nach oben

International Entrepreneurship and Management Journal

Erschienen in:

17.06.2019

Keys to success in investment rounds by immigrant entrepreneurs in Silicon Valley

Erschienen in: International Entrepreneurship and Management Journal | Ausgabe 4/2019

Einloggen

Aktivieren Sie unsere intelligente Suche, um passende Fachinhalte oder Patente zu finden.

search-config

KI-gestützte Suche

Aus

Abstract

This study presents an updated diagnosis of the SV ecosystem itself and offers an insight into the entrepreneurial mobility trends prospects and expectations of the growing number of start-ups launched by immigrant entrepreneurs arriving in SV. The purpose is to determine and rank the attributes most valued by investors when assessing projects and start-ups founded by immigrant entrepreneurs. The model of analysis composed by three hypotheses leads to a series of findings about the profile and expectations of the immigrant entrepreneurs, and reveals remarkable hints and key targets to be met by immigrant entrepreneurs in SV in order to successfully close investment rounds in a hypercompetitive environment. The study discloses the low impact of the founder’s profile as a driver of external investment. A key conclusion states that Venture Capitalists and Business Angels in the top-ranked entrepreneurial ecosystem are primarily led by factors linked to the competitive environment and the product development process, along with the traditional performance indicators: revenue and profitability.

Vorheriger Artikel The emergence of health technology organizations among institutional healthcare and economic actors

Nächster Artikel The price of success: balancing the effects of entrepreneurial commitment, work-family conflict and emotional exhaustion on job satisfaction

Sie haben noch keine Lizenz? Dann Informieren Sie sich jetzt über unsere Produkte:

Springer Professional "Wirtschaft+Technik"

Online-Abonnement

Mit Springer Professional "Wirtschaft+Technik" erhalten Sie Zugriff auf:

über 102.000 Bücher
über 537 Zeitschriften

aus folgenden Fachgebieten:

Automobil + Motoren
Bauwesen + Immobilien
Business IT + Informatik
Elektrotechnik + Elektronik
Energie + Nachhaltigkeit
Finance + Banking
Management + Führung
Marketing + Vertrieb
Maschinenbau + Werkstoffe
Versicherung + Risiko

Jetzt Wissensvorsprung sichern!

Jetzt informieren

Springer Professional "Wirtschaft"

Online-Abonnement

Mit Springer Professional "Wirtschaft" erhalten Sie Zugriff auf:

über 67.000 Bücher
über 340 Zeitschriften

aus folgenden Fachgebieten:

Bauwesen + Immobilien
Business IT + Informatik
Finance + Banking
Management + Führung
Marketing + Vertrieb
Versicherung + Risiko

Jetzt Wissensvorsprung sichern!

Jetzt informieren

Acs, Z. J. (2010). High-impact entrepreneurship. In Z. J. ACS & D. G. Audretsch (Eds.), handbook of entrepreneurship research. An interdisciplinary survey and introduction (Vol. 165-182, pp. 165–182). New York: Springer.CrossRef

Agarwal, R., Audretsch, D., & Sarkar, M. B. (2007). The process of creative construction: Knowledge spillovers, entrepreneurship, and economic growth. Strategic Entrepreneurship Journal, 1(3–4), 263–286.CrossRef

Alarcón, R. (1999). Recruitment processes among foreign-born engineers and scientists in Silicon Valley. American Behavioral Science, 42, 1381–1389.CrossRef

Alemany, L., & Marti, J. (2005). Unbiased estimation of economic impact of venture capital backed firms. EFA 2005 Moscow Meetings Paper.

Bagwell, S. (2015). Transnational entrepreneurship amongst Vietnamese businesses in London. Journal of Ethnic and Migration Studies, 41(2), 329–349. https://doi.org/10.1080/1369183X.2014.907739.CrossRef

Basu, A., & Virick, M. (2015). Silicon Valley’s Indian diaspora: Networking and entrepreneurial success. South Asian Journal of Global Business Research, 4(2), 190–208.CrossRef

Baum, J. R., & Bird, B. (2010). The successful intelligence of high-growth entrepreneurs: Links to new venture growth. Organization Science, 21(2), 397–412.CrossRef

Bengtsson, O., & Hsu, D. H. (2015). Ethnic matching in the U.S. venture capital market. Journal of Business Venturing, 30, 338–354.CrossRef

Bertoni, F., Colombo, M. G., & Grilli, L. (2011). Venture capital financing and the growth of high-tech start-ups: Disentangling treatment from selection effects. Research Policy, 40, 1028–1043.CrossRef

Bird, M., & Wennberg, K. J. (2016). Why family matters: The impact of family resources on immigrant entrepreneurs` exit routes. Journal of Business Venturing, 31(6), 687–704.CrossRef

Bocken, N. M. P. (2015). Sustainable venture capital–catalyst for sustainable start-up success? Journal of Cleaner Production, 108, 647–658.CrossRef

Bolton, W. K., & Thompson, J. L. (2000). Entrepreneurs: Talent, Temperament, Technique. Oxford: Butterworth Heinemann.

Borjas, G. J. (2000). Ethnic enclaves and assimilation. Swedish Economic Policy Review, 7(2), 89–122.

Börjesson, S., & Löfsten, H. (2012). Capabilities for innovation in small firms – A study of 131 high-tech firms and their relation to performance. International Journal of Business Innovation and Research, 6(2), 149–176.CrossRef

Bottazzi, L., & Da Rin, M. (2002). Venture capital in Europe and the financing of innovative companies. Economic Policy, 17, 229–269.CrossRef

Bourdieu, P. (1986). The forms of capital. In J. Richardson (Ed.), The handbook of theory and research for the sociology of education (pp. 241–258). New Yor: Greenwood Press.

Bowen, H. P., & De Clercq, D. (2008). Institutional context and the allocation of entrepreneurial effort. Journal of International Business Studies, 39(4), 747–767.CrossRef

Bruton, G. D., Ahlstrom, D., & Li, H. L. (2010). Institutional theory and entrepreneurship: Where are we now and where do we need to move in the future? Entrepreneurship Theory and Practice, 34(3), 421–440.CrossRef

Cederberg, M., & Villares-Varela, M. (2019). Ethnic entrepreneurship and the question of agency: The role of different forms of capital, and the relevance of social class. Journal of Ethnic and Migration Studies, 45(1), 115–132 0.1080/1369183X.2018.1459521.CrossRef

Cenci, A. (2018). A qualitative viewpoint on the southern Eurozone highly skilled labour mobility in the metropolitan area of Copenhagen in times of crisis and austerity. Mobilities, 13(4), 551–568.CrossRef

Chen, C. C., Greene, P. G., & Crick, A. (1998). Does entrepreneurial self-efficacy distinguish entrepreneurs from managers? Journal of Business Venturing, 13(4), 295–316.CrossRef

Colombo, M. G., & Grilli, L. (2010). On growth drivers of high-tech start-ups: The role of founders’ human capital and venture capital. Journal of Business Venturing, 25, 610–626.CrossRef

Colombo, M. G., Grilli, L., & Piva, E. (2006). In search for complementary assets: The determinants of alliance formation of high-tech start-ups. Research Policy, 35, 1166–1199.CrossRef

Compass. (2016). The Global Startup Ecosystem Ranking 2016. Chertsey: Compass.

Cooke, P., Uranga, M. G., & Etxebarria, G. (1998). Regional systems of innovation: An evolutionary perspective. Environment & Planning A, 30, 1563–1584.CrossRef

Czarnitzki, D., & Delanote, J. (2013). Young innovative companies: The new high growth firms? Industrial and Corporate Change, 22(5), 1315–1340.CrossRef

Davidsson, P., & Honig, B. (2003). The role of social and human capital among nascent entrepreneurs. Journal of Business Venturing, 18(3), 301–331.CrossRef

Davila, A., Foster, G., & Gupta, M. (2003). Venture capital financing and the growth of start-up firms. Journal of Business Venturing, 18, 689–708.CrossRef

De Clercq, D., Lim, D. S., & Oh, C. H. (2013). Individual-level resources and new business activity: The contingent role of institutional context. Entrepreneurship Theory and Practice, 37(2), 303–330.CrossRef

Dennis. D.J. (2004). Entrepreneurial finance: an overview of the issues and evidence, Journal of Corporate Finance,10(2), 301–326

Dheer, R. J. S. (2018). Entrepreneurship by immigrants: A review of existing literature and directions for future research. International Entrepreneurship Management Journal, 14, 555–614.CrossRef

Douglas, E. (2013). Reconstructing entrepreneurial intentions to identify predisposition for growth. Journal of Business Venturing, 28(5), 633–651.CrossRef

Drori, I., Honig, B., & Wright, M. (2009). Transnational entrepreneurship: An emergent field of study. Entrepreneurship Theory and Practice, 33(5), 1001–1022.CrossRef

Dyke, L. S., Fischer, E. M., & Reuber, A. R. (1992). An inter-industry examination of the impact of owner experience on firm performance. Journal of Small Business Management, 30(4), 72–87.

Eisenhardt, K., & Schoonhoven, C. (1990). Organizational growth: Linking founding team, strategy, environment, and growth among U.S. semiconductor ventures, 1978–1988. Administrative Science Quarterly, 35(3), 504–529.CrossRef

Ensley, M. D., Pearce, C. L., & Hmieleski, K. M. (2006). The moderating effect of environmental dynamism on the relationship between entrepreneur leadership behavior and new venture performance. Journal of Business Venturing, 21(2), 243–263.CrossRef

Faria, A. P., & Barbosa, N. (2014). Does venture capital really foster innovation? Economics Letters, 122(2), 129–131.CrossRef

Felin, T., Foss, N. J., & Hiemericks, K. H. (2012). Microfoundations of routines and capabilities: Individuals, processes, and structure. Journal of Management Studies, 49(8), 1351–1374.CrossRef

Ganotakis, P. (2012). Founders’ human capital and the performance of UK new technology based firms. Small Business Economics, 39, 495–515.CrossRef

Geronikolaou, G., & Papachristou, G. (2012). Venture capital and innovation in Europe. Modern Economy, 3(4), 454–459.CrossRef

Gimeno, J., Folta, T. B., Cooper, A. C., & Woo, C. Y. (1997). Survival of the fittest? Entrepreneurial human capital and the persistence of underperforming firms. Administrative Science Quarterly, 42(4), 750–783.CrossRef

Gompers, P. A., & Lerner, J. (2001). The venture capital revolution. Journal of Economic Perspectives, 15, 145–168.CrossRef

Gruber, M., MacMillan, I. C., & Thompson, J. D. (2008). Look before you leap: Market opportunity identification in emerging technology firms. Management Science, 54(9), 1652–1665.CrossRef

Gu, W., Qian, X., & Lu, J. (2018). Venture capital and entrepreneurship: A conceptual model and research suggestions. International Entrepreneurship Management Journal, 14, 35–50.CrossRef

Hart, D. M., & Acs, Z. J. (2011). High-tech immigrant entrepreneurship in the United States. Economic Development Quarterly, 25(2), 116–129.CrossRef

Hsu, D. H. (2006). Venture capitalists and cooperative start-up commercialization strategy. Management Science, 52, 204–219.CrossRef

Hsu, D. H. (2007). Experienced entrepreneurial founders, organizational capital, and venture capital funding. Research Policy, 36(5), 722–741.CrossRef

Ireland, R. D., Hitt, M. A., & Sirmon, D. G. (2003). A model of strategic entrepreneurship: The construct and its dimensions. Journal of Management, 29(6), 963–989.CrossRef

Isenberg, D. J. (2008). The global entrepreneur. Harvard Business Review, 86(12), 107–111.

Jang, J. (2012). Innovation capability and corporate growth: An empirical investigation in China. Journal of Engineering Technology Management, 29, 34–46.CrossRef

Jones, T., Barrett, G., & McEvoy, D. (2000). Market potential as a decisive influence on the performance of ethnic minority business. In J. Rath (Ed.), Immigrant businesses: The economic, political and social environment (pp. 37–53). New York: St. Martin’s Press.CrossRef

Kenney, M., & Patton, D. (2015). Gender, ethnicity and entrepreneurship in initial public offerings: Illustrations from an open database. Research Policy, 44, 1773–1784.CrossRef

Kerr, W.R. (2013). US High-skilled Immigration, Innovation, and Entrepreneurship: Empirical Approaches and Evidence. Paper No. 19377. National Bureau of Economic Research.

Levitt, P. (2001). Transnational migration: Taking stock and future directions. Global Networks: A Journal of Transnational Affairs, 1(3), 195–216. 10.1111/1471-0374.00013.

Ley, L. (2006). Explaining variations in business performance among immigrant entrepreneurs in Canada. Journal of Ethnic and Migration Studies, 32(5), 743–764. https://doi.org/10.1080/13691830600704123.CrossRef

Light, I. (2010). Transnational entrepreneurs in an English-speaking world. Die Erde, 141(1–2), 1–16.

Lilien, G. L. (2016). The B2B knowledge gap. International Journal of Research in Marketing, 33(3), 543–556.CrossRef

Lundvall, B. A. (1992). National systems of innovation: Towards a theory of innovation and interactive learning. London: Pinter.

Maine, E. M., Shapiro, D. M., & Vining, A. R. (2010). The role of clustering in the growth of new technology-based firms. Small Business Economics, 34, 127–146.CrossRef

Marcu, S. (2016). Learning mobility challenging borders: Cross-border experiences of eastern European immigrants in Spain. Mobilities, 11(3), 343–361.CrossRef

Miller, W. M. (1999). Lessons from Silicon Valley and what they mean for your company. Discussion paper. Stanford University.

Ndofor, H. A., & Priem, R. L. (2011). Immigrant entrepreneurs, the ethnic enclave strategy, and venture performance. Journal of Management, 37(3), 790–818.CrossRef

Polzin, F., Sanders, M., & Stavlöt, U. (2018). Do investors and entrepreneurs match? – Evidence from the Netherlands and Sweden. Technology Forecasting and Social Change, 127, 112–126.CrossRef

Portes, A., Guarnizo, L. E., & Haller, W. J. (2002). Transnational entrepreneurs: An alternative form of immigrant economic adaptation. American Sociological Review, 68, 278–298.CrossRef

Puri, M., & Zarutskie, R. (2008). On the lifecycle dynamics of venture-capital- and non-venture-capital-financed firms. CES Working Paper, 08–13.

Ram, M., Theodorakopoulos, N., & Jones, T. (2008). Forms of capital, mixed embeddedness and Somali enterprise. Work, Employment and Society, 22(3), 427–446.CrossRef

Rodríguez-Pose, A., & Crescenzi, R. (2008). Research and development, spillovers, innovation systems, and the genesis of regional growth in Europe. Regional Studies, 42(1), 51–67.CrossRef

Rusinovic, K. (2008). Transnational embeddedness: Transnational activities and networks among first and second-generation immigrant entrepreneurs in the Netherlands. Journal of Ethnic and Migration Studies, 34(3), 431–451. https://doi.org/10.1080/13691830701880.CrossRef

Samila, S., & Sorenson, O. (2011). Venture capital, entrepreneurship, and economic growth. The Review of Economics and Statistics, 93(1), 338–349.CrossRef

Sarasvathy, S. D. (2001). Causation and effectuation: Toward a theoretical shift from economic inevitability to entrepreneurial contingency. Academy of Management Review, 26(2), 243–263.CrossRef

Sarasvathy, S. D., Menon, A. R., & Kuechle, G. (2013). Failing firms and successful entrepreneurs: Serial entrepreneurship as a temporal portfolio. Small Business Economics, 40, 417–434.CrossRef

Saxenian, A. (1994). Regional advantage: Culture and competition in Silicon Valley and route 128. Cambridge: Harvard Business Press.

Saxenian, A. (1999). Silicon Valley’s new immigrant entrepreneurs: Local and global networks. Paper presented at a/PARC seminar. Stanford University.

Saxenian, A. (2002). Silicon Valley’s new immigrant high-growth entrepreneurs. Economic Development Quarterly, 16(1), 20–31.CrossRef

Saxenian, A. (2006). The new Argonauts: Regional advantage in a global economy. Cambridge: Harvard University Press.

Schiller, N. G., Basch, L., & Blanc, C. S. (1995). From immigrant to transmigrant: Theorizing transnational migration. Anthropological Quarterly, 68(1), 48–63.CrossRef

Sequeira, J., Carr, J., & Rasheed, A. (2009). Transnational entrepreneurship: Determinants of firm type and owner attributions of success. Entrepreneurship Theory and Practice, 33(5), 1023–1044. https://doi.org/10.1111/j.1540-6520.2009.00333.x.CrossRef

Shane, S., & Khurana, K. (2003). Career experience and firm founding. Industrial and Corporate Change, 12(3), 519–544.CrossRef

Stenholm, P., Acs, Z. J., & Wuebker, R. (2013). Exploring country-level institutional arrangements on the rate and type of entrepreneurial activity. Journal of Business Venturing, 28, 176–193.CrossRef

Ucbasaran, D., Westhead, P., & Wright, M. (2008). Habitual entrepreneurs. In M. Casson, B. Yeung, A. Basu, & N. Wadeson (Eds.), The Oxford Handbook of Entrepreneurship (461–483). Oxford: Oxford University Press.

Veciana, J., & Urbano, D. (2008). The institutional approach to entrepreneurship research. Introduction. International Entrepreneurship and Management Journal, 4(4), 365–379.CrossRef

Wong, L. L., & Ng, M. (2002). The emergence of small transnational Enterprise in Vancouver: The case of Chinese entrepreneur immigrants. International Journal of Urban and Regional Research, 26(3), 508–530. https://doi.org/10.1111/1468-2427.00396.CrossRef

Whörl, R., Hüsig, R., Dowling, M. (2009). The interaction of R&D intensity and firm age: empirical evidence from technology-based growth companies in the German "Neuer Markt. The Journal of High Technology Management Research. 20, 19–30

Wright, M., Liu, X., Buck, T., & Filatotchev, I. (2008). Returnee entrepreneurs, science park location choice and performance: An analysis of high-technology SMEs in China. Entrepreneurship Theory and Practice, 32(1), 131–155.CrossRef

Zhou, M. (2004). Revisiting ethnic entrepreneurship: Convergencies, controversies, and conceptual Advancements1. International Migration Review, 38(3), 1040–1074.CrossRef

Titel: Keys to success in investment rounds by immigrant entrepreneurs in Silicon Valley
Publikationsdatum: 17.06.2019
Erschienen in: International Entrepreneurship and Management Journal / Ausgabe 4/2019
Print ISSN: 1554-7191
Elektronische ISSN: 1555-1938
DOI: https://doi.org/10.1007/s11365-019-00588-3

Springer Professional

Abstract

Bitte loggen Sie sich ein, um Zugang zu Ihrer Lizenz zu erhalten.

Sie haben noch keine Lizenz? Dann Informieren Sie sich jetzt über unsere Produkte:

Springer Professional "Wirtschaft+Technik"

Springer Professional "Wirtschaft"

Weitere Artikel der Ausgabe 4/2019

Assessing the impact of individual and context factors on the entrepreneurial process. A cross-country multilevel approach

Family enrichment and women entrepreneurial success: the mediating effect of family interference

Entrepreneurial ecosystem research: present debates and future directions

Why not now? Intended timing in entrepreneurial intentions

Does sport affect the competitiveness of European Union countries? An analysis of the degree of innovation and GDP per capita using linear and QCA models

The emergence of health technology organizations among institutional healthcare and economic actors

Premium Partner