An Exploratory Study Of Foreign Angel Investor And Venture Capitalist Perceptions On New Zealand S Deep Technology Investments
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An Exploratory Study Of Foreign Angel Investor And Venture Capitalist Perceptions On New Zealand S Deep Technology Investments
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Author : Michelle Yin
language : en
Publisher:
Release Date : 2020
An Exploratory Study Of Foreign Angel Investor And Venture Capitalist Perceptions On New Zealand S Deep Technology Investments written by Michelle Yin and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020 with categories.
As a nation, New Zealand's relatively small domestic market and venture capital network is not self-sufficient to foster the optimal growth of nascent industries such as deep tech, where the pathway to commercialization is timely and costly. Increasing foreign direct investment may be a viable solution to foster New Zealand's deep tech industry. Currently, there are no studies to date which have investigated foreign angel investor and venture capitalist perceptions on New Zealand's deep tech investments. Therefore, the aim of this study is to gain an understanding of the perceived strengths and weaknesses specific to New Zealand, which impact the investment decision-making process of foreign investors. This knowledge can then be used by key stakeholders in New Zealand's deep tech scene, to strategize a way to increase foreign direct investment into New Zealand's deep tech ventures. Ideally, the study aims to answer the following: What attracts foreign angel investors and venture capitalists to invest in New Zealand's deep tech ventures in the first place? What is our natural area of competitive advantage that differentiates us from other global dominants? What are our weaknesses, and therefore what actions or strategies do we need to propose to improve the deep tech ecosystem? Who are the key stakeholders in power to implement these changes? These contextualized questions form the crux of this exploratory study. A qualitative approach was adopted, and data was collected through interviewing a total of 9 participants online via video-calling, in the form of semi-structured interviews. Findings demonstrate that proposed actions can be implemented through four key stakeholders: the investee firm itself, the investors, and supporting institutions such as universities and government bodies. Furthermore, two novel contributions were highlighted. Firstly, some aspects of the New Zealand culture were perceived negatively by foreign investors. Secondly, foreign investors themselves were shown to have areas of inadequacies which may alter their perception of promising deep tech investment opportunities. Government bodies in New Zealand can work towards promoting New Zealand's culture to boost the country's reputation, whereas angel investors and venture capitalists themselves need to be better educated to order to foster the optimal growth of young deep tech ventures.
An Exploratory Investigation Into The Decision Making Processes Of Angel And Venture Capital Investors In New Zealand
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Author : Joshua Philip Alden
language : en
Publisher:
Release Date : 2014
An Exploratory Investigation Into The Decision Making Processes Of Angel And Venture Capital Investors In New Zealand written by Joshua Philip Alden and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with Angels (Investors) categories.
Angels and venture capitalists are key private investors that operate in New Zealand. There is a particular prevalence of these investors in the biotechnology, information technology and software industries. Understanding their respective decision-making processes is vitally important. Previous research has analysed this process either through establishing the individual steps the different investors go through, or focussing on the investment criteria that they feel are important. Researchers have called for future studies to combine these two types of investigation and also to look at investment rejection reasoning. The relative importance of investment criteria is an area that is also lacking in the literature and cannot readily be studied unless the complete investment process and criteria are researched concurrently; thus this research aimed to understand these aspects. A critical realist framework was utilised with a qualitative based interview approach. Participants were interviewed to identify the investment process; investment criteria; and reasons for rejection in one concurrent session. Semi-structured interviews overcame previous limitations in this field of research as they allowed true themes to emerge from participants. These interviews were transcribed and analysed for common themes, and were analysed alongside secondary data to ensure validity. Findings showed commonalities and differences with previous literature. It emerged that angels are becoming more like venture capitalists by undertaking due diligence in their process; something which had not been comprehensively shown in the literature previously. Venture capitalists identified investment committees as a vital aspect of their process; which the literature had consistently failed to identify as a key step. This research found that angels and venture capitalists weight the entrepreneur far more at the earlier stages of the process compared with other important criteria such as market factors. However as the process enters due diligence these previously less important factors begin to outweigh the importance of the entrepreneur. These findings have potential value to the investors themselves as well as entrepreneurs looking to seek investment. This research paves the way for future studies to further analyse the relative importance of investment criteria with respect to the stage of the investment process.
Early Stage Investing In New Zealand
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Author : Odette Lees
language : en
Publisher:
Release Date : 2020
Early Stage Investing In New Zealand written by Odette Lees and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020 with categories.
Who want to gain exposure at the early stages of investment have multiple choices of investment vehicles. Two, in particular, are venture capital funds and angel investing. These two investment vehicles have many different qualities which affect the exposure to risk, activity required of the investor, and the level of reporting required. In New Zealand, venture capital funds and angels often invest at early stages of a company's growth, and this prevalence of capital flowing in at this stage has created a funding gap at later stages. To address this issue, understanding the motivations and decision-making processes of earlystage individual investors is important. The research utilises a critical realist methodology with semi-structured interviews to explore the factors which influence early-stage investors to invest in either a venture capital fund, or angel investment vehicle. This approach was chosen to sufficiently explore the complex nature of the decision-making influences and processes that affect individual investors. The eight investors participating in the research were early-stage investors who invest in venture capital funds, are angel investors, or who invest through both investment vehicles. The results of the primary research show that there is a range of different influences which have the largest impact when choosing between investment vehicles, and during the process of selecting a particular fund or company within each investment vehicle. These include the track record of the venture capital firm or company, risk profile, and the ability to be active. There are similarities between the two vehicles, such as, the influence of the people involved in each investment vehicle, as well as influences which positively affect investment into one vehicle but deter investors from the other. The findings provide an insight into how New Zealand early-stage investors assess the two investment vehicles and provide a basis for future work around how investment vehicles could become tailored to the preferences of investors.
Alternative Venture Capital Fund Structures For New Zealand
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Author : Sujit Kalidas
language : en
Publisher:
Release Date : 2012
Alternative Venture Capital Fund Structures For New Zealand written by Sujit Kalidas and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with Small business investment companies categories.
Angel Financing In Asia Pacific
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Author : John Y. Lo
language : en
Publisher: Emerald Group Publishing
Release Date : 2016-10-28
Angel Financing In Asia Pacific written by John Y. Lo and has been published by Emerald Group Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-10-28 with Business & Economics categories.
By examining the current status and recent developments in a number of countries in Asia, this book makes recommendations, provides analysis, and suggests new approaches to startup angel financing in the Asia Pacific region.
Angels Without Borders Trends And Policies Shaping Angel Investment Worldwide
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Author : Mannie Manhong Liu
language : en
Publisher: World Scientific
Release Date : 2015-10-20
Angels Without Borders Trends And Policies Shaping Angel Investment Worldwide written by Mannie Manhong Liu and has been published by World Scientific this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-10-20 with Business & Economics categories.
'Angel investors' provide small amounts of capital ($100k-$3m) to early stage, high-risk ventures. In recent years, they have not only grown in numbers and sophistication, they have garnered the attention of larger investors and governments throughout the world who are interested in the phenomenal power of startups to bring innovative products to consumers, create jobs and economic value, and sustain macroeconomic growth.This comes as no surprise. Some of the world's most valuable and influential companies, such as Google, Facebook, and Uber were able to survive and thrive in their make-or-break early years only through the backing of angels.Angels Without Borders: Trends and Policies Shaping Angel Investment Worldwide, drawing on chapter contributors from more than two dozen nations, will be the only book on the market to examine this trend from a global perspective. It is a very useful reference for anyone who is interested in learning about the angel investment movement.
The Business Of Angel Investing In New Zealand
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Author : New Zealand Venture Investment Fund
language : en
Publisher:
Release Date : 2007
The Business Of Angel Investing In New Zealand written by New Zealand Venture Investment Fund and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with categories.
The Hunt For Unicorns
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Author : Winston Ma
language : en
Publisher: John Wiley & Sons
Release Date : 2021-01-05
The Hunt For Unicorns written by Winston Ma and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-01-05 with Political Science categories.
Who holds the power in financial markets? For many, the answer would probably be the large investment banks, big asset managers, and hedge funds that are often in the media's spotlight. But more and more a new group of sovereign investors, which includes some of the world's largest sovereign wealth funds, government pension funds, central bank reserve funds, state-owned enterprises, and other sovereign capital-enabled entities, have emerged to become the most influential capital markets players and investment firms, with $30 trillion in assets under management (“super asset owners”). Their ample resources, preference for lower profile, passive investing, their long-time horizon and adherence to sustainability as well as their need to diversify globally and by sector have helped to transform the investment world and, in particular, private markets for digital companies. They have helped create and sustain an environment that has fostered the rise of the likes of Uber, Alibaba, Spotify and other transformative players in the digital economy, while providing their founders and business models the benefit of long-term capital. Despite this increasingly important impact, sovereign investors remain mostly unknown, often maintaining a low profile in global markets. For the same reason, they’re also among the most widely misunderstood, as many view investments made by sovereign investors as purely driven by political aims. The general perception is that most sovereign investors lack transparency and have questionable governance controls, causing an investee nation to fear exposure to risks of unfair competition, data security, corruption, and non-financially or non-economically motivated investments. The current global tensions around the AI race and tech competition – and now the corona virus pandemic – have exacerbated such misperceptions, spawning controversies around sovereign investors and capital markets, governments, new technologies, cross-border investments, and related laws and regulations. As such, sovereign capital and the global digital economy are undergoing an unprecedented, contentious moment. In short, the emergence of sovereign funds symbolizes a major shift of the world’s economic power. For the first time, investment funds from developing countries are playing with OECD financial giants as equals. Furthermore, their investments into high tech enable them to participate at the cutting-edge of the fourth industrial revolution, challenging traditional innovation powerhouses like the US and Germany. For all stakeholders, from tech unicorns, VC funds, asset managers, financial firms, to policymakers, law firms, academics, and the general public, this is the must-have book to get to know these new venture capitalists and “super asset owners”.
Market Validation In New Technology Development
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Author : Monique Lees
language : en
Publisher:
Release Date : 2014
Market Validation In New Technology Development written by Monique Lees and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with Entrepreneurship categories.
Entrepreneurship is the driving force for many modern economies, increasing the competitive capacity of developed countries through company creation or an increase in the corporate activities of existing firms. The characteristic expression of entrepreneurship is seen in the creation of a start-up company which goes on to develop into a high-growth company. New Zealand is a country with a relatively high rate of start-up companies, and is one of the easiest countries in the world to start a business. However, despite a high business population per capita, growing a new-technology based company into a high-value firm in New Zealand is challenging. An invaluable skill for a start-up entrepreneur is the ability to quickly and accurately assess whether serious potential exists in a new opportunity. Subsequently this informs decisions on how much time, effort and money to invest. Market validation (MV) is a process to probe, test and validate a market opportunity prior to investing a large amount of money into technology development. However there is very little research to suggest that New Zealand start-up companies routinely use this process during new-technology development. This research investigates the use of MV in New Zealand technology start-up companies. An exploratory qualitative study was conducted. Data was collected through semi-structured interviews on seven New Zealand technology start-up founders. This research identifies three key implications for the use of MV in New Zealand start-up companies. Firstly, there is a need to increase the awareness and accessibility of MV information in the New Zealand start-up community. Secondly, entrepreneurs need to understand the value that MV practices can add to their business before deciding to implement MV into their new-technology development process. Thirdly, there are perceived barriers to MV in New Zealand start-up environment that need to be addressed. It is proposed that future research in this area could focus on two areas. Firstly, how tertiary business education can effectively communicate the value of MV to New Zealand technology start-up founders. Secondly, how to address the New Zealand specific barriers to MV that prevent technology start-up companies implementing this process in their business.
Exploring The Decision Making Criteria Of Entrepreneurs On Prospective Investors Within New Zealand S Life Science Sector
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Author : Rishikesh Krishanasamy
language : en
Publisher:
Release Date : 2019
Exploring The Decision Making Criteria Of Entrepreneurs On Prospective Investors Within New Zealand S Life Science Sector written by Rishikesh Krishanasamy and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with Biotechnology industries categories.
Successful life-science ventures contribute significantly to New Zealand's productivity and economic growth. Life-science ventures have the potential to generate and develop substantial amounts of value and growth. However, to generate value and achieve success, entrepreneurs of life-science ventures will undertake a funding-round to acquire additional capital. Entrepreneurs in this sector mainly raise capital for their ventures by obtaining investment from both venture capital (VC) and business angel (BA) investors. Presently, the majority of the prior literature has focused on the decision-making criteria and process of these investors whereas, the equally important research on the entrepreneur's point-of-view on the investment process is limited. So, this study aims to explore the key decision-making criteria of entrepreneurs with life-science ventures on prospective VC and BA investors. Furthermore, this study also seeks to understand the barriers that prevent entrepreneurs from implementing the key criteria when raising capital from both VC and BA investors. To further understand the perspectives and behaviours of entrepreneurs during their evaluation of a prospective VC and BA investor within New Zealand and life-science contexts, this study adopted a qualitative research strategy. Data was collected through twelve semi-structured interviews from two sample groups -entrepreneurs or founders and other key decision-makers such as CEOs and directors of life-science ventures. This study found nine key decision-making criteria during an entrepreneur's evaluation of a prospective investor. The key criteria adopted by entrepreneurs include; valuation, terms and conditions of the contract, reputation, funding round in-progress, size of the investment, personal compatibility, ease of deal-making, follow-on investment, value-adding services and investor and fund attributes. In addition, entrepreneurs in this study observed four main barriers that affect the implementation and utilisation of the key criteria in-practice and so, the ability to choose investors. The main barriers or obstacles encountered by entrepreneurs are as follows; NZ's investment landscape (e.g. limited number of capital and investors), the venture's investment urgency, the venture's business lifecycle stage and lastly, the type of life-science venture.
