The technological novelty of invention and speed to IPO of high-tech start-ups
研究发现，发明的技术新颖性会减缓高科技初创企业的IPO速度，因为后期公开投资者将其视为高风险信号；但若技术具有常规性、创始人即发明人或由优质风投支持，该负面效应可缓解。
The technological novelty of inventions signals economic potential while simultaneously indicating considerable technological and market risks. We speculate that unlike early-stage venture capital (VC) investors, late-stage public investors will interpret technological novelty as a signal of high risks. Consequently, they will hesitate to promptly invest in high-tech start-ups with such inventions, thereby slowing the initial public offering speed of the start-ups. Based on a sample of 408 VC-backed healthcare start-ups founded between 1990 and 2010, we find support for our hypothesis. We also find that the negative effect of technological novelty of inventions can be relieved when the technology is characterised by conventionality, when the founder is also the inventor, or when the start-up is backed by premium VC investors.