Analysis of Factors affecting the cooperation pattern of venture capitalists and Start-ups with a focus on non-financial value creation mechanisms in two domestic venture capitalists

Document Type : Research Article (Original Article)


1 PhD candidate of Technology Management, Faculty of Management and Accounting, Allameh Tabataba’i University, Tehran, Iran

2 Associate Professor, Faculty of Management and Accounting, Allameh Tabataba'i University, Tehran, Iran

3 Assistant Professor, Faculty of Management and Accounting, Allameh Tabataba'i University, Tehran


In interacting with Start-ups, venture capitalists play a role beyond providing financial resources for these companies and create value for them. The present research, using the case study method, investigates the factors affecting the cooperation pattern of venture capitalists and innovative companies, focusing on the mechanisms of creating non-financial values, through 23 semi-structured interviews with the deputies and consultants of two domestic venture capitalists and 6 start-ups affiliated with them in the time period (1393 to 1400) has been covered. In this research, the effective factors on the non-financial value creation mechanisms of two selected venture capitalists have been investigated using qualitative content analysis of interviews and axial coding.
The results of this research show that in both venture capitalists, the five factors of clear expression of expectations, trust and respect, timely fulfillment of obligations, high flexibility and non-interference in executive affairs by venture capitalists have played an effective role in the value creation of these investors for start-ups and laid the groundwork. The success and effective interaction between these two collections has been in the period of cooperation. On the other hand, there is a fundamental difference between these two venture capitalists in the two factors of the effective presence of the board of directors representative and the culture of planning and control, which is due to the difference in their control and governance approaches in interacting with start-ups.


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