Business builders, contractors, and entrepreneurs — An exploratory study of IP venturing funds
研究了知识产权创投基金如何通过创建初创企业来商业化技术，基于六个案例发现两种投资风格：机会驱动型（基金作为创业者）和技术驱动型（基金作为承包商），后者通过新机制降低代理成本和尽职调查成本。
Despite the importance of investments in innovative ventures, riskiness often deters investors. We investigate the phenomenon of intellectual property (IP) venturing funds, which commercialize technology via start-up creation. Based on six cases analyzed at the deal and fund level, we establish a dichotomy of investment styles. In an opportunity-driven investment style, funds act as entrepreneurs and are compensated for opportunity recognition. In a technology-driven investment style, funds act as contractors, applying novel mechanisms to reduce agency costs and keep due diligence costs low. Thus, we contribute to knowledge of new investment models in entrepreneurial finance and how they manage agency risks.