This thesis investigates whether resource acquisition timing holds predictive power towards the exit outcome of venture capital-backed entrepreneurial ventures. In order to do so, we employ a holistic view on the trajectory of resource acquisitions made by 7,529 ventures operating in the software and hardware industry in the United States from 1985-2015. We group ventures based on their distinct sequence of resource acquisitions and find that independent venture capital funding is the optimal resource to initially acquire, while an ideal strategy is to subsequently pursue patents and trademarks. We find that the timing between intellectual property rights does not have a significant impact on the likelihood of a successful exit outcome, and thus, the value pertains to the complementarity of acquiring both. A robustness check shows that the findings are sensitive to changes in model specifications, yet, the general conclusion is unaffected. Various limitations imply that the findings are not generalizable to other institutional settings than the United States, nor outside the industries of software and hardware.
|Educations||MSc in Finance and Strategic Management, (Graduate Programme) Final Thesis|
|Number of pages||238|
|Supervisors||Francesco Di Lorenzo|