Description
Strategic Management In Early Stage Venture Capital Funds – A Longitudinal Analysis Of Success Factors In German Funds
Strategic Management in Early Stage Venture
Capital Funds – A Longitudinal Analysis of
Success Factors in German Funds
Potsdam, November 09th, 2012
Prof. Dr. Michael Schefczyk
Prof. Dr. Andreas Pinkwart
Dipl.-Kfm. Torsten Fiegler
Dorian Proksch, M.Sc.
TU Dresden Chair of Entrepreneurship and Innovation ? HHL Chair of Innovation Management and Entrepreneurship
Folie 2 von 23
G-Forum 2012
Content
• Introduction
• Hypotheses
• Methodology
• Interim results/Discussion
Folie 3 von 23
G-Forum 2012
Introduction
Folie 4 von 23
G-Forum 2012
The German Venture Capital and Privaty Equity market currently consists largely of buy-
outs. Economically important seed and start-up segments are small.
Source: BVK market statistics, own analysis
Investments first half 2012
100 % = 1.5 billion €
Seed
1%
Start-up
8%
Later-stage VC
6%
Growth
7%
Turnaround < 1%
Replacement capital
3%
Buy-outs
75%
Average deal size
in million €
Introduction …
Seed
Start-up
Later stage-VC
Growth
Turnaround
Replacement capital
Buy-outs
2003 2012
0.8
0.6
0.3
1.6
1.2
0.5
24.6
0.14
0.5
0.9
0.9
1.0
7.3
26.4
Folie 5 von 23
G-Forum 2012
Early stage investments were pushed by public activities beginning 2006 and 2007
but they also have been stagnating since 2008
Source: BVK market statistics, own analysis
Introduction …
Investments in early stages 2003 ? 2012 in million €
0
20
40
60
80
100
120
140
160
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Start-up Seed
NRW
Seed-
fonds
HTGF
Folie 6 von 23
G-Forum 2012
A substantial gap prevails between early stage investments in reality and early stage
research
Introduction …
Early stage issues
• Early stage firms require financing plus intensive non-financial support (Dimov/Murray
2008, Lindsey 2005)
• At a single point in time, future commercial success cannot be predicted, struggling over
a longer time is the norm
• Venture Capital firms face the dilemma of high risks and usually too moderate returns
relative to monitoring and management support costs
• Current research is usually too cross-sectional and based on secondary data to reflect
reality (Hallen/Eisenhardt 2012, Bygrave 2006)
Folie 7 von 23
G-Forum 2012
Our aim is to contribute to closing this gap in six areas of Venture and Venture Capital
fund management
1. Personal characteristics/
Interpersonal relationships
• Team structure and
background
• Interpersonal conflicts
• Homogenity of investors
2. Networks
• Syndication
• Follow-up investments
• Forming of ties to PC
• Value added in strategic
decisions of VC and NTBF
3. Technology/Strategy
• Intellectual property
• Milestones
• Proof of market
• Proof of concept
4. Management support
• Activity
• Frequence
• International focus
• Strategic leverage effect
5. Risk management
• Contract design
• Due-diligence
• Monthly reporting
6. Internationalization
• Founders’ international
experience
• International background of
the investor
• Nature of the industry
Strategic Management in VCF
Introduction …
Folie 8 von 23
G-Forum 2012
Selected Hypotheses
Folie 9 von 23
G-Forum 2012
Our first set of hypotheses looks at personal and technology/strategy attributes of the
early stage firms
Personal
characteristics
• Entrepreneurs develop their know-how and qualification in human capital
while leading the company (Colombo/Grilli 2009)
• A stable interpersonal relation between entrepreneur and investors can
reduce conflicts (Hite 2005). We suppose that an active intervention of
the investment manager in charge positively contributes to manage and
resolve conflicts
Selected Hypotheses …
Networks
• Syndicated investments in the early stage show – because of
interweavings of networks and exchange of knowledge – a higher
success rate than investments where only one investor participates
(Manigart et al. 2006)
• Strong financial relations support VC decisions in their NTBF, e.g.
external technology or market expert, the advisory board, or personal
contacts of the investment manager
Technology/
Strategy
• If a NTBF have strong intellectual properties, this may count as signals
of quality and is simultaneously seen as a predictor for a success
(Autio/Acs 2010)
• The compliance of milestones like the proof of concept have a positive
impact on the success of the fund as well as on the NTBF
Folie 10 von 23
G-Forum 2012
Our second set of hypotheses mostly looks at the Venture Capital and transaction
perspective
Management
support
• PC supported by an intensive advice of the investment manager show
a higher and lasting level of success (Schefczyk, Gerpott 2001)
• The know-how of investment managers can – concerning the valuation
and development of risks – point the way to the success of investments
in early stage funds
Selected Hypotheses …
Risk
management
• VCs focus on contract design which minimizes the agent risk (Kaplan,
2003)
International-
ization
• The founder’s international experience and the nature of the industry
were founded as the key elements (Johonson, 2004)
• The VCs can serve as a catalyst for the internationalization of new
ventures through their knowledge and reputation (Fernhaber, McDougall-
Covin 2009)
Folie 11 von 23
G-Forum 2012
Methodology
Folie 12 von 23
G-Forum 2012
We aim to test our hypotheses with the current generation of Venture Capital-financed
firms in Germany based on unusually rich empirical data
Survey design to evaluate the VCF and NTBF
* Focus of traditional VC-research
Methodology …
Phase 1
Preinvestment
Phase 2
Investment
Phase 1
Preinvestment
• Business plan
• Résumés
• Capitalization table
• Milestones
• Investment agreement
• Decision documents
• Business plan
• Experts opinions
• Quantitative reporting
• Follow-up financing
• Survey of investment
manager *
• Survey of entrepreneur
• Qualitative reporting
• Supervisory board
• Controlling reports
Quantitative
Qualitative
Folie 13 von 23
G-Forum 2012
This is work in progress in the context of two more data collection steps to go
Process of survey
(1)
Venture Capital fund document analysis
(2)
Investment-
manager survey
(3)
Entrepreneur
survey
(0)
Pretest
• Comprehensive on-site document analysis
• Quantitative: spreadsheet tools and
statistics package
• Qualitative: grounded theory tool and
statistic package
• 10 item lime survey for each step
• missions: avoid overwarning respondents
and minimize by excluding all items
collected in step 1
• First wave completed by mid-October
2012
• Research team
• First wave to be completed until
March 31 2012
Methodology …
Folie 14 von 23
G-Forum 2012
So far, we gained a sample of 124 companies financed by 8 venture capitalists holding
a large share in the German market
Sample
• Pretest of 8 portfolio companies financed by 4
venture capital firms
• Sample of 124 portfolio companies financed
by 8 venture capital firms partially based on
public funds and collectively holding a large
market share
• Portfolio companies usually during the first 18
months of their existence
• Substantial document analysis on premises of
venture capital firms to reduce bias of current
perceptions of investment managers and
entrepreneurs
• Failed investments included in the sample
albeit difficulties to survey entrepreneurs
Methodology …
Folie 15 von 23
G-Forum 2012
Measuring the success of such young firms remains quite challenging
Methodology …
Success measures
Internal rate of return
• Exit is still far away for most firms in the sample
• Write-downs can be tracked
Successive financing
• Terms and timing of next financing round can
be tracked
• Company value is known
• More suitable terms IRR
Qualitative measures
• Subjective perspective of the investment
manager is a necessary addition
• Trust (approximated by other variables)
• Substantial methods/survey problems
Conformance to plan
• Fulfillment of miserables and plan deviations
can be tracked
• Plans are always over optimistics
• Decisons of VC measures can be analyzed
Folie 16 von 23
G-Forum 2012
We used One-Way-ANOVA for our first evaluation
Methodology …
Success measures
Research method
• We used One-Way-ANOVA to test the influence of various variables
Used success measures
• We use the company evaluation as a first success indicator
• We clustered the company evaluation in three different classes
Folie 17 von 23
G-Forum 2012
Interim results/Discussion
Folie 18 von 23
G-Forum 2012
Interim results/Discussion – Personal characteristics …
Descriptive statistics show that portfolio companies financed usually fit with classical
German paradigms: high education and experience
Focus on personal characteristics
• Looking at the personal characteristics of the
founders we found out that the majority has an
academic education. Many founders in the area
of specialized technology also have a higher
degree like a PhD or a professor title. In
addition, most of the founders are older than 30
and have more than 6 years of work
experience. That shows that German venture-
funds value academic education, life and
working experience.
Influence on company evaluation
• We tested the variables “average industry
experience in years”, “average leadership
experience in years”, “team size of the
founder’s team” and “the amount of conflicts”.
In our sample the have no influence of the
company evaluation. A reason for that can be
that the team selected are homogeneous in its
structure.
Folie 19 von 23
G-Forum 2012
Interim results/Discussion – Technology/Strategy…
Descriptive statistics show that the technology is very significant for the evaluation of the
company.
Assessment of technology
• The VC relies on a detailed due diligence to
investigate the technology and intellectual
properties influence the decision to invest.
• Tight and detailed milestones are used to
motivate the NTBF’s to focus on the
development of their technology.
Influence on company evaluation
• We tested the variables “Patents national”,
“Patents international”, and “Amount of
milestones”. In our sample they influence the
company evaluation with a significance of 95
per cent. A unique technology is a strong signal
for the success of the company.
Folie 20 von 23
G-Forum 2012
Interim results/Discussion – Management Support …
Descriptive statistics show that the management support via coaching contributes to the
development of the company.
Usage of management support
• The activity of management support is
especially high if follow up investment problems
of the liquidity are current.
• The management support was found in
strategic meetings between entrepreneurs and
the VCF which leads to an improved business
model or decisions in leadership of the NTBF.
Influence on company evaluation
• We tested the variables “Usage of coaching”,
and “Number of board meetings”. In our sample
the number of board meetings has no influence
but the number of coaching has a significance
of 95 per cent. That prove the influence of the
management support.
Folie 21 von 23
G-Forum 2012
Interim results/Discussion – Risk Management …
VCs try to secure less promising investment using a strong liquidation preference.
Assessing of risks
• The risk management of the investigated
venture funds differs strongly from each other.
Whether some funds use a detailed monthly
reporting which invests a variety of different
areas other funds rely only on regular phone
calls.
• The main counter-measure when risks are
detected is to provide the NTBF with fresh
capital even if milestones are not reached.
Influence on company evaluation
• We tested the variable “liquidation preference”.
In our sample it has a significance of 99 per
cent. The VCs try to introduce a liquidation
preference in investments with a low
evaluation. They therefore try ton minimize their
risks.
Folie 22 von 23
G-Forum 2012
Interim results/Discussion - Internationalization …
International oriented companies are evaluated higher than national focused companies.
Focus on the home market
• Only around 39 per cent of the investigated
NTBFs planned to go international. We found
out that companies with lower technology
barriers for international sales e.g. e-commerce
firm plan to enter international markets sooner.
Also, the willingness to enter international
markets is higher when a company owns
patents.
Influence on company evaluation
• We tested the variable “internationalization”. In
our sample it has a significance of 90 per cent.
Companies with the intention to go international
are rated higher.
Folie 23 von 23
G-Forum 2012
The contribution of the study is a holistic longitudinal view to establish strategic manage-
ment in VCF
Interim results/Discussion …
Limitations
• Heterogeneous data of every fund and investment manager
• Time lag between VC measures and reactions of the NTBF
Contributions of the work in progress
• Innovative and extensive methodological design
• Deep longitudinal insights in success factors for the development of NTBF
and measures of VCF
• A well established strategic management in VCF improves incentives to invest in
early stage companies
Folie 24 von 23
G-Forum 2012
Technische Universität Dresden
Fakultät Wirtschaftswissenschaften
Lehrstuhl für Entrepreneurship und Innovation
01062 Dresden
www.gruenderlehrstuhl.de
Prof. Dr. Michael Schefczyk
Tel. +49-351-46 33 68 81
Fax +49-351-46 33 68 83
Mail [email protected]
Dipl.-Kfm. Torsten Fiegler
Tel. +49-351-46 33 23 42
Fax +49-351-46 33 68 83
Mail [email protected]
HHL Leipzig Graduate School of Management
Stiftungsfonds Deutsche Bank Lehrstuhl für
Innovationsmanagement und Entrepreneurship
Jahnallee 59
04109 Leipzig
www.hhl.de
Prof. Dr. Andreas Pinkwart
Tel. +49-341-98 51-640
Fax +49-341-98 51-679
Mail [email protected]
Dorian Proksch, M.Sc.
Tel. +49-341-98 51-827
Fax +49-341-98 51-679
Mail [email protected]
doc_490272705.pdf
Strategic Management In Early Stage Venture Capital Funds – A Longitudinal Analysis Of Success Factors In German Funds
Strategic Management in Early Stage Venture
Capital Funds – A Longitudinal Analysis of
Success Factors in German Funds
Potsdam, November 09th, 2012
Prof. Dr. Michael Schefczyk
Prof. Dr. Andreas Pinkwart
Dipl.-Kfm. Torsten Fiegler
Dorian Proksch, M.Sc.
TU Dresden Chair of Entrepreneurship and Innovation ? HHL Chair of Innovation Management and Entrepreneurship
Folie 2 von 23
G-Forum 2012
Content
• Introduction
• Hypotheses
• Methodology
• Interim results/Discussion
Folie 3 von 23
G-Forum 2012
Introduction
Folie 4 von 23
G-Forum 2012
The German Venture Capital and Privaty Equity market currently consists largely of buy-
outs. Economically important seed and start-up segments are small.
Source: BVK market statistics, own analysis
Investments first half 2012
100 % = 1.5 billion €
Seed
1%
Start-up
8%
Later-stage VC
6%
Growth
7%
Turnaround < 1%
Replacement capital
3%
Buy-outs
75%
Average deal size
in million €
Introduction …
Seed
Start-up
Later stage-VC
Growth
Turnaround
Replacement capital
Buy-outs
2003 2012
0.8
0.6
0.3
1.6
1.2
0.5
24.6
0.14
0.5
0.9
0.9
1.0
7.3
26.4
Folie 5 von 23
G-Forum 2012
Early stage investments were pushed by public activities beginning 2006 and 2007
but they also have been stagnating since 2008
Source: BVK market statistics, own analysis
Introduction …
Investments in early stages 2003 ? 2012 in million €
0
20
40
60
80
100
120
140
160
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Start-up Seed
NRW
Seed-
fonds
HTGF
Folie 6 von 23
G-Forum 2012
A substantial gap prevails between early stage investments in reality and early stage
research
Introduction …
Early stage issues
• Early stage firms require financing plus intensive non-financial support (Dimov/Murray
2008, Lindsey 2005)
• At a single point in time, future commercial success cannot be predicted, struggling over
a longer time is the norm
• Venture Capital firms face the dilemma of high risks and usually too moderate returns
relative to monitoring and management support costs
• Current research is usually too cross-sectional and based on secondary data to reflect
reality (Hallen/Eisenhardt 2012, Bygrave 2006)
Folie 7 von 23
G-Forum 2012
Our aim is to contribute to closing this gap in six areas of Venture and Venture Capital
fund management
1. Personal characteristics/
Interpersonal relationships
• Team structure and
background
• Interpersonal conflicts
• Homogenity of investors
2. Networks
• Syndication
• Follow-up investments
• Forming of ties to PC
• Value added in strategic
decisions of VC and NTBF
3. Technology/Strategy
• Intellectual property
• Milestones
• Proof of market
• Proof of concept
4. Management support
• Activity
• Frequence
• International focus
• Strategic leverage effect
5. Risk management
• Contract design
• Due-diligence
• Monthly reporting
6. Internationalization
• Founders’ international
experience
• International background of
the investor
• Nature of the industry
Strategic Management in VCF
Introduction …
Folie 8 von 23
G-Forum 2012
Selected Hypotheses
Folie 9 von 23
G-Forum 2012
Our first set of hypotheses looks at personal and technology/strategy attributes of the
early stage firms
Personal
characteristics
• Entrepreneurs develop their know-how and qualification in human capital
while leading the company (Colombo/Grilli 2009)
• A stable interpersonal relation between entrepreneur and investors can
reduce conflicts (Hite 2005). We suppose that an active intervention of
the investment manager in charge positively contributes to manage and
resolve conflicts
Selected Hypotheses …
Networks
• Syndicated investments in the early stage show – because of
interweavings of networks and exchange of knowledge – a higher
success rate than investments where only one investor participates
(Manigart et al. 2006)
• Strong financial relations support VC decisions in their NTBF, e.g.
external technology or market expert, the advisory board, or personal
contacts of the investment manager
Technology/
Strategy
• If a NTBF have strong intellectual properties, this may count as signals
of quality and is simultaneously seen as a predictor for a success
(Autio/Acs 2010)
• The compliance of milestones like the proof of concept have a positive
impact on the success of the fund as well as on the NTBF
Folie 10 von 23
G-Forum 2012
Our second set of hypotheses mostly looks at the Venture Capital and transaction
perspective
Management
support
• PC supported by an intensive advice of the investment manager show
a higher and lasting level of success (Schefczyk, Gerpott 2001)
• The know-how of investment managers can – concerning the valuation
and development of risks – point the way to the success of investments
in early stage funds
Selected Hypotheses …
Risk
management
• VCs focus on contract design which minimizes the agent risk (Kaplan,
2003)
International-
ization
• The founder’s international experience and the nature of the industry
were founded as the key elements (Johonson, 2004)
• The VCs can serve as a catalyst for the internationalization of new
ventures through their knowledge and reputation (Fernhaber, McDougall-
Covin 2009)
Folie 11 von 23
G-Forum 2012
Methodology
Folie 12 von 23
G-Forum 2012
We aim to test our hypotheses with the current generation of Venture Capital-financed
firms in Germany based on unusually rich empirical data
Survey design to evaluate the VCF and NTBF
* Focus of traditional VC-research
Methodology …
Phase 1
Preinvestment
Phase 2
Investment
Phase 1
Preinvestment
• Business plan
• Résumés
• Capitalization table
• Milestones
• Investment agreement
• Decision documents
• Business plan
• Experts opinions
• Quantitative reporting
• Follow-up financing
• Survey of investment
manager *
• Survey of entrepreneur
• Qualitative reporting
• Supervisory board
• Controlling reports
Quantitative
Qualitative
Folie 13 von 23
G-Forum 2012
This is work in progress in the context of two more data collection steps to go
Process of survey
(1)
Venture Capital fund document analysis
(2)
Investment-
manager survey
(3)
Entrepreneur
survey
(0)
Pretest
• Comprehensive on-site document analysis
• Quantitative: spreadsheet tools and
statistics package
• Qualitative: grounded theory tool and
statistic package
• 10 item lime survey for each step
• missions: avoid overwarning respondents
and minimize by excluding all items
collected in step 1
• First wave completed by mid-October
2012
• Research team
• First wave to be completed until
March 31 2012
Methodology …
Folie 14 von 23
G-Forum 2012
So far, we gained a sample of 124 companies financed by 8 venture capitalists holding
a large share in the German market
Sample
• Pretest of 8 portfolio companies financed by 4
venture capital firms
• Sample of 124 portfolio companies financed
by 8 venture capital firms partially based on
public funds and collectively holding a large
market share
• Portfolio companies usually during the first 18
months of their existence
• Substantial document analysis on premises of
venture capital firms to reduce bias of current
perceptions of investment managers and
entrepreneurs
• Failed investments included in the sample
albeit difficulties to survey entrepreneurs
Methodology …
Folie 15 von 23
G-Forum 2012
Measuring the success of such young firms remains quite challenging
Methodology …
Success measures
Internal rate of return
• Exit is still far away for most firms in the sample
• Write-downs can be tracked
Successive financing
• Terms and timing of next financing round can
be tracked
• Company value is known
• More suitable terms IRR
Qualitative measures
• Subjective perspective of the investment
manager is a necessary addition
• Trust (approximated by other variables)
• Substantial methods/survey problems
Conformance to plan
• Fulfillment of miserables and plan deviations
can be tracked
• Plans are always over optimistics
• Decisons of VC measures can be analyzed
Folie 16 von 23
G-Forum 2012
We used One-Way-ANOVA for our first evaluation
Methodology …
Success measures
Research method
• We used One-Way-ANOVA to test the influence of various variables
Used success measures
• We use the company evaluation as a first success indicator
• We clustered the company evaluation in three different classes
Folie 17 von 23
G-Forum 2012
Interim results/Discussion
Folie 18 von 23
G-Forum 2012
Interim results/Discussion – Personal characteristics …
Descriptive statistics show that portfolio companies financed usually fit with classical
German paradigms: high education and experience
Focus on personal characteristics
• Looking at the personal characteristics of the
founders we found out that the majority has an
academic education. Many founders in the area
of specialized technology also have a higher
degree like a PhD or a professor title. In
addition, most of the founders are older than 30
and have more than 6 years of work
experience. That shows that German venture-
funds value academic education, life and
working experience.
Influence on company evaluation
• We tested the variables “average industry
experience in years”, “average leadership
experience in years”, “team size of the
founder’s team” and “the amount of conflicts”.
In our sample the have no influence of the
company evaluation. A reason for that can be
that the team selected are homogeneous in its
structure.
Folie 19 von 23
G-Forum 2012
Interim results/Discussion – Technology/Strategy…
Descriptive statistics show that the technology is very significant for the evaluation of the
company.
Assessment of technology
• The VC relies on a detailed due diligence to
investigate the technology and intellectual
properties influence the decision to invest.
• Tight and detailed milestones are used to
motivate the NTBF’s to focus on the
development of their technology.
Influence on company evaluation
• We tested the variables “Patents national”,
“Patents international”, and “Amount of
milestones”. In our sample they influence the
company evaluation with a significance of 95
per cent. A unique technology is a strong signal
for the success of the company.
Folie 20 von 23
G-Forum 2012
Interim results/Discussion – Management Support …
Descriptive statistics show that the management support via coaching contributes to the
development of the company.
Usage of management support
• The activity of management support is
especially high if follow up investment problems
of the liquidity are current.
• The management support was found in
strategic meetings between entrepreneurs and
the VCF which leads to an improved business
model or decisions in leadership of the NTBF.
Influence on company evaluation
• We tested the variables “Usage of coaching”,
and “Number of board meetings”. In our sample
the number of board meetings has no influence
but the number of coaching has a significance
of 95 per cent. That prove the influence of the
management support.
Folie 21 von 23
G-Forum 2012
Interim results/Discussion – Risk Management …
VCs try to secure less promising investment using a strong liquidation preference.
Assessing of risks
• The risk management of the investigated
venture funds differs strongly from each other.
Whether some funds use a detailed monthly
reporting which invests a variety of different
areas other funds rely only on regular phone
calls.
• The main counter-measure when risks are
detected is to provide the NTBF with fresh
capital even if milestones are not reached.
Influence on company evaluation
• We tested the variable “liquidation preference”.
In our sample it has a significance of 99 per
cent. The VCs try to introduce a liquidation
preference in investments with a low
evaluation. They therefore try ton minimize their
risks.
Folie 22 von 23
G-Forum 2012
Interim results/Discussion - Internationalization …
International oriented companies are evaluated higher than national focused companies.
Focus on the home market
• Only around 39 per cent of the investigated
NTBFs planned to go international. We found
out that companies with lower technology
barriers for international sales e.g. e-commerce
firm plan to enter international markets sooner.
Also, the willingness to enter international
markets is higher when a company owns
patents.
Influence on company evaluation
• We tested the variable “internationalization”. In
our sample it has a significance of 90 per cent.
Companies with the intention to go international
are rated higher.
Folie 23 von 23
G-Forum 2012
The contribution of the study is a holistic longitudinal view to establish strategic manage-
ment in VCF
Interim results/Discussion …
Limitations
• Heterogeneous data of every fund and investment manager
• Time lag between VC measures and reactions of the NTBF
Contributions of the work in progress
• Innovative and extensive methodological design
• Deep longitudinal insights in success factors for the development of NTBF
and measures of VCF
• A well established strategic management in VCF improves incentives to invest in
early stage companies
Folie 24 von 23
G-Forum 2012
Technische Universität Dresden
Fakultät Wirtschaftswissenschaften
Lehrstuhl für Entrepreneurship und Innovation
01062 Dresden
www.gruenderlehrstuhl.de
Prof. Dr. Michael Schefczyk
Tel. +49-351-46 33 68 81
Fax +49-351-46 33 68 83
Mail [email protected]
Dipl.-Kfm. Torsten Fiegler
Tel. +49-351-46 33 23 42
Fax +49-351-46 33 68 83
Mail [email protected]
HHL Leipzig Graduate School of Management
Stiftungsfonds Deutsche Bank Lehrstuhl für
Innovationsmanagement und Entrepreneurship
Jahnallee 59
04109 Leipzig
www.hhl.de
Prof. Dr. Andreas Pinkwart
Tel. +49-341-98 51-640
Fax +49-341-98 51-679
Mail [email protected]
Dorian Proksch, M.Sc.
Tel. +49-341-98 51-827
Fax +49-341-98 51-679
Mail [email protected]
doc_490272705.pdf