More from these Authors

• Working Paper | HBS Working Paper Series | 2020

  Fencing Off Silicon Valley: Cross-Border Venture Capital and Technology Spillovers

  Ufuk Akcigit, Sina T. Ates, Josh Lerner, Richard Townsend and Yulia Zhestkova

  The treatment of foreign investors has been a contentious topic in U.S. entrepreneurship policy in recent years. This paper examines foreign corporate investments in Silicon Valley from a theoretical and empirical perspective. We model a setting where such funding may allow U.S. entrepreneurs to pursue technologies that they could not otherwise, but may also lead to spillovers to the overseas firm providing the financing and the nation where it is based. We show that despite the benefits from such inbound investments for U.S. firms, it may be optimal for the U.S. government to raise their costs to deter investments. Using as comprehensive as possible a sample of investments by non-U.S. corporate investors in U.S. start-ups between 1976 and 2015, we find evidence consistent with the presence of knowledge spillovers to foreign investors.

  Keywords: innovation; foreign direct investment; Corporate Venture Capital;

  Citation:

  Akcigit, Ufuk, Sina T. Ates, Josh Lerner, Richard Townsend, and Yulia Zhestkova. "Fencing Off Silicon Valley: Cross-Border Venture Capital and Technology Spillovers." Harvard Business School Working Paper, No. 21-043, September 2020.  View Details

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• Teaching Plan | HBS Case Collection | September 2020

  Harlem Capital: Changing the Face of Entrepreneurship

  George Serafeim

  Jarrid Tingle and Henri Pierre-Jacques had spent the summer between their first and second years of their MBA program fund raising for their start-up venture capital (VC) firm, Harlem Capital Partners. Harlem Capital was founded upon the principle that addressing the VC funding gap for minorities and women—who received only 3% of total VC funding—could produce superior returns. Tingle and Pierre-Jacques were passionate about the mission of Harlem Capital to change the face of entrepreneurship. However, despite generating significant media attention, Harlem Capital had only raised a few million dollars over the summer, not nearly enough for the fund to be financially viable as a career path for Tingle and Pierre-Jacques. Should Tingle and Pierre-Jacques commit to Harlem Capital despite the serious roadblocks on their path? Or should they capitalize on their pre-MBA private equity experience and attempt to be impactful through a more traditional career post-MBA graduation?

  Keywords: diversity; venture capital; venture capital firm compensation; entrepreneurship; entrepreneurial finance; entrepreneurial financing; Black entrepreneurs; black leadership; Black inventors; inclusion; minority-owned businesses; race; race and ethnicity; race characteristics; Entrepreneurship; Venture Capital; Diversity; Financial Services Industry; United States;

  Citation:

  Serafeim, George. "Harlem Capital: Changing the Face of Entrepreneurship." Harvard Business School Teaching Plan 121-027, September 2020.  View Details

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• Working Paper | HBS Working Paper Series | 2020

  Measuring the Cost of Corporate Water Usage

  DG Park, George Serafeim and T. Robert Zochowski

  We develop a methodology that calculates the impact that organizations have on the environment through their water consumption relating to water stress risk. Using the methodology, we derive estimates for four companies that show how assumptions on the geographic location of the water withdrawal and use of different prices for water across geographies lead to variation in these estimates. We conclude with a framework guiding a user to understand the conditions under which a methodology might lead to over- or underestimation of water costs.

  Keywords: Water; water management; environment; sustainability; Organizations; Environmental Sustainability; Valuation;

  Citation:

  Park, DG, George Serafeim, and T. Robert Zochowski. "Measuring the Cost of Corporate Water Usage." Harvard Business School Working Paper, No. 21-036, September 2020.  View Details

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