Into the Next Millennium
Edited by Mike Wright and Ken Robbie
Chapter 14: Venture capitalists, serial entrepreneurs and serial buy-outs
Page 305 14. Venture capitalists, serial entrepreneurs and serial buyouts Mike Wright, Ken Robbie and Christine Ennew Introduction For almost two decades there has been a worldwide growth in interest in entrepreneurship and the financing of entrepreneurial ventures (see the discussion in Chapters 2 to 4). Much of this interest has focused on encouraging ‘nascent entrepreneurs’ to become entrepreneurs, through either the creation or purchase of an entrepreneurial venture together with the development of various enabling sources of funds. However, as experience of entrepreneurship and venture capital develops, an increasingly important issue to emerge concerns the dynamic aspects of these phenomena. That is, to what extent do entrepreneurs become involved in subsequent ventures and what happens to entrepreneurial enterprises once the original parties wish to harvest their investment. These issues are of particular importance as venture capital and the associated buyout and buyin markets mature and the longevity and life cycle of such entrepreneurial organisational forms begins to emerge (Bygrave et al., 1994; Relander et al., 1994). The extent of realizations of venture capital and buyout investments is already substantial in the US market (see, for example, Devlin, 1992, and Petty et al., 1992), in the UK (EVCA, 1995, CMB0R, 1996) and in some of the more developed continental European markets (Chapter 3). Growing research effort is being devoted to entrepreneurs in general who found more than one venture (MacMillan, 1986; Starr and Bygrave, 1991), though there has been little systematic effort to delineate the general...
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