Early individual stakeholders, first venture capital investment, and exit in the UK startup ecosystem

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  • dc.contributor.author Banal Estañol, Albert
  • dc.contributor.author Macho-Stadler, Inés
  • dc.contributor.author Nieto-Postigo, Jonás
  • dc.contributor.author Pérez Castrillo, David
  • dc.date.accessioned 2024-02-23T07:44:03Z
  • dc.date.available 2024-02-23T07:44:03Z
  • dc.date.issued 2023
  • dc.description.abstract We create a novel, comprehensive dataset of UK-based startups with extensive information on ownership, control, and valuation. Our database provides unique descriptive evidence about the relevance of individual stakeholders in startups, particularly before the entry of venture capital institutional investors. We compare the influence of two comparable characteristics of various groups of pre-institutional individual stakeholders: size and experience. We show that the quantity as well as the experience, of founders, directors, and other individual investors correlate with the startup’s type of, and value at, exit. Success results are very different across types of diversity: functional diversity appears to have a positive relationship with success whereas that of demographic diversity is negative.
  • dc.description.sponsorship We acknowledge financial support from Ministerio de Economía y Competitividad and Feder (ECO2016-76998-P, PGC2018-094348-B-I00, PID2021-122403NB-I00), Generalitat de Catalunya, Spain (2021SGR-00194), ICREA under the ICREA Academia programme, and Severo Ochoa Programme (CEX2019-000915-S).
  • dc.format.mimetype application/pdf
  • dc.identifier.citation Banal-Estañol A, Macho-Stadler I, Nieto-Postigo J, Pérez-Castrillo D. Early individual stakeholders, first venture capital investment, and exit in the UK startup ecosystem. Journal of Corporate Finance. 2023;80:102420. DOI: 10.1016/j.jcorpfin.2023.102420
  • dc.identifier.doi http://dx.doi.org/10.1016/j.jcorpfin.2023.102420
  • dc.identifier.issn 0929-1199
  • dc.identifier.uri http://hdl.handle.net/10230/59225
  • dc.language.iso eng
  • dc.publisher Elsevier
  • dc.relation.ispartof Journal of Corporate Finance. 2023;80:102420.
  • dc.relation.projectID info:eu-repo/grantAgreement/ES/1PE/ECO2016-76998-P
  • dc.relation.projectID info:eu-repo/grantAgreement/ES/2PE/PGC2018-094348-B-I00
  • dc.relation.projectID info:eu-repo/grantAgreement/ES/3PE/PID2021-122403NB-I00
  • dc.rights © 2023 The Author(s). Published by Elsevier B.V. This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/).
  • dc.rights.accessRights info:eu-repo/semantics/openAccess
  • dc.rights.uri https://creativecommons.org/licenses/by-nc-nd/4.0/
  • dc.subject.keyword Startups
  • dc.subject.keyword Venture capital
  • dc.subject.keyword Founders
  • dc.subject.keyword Individual investors
  • dc.title Early individual stakeholders, first venture capital investment, and exit in the UK startup ecosystem
  • dc.type info:eu-repo/semantics/article
  • dc.type.version info:eu-repo/semantics/publishedVersion

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