Keys to Fundraising Success in Nascent Venture Capital Firms

Jennifer Walske and Andrew Zacharakis

in The Oxford Handbook of Venture Capital

Published in print April 2012 | ISBN: 9780195391596
Published online September 2012 | | DOI:

Series: Oxford Handbooks

 Keys to Fundraising Success in Nascent Venture Capital Firms

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This article applies resource-based view (RBV) theory and asks which founding conditions are most closely related to a new firm's ability to capture its earliest resources. RBV theory suggests that a firm creates a competitive advantage if its strategy is closely married to firm-specific resources. By tightly linking firm resources and strategy, other firms are less likely to replicate firm strategy. While RBV theory has been widely used to assess firm performance, its use in understanding early firm resource acquisition has been largely unexplored. The article explores how the combination of founders' human capital and early strategy correlate with a nascent venture capital firm's ability to raise its first fund. It begins with a discussion of theory and related hypotheses, and then elaborates on findings, noting the research's limitations. It concludes with a summary of findings and suggestions for future research.

Keywords: resource-based view theory; founding; new firms; firm strategy; human capital; fundraising

Article.  9683 words. 

Subjects: Economics ; Financial Markets

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