The Venture Capital Deformation

Value Destruction throughout the Investment Process
1. Auflage 2018
ISBN: 978-3-319-70322-0
Verlag: Springer International Publishing

Buch, Englisch, 331 Seiten, Format (B × H): 153 mm x 216 mm, Gewicht: 568 g

In spite of the robust development of venture capital that has occurred over the last three decades, returns from venture capital have been declining. This book focuses on a simple question: why? The answer lies in the context of multiple deformations that have occurred throughout the venture capital process. The book critically assesses the ways in which interactions between different stakeholders in the venture capital ecosystem change (or "deform") venture capital, decreasing its value. Klonowski also reveals that venture capital actually has few benefits—and some outright disadvantages—for entrepreneurs, and it can create a self-perpetuating cycle of investment and loss for the entire venture capital industry. This is especially true as corporate governance and compensation structures may create significant misalignments, incongruities, and conflicts of interest between general and limited partners.

Zielgruppe

Research

Autoren/Hrsg.

Klonowski, Darek

Fachgebiete

• Wirtschaftswissenschaften Finanzsektor & Finanzdienstleistungen Anlagen & Wertpapiere
• Wirtschaftswissenschaften Finanzsektor & Finanzdienstleistungen Unternehmensfinanzierung
• Wirtschaftswissenschaften Betriebswirtschaft Management Risikomanagement
• Wirtschaftswissenschaften Finanzsektor & Finanzdienstleistungen Internationale Finanzmärkte

Inhaltsverzeichnis

1. Venture Capital: A Closer Look behind the Curtain.- 2. Maturation, Segmentation, and Competition in the Venture Capital Industry.- 3. Fund Formation: Structural and Operational Deformations in Venture Capital.- 4. Deal Generation: Optimal Modes of Entrepreneurial Value Creation.- 5. Screening and Evaluation: Misguided Investigation of Entrepreneurial Firms.- 6. Deal Completion: Inequitable Agreements in Venture Capital Contracting.- 7. Monitoring: The Venture Capital Barren Toolbox for Entrepreneurial Activity.- 8. Exiting: Distressed Value Realization in Venture Capital.- 9. Venture Capital: “Subprime” Returns and the Value Chain Analysis.- 10. Improving the Substandard Venture Capital Model.

Über Autor(innen)

Darek Klonowski is Professor of Business Administration at Brandon University, Canada. Prior to joining academia, he worked in the venture capital and private equity industry. He has published three books with Palgrave Macmillan: The Venture Capital Investment Process (2010), Private Equity in Poland (2011), and Private Equity in Emerging Markets (2012).