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- July 2022
- Article
Private Equity and COVID-19
By: Paul A. Gompers, Steven N. Kaplan and Vladimir Mukharlyamov
We survey more than 200 private equity (PE) managers from firms with $1.9 trillion of assets under management (AUM) about their portfolio performance, decisionmaking and activities during the Covid-19 pandemic. Given that PE managers have significant incentives to...
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- April 2022
- Article
The Past Is Prologue? Venture-Capital Syndicates' Collaborative Experience and Start-Up Exits
By: Dan Wang, Emily Cox Pahnke and Rory McDonald
Past research has produced contradictory insights into how prior collaboration between organizations—their relational embeddedness—impacts collective collaborative performance. We theorize that the effect of relational embeddedness on collaborative success is...
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- 2022
- Working Paper
Transferable Skills? Founders as Venture Capitalists
By: Paul A. Gompers and Vladimir Mukharlyamov
In this paper we explore whether or not the experience as a founder of a venture capital-backed startup influences the performance of founders who become venture capitalists (VCs). We find that nearly 7% of VCs were previously founders of a venture-backed startup....
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- November 2021
- Article
Venture Capitalists and COVID-19
By: Paul A. Gompers, Will Gornall, Steven N. Kaplan and Ilya A. Strebulaev
We survey over 1,000 institutional and corporate venture capitalists (VCs) at more than 900 different firms to learn how their decisions and investments have been affected by the COVID-19 pandemic. We compare their survey answers to those provided by a large sample of...
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- September 2021
- Case
MAYA Capital
By: Robert F. White, Carla Larangeira and Pedro Levindo
MAYA Capital co-founders Lara Lemann and Monica Saggioro raised $41.5 million through a series of closings for their early-stage Latin American venture capital fund. The two women had met for the first time in mid-2016 when Lemann was contemplating scaling her angel...
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- August 2021
- Case
Andreessen Horowitz’s Cultural Leadership Fund (A)
By: Anita Elberse, Briana Richardson and Cydni Williams
In May 2020, Chris Lyons, a partner at leading venture capital firm Andreessen Horowitz receives the news that his company has reached a verbal agreement with one of Silicon Valley’s hottest social-media startups to lead its ‘Series A’ funding round, in a deal that...
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- August 2021
- Supplement
Andreessen Horowitz’s Cultural Leadership Fund (B): Kevin Hart and Clubhouse
By: Anita Elberse, Briana Richardson and Cydni Williams
In May 2020, Andreessen Horowitz secures an agreement with Clubhouse, one of Silicon Valley’s hottest startups, to lead its ‘Series A’ funding round. One of the factors that insiders saw as pivotal in the race to be Clubhouse’s VC firm of choice was Andreessen...
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- July 2021
- Case
Bessemer Venture Partners: Century Fund
By: Jo Tango and Alys Ferragamo
In July of 2021, Bessemer Venture Partners (BVP) contemplated the future of its growth investing practice, known as “Century.” While still relatively new as a focused initiative, BVP’s growth investing already had significant momentum. The fund’s investment pace had...
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- 2021
- Working Paper
Beefing IT Up for Your Investor? Open Sourcing and Startup Funding: Evidence from GitHub
By: Annamaria Conti, Christian Peukert and Maria Roche
We study the participation of nascent firms in open-source communities and its implications for attracting VC funding. To do so, we exploit unique data on 160,065 US startups linking information from Crunchbase to firms' GitHub accounts. Estimating a within-startup...
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- July 2021
- Case
Kevin D. Johnson: To Be a Venture Capitalist or an Operator?
By: Jo Tango and Alys Ferragamo
In May of 2021, Kevin D. Johnson had just graduated from a rigorous Executive MBA program, and he quickly needed to decide on his next career move. Johnson was the founder and CEO of a successful media company, Johnson Media Inc., but his career goals had shifted while...
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- 2021
- Working Paper
Investment Committee Voting and the Financing of Innovation
By: Andrey Malenko, Ramana Nanda, Matthew Rhodes-Kropf and Savitar Sundaresan
We provide novel evidence on voting practices used by the investment committees of prominent venture capital investors in the U.S. A substantial share of these VCs use a voting rule for seed and early stage investments where a single `champion' is sufficient for the...
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- 2021
- Working Paper
Venture Capital Booms and Startup Financing
By: William Janeway, Ramana Nanda and Matthew Rhodes-Kropf
We review the growing literature on the relationship between venture capital booms and startup financing, focusing on three broad areas: First, we discuss the drivers of large inflows into the venture capital asset class, particularly in recent years—which are related...
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- Article
Ten Year Sunset Rule for Healthcare Regulation Is a Nonstarter and Discouragement to Post-COVID-19 Investment
By: Regina E. Herzlinger and Eugene Schneller
U.S. healthcare delivery has not benefitted from the same productivity growth as many other service industries, such as bricks and mortar retailing, a loss that has gravely diminished cost control and access. Regulatory capture, which creates barriers to venture...
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- March 2021
- Supplement
CashDrop (B1)
By: Rembrand Koning, Paul A. Gompers and Sarah Gulick
After the events in CashDrop A, Flores-Martinez received two concrete offers from VC funds for his startup business, CashDrop. This case describes the tensions between the two funds: a traditional VC fund who would offer Flores-Martinez a prestigious platform, and a...
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- March 2021
- Supplement
CashDrop (B2)
By: Rembrand Koning, Paul A. Gompers and Sarah Gulick
After the events in CashDrop A, Jarrid Tingle and Henri Pierre-Jacques, the founders of Harlem Capital partners, worried that Ruben Flores-Martinez, CashDrop’s founder, would take another offer while he waited for them to officially make an offer. HCP traditionally...
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- March 2021
- Teaching Plan
The Black New Venture Competition
Black entrepreneurs encounter many unique obstacles when raising capital to start and grow a business, some stemming from deep systemic discrimination. During their second year at Harvard Business School (HBS), MBA students Kimberly Foster and Tyler Simpson decided to...
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Keywords:
Analytics;
Startup;
Start-up;
Startup Financing;
Financing;
Startups;
Start-ups;
Business And Community;
Business And Society;
Business Growth;
Discrimination;
Women;
Women-owned Businesses;
African Americans;
African-american Entrepreneurs;
African-american Investors;
African-American Protagonist;
African-American Women;
Early Stage Funding;
Early Stage;
Innovation ＆ Entrepreneurship;
Innovation Competitions;
Entrepreneurial Financing;
Business Plan;
Business Startups;
Diversity;
Gender;
Race;
Entrepreneurship;
Venture Capital;
Small Business;
Leadership;
Information Technology;
Competition
- Article
How Venture Capitalists Make Decisions
By: Paul A. Gompers, Will Gornall, Steven Kaplan and Ilya Strebulaev
For decades now, venture capitalists have played a crucial role in the economy by financing high-growth start-ups. While the companies they’ve backed—Amazon, Apple, Facebook, Google, and more—are constantly in the headlines, very little is known about what VCs actually...
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- 2020
- Working Paper
Biased Sampling of Early Users and the Direction of Startup Innovation
By: Ruiqing Cao, Rembrand Koning and Ramana Nanda
Using data from a prominent online platform for launching new digital products, we document that the composition of the platform's ‘beta testers’ on the day a new product is launched has a systematic and persistent impact on the venture's success. Specifically, we use...
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- October 2020 (Revised December 2020)
- Case
AfricInvest: A Pan-African Investment Platform
By: Victoria Ivashina and Youssef Abdel Aal
The case is set in December 2018, when Ziad Oueslati, co-managing director and co-founder of AfricInvest, a leading pan-African private equity firm headquartered in Tunisia, was reflecting on the future direction of his firm. AfricInvest started as a traditional small...
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- October 2020 (Revised December 2020)
- Case
Investing at Pivotal Ventures
By: Emil N. Siriwardane, Emily R. McComb and Eren Kuzucu
Launched in 2015 by Melinda Gates, co-chair of the Bill & Melinda Gates Foundation, Pivotal Ventures is an investment and incubation company. The company aims to support and promote transformational ideas, people and organizations, and advance social progress for women...
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