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題名 新創公司接受創投入資後之管理問題實證研究
An empirical study of management problems in startups after accepting VC funding
作者 蔣仁人
Jiang, Jen-Jen
貢獻者 尚孝純
Shang, Shari
蔣仁人
Jiang, Jen-Jen
關鍵詞 應變管理
新創
資金
創始人困境
change management
startups
funding
founder`s dilemma
日期 2019
上傳時間 7-Aug-2019 16:22:15 (UTC+8)
摘要 As the environment for startups is getting mature, so much more resources comes from government supports, incubators, or investors. Startups are able to access the resources; use them to develop and expand their business to accelerate. The founders are getting fund from investors, at the same time, founders have to think about the occurring management problems after receiving the funds.
This study defines the four management problems as research questions, the following are: first, how to overcome the conflicts regardless if it’s short-term or long-term goals. Second, how to avoid the reorganization of the executive level in the company. Third, how to manage the increasing number of employees, and lastly, how to face the resource reallocation after VC funding. These are the questions that Startups might face after funding through literature reviews. Through the research questions, it studies the interview with the four Startups conducted in Taiwan and records the differences in an organization before and after funding in five observed dimensions. Finally, this study collects the experience and suggestions shared by the case companies and combines together with the opinions from industry domain experts to provide valuable solutions for founders to handle with each management problem in the conclusion part.
參考文獻 1. Bakar, Lily Julienti Abu; Ahmad, Hartini, (2010).Assessing the relationship between firm resources and product innovation performance: A resource-based view. Business Process Management Journal, Volume 16, Number 3, 2010, pp. 420-435(16)
2. Baum J, Silverman B.,(2004).Picking winners or building them? Alliance, intellectual, and human capital as selection criteria in venture financing and performance of biotechnology startups. Journal of Business Venturing
3. Belke A., Fehn R., Foster N.,(2003).Does venture capital investment spur employment growth?. Centre for European Policy Studies (Brussels B), Publisher: CEPS,2003 pp: 21
4. Bertoni F., Grilli L., Raffa M., Colombo M., Iandoli L., and Landström H.,(2013). Venture Capital Financing and the Growth of New Technology-based Firms: What Comes First?. Entrepreneurship, Competitiveness and Local Development
5. Bob Zider (1998), How Venture Capital Works. Harvard Business Review, November-December 1998 Issue. https://hbr.org/1998/11/how-venture-capital-works
6. Bruton G., Rubanik Y.,(2002).Resources of the firm, Russian high-technology startups, and firm growth. Journal of Business Venturing,2002 vol: 17 (6) pp: 553-576
7. Butler Inés and Galassi G., (2016).Public funding for startups in Argentina: an impact evaluation. Small Business Economics,2016 vol: 46 (2) pp: 295-309
8. Cassar G.,(2004).The financing of business start-ups. Journal of Business Venturing, 2004 vol: 19 (2) pp: 261-283
9. Chang, Ching-Yi & Wang, Fanghua & Chen, Jie & Fu, Hsin-Pin, (2011). Analysis of the factors that influence venture capital fundraising: An empirical study in China. African Journal of Business Management. 5. 4765-4774.
10. Davidsson P., Honig B.,(2003).The role of social and human capital among nascent entrepreneurs. Journal of Business Venturing, 2003 vol: 18 (3) pp: 301-331
11. Davidsson P., Kirchhoff B., Hatemi-J A., and Gustavsson H.,(2002).Empirical Analysis of Business Growth Factors Using Swedish Data. Journal of Small Business Management, 2002 vol: 40 (4) pp: 332-349
12. Davila A, Foster G, and Gupta M, (2003). Venture capital financing and the growth of startup firms. Journal of Business Venturing, 2003 vol: 18 (6) pp: 689-708
13. Deepak Malhotra, (2013). How to Negotiate with VCs. Harvard Business Review. https://hbr.org/2013/05/how-to-negotiate-with-vcs]
14. DEUTSCH W., (2017). Surprising numbers behind start-up survival rates. Chicago Booth Review
15. Devece C., Peris-Ortiz M., and Rueda-Armengot C.,(2016).Entrepreneurship during economic crisis: Success factors and paths to failure. Journal of Business Research,2016 vol: 69 (11) pp: 5366-5370
16. Dirk Engel, (2002). The Impact of Venture Capital on Firm Growth: An Empirical Investigation. ZEW Discussion Paper No. 02-02
17. Elko J. Kleinschmidt, Ulrike De Brentani, and Sören Salomo, (2007).Performance of Global New Product Development Programs: A Resource‐Based View. The journal of product innovation management. Volume24, Issue5.Pages 419-441
18. Engel D.,(2002). The Impact of Venture Capital on Firm Growth: An Empirical Investigation
19. Freeman J. and Engel J.,(2012).Models of Innovation: Startups and Mature Corporations. California Management Review
20. GEM Global Report 2018/2019 (https://www.gemconsortium.org/)
21. Global Startup Ecosystem Report 2018 Succeeding in the New Era of Technology 2. (https://startupgenome.com/reports)
22. Gomez-Mejia L., Balkin D., and Welbourne T.,(1990).Influence of venture capitalists on high tech management. The Journal of High Technology Management Research,1990 vol: 1 (1) pp: 103-118
23. Guimarães J., Severo E., Dorion E., Coallier F., and Olea P.,(2016).The use of organisational resources for product innovation and organisational performance: A survey of the Brazilian furniture industry. International Journal of Production Economics,2016 vol: 180 pp: 135-147
24. Gworek J.,(2005). MORSE BARNES BROWN PENDLETON PC Protecting the Legal Interests of Founders in a Startup Emerging Technology Company
25. Hamilton R., (2001). E‐commerce new venture performance: how funding impacts culture. Inte rnet Research, 2001 vol: 11 (4) pp: 277-285
26. Harold L. Sirkin, Perry Keenan, and Alan Jackson,(2005). The Hard Side of Change Management. Harvard Business Review. https://hbr.org/2005/10/the-hard-side-of-change-management
27. Hellmann T., and Puri M.,(2002).Venture capital and the professionalization of start-up firms: Empirical evidence. Journal of Finance
28. Hellmann T.,(2006).The Allocation of Control Rights in Venture Capital Contracts. The RAND Journal of Economics
29. Hixon T.,(2017).The Founder/Investor Partnership Is Complex; Here`s How To Make It Work.Forbes
30. HOW TO ESCAPE FROM THE START-UP VALLEY OF DEATH. APTONOVA Blog. https://aptonova.wordpress.com/2014/11/01/how-to-escape-from-the-start-up-valley-of-death/
31. Jeng L Wells P., The determinants of venture capital funding: evidence across countries. Journal of Corporate Finance, 2000 vol: 6 (3) pp: 241-289
32. Kevin Johnston. What Return Do Venture Capitalists Expect. https://finance.zacks.com/return-venture-capitalists-expect-10600.html
33. Leslie A.Jenga, Philippe C.Wellsb. (2000). The determinants of venture capital funding: evidence across countries. Journal of Corporate Finance, 2000 vol : 6(3) pp 241-289
34. Li J., (2008).Top management team restructuring in pre-IPO high technology startups: The influence of TMT characteristics and firm growth. The Journal of High Technology Management Research,2008 vol: 19 (1) pp: 59-69
35. Luis R. Gomez-Mejia, David B. Balkin, and Theresa M. Welbourne,(1990).Influence of venture capitalists on high tech management. The Journal of High Technology Management Research, 1990 vol: 1 (1) pp: 103-118
36. Martin Jones, (2018). 7 Startup Trends You Can Focus on to Succeed in 2019. Coxblue.com. https://www.coxblue.com/7-trends-startups-can-focus-on-to-succeed-in-2019/
37. MarxL.,(1998). Efficient venture capital financing combining debt and equity. Review of Economic Design
38. Mason C., and Harrison R.,(2002). Is it worth it? The rates of return from informal venture capital investments. Journal of Business Venturing, 2002 vol. 17(3), pp: 211-236
39. Michael D.Ensley, Keith M.Hmieleski, Craig L.Pearce., (2006). The importance of vertical and shared leadership within new venture top management teams: Implications for the performance of startups. The Leadership Quarterly, vol 17(3), 2006, pp:217-231
40. Myers M., Benbasat I., Avison D., Goldstein D., and Mead M.,(2011). The Case Research Strategy in Studies of Information Systems. Qualitative Research in Information Systems
41. N.R.Joglekar and M. LÉvesque, (2009). Marketing, R&D, and Startup Valuation. IEEE Transactions on Engineering Management, vol. 56, no. 2, pp. 229-242
42. Nadler, D., and Michael Tushman, (1980). A Model for Diagnosing Organizational Behavior. Organizational Dynamics 9, no. 2 (autumn 1980): 35–51.
43. Neil C. Churchill and Virginia L. Lewis, (2009). The Five Stages of Small Business Growth.
44. Niels Bosma, Mirjam van Praag, Roy Thurik, Gerrit de Wit., (2004). The Value of Human and Social Capital Investments for the Business Performance of Startups. Small Business Economics, October 2004, Volume 23, Issue 3, pp 227–236
45. NORTON, E. and TENENBAUM, B.H., (1993). The effects of venture capitalists` characteristics on the structure of the venture capital deal. Journal of Small Business Management, 31(4), pp. 32.
46. Okrah J., Nepp A., and Agbozo E.,(2018).Exploring the factors of startup success and growth. The Business and Management Review,2018 vol: 9
47. Paglia J., and Harjoto M.,(2014).The effects of private equity and venture capital on sales and employment growth in small and medium-sized businesses. Journal of Banking & Finance, 2014 vol: 47 pp: 177-197
48. Paul Michelman, (2008). How Great Managers Manage People. Harvard Business Review. https://hbr.org/2008/02/how-great-managers-manage-peop-1
49. Picken J., (2017). From startup to scalable enterprise: Laying the foundation. Business Horizons, 2017 vol: 60 (5) pp: 587-595
50. PWC Taiwan, (2018). 2018 Taiwan Startup Ecosystem Survey. https://www.pwc.tw/en/publications/assets/2018-taiwan-startup-ecosystem-survey-summary.pdf
51. R.H. Hamilton., (2001). E‐commerce new venture performance: how funding impacts culture. Internet Research, 2001 vol:11 (4), pp:277-285
52. Ranjay Gulati and Alicia DeSantola, (2016). Start-Ups That Last. Harvard Business Review. https://hbr.org/2016/03/start-ups-that-last
53. Rhett Power. (2019). 3 Trends Startup Founders Should Watch In 2019. Forbes. https://www.forbes.com/sites/rhettpower/2019/01/13/3-trends-startup-founders-should-watch-in-2019/#561b6a767991
54. Rich McIver, (2016). Accepting Outside Investors? Here Are 5 Things to Watch Out for in Your Contract. https://www.bplans.com/
55. Seawright, J., & Gerring, J., (2008). Case Selection Techniques in Case Study Research: A Menu of Qualitative and Quantitative Options. Political Research Quarterly, 61(2), 294–308.
56. Sedláček, Petr, and Vincent Sterk., (2017). The Growth Potential of Startups over the Business Cycle. American Economic Review, 107 (10): 3182-3210.
57. Startup Development Phases Document History (https://www.startupcommons.org/)
58. Supradeep Dutta, (2017). Venture Capital Influence on Innovation: A Fund-Level Perspective. Academy of Management Proceedings, Vol. 2015, No. 1
59. Tarek Miloud, Arild Aspelund, Mathieu Cabrol., (2012). Startup valuation by venture capitalists: an empirical study. Journal Venture Capital, vol 14(3), 2012, pp: 151-174
60. Thomas Hellmann and Manju Puri, (2000). The Interaction between Product Market and Financing Strategy: The Role of Venture Capital. The Review of Financial Studies, Volume 13, Issue 4, Pages 959–984
61. Ueda M.,(2004).Banks versus Venture Capital: Project Evaluation, Screening, and Expropriation. Journal of Finance
62. Veera Swamy Arava,(2018). Start-ups of the Digital Era: Why Cloud is Pivotal. entrepreneur.com. https://www.entrepreneur.com/article/317815
63. Wasserman N.,and School H..Surprising facts from THE FOUNDER`S DILEMMAS: ANTICIPATING AND AVOIDING THE PITFALLS THAT CAN SINK A STARTUP
64. Wasserman, N., (2008). The Founder’s Dilemma. Harvard Business Review.
65. William D. Bygrave, Jeffry Timmons, (2009). Venture Capital at the Crossroads
66. Zainal Z.,(2007).Case study as a research method.Jurnal Kemanusiaan,2007 vol: 9
67. Zamberi Ahmad S., Xavier S.,(2012).Entrepreneurial environments and growth: evidence from Malaysia GEM data. Journal of Chinese Entrepreneurship
68. Zider B., (1998).How Venture Capital Works. Harvard Business Review
描述 碩士
國立政治大學
國際經營管理英語碩士學位學程(IMBA)
1069330061
資料來源 http://thesis.lib.nccu.edu.tw/record/#G1069330061
資料類型 thesis
dc.contributor.advisor 尚孝純zh_TW
dc.contributor.advisor Shang, Sharien_US
dc.contributor.author (Authors) 蔣仁人zh_TW
dc.contributor.author (Authors) Jiang, Jen-Jenen_US
dc.creator (作者) 蔣仁人zh_TW
dc.creator (作者) Jiang, Jen-Jenen_US
dc.date (日期) 2019en_US
dc.date.accessioned 7-Aug-2019 16:22:15 (UTC+8)-
dc.date.available 7-Aug-2019 16:22:15 (UTC+8)-
dc.date.issued (上傳時間) 7-Aug-2019 16:22:15 (UTC+8)-
dc.identifier (Other Identifiers) G1069330061en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/124808-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 國際經營管理英語碩士學位學程(IMBA)zh_TW
dc.description (描述) 1069330061zh_TW
dc.description.abstract (摘要) As the environment for startups is getting mature, so much more resources comes from government supports, incubators, or investors. Startups are able to access the resources; use them to develop and expand their business to accelerate. The founders are getting fund from investors, at the same time, founders have to think about the occurring management problems after receiving the funds.
This study defines the four management problems as research questions, the following are: first, how to overcome the conflicts regardless if it’s short-term or long-term goals. Second, how to avoid the reorganization of the executive level in the company. Third, how to manage the increasing number of employees, and lastly, how to face the resource reallocation after VC funding. These are the questions that Startups might face after funding through literature reviews. Through the research questions, it studies the interview with the four Startups conducted in Taiwan and records the differences in an organization before and after funding in five observed dimensions. Finally, this study collects the experience and suggestions shared by the case companies and combines together with the opinions from industry domain experts to provide valuable solutions for founders to handle with each management problem in the conclusion part.		en_US
dc.description.tableofcontents 1. Introduction 1
1.1. Startup Development Phases 1
1.2. Startups trend in the coming year 2019 3
1.3. Different types of funding 6
1.4. Startups main challenges 9
2. literature review 15
2.1. The factors that impact startups’ performance and growth 15
2.2. What is ventral capital and how VC influence startups 18
2.3. The management problem startups face after accepting funding 20
2.4. Research questions and the impacts in organizations based on the congruence model 27
3. Research Method 31
3.1. Why case study 31
3.2. The selection of cases 33
3.3. Interview question 37
4. Analysis and presentation of data 43
4.1. Company A, education service industry 43
4.2. Company B, the internet service industry 46
4.3. Company C, the internet service industry 50
4.4. Company D, the internet service industry 53
4.5. Opinions from the industry experts: correct mindset 57
4.6. Opinions from industry experts: shareholding structure design 60
4.7. Opinions from industry experts: proper agreements 63
4.8. Opinions from industry experts: organization change management 64
5. Conclusions 69
5.1. Study findings 69
5.2. Limitation 74
5.3. Future study 78
6. Reference 81		zh_TW
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G1069330061en_US
dc.subject (關鍵詞) 應變管理zh_TW
dc.subject (關鍵詞) 新創zh_TW
dc.subject (關鍵詞) 資金zh_TW
dc.subject (關鍵詞) 創始人困境zh_TW
dc.subject (關鍵詞) change managementen_US
dc.subject (關鍵詞) startupsen_US
dc.subject (關鍵詞) fundingen_US
dc.subject (關鍵詞) founder`s dilemmaen_US
dc.title (題名) 新創公司接受創投入資後之管理問題實證研究zh_TW
dc.title (題名) An empirical study of management problems in startups after accepting VC fundingen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 1. Bakar, Lily Julienti Abu; Ahmad, Hartini, (2010).Assessing the relationship between firm resources and product innovation performance: A resource-based view. Business Process Management Journal, Volume 16, Number 3, 2010, pp. 420-435(16)
2. Baum J, Silverman B.,(2004).Picking winners or building them? Alliance, intellectual, and human capital as selection criteria in venture financing and performance of biotechnology startups. Journal of Business Venturing
3. Belke A., Fehn R., Foster N.,(2003).Does venture capital investment spur employment growth?. Centre for European Policy Studies (Brussels B), Publisher: CEPS,2003 pp: 21
4. Bertoni F., Grilli L., Raffa M., Colombo M., Iandoli L., and Landström H.,(2013). Venture Capital Financing and the Growth of New Technology-based Firms: What Comes First?. Entrepreneurship, Competitiveness and Local Development
5. Bob Zider (1998), How Venture Capital Works. Harvard Business Review, November-December 1998 Issue. https://hbr.org/1998/11/how-venture-capital-works
6. Bruton G., Rubanik Y.,(2002).Resources of the firm, Russian high-technology startups, and firm growth. Journal of Business Venturing,2002 vol: 17 (6) pp: 553-576
7. Butler Inés and Galassi G., (2016).Public funding for startups in Argentina: an impact evaluation. Small Business Economics,2016 vol: 46 (2) pp: 295-309
8. Cassar G.,(2004).The financing of business start-ups. Journal of Business Venturing, 2004 vol: 19 (2) pp: 261-283
9. Chang, Ching-Yi & Wang, Fanghua & Chen, Jie & Fu, Hsin-Pin, (2011). Analysis of the factors that influence venture capital fundraising: An empirical study in China. African Journal of Business Management. 5. 4765-4774.
10. Davidsson P., Honig B.,(2003).The role of social and human capital among nascent entrepreneurs. Journal of Business Venturing, 2003 vol: 18 (3) pp: 301-331
11. Davidsson P., Kirchhoff B., Hatemi-J A., and Gustavsson H.,(2002).Empirical Analysis of Business Growth Factors Using Swedish Data. Journal of Small Business Management, 2002 vol: 40 (4) pp: 332-349
12. Davila A, Foster G, and Gupta M, (2003). Venture capital financing and the growth of startup firms. Journal of Business Venturing, 2003 vol: 18 (6) pp: 689-708
13. Deepak Malhotra, (2013). How to Negotiate with VCs. Harvard Business Review. https://hbr.org/2013/05/how-to-negotiate-with-vcs]
14. DEUTSCH W., (2017). Surprising numbers behind start-up survival rates. Chicago Booth Review
15. Devece C., Peris-Ortiz M., and Rueda-Armengot C.,(2016).Entrepreneurship during economic crisis: Success factors and paths to failure. Journal of Business Research,2016 vol: 69 (11) pp: 5366-5370
16. Dirk Engel, (2002). The Impact of Venture Capital on Firm Growth: An Empirical Investigation. ZEW Discussion Paper No. 02-02
17. Elko J. Kleinschmidt, Ulrike De Brentani, and Sören Salomo, (2007).Performance of Global New Product Development Programs: A Resource‐Based View. The journal of product innovation management. Volume24, Issue5.Pages 419-441
18. Engel D.,(2002). The Impact of Venture Capital on Firm Growth: An Empirical Investigation
19. Freeman J. and Engel J.,(2012).Models of Innovation: Startups and Mature Corporations. California Management Review
20. GEM Global Report 2018/2019 (https://www.gemconsortium.org/)
21. Global Startup Ecosystem Report 2018 Succeeding in the New Era of Technology 2. (https://startupgenome.com/reports)
22. Gomez-Mejia L., Balkin D., and Welbourne T.,(1990).Influence of venture capitalists on high tech management. The Journal of High Technology Management Research,1990 vol: 1 (1) pp: 103-118
23. Guimarães J., Severo E., Dorion E., Coallier F., and Olea P.,(2016).The use of organisational resources for product innovation and organisational performance: A survey of the Brazilian furniture industry. International Journal of Production Economics,2016 vol: 180 pp: 135-147
24. Gworek J.,(2005). MORSE BARNES BROWN PENDLETON PC Protecting the Legal Interests of Founders in a Startup Emerging Technology Company
25. Hamilton R., (2001). E‐commerce new venture performance: how funding impacts culture. Inte rnet Research, 2001 vol: 11 (4) pp: 277-285
26. Harold L. Sirkin, Perry Keenan, and Alan Jackson,(2005). The Hard Side of Change Management. Harvard Business Review. https://hbr.org/2005/10/the-hard-side-of-change-management
27. Hellmann T., and Puri M.,(2002).Venture capital and the professionalization of start-up firms: Empirical evidence. Journal of Finance
28. Hellmann T.,(2006).The Allocation of Control Rights in Venture Capital Contracts. The RAND Journal of Economics
29. Hixon T.,(2017).The Founder/Investor Partnership Is Complex; Here`s How To Make It Work.Forbes
30. HOW TO ESCAPE FROM THE START-UP VALLEY OF DEATH. APTONOVA Blog. https://aptonova.wordpress.com/2014/11/01/how-to-escape-from-the-start-up-valley-of-death/
31. Jeng L Wells P., The determinants of venture capital funding: evidence across countries. Journal of Corporate Finance, 2000 vol: 6 (3) pp: 241-289
32. Kevin Johnston. What Return Do Venture Capitalists Expect. https://finance.zacks.com/return-venture-capitalists-expect-10600.html
33. Leslie A.Jenga, Philippe C.Wellsb. (2000). The determinants of venture capital funding: evidence across countries. Journal of Corporate Finance, 2000 vol : 6(3) pp 241-289
34. Li J., (2008).Top management team restructuring in pre-IPO high technology startups: The influence of TMT characteristics and firm growth. The Journal of High Technology Management Research,2008 vol: 19 (1) pp: 59-69
35. Luis R. Gomez-Mejia, David B. Balkin, and Theresa M. Welbourne,(1990).Influence of venture capitalists on high tech management. The Journal of High Technology Management Research, 1990 vol: 1 (1) pp: 103-118
36. Martin Jones, (2018). 7 Startup Trends You Can Focus on to Succeed in 2019. Coxblue.com. https://www.coxblue.com/7-trends-startups-can-focus-on-to-succeed-in-2019/
37. MarxL.,(1998). Efficient venture capital financing combining debt and equity. Review of Economic Design
38. Mason C., and Harrison R.,(2002). Is it worth it? The rates of return from informal venture capital investments. Journal of Business Venturing, 2002 vol. 17(3), pp: 211-236
39. Michael D.Ensley, Keith M.Hmieleski, Craig L.Pearce., (2006). The importance of vertical and shared leadership within new venture top management teams: Implications for the performance of startups. The Leadership Quarterly, vol 17(3), 2006, pp:217-231
40. Myers M., Benbasat I., Avison D., Goldstein D., and Mead M.,(2011). The Case Research Strategy in Studies of Information Systems. Qualitative Research in Information Systems
41. N.R.Joglekar and M. LÉvesque, (2009). Marketing, R&D, and Startup Valuation. IEEE Transactions on Engineering Management, vol. 56, no. 2, pp. 229-242
42. Nadler, D., and Michael Tushman, (1980). A Model for Diagnosing Organizational Behavior. Organizational Dynamics 9, no. 2 (autumn 1980): 35–51.
43. Neil C. Churchill and Virginia L. Lewis, (2009). The Five Stages of Small Business Growth.
44. Niels Bosma, Mirjam van Praag, Roy Thurik, Gerrit de Wit., (2004). The Value of Human and Social Capital Investments for the Business Performance of Startups. Small Business Economics, October 2004, Volume 23, Issue 3, pp 227–236
45. NORTON, E. and TENENBAUM, B.H., (1993). The effects of venture capitalists` characteristics on the structure of the venture capital deal. Journal of Small Business Management, 31(4), pp. 32.
46. Okrah J., Nepp A., and Agbozo E.,(2018).Exploring the factors of startup success and growth. The Business and Management Review,2018 vol: 9
47. Paglia J., and Harjoto M.,(2014).The effects of private equity and venture capital on sales and employment growth in small and medium-sized businesses. Journal of Banking & Finance, 2014 vol: 47 pp: 177-197
48. Paul Michelman, (2008). How Great Managers Manage People. Harvard Business Review. https://hbr.org/2008/02/how-great-managers-manage-peop-1
49. Picken J., (2017). From startup to scalable enterprise: Laying the foundation. Business Horizons, 2017 vol: 60 (5) pp: 587-595
50. PWC Taiwan, (2018). 2018 Taiwan Startup Ecosystem Survey. https://www.pwc.tw/en/publications/assets/2018-taiwan-startup-ecosystem-survey-summary.pdf
51. R.H. Hamilton., (2001). E‐commerce new venture performance: how funding impacts culture. Internet Research, 2001 vol:11 (4), pp:277-285
52. Ranjay Gulati and Alicia DeSantola, (2016). Start-Ups That Last. Harvard Business Review. https://hbr.org/2016/03/start-ups-that-last
53. Rhett Power. (2019). 3 Trends Startup Founders Should Watch In 2019. Forbes. https://www.forbes.com/sites/rhettpower/2019/01/13/3-trends-startup-founders-should-watch-in-2019/#561b6a767991
54. Rich McIver, (2016). Accepting Outside Investors? Here Are 5 Things to Watch Out for in Your Contract. https://www.bplans.com/
55. Seawright, J., & Gerring, J., (2008). Case Selection Techniques in Case Study Research: A Menu of Qualitative and Quantitative Options. Political Research Quarterly, 61(2), 294–308.
56. Sedláček, Petr, and Vincent Sterk., (2017). The Growth Potential of Startups over the Business Cycle. American Economic Review, 107 (10): 3182-3210.
57. Startup Development Phases Document History (https://www.startupcommons.org/)
58. Supradeep Dutta, (2017). Venture Capital Influence on Innovation: A Fund-Level Perspective. Academy of Management Proceedings, Vol. 2015, No. 1
59. Tarek Miloud, Arild Aspelund, Mathieu Cabrol., (2012). Startup valuation by venture capitalists: an empirical study. Journal Venture Capital, vol 14(3), 2012, pp: 151-174
60. Thomas Hellmann and Manju Puri, (2000). The Interaction between Product Market and Financing Strategy: The Role of Venture Capital. The Review of Financial Studies, Volume 13, Issue 4, Pages 959–984
61. Ueda M.,(2004).Banks versus Venture Capital: Project Evaluation, Screening, and Expropriation. Journal of Finance
62. Veera Swamy Arava,(2018). Start-ups of the Digital Era: Why Cloud is Pivotal. entrepreneur.com. https://www.entrepreneur.com/article/317815
63. Wasserman N.,and School H..Surprising facts from THE FOUNDER`S DILEMMAS: ANTICIPATING AND AVOIDING THE PITFALLS THAT CAN SINK A STARTUP
64. Wasserman, N., (2008). The Founder’s Dilemma. Harvard Business Review.
65. William D. Bygrave, Jeffry Timmons, (2009). Venture Capital at the Crossroads
66. Zainal Z.,(2007).Case study as a research method.Jurnal Kemanusiaan,2007 vol: 9
67. Zamberi Ahmad S., Xavier S.,(2012).Entrepreneurial environments and growth: evidence from Malaysia GEM data. Journal of Chinese Entrepreneurship
68. Zider B., (1998).How Venture Capital Works. Harvard Business Review		zh_TW
dc.identifier.doi (DOI) 10.6814/NCCU201900399en_US