Drawing on human capital theory, we derive hypotheses which link the investment strategy of venture capital firms (VCFs) to the human capital (type of education and experience) of its top management team. In line with existing literature, we distinguish VCFs that are early-stage specialists vs. non-early stage specialists, VCFs that invest with a narrow vs. a broad geographic scope, and VCFs investing with high or low industry diversity.
Patzelt, Holger; zu Knyphausen-Aufseß, Dodo; and Fischer, Heiko T.
"INVESTMENT STRATEGIES AND HUMAN CAPITAL IN VENTURE CAPITAL FIRMS (SUMMARY),"
Frontiers of Entrepreneurship Research: Vol. 27
, Article 14.
Available at: http://digitalknowledge.babson.edu/fer/vol27/iss3/14