Evolving ventures and venture capital syndicate resource diversity
研究了主导风险投资机构如何根据创业企业不同发展阶段的需求，调整辛迪加的资源多样性，并平衡资源多样性与协调成本之间的关系。
Abstract We examine how lead venture capital (VC) investors adjust VC syndicate resource diversity to meet ventures’ evolving developmental needs. As ventures transition from early to later stages, lead VCs tend to assemble more resource-diverse syndicates to support expanding resource requirements. However, greater diversity also increases coordination costs of managing the syndicate. We argue that lead VCs balance these competing considerations, such that syndicate composition depends on attributes of both the lead VC and the syndicate that shape this trade-off. We test our conjectures using a sample of US ventures receiving VC funding between 1990 and 2019. Our findings offer an evolutionary perspective on VC syndicate composition across venture life stages.