Melek Yatırımcıların Ortak Değerlendirme Kriterleri ve Girişimci Ekibin Yeterliliğinin Melek Yatırım Kararları Üzerindeki Hakim Rolü

Year 2022, Volume: 6 Issue: 2, 74 - 94, 09.03.2023

Yonca Gürol Cem Adnan Ener

https://doi.org/10.14744/ysbed.2022.00020

Abstract

Melek yatırımcılar açısından yatırım fırsatlarının içerdiği üç temel risk icra riski, piyasa riski ve vekalet riskidir. Bu araştırma kapsamında öncelikle bu risklerin melek yatırımcılar açısından ne anlam ifade ettiği açıklanmaktadır. Ardından melek yatırımcı ile girişimci arasındaki ilişki bir ‘vekalet ilişkisi’ olarak ele alınarak, melek yatırımcıların yatırım öncesi değerlendirme sürecinde vekalet riski konusunda yüksek hassasiyet göstermelerinin nedenleri açıklanmaktadır. Devamında, yatırım öncesinde icra riski, piyasa riski ve vekalet riskinin anlaşılabilmesi için melek yatırımcıların hangi değerlendirme kriterlerine başvurabilecekleri açıklanmaktadır. Son olarak, ‘girişim fırsatının yeterliliği’ ve ‘girişimci ekibin yeterliliği’ şeklinde gruplanan kriterlerin ve yatırım fırsatından beklenen getirinin melek yatırım kararlarını ne derecede açıkladığı, ayrıca araştırma kapsamında vekalet riski ile ilgili savunulan tezlerle paralel olarak girişimci ekibin yeterliliğinin melek yatırım kararı üzerinde hakim olup olmadığı test edilmektedir. Bu doğrultuda, Türkiye’de son 10 yılda en az 1 girişime melek yatırım yapmış 122 melek yatırımcıdan elde edilen 239 geçmiş yatırım kararı verisi (117 olumlu, 122 olumsuz) üzerinde Hakimiyet Analizi yapılmıştır. Araştırma sonuçlarına göre, girişimci ekibin yeterliliğinin yatırım kararı üzerinde hakim olduğu görülmektedir. Araştırma Türkiye’de melek yatırımcıların yatırım kararlarını odağına alan geniş örnekleme sahip ilk araştırmalardan biridir. Araştırma özellikle melek yatırımcılığa başlamak isteyenler (veya yeni başlamış olanlar) ve melek yatırımcılardan fon temin etmeyi hedefleyen girişimciler için bir rehber niteliğindedir.

Keywords

melek yatırımcı, melek yatırım, melek yatırımcılık, startup, girişimci, vekalet teorisi, vekalet riski

Common Evaluation Criteria Used by Business Angels and Entrepreneurial Team Strength as the Dominant Factor Affecting Angel Investment Decisions

Abstract

When business angels make investments in young companies, they are exposed to execution risk, market risk and agency risk. The first part of this research begins by explaining what each of these risks mean for business angels and why agency risk matters for them the most. Then it suggests 12 relevant evaluation criteria business angels may use during the due diligence process to assess execution risk, market risk and agency risk. The second part of the research groups these criteria into two (‘venture opportunity strength’ and ‘entrepreneurial team strength’) and aims to test whether 1) suggested criteria are able to predict the outcome of the due diligence process and 2) entrepreneurial team strength is the dominant factor affecting investment decisions. Data related to 239 previous investment decisions (117 positive, 122 negative) made by 122 Turkish business angels are analysed using Dominance Analysis method. Results clearly show that entrepreneurial team strength is the dominant factor affecting business angels’ investment decisions. This research is among the first few academic research to focus on Turkish business angels’ investment decisions. It is believed to have the largest sample size compared to previous research carried out in Turkey. This research is a resourceful guide for novice business angels and entrepreneurs that seek funding from investors.

Keywords

angel investor, business angel, angel investment, angel investing, entrepreneur, startup, agency theory, agency risk

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