VENTURE CAPITALIST RELATIONSHIPS IN THE DEAL STRUCTURING AND POST‐INVESTMENT STAGES OF NEW FIRM CREATION
通过案例研究，探讨了创业者在初创企业与多个联合投资者关系中，交易构建和投后阶段的关键特征，发现关系网络比商业计划更重要，且风险投资的分阶段融资与时间线设定可能加剧企业延迟。
ABSTRACT Entrepreneurs often turn to outsiders for financial assistance. Venture capitalists represent an outside source of finance that generally takes an active interest in managing the firm. Two common practices within the venture capital industry are co‐investing and staged financing. Responding to the call for more process research which examines the deal structuring and post‐investment stages of venture capital involvement, this research utilized a case study approach to explore salient features and themes that emerged in a relationship involving entrepreneurs and multiple co‐investors in a new firm start‐up. Central findings of the study included: penetrating the venture capital network is a significant first step in securing financial resources and, intriguingly, relationships supersede business plans in securing these resources; paradoxically, venture capitalists establish milestones and tight time‐lines yet inadvertently contribute to many of the delays experienced by a start‐up firm; the operating logic of venture capital networks, constrained by the hierarchical structures of their constituents, may be incompatible with the needs of a start‐up firm; activities within the deal structuring and post‐investment stages are more dynamic and iterative than current models suggest; and, staged financing, when combined with multiple venture partners, requires a clear understanding of each party's collaborative role in the enterprise.