This master thesis presents a comparative analysis of investment criteria between Independent Venture Capital Funds (IVCs) and Corporate Venture Capital Funds (CVCs) in the DACH region that invest in software business models. The study explores three key areas following research questions: (1) the investment criteria with the highest importance for IVCs and CVCs, (2) the influence of the strategic fit of ventures for value-added services for the investment selection, and (3) preferences in terms of exit strategies that influence the initial investment decision-making of IVCs and CVCs. Based on the literature and expert interviews, the study reveals that IVCs and CVCs emphasize the categories of the management team, product characteristics, market characteristics, and the financial situation to evaluate a venture for potential investment. However, the study suggests that both venture investors have different preferences. While both assign high importance to criteria of the category of the management team, IVCs and CVCs have a distinct focus on underlying factors like industry expertise, leadership abilities, and founding experience. The results provide insights for founders seeking venture funding as a better understanding of funding preferences can help to identify investors who fit best. Moreover, the study highlights the implications of organizational objectives on the investment criteria of different types of VC investors, the impact of the strategic fit for value-added services, and the exit scenario on investment decision-making.
Date of Award | 18 Oct 2024 |
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Original language | English |
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Awarding Institution | - Universidade Católica Portuguesa
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Supervisor | Michael König (Supervisor) |
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- Venture capital
- Investment criteria
- Strategic alignment
- Exit scenario
- Corporate venture capital fund
- Independent venture capital fund
- Entrepreneurship
- Value-added services
- Mestrado em Gestão e Administração de Empresas (mestrado internacional)
Comparative analysis of investment criteria between corporate venture capital funds and independent venture capital funds in the DACH region
Heinzmann, N. (Student). 18 Oct 2024
Student thesis: Master's Thesis