The technological novelty of invention and speed to IPO of high-tech start-ups

IF 7.1 2区管理学 Q1 Business, Management and Accounting

International Small Business Journal-Researching Entrepreneurship Pub Date : 2022-08-21 DOI:10.1177/02662426221115717

Congshan Li, Jieyu Zhou

引用次数: 1

Abstract

The technological novelty of inventions signals economic potential while simultaneously indicating considerable technological and market risks. We speculate that unlike early-stage venture capital (VC) investors, late-stage public investors will interpret technological novelty as a signal of high risks. Consequently, they will hesitate to promptly invest in high-tech start-ups with such inventions, thereby slowing the initial public offering speed of the start-ups. Based on a sample of 408 VC-backed healthcare start-ups founded between 1990 and 2010, we find support for our hypothesis. We also find that the negative effect of technological novelty of inventions can be relieved when the technology is characterised by conventionality, when the founder is also the inventor, or when the start-up is backed by premium VC investors.

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发明的技术新颖性与高科技初创企业的IPO速度

发明的技术新颖性表明了经济潜力，同时也表明了相当大的技术和市场风险。我们推测，与早期风险投资（VC）投资者不同，后期公众投资者会将技术创新解读为高风险的信号。因此，他们会犹豫是否立即投资于拥有此类发明的高科技初创企业，从而减缓初创企业的首次公开募股速度。基于1990年至2010年间成立的408家风险投资支持的医疗初创企业的样本，我们发现了对我们假设的支持。我们还发现，当技术以传统性为特征时，当创始人也是发明人时，或者当初创企业得到优质风投投资者的支持时，发明的技术新颖性的负面影响可以减轻。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

International Small Business Journal-Researching Entrepreneurship Multiple-

CiteScore

10.80

自引率

8.50%

发文量

期刊介绍： The International Small Business Journal (ISBJ) is a leading peer-reviewed journal renowned for publishing high-quality original research papers on small business and entrepreneurship. It prioritizes research-based studies that contribute to theory development, critical understanding, and policy formulation related to small firms. ISBJ papers encompass theoretical, methodological, and empirical studies from various disciplines and perspectives, aiming for research excellence in the field. The journal provides a critical forum for world-class contributions analyzing entrepreneurship and entrepreneurial behavior. This refereed journal is valuable to academics, policymakers, analysts, government and business officials, small business representative bodies, and support agencies seeking to gain insights into the sector, trade, business institutions, and related matters.