This book examines the adverse effects of complexity, information asymmetries, transaction costs, and uncertainty on investors decision making. It suggests mitigating those effects using appropriate and matching signals, and analyzes a sample of 903 German startups to quantitatively highlight the distinct financing patterns and characteristics of high-tech startups. It then investigates the reasons for these patterns on the basis of a qualitative study that includes 34 interviews with investors and entrepreneurs in the US and Germany and an international expert panel. Lastly, it presents a framework that matches complexity factors with appropriate productive signals.
Inhaltsverzeichnis
Introduction: High-Tech Startup Financing. - Theory: The Liability of Complexity. - Methodology: Mixed Methods Approach. - Study I: Survey of German Startups. - Study II: Interviews with Entrepreneurs and Investors. - Framework: Matching Signals with Complexities of High-Tech Strartups. - Discussion: Why Signals Can Help to Overcome the Liability of Complexity. - Conclusion: Taming Complexity. - Appendix.