| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w24523 |
| 来源ID | Working Paper 24523 |
| Cost of Experimentation and the Evolution of Venture Capital | |
| Michael Ewens; Ramana Nanda; Matthew Rhodes-Kropf | |
| 发表日期 | 2018-04-23 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | We study how technological shocks to the cost of starting new businesses have led the venture capital model to adapt in fundamental ways over the prior decade. We both document and provide a framework to understand the changes in the investment strategy of venture capitalists (VCs) in recent years — an increased prevalence of a “spray and pray” investment approach — where investors provide a little funding and limited governance to an increased number of startups that they are more likely to abandon, but where initial experiments significantly inform beliefs about the future potential of the venture. This adaptation and related entry by new financial intermediaries has led to a disproportionate rise in innovations where information on future prospects is revealed quickly and cheaply, and reduced the relative share of innovation in complex technologies where initial experiments cost more and reveal less. |
| 主题 | Financial Economics ; Financial Institutions ; Development and Growth ; Innovation and R& ; D |
| URL | https://www.nber.org/papers/w24523 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/582196 |
| 推荐引用方式 GB/T 7714 | Michael Ewens,Ramana Nanda,Matthew Rhodes-Kropf. Cost of Experimentation and the Evolution of Venture Capital. 2018. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w24523.pdf（492KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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