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Contrary to widely held public perceptions, venture capitalists often “oversell and underdeliver” to entrepreneurs in terms of hands-on assistance. They can further impede entrepreneurial development by providing erroneous operational advice, ill-founded strategic guidance, and inappropriate inputs, or by imposing unsuitable and unrealistic operational constraints. Their attempts at professionalization may also generate significant negative consequences. Lastly, venture capital does not cause innovation in entrepreneurial firms. At best, venture capital perpetuates innovation that has already been discovered. Venture capital’s short-term determinism and exit orientation often result in less investment toward long-term R&D, innovation, and commercialization in entrepreneurial firms.
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- Monitoring: The Venture Capital Barren Toolbox for Entrepreneurial Firms
- Chapter 7
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