Exploring performance drivers for technology-based ventures from early stage to expansion: perspectives of venture capitalists

Ng, Artie W., Macbeth, Douglas and Yip, Leslie S.C. (2017) Exploring performance drivers for technology-based ventures from early stage to expansion: perspectives of venture capitalists. Venture Capital, 19 (4), 335-359. (doi:10.1080/13691066.2017.1334302).

Abstract

This study aims to explore the performance drivers perceived by venture capitalists in monitoring the early-stage development and performance of technology-based ventures (TBVs). A framework is developed with a scorecard of intellectual capital as feed-forward performance drivers of outcomes to articulate the underlying performance management mechanism assumed by venture capitalists. Such mechanism facilitates monitoring performance of TBVs from the early stage to expansion by the venture capitalists as key equity stakeholders. A mixed research approach composed of a survey and supplementary interviews is adopted for this study. The findings through triangulation reveal the relevance of a dynamic scorecard for monitoring performance that needs to be reconfigured with differentiated significance in the course of a TBV’s development and growth. It suggests the pertinence of intellectual capital as performance drivers to enhance performance measurement and management of TBVs as well as the perspectives of venture capitalists in cultivating TBVs’ performance.

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