contacts" and incentives" have a positive and significant influence on the performance of the company; while the hypotheses regarding the type of value "relations" and "reputation" were not validated. In the conclusions obtained, it has been possible to extract contributions for the academic field and recommendations for entrepreneurs, funders and public administrations.