The value of big data for analyzing growth dynamics of technology-based new ventures
This study demonstrates that web-search traffic information, in particular, Google Trends data, is a credible novel source of high-quality and easy-to-access data for analyzing technology-based new ventures (TBNVs) growth trajectories. Utilizing the diverse sample of 241 US-based TBNVs, we comparatively analyze the relationship between companies’ evolution curves represented by search activity on the one hand and by valuations achieved through rounds of venture investments on another. The results suggest that TBNV's growth dynamics are positively and strongly correlated with its web search traffic across the sample. This correlation is more robust when a company is a) more successful (in terms of valuation achieved) – especially if it is a “unicorn”; b) consumer-oriented (i.e., b2c); and 3) develops products in the form of a digital platform. Further analysis based on fuzzy-set Qualitative Comparative Analysis (fsQCA) shows that for the most successful companies (“unicorns”) and consumer-oriented digital platforms (i.e., b2c digital platform companies) proposed approach may be extremely reliable, while for other high-growth TBNVs it is useful for analyzing their growth dynamics, albeit to a more limited degree. The proposed methodological approach opens a wide range of possibilities for analyzing, researching and predicting the growth of recently formed growth-oriented companies, in practice and academia.
The article discusses the new organizational form of the activity of a regional industrial complex in the form of a system and structure that provide for the interaction of innovation-active enterprises and venture investors on the market.
The paper studies the problems of venture investment development in Russia. The conclusion on the need for serious changes in the existing legislation of Russia in the sphere of venture investment is made.
Venture capital (VC) provides financial and managerial support for new innovative ideas at the initial stages of commercialization. It has helped to find the market for many radical innovations of 20th century, including personal computer, Internet and genetic engineering.
As a part of market economy venture business was not stable from the very beginning. The periods of rapid growth alternated with deep recessions. However each time VC revived anew as the Phoenix due to its very important function in modern knowledge-based economy.
This report presents an analysis of statistical data that prove the existence of several cycles in VC dynamics in the USA and the Great Britain. The main factors of these cycles formation are discussed. The author proposes two possible scenarios of development of VC market for the first 30 years of the new 21st century. A hypothesis is put forward about the relation between VC cycle's amplitude and a phase of Kondratieff's cycle.
This monograph focuses on the nature of factors and mechanisms of the innovation processes in the Regional innovation systems with catch-up type of economy. The monograph shows that the further development of cooperation of innovation entities and the development of technological entrepreneurship in the regions of Russia is impossible without a planned and systematic processes of regionalization of the innovation business ecosystem.
The monograph substantiates that the state-owned private Regional Center for Incubation and Acceleration and the multifunctional state Single Regional Investment Fund should become the basis for the development of the ecosystem of innovative entrepreneurship in the region of the country.
The monograph is intended for researchers, graduate students, students specializing in the field of innovation management, as well as managers and decision makers who are responsible for the development of regional innovation systems.
Crisis is a burning issue; this is not a phenomenon, which can be conquered forever. Current approach to crisis is an optimized collaboration, which allows for manageable, measurable and predictable software development. Crisis is a new reality to live and work with. The current software development crisis dates back to the 1960s. The root cause of crisis is misbalance between resources and options. Understanding the nature of crisis helps to understand the reasons for the future crises.
This book is a navigator in lifecycle models, methodologies, principles and practices for predictable and efficient software development in crisis, i.e. under rapid requirement changes, resource deficit and other uncertainties. Therefore, the starting chapters suggest the major approaches to software development and their applicability in crisis. Further narration is case-based; it involves large-scale software implementations in different industries and knowledge transfer processes in IT education. The book suggests a set of principles that potentially marry the client’s and the developer’s views of the future software product in order to avoid or to mitigate the crisis.
The book will be helpful for students, postdocs, theorists and practitioners in software development. It suggests approved principles and practices of crisis management for software development.
The chapter discusses lifecycle models for software development in more detail. These include build-and-fix, waterfall, incremental, object-oriented and spiral. We present a more detailed description of the lifecycle models application for software development. We compare benefits and shortcomings of the models discussed. We confirm that there is no “silver bullet”, i.e. a universal lifecycle model equally applicable to any software product. Consequently, lifecycle model choice is dependent upon product size and scope; each project requires a unique combination of features. In crisis, we recommend to combine prototyping with the other models that we discussed in order to achieve a common understanding of the key product features and to reduce project risks. The lifecycle model choice determines project economics, time to market, product quality and overall project success. However, the product success essentially depends on human factors, which include common vision of the critical product functions, transparent communication and feedback. We analyze applicability of the lifecycle models to large-scale, mission-critical software systems, which is essential in crisis. Finally, we introduce a methodology, which includes a spiral-like lifecycle and a set of formal models and visual tools for software product development. The methodology helps to optimize the software product lifecycle, which is mission-critical in crisis. The methodology is applicable to large-scale, complex software products for heterogeneous environments.
Currently, the venture capital becomes more and more advanced and effective source of the innovation project financing, connected with a high risk level. In the developed countries it plays a key role in transforming innovation projects into successful businesses and creating prosperity of the modern economy. Actually in Russia there are many necessary preconditions for creation of the effective venture investment system: the network of the public institutes for innovation financing operates, there is a significant number of the small and medium-sized enterprises, capable to sell production with good market potential. However the current system does not confirm the necessary level of efficiency in practice that can be substantially explained by the absence of the accurate plan of action to form the national venture model and by the lack of experience of successful venture deals with profitable exits in Russian economy. This paper studies the influence of various factors on the venture industry development by the example of the IT-sector in Russia. The choice of the sector is based on the fact, that this segment is the main driver of the venture capital market growth in Russia, and the necessary set of data exists. The size of investment of the second round is used as the dependent variable. To analyze the influence of the previous round such determinant as the volume of the previous (first) round investments is used. There is also used a dummy variable in regression to examine that the participation of an investor with high reputation and experience in the previous round can influence the size of the next investment round. The regression analysis of short-term interrelations between studied variables reveals prevailing influence of the volume of the first round investments on the venture investments volume of the second round. As a result of the research, the participation of investors with first-class reputation has a small impact on an indicator of the value of investment of the second round. The expected positive dependence of the second round investments on the forecasted market growth rate at the moment of the deal is also rejected. So, the most important determinant of the value of the second-round investment is the value of first–round investment, so it means that the most competitive on the Russian market are the startup teams which can attract more money on the start, and the target market growth is not the factor of crucial importance.
The Working Paper examines the peculiarities of the Russian model of corporate governance and control in the banking sector. The study relies upon theoretical as well as applied research of corporate governance in Russian commercial banks featuring different forms of ownership. We focus on real interests of all stakeholders, namely bank and stock market regulators, bank owners, investors, top managers and other insiders. The Anglo-American concept of corporate governance, based on agency theory and implying outside investors’ control over banks through stock market, is found to bear limited relevance. We suggest some ways of overcoming the gap between formal institutions of governance and the real life.
At present many industries reveal tendency for setting up of vertically integrated companies (VIC) the structure of which unites all technological processes. This tendency proved its efficiency in oil industry where coordination of all successive stages of technological process, namely, oil prospecting and production -oil transportation - oil processing - oil chemistry - oil products and oil chemicals marketing, is necessary. The article considers specific features of introduction of "personnel management" module at enterprises of oil and gas industry.
vertically integrated companies; personnel management