Journal Article

Open business models and venture capital finance

Massimo G. Colombo, Douglas Cumming, Ali Mohammadi, Cristina Rossi-Lamastra and Anu Wadhwa

in Industrial and Corporate Change

Volume 25, issue 2, pages 353-370
Published in print April 2016 | ISSN: 0960-6491
Published online March 2016 | e-ISSN: 1464-3650 | DOI: https://dx.doi.org/10.1093/icc/dtw001
Open business models and venture capital finance

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  • Investment Banking
  • Market Structure, Firm Strategy, and Market Performance
  • Entrepreneurship
  • Technological Change; Research and Development

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We investigate the differences in venture capital (VC) governance of investee firms with Open Business Models, specifically Open Source Software (OSS), versus closed business models. Due to OSS’s pronounced complexity and uncertainty, we conjecture that VC-backed OSS firms are more frequently staged and syndicated. We present robust empirical evidence from the United States that OSS ventures have more financing rounds and are more likely to be syndicated, and mixed evidence that OSS ventures have a larger number of syndicated investors.

Keywords: G24; L17; L26; O31

Journal Article.  11065 words.  Illustrated.

Subjects: Investment Banking ; Market Structure, Firm Strategy, and Market Performance ; Entrepreneurship ; Technological Change; Research and Development

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