Araştırma Makalesi
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High Cost of Venture Capital and Investment Strategy Startups Should Follow

Yıl 2020, Cilt: 70 Sayı: 1, 229 - 245, 30.06.2020
https://doi.org/10.26650/ISTJECON2020-0010

Öz

In this article, the mathematical expansion of the share that the venture capital investors should receive to meet their expectations is shown. After the initial phase has been overcome, the entrepreneurs’ acquaintances around them are insufficient in meeting the capital requirement. For this reason, founders sell some of their resources to other investors who expect a return on investment. In this sense, the support of venture capitalists is critical during the growth phase of the startup. The most crucial dilemma here is how much financing and how many shares will be given. Due to the organizational structure of venture capital and the low success rate in start-ups, it is a costly capital. Expectation rates of investors are not much above the general market ones. The factors that make venture capital so costly are the long waiting period of 5-10 years, and the chances of start-up success being between 10-20%. As a result, the discount rates are well above 50%. Entrepreneurs are disappointed when they give too many shares for little capital. Under these circumstances, the most accurate strategy a start-up can follow is to provide as much financing as needed rather than to negotiate tightly with venture capitalists.

Kaynakça

  • Amit, R., L. Glosten & Muller, E. (1990). Entrepreneurial ability, venture investments, and risk sharing. Management Science, October, 1232-1245.
  • Berkus, D. (2016). After 20 years: Updating the Berkus method of valuation, Retrieved: May 11, 2017, from https://www.angelcapitalassociation.org/blog/after-20-years-updating-the-berkusmethod-of-valuation/
  • Blank, S. (2013). Why the lean start-up changes everything. Harvard Business Review, 4(2), 34-40.
  • Bulut, H, Er, B. (2010). Risk sermayesi destekli girişimlerin fiyatlandırılması ve fiyatlandırmada kullanılan ıskonto oranı, Atatürk Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 11(1), 275-297.
  • Chiampou, G. E. & Kallett, J. L. (1989), Risk/return profile of venture capital. Journal of Business Venturing, 4(1), 1-10.
  • Cochrane, J. (2005). Financial markets and the real economy. NBER Working Papers, 11193.
  • Cumming, D. & Dai, N. (2011). Fund size, limited attention and valuation of venture capital backed firms. Journal of Empirical Finance, 18, 2-15.
  • Damodaran, A. (2010). The dark side of valuation: Valuing young, distressed, and complex businesses. New Jersey: Pearson Education.
  • Engel, D. & Keilbach, M. (2007). Firm-level Implications of Early Stage Venture Capital Investment: An Empirical Investigation. Journal of Empirical Finance, 14, 150-167.
  • Fernande, P. (2007). Company valuation methods. The most common errors in valuations. IESE Working Paper No. 449, Navarra.
  • Festel, G. Wuermseher, M. & Cattaneo. G. (2013). Aluation of early stage high-tech start-up companies. International Journal of Business, 18(3), 216-231.
  • Fried, V.H. ve Hisrich, R.D. (1994). Towards a model of venture capital investment decision making. Financial Management, Autumn, 28-37.
  • Goldman, M. (2008). Valuation of startup and early-stage Companies. The Value Examiner. July-August.
  • Gompers, P. (1999). A note on valuation in entrepreneurial ventures. Harvard Business School, Case 9298082: 1–17.
  • Gompers, P., A. Kovner, J. Lerner & Scharfstein, D. (2010). Performance persistence in entrepreneurship, Journal of Financial Economics, 96, 18-32.
  • Hochberg, Y. V., Ljungqvist, A. & Lu, Y. (2010). Networking as A barrier to entry and the competitive supply of venture capital. Journal of Finance, 65, 829-859.
  • Hsu, D. H. (2004). What do entrepreneurs pay for venture capital affiliation? Journal of Finance, 59, 1805-1844.
  • Hsu, D. H. (2007). Experienced entrepreneurial founders, organizational capital, and venture capital funding. Research Policy, 36, 722-741.
  • Kanniainen, V. & Keuschnigg, C. (2003). The optimal portfolio of start-up firms in venture capital finance. Journal of Corporate Finance, 9(5), 521-534.
  • Kovner, C. T., Brewer, C. S., Greene, W. & Fairchild, S. (2009). Understanding new registered nurses’ intent to stay at their jobs. Nursing Economics, 27(2), 81Y98.
  • Ledyard, J. (2008), Market Failure in Durlauf, S. and L Blume (eds). The New Pal-grave Dictionary of Economics, 2nd ed. Baasingstroke: Macmillan.
  • Lerner, J. (1994). The syndication of venture capital investments. Financial Management, Autumn, 16-27.
  • Lerner, J. (1995). Venture capitalists and the oversight of private firms. Journal of Finance Literature, 301–318.
  • Maxwell, A. L. Jeffrey, S.A. and Vesque, M. L (2011). Business angel early stage decision making. Journal of Business Venturing. 26, 212-225.
  • Moyen, N., Slade, M. E. & Uppal, R. (1996). Valuing risk and flexibility - a comparison of methods. Resources Policy, 22, 63-74.
  • Robinson, D. (2020). How VCs Value Businesses? in Startup Valuation Methods Course with Manuel Adelino, Duke University. Erişim adresi: https://www.coursera.org/lecture/startup-valuationmethods/how-vcs-value-businesses-Nq18X
  • Robinson, R. (1987). Emerging strategies in the venture capital industry. Journal of Business Venturing, 2, 1, 53-77.
  • Ruhnka J. C. & Young, J. E. (1991). Some hypotheses about risk in venture capital investing. Journal of Business Venturing, 6(2), 115-133.
  • Sahlman, W. A. (1990). The structure and governance of venture capital organizations. Journal of Financial Economics, 27, 473-521.
  • Scherlis, D. & William, S. (1989). A method for valuing high-risk, longterm investments. Harward Business School, Note: 9-288-006, pp: 1-54.
  • Villalobos, L. (2007). Investment valuations of seed- and early-stage ventures. eVenturing.
  • Vinturella, J. B. & Erickson, S. M. (2004). Raising entrepreneurial capital. Academic Press, Waltham.
  • Weidig, T. & Mathonet, P. (2004). The risk profile of private equity. SSRN, 495482.

Risk Sermayesinin Yüksek Maliyeti ve Startuplar’ın İzlemesi Gereken Yatırım Stratejisi

Yıl 2020, Cilt: 70 Sayı: 1, 229 - 245, 30.06.2020
https://doi.org/10.26650/ISTJECON2020-0010

Öz

Bu çalışmada risk sermayesi yatırımcılarının beklentilerini karşılamaları için almaları gereken hisse oranlarının matematiksel açılımı gösterilmektedir. Başlangıç safhası atlatıldıktan sonra, sermaye ihtiyacını karşılamada girişimcinin etrafındaki tanıdıkları yetersiz kalmaktadır. Bu nedenle, startup kurucuları öz kaynaklarının bir kısmını yatırım getirisi bekleyen diğer yatırımcılara satarlar. Startuplar’ın büyümeye geçme aşamasında risk sermayedarlarının desteği bu anlamda kritiktir. Buradaki en önemli açmaz ne kadar yatırıma ne kadar hisse oranı verileceği yönündedir. Risk sermayesinin organizasyon yapısı ve startuplar’daki başarı oranının düşük olması sebebiyle, maliyeti yüksek bir sermayedir. Yatırımcıların beklenti oranları genel piyasa beklentilerinin çok üstünde değildir. Risk sermayesini pahalı yapan unsurlar 5-10 yıl arası değişen uzun bekleme dönemi ve startup’ın başarılı olma ihtimalinin %10-20 arası değişmesidir. Bundan dolayı indirgeme oranları %50’lerin çok üstüne çıkmaktadır. Genellikle startup girişimcisi çok az sermaye karşılığında çok fazla hisse vermiş gibi bir hayal kırıklığı yaşamaktadır. Bu az sermayenin arkasındakinin risk sermayesini göstererek bu oranların bir pazarlık konusu veya bir sömürüden çok sektörün kurgusunun neticesi olduğunun anlaşılmasıdır. Bu şartlarda, startup kurucularının izleyebilecekleri en doğru strateji risk sermayedarlarıyla sıkı pazarlık etmek yerine gerektiği kadar finansman sağlamalarıdır

Kaynakça

  • Amit, R., L. Glosten & Muller, E. (1990). Entrepreneurial ability, venture investments, and risk sharing. Management Science, October, 1232-1245.
  • Berkus, D. (2016). After 20 years: Updating the Berkus method of valuation, Retrieved: May 11, 2017, from https://www.angelcapitalassociation.org/blog/after-20-years-updating-the-berkusmethod-of-valuation/
  • Blank, S. (2013). Why the lean start-up changes everything. Harvard Business Review, 4(2), 34-40.
  • Bulut, H, Er, B. (2010). Risk sermayesi destekli girişimlerin fiyatlandırılması ve fiyatlandırmada kullanılan ıskonto oranı, Atatürk Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 11(1), 275-297.
  • Chiampou, G. E. & Kallett, J. L. (1989), Risk/return profile of venture capital. Journal of Business Venturing, 4(1), 1-10.
  • Cochrane, J. (2005). Financial markets and the real economy. NBER Working Papers, 11193.
  • Cumming, D. & Dai, N. (2011). Fund size, limited attention and valuation of venture capital backed firms. Journal of Empirical Finance, 18, 2-15.
  • Damodaran, A. (2010). The dark side of valuation: Valuing young, distressed, and complex businesses. New Jersey: Pearson Education.
  • Engel, D. & Keilbach, M. (2007). Firm-level Implications of Early Stage Venture Capital Investment: An Empirical Investigation. Journal of Empirical Finance, 14, 150-167.
  • Fernande, P. (2007). Company valuation methods. The most common errors in valuations. IESE Working Paper No. 449, Navarra.
  • Festel, G. Wuermseher, M. & Cattaneo. G. (2013). Aluation of early stage high-tech start-up companies. International Journal of Business, 18(3), 216-231.
  • Fried, V.H. ve Hisrich, R.D. (1994). Towards a model of venture capital investment decision making. Financial Management, Autumn, 28-37.
  • Goldman, M. (2008). Valuation of startup and early-stage Companies. The Value Examiner. July-August.
  • Gompers, P. (1999). A note on valuation in entrepreneurial ventures. Harvard Business School, Case 9298082: 1–17.
  • Gompers, P., A. Kovner, J. Lerner & Scharfstein, D. (2010). Performance persistence in entrepreneurship, Journal of Financial Economics, 96, 18-32.
  • Hochberg, Y. V., Ljungqvist, A. & Lu, Y. (2010). Networking as A barrier to entry and the competitive supply of venture capital. Journal of Finance, 65, 829-859.
  • Hsu, D. H. (2004). What do entrepreneurs pay for venture capital affiliation? Journal of Finance, 59, 1805-1844.
  • Hsu, D. H. (2007). Experienced entrepreneurial founders, organizational capital, and venture capital funding. Research Policy, 36, 722-741.
  • Kanniainen, V. & Keuschnigg, C. (2003). The optimal portfolio of start-up firms in venture capital finance. Journal of Corporate Finance, 9(5), 521-534.
  • Kovner, C. T., Brewer, C. S., Greene, W. & Fairchild, S. (2009). Understanding new registered nurses’ intent to stay at their jobs. Nursing Economics, 27(2), 81Y98.
  • Ledyard, J. (2008), Market Failure in Durlauf, S. and L Blume (eds). The New Pal-grave Dictionary of Economics, 2nd ed. Baasingstroke: Macmillan.
  • Lerner, J. (1994). The syndication of venture capital investments. Financial Management, Autumn, 16-27.
  • Lerner, J. (1995). Venture capitalists and the oversight of private firms. Journal of Finance Literature, 301–318.
  • Maxwell, A. L. Jeffrey, S.A. and Vesque, M. L (2011). Business angel early stage decision making. Journal of Business Venturing. 26, 212-225.
  • Moyen, N., Slade, M. E. & Uppal, R. (1996). Valuing risk and flexibility - a comparison of methods. Resources Policy, 22, 63-74.
  • Robinson, D. (2020). How VCs Value Businesses? in Startup Valuation Methods Course with Manuel Adelino, Duke University. Erişim adresi: https://www.coursera.org/lecture/startup-valuationmethods/how-vcs-value-businesses-Nq18X
  • Robinson, R. (1987). Emerging strategies in the venture capital industry. Journal of Business Venturing, 2, 1, 53-77.
  • Ruhnka J. C. & Young, J. E. (1991). Some hypotheses about risk in venture capital investing. Journal of Business Venturing, 6(2), 115-133.
  • Sahlman, W. A. (1990). The structure and governance of venture capital organizations. Journal of Financial Economics, 27, 473-521.
  • Scherlis, D. & William, S. (1989). A method for valuing high-risk, longterm investments. Harward Business School, Note: 9-288-006, pp: 1-54.
  • Villalobos, L. (2007). Investment valuations of seed- and early-stage ventures. eVenturing.
  • Vinturella, J. B. & Erickson, S. M. (2004). Raising entrepreneurial capital. Academic Press, Waltham.
  • Weidig, T. & Mathonet, P. (2004). The risk profile of private equity. SSRN, 495482.

Ayrıntılar

Birincil Dil Türkçe
Konular İşletme
Bölüm Araştırma Makalesi
Yazarlar

Mustafa Şeref AKIN Bu kişi benim 0000-0002-1850-9118

Yayımlanma Tarihi 30 Haziran 2020
Gönderilme Tarihi 21 Mart 2020
Yayımlandığı Sayı Yıl 2020 Cilt: 70 Sayı: 1

Kaynak Göster

APA AKIN, M. Ş. (2020). Risk Sermayesinin Yüksek Maliyeti ve Startuplar’ın İzlemesi Gereken Yatırım Stratejisi. İstanbul İktisat Dergisi, 70(1), 229-245. https://doi.org/10.26650/ISTJECON2020-0010
AMA AKIN MŞ. Risk Sermayesinin Yüksek Maliyeti ve Startuplar’ın İzlemesi Gereken Yatırım Stratejisi. İstanbul İktisat Dergisi. Haziran 2020;70(1):229-245. doi:10.26650/ISTJECON2020-0010
Chicago AKIN, Mustafa Şeref. “Risk Sermayesinin Yüksek Maliyeti Ve Startuplar’ın İzlemesi Gereken Yatırım Stratejisi”. İstanbul İktisat Dergisi 70, sy. 1 (Haziran 2020): 229-45. https://doi.org/10.26650/ISTJECON2020-0010.
EndNote AKIN MŞ (01 Haziran 2020) Risk Sermayesinin Yüksek Maliyeti ve Startuplar’ın İzlemesi Gereken Yatırım Stratejisi. İstanbul İktisat Dergisi 70 1 229–245.
IEEE M. Ş. AKIN, “Risk Sermayesinin Yüksek Maliyeti ve Startuplar’ın İzlemesi Gereken Yatırım Stratejisi”, İstanbul İktisat Dergisi, c. 70, sy. 1, ss. 229–245, 2020, doi: 10.26650/ISTJECON2020-0010.
ISNAD AKIN, Mustafa Şeref. “Risk Sermayesinin Yüksek Maliyeti Ve Startuplar’ın İzlemesi Gereken Yatırım Stratejisi”. İstanbul İktisat Dergisi 70/1 (Haziran 2020), 229-245. https://doi.org/10.26650/ISTJECON2020-0010.
JAMA AKIN MŞ. Risk Sermayesinin Yüksek Maliyeti ve Startuplar’ın İzlemesi Gereken Yatırım Stratejisi. İstanbul İktisat Dergisi. 2020;70:229–245.
MLA AKIN, Mustafa Şeref. “Risk Sermayesinin Yüksek Maliyeti Ve Startuplar’ın İzlemesi Gereken Yatırım Stratejisi”. İstanbul İktisat Dergisi, c. 70, sy. 1, 2020, ss. 229-45, doi:10.26650/ISTJECON2020-0010.
Vancouver AKIN MŞ. Risk Sermayesinin Yüksek Maliyeti ve Startuplar’ın İzlemesi Gereken Yatırım Stratejisi. İstanbul İktisat Dergisi. 2020;70(1):229-45.