Download Risk Appraisal and Venture Capital in High Technology New by Gavin C Reid PDF

By Gavin C Reid

This booklet is a 'crossover' remedy of quantitative and qualitative danger research in the surroundings of latest excessive expertise ventures within the united kingdom. Reid and Smith have dependent their learn on vast fieldwork in patent-intensive, high-technology businesses. This has integrated face-to-face interviews with prime traders, and is illustrated via chapters of case reviews. Their target is to increase the certainty of equipment of possibility evaluate and to light up present coverage issues approximately stimulating leading edge output and securing highbrow estate. This publication is exclusive in being educational in cause and goal, but strongly grounded in perform, with out turning into in simple terms a practitioner quantity. Reid and Smith discover a substantial consensus within the enterprise capital at the spectrum of investments by means of chance, and on key advertisement elements affecting chance. This booklet bargains an invaluable and interdisciplinary method of an more and more well known box of research.

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Example text

To that must be applied judgement, based on analogy, pattern recognition, and so on, in order to make a decision. As we observe 22 Conceptual framework below, just how far we may be willing to go in making judgements of this sort should depend on a kind of cost–benefit calculation. To summarise this section, we have shown that a wide variety of uncertain situations are capable of calibration by thinking in terms of probabilities. These can be: precise estimates based on full information; statistical estimates based on accurate but incomplete information; ‘degree of belief’ estimates based on limited information’; or even ordinal (or rankings-based) estimates, based on a paucity of information.

Fail to work as hard as they could and/or personally may consume benefits which would Risk and uncertainty 23 otherwise accrue to others). e. perks), for which the principal bears a proportion of costs. The organisational answer to this danger is to assign a residual owner or claimant (in this case, the principal, or venture capitalist) who is entitled to any surplus created by the firm (in this case, the agent, or entrepreneur) after the disbursement of all remunerations. The theory therefore explains why venture capitalist–entrepreneur relations will be created, and the forms they may take.

The figure shows how this ‘deal’ or ‘contract’ will be designed to encourage the entrepreneur (and his high technology firm) to act in ways which are aligned with the venture capitalist’s aims. That is, the investor’s goal will be to attenuate shirking and to elicit optimal effort. In such a fashion, the venture capitalist tries to reduce any informational advantage possessed by the entrepreneur (compare Healy and Palepu, 2001). This can arise from greater familiarity with high-technology products and better intelligence on the capabilities of rivals.

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