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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 Venturing3. 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: 214. 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 Development5. Bob Zider (1998), How Venture Capital Works. Harvard Business Review, November-December 1998 Issue. https://hbr.org/1998/11/how-venture-capital-works6. 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: 553-5767. Butler Inés and Galassi G., (2016).Public funding for startups in Argentina: an impact evaluation. Small Business Economics,2016 vol: 46 (2) pp: 295-3098. Cassar G.,(2004).The financing of business start-ups. Journal of Business Venturing, 2004 vol: 19 (2) pp: 261-2839. 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: 301-33111. 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: 332-34912. 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: 689-70813. 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 Review15. 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: 5366-537016. Dirk Engel, (2002). The Impact of Venture Capital on Firm Growth: An Empirical Investigation. ZEW Discussion Paper No. 02-0217. 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 419-44118. Engel D.,(2002). The Impact of Venture Capital on Firm Growth: An Empirical Investigation19. Freeman J. and Engel J.,(2012).Models of Innovation: Startups and Mature Corporations. California Management Review20. 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: 103-11823. 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: 135-14724. Gworek J.,(2005). MORSE BARNES BROWN PENDLETON PC Protecting the Legal Interests of Founders in a Startup Emerging Technology Company25. Hamilton R., (2001). E‐commerce new venture performance: how funding impacts culture. Inte rnet Research, 2001 vol: 11 (4) pp: 277-28526. 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-management27. Hellmann T., and Puri M.,(2002).Venture capital and the professionalization of start-up firms: Empirical evidence. Journal of Finance28. Hellmann T.,(2006).The Allocation of Control Rights in Venture Capital Contracts. The RAND Journal of Economics29. Hixon T.,(2017).The Founder/Investor Partnership Is Complex; Here`s How To Make It Work.Forbes30. 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: 241-28932. Kevin Johnston. What Return Do Venture Capitalists Expect. https://finance.zacks.com/return-venture-capitalists-expect-10600.html33. 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 241-28934. 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: 59-6935. 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: 103-11836. 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 Design38. 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: 211-23639. 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:217-23140. 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 Systems41. N.R.Joglekar and M. LÉvesque, (2009). Marketing, R&D, and Startup Valuation. IEEE Transactions on Engineering Management, vol. 56, no. 2, pp. 229-24242. 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 227–23645. 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: 947. 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: 177-19748. Paul Michelman, (2008). How Great Managers Manage People. Harvard Business Review. https://hbr.org/2008/02/how-great-managers-manage-peop-149. Picken J., (2017). From startup to scalable enterprise: Laying the foundation. Business Horizons, 2017 vol: 60 (5) pp: 587-59550. PWC Taiwan, (2018). 2018 Taiwan Startup Ecosystem Survey. https://www.pwc.tw/en/publications/assets/2018-taiwan-startup-ecosystem-survey-summary.pdf51. R.H. Hamilton., (2001). E‐commerce new venture performance: how funding impacts culture. Internet Research, 2001 vol:11 (4), pp:277-28552. Ranjay Gulati and Alicia DeSantola, (2016). Start-Ups That Last. Harvard Business Review. https://hbr.org/2016/03/start-ups-that-last53. 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/#561b6a76799154. 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. 159. Tarek Miloud, Arild Aspelund, Mathieu Cabrol., (2012). Startup valuation by venture capitalists: an empirical study. Journal Venture Capital, vol 14(3), 2012, pp: 151-17460. 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 959–98461. Ueda M.,(2004).Banks versus Venture Capital: Project Evaluation, Screening, and Expropriation. Journal of Finance62. Veera Swamy Arava,(2018). Start-ups of the Digital Era: Why Cloud is Pivotal. entrepreneur.com. https://www.entrepreneur.com/article/31781563. Wasserman N.,and School H..Surprising facts from THE FOUNDER`S DILEMMAS: ANTICIPATING AND AVOIDING THE PITFALLS THAT CAN SINK A STARTUP64. Wasserman, N., (2008). The Founder’s Dilemma. Harvard Business Review.65. William D. Bygrave, Jeffry Timmons, (2009). Venture Capital at the Crossroads66. Zainal Z.,(2007).Case study as a research method.Jurnal Kemanusiaan,2007 vol: 967. Zamberi Ahmad S., Xavier S.,(2012).Entrepreneurial environments and growth: evidence from Malaysia GEM data. Journal of Chinese Entrepreneurship68. 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, Shari en_US dc.contributor.author (Authors) 蔣仁人 zh_TW dc.contributor.author (Authors) Jiang, Jen-Jen en_US dc.creator (作者) 蔣仁人 zh_TW dc.creator (作者) Jiang, Jen-Jen en_US dc.date (日期) 2019 en_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) G1069330061 en_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) 1069330061 zh_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 11.1. Startup Development Phases 11.2. Startups trend in the coming year 2019 31.3. Different types of funding 61.4. Startups main challenges 92. literature review 152.1. The factors that impact startups’ performance and growth 152.2. What is ventral capital and how VC influence startups 182.3. The management problem startups face after accepting funding 202.4. Research questions and the impacts in organizations based on the congruence model 273. Research Method 313.1. Why case study 313.2. The selection of cases 333.3. Interview question 374. Analysis and presentation of data 434.1. Company A, education service industry 434.2. Company B, the internet service industry 464.3. Company C, the internet service industry 504.4. Company D, the internet service industry 534.5. Opinions from the industry experts: correct mindset 574.6. Opinions from industry experts: shareholding structure design 604.7. Opinions from industry experts: proper agreements 634.8. Opinions from industry experts: organization change management 645. Conclusions 695.1. Study findings 695.2. Limitation 745.3. Future study 786. Reference 81 zh_TW dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G1069330061 en_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 management en_US dc.subject (關鍵詞) startups en_US dc.subject (關鍵詞) funding en_US dc.subject (關鍵詞) founder`s dilemma en_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 funding en_US dc.type (資料類型) thesis en_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 Venturing3. 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: 214. 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 Development5. Bob Zider (1998), How Venture Capital Works. Harvard Business Review, November-December 1998 Issue. https://hbr.org/1998/11/how-venture-capital-works6. 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: 553-5767. Butler Inés and Galassi G., (2016).Public funding for startups in Argentina: an impact evaluation. Small Business Economics,2016 vol: 46 (2) pp: 295-3098. Cassar G.,(2004).The financing of business start-ups. Journal of Business Venturing, 2004 vol: 19 (2) pp: 261-2839. 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: 301-33111. 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: 332-34912. 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: 689-70813. 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 Review15. 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: 5366-537016. Dirk Engel, (2002). The Impact of Venture Capital on Firm Growth: An Empirical Investigation. ZEW Discussion Paper No. 02-0217. 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 419-44118. Engel D.,(2002). The Impact of Venture Capital on Firm Growth: An Empirical Investigation19. Freeman J. and Engel J.,(2012).Models of Innovation: Startups and Mature Corporations. California Management Review20. 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: 103-11823. 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: 135-14724. Gworek J.,(2005). MORSE BARNES BROWN PENDLETON PC Protecting the Legal Interests of Founders in a Startup Emerging Technology Company25. Hamilton R., (2001). E‐commerce new venture performance: how funding impacts culture. Inte rnet Research, 2001 vol: 11 (4) pp: 277-28526. 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-management27. Hellmann T., and Puri M.,(2002).Venture capital and the professionalization of start-up firms: Empirical evidence. Journal of Finance28. Hellmann T.,(2006).The Allocation of Control Rights in Venture Capital Contracts. The RAND Journal of Economics29. Hixon T.,(2017).The Founder/Investor Partnership Is Complex; Here`s How To Make It Work.Forbes30. 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: 241-28932. Kevin Johnston. What Return Do Venture Capitalists Expect. https://finance.zacks.com/return-venture-capitalists-expect-10600.html33. 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 241-28934. 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: 59-6935. 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: 103-11836. 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 Design38. 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: 211-23639. 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:217-23140. 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 Systems41. N.R.Joglekar and M. LÉvesque, (2009). Marketing, R&D, and Startup Valuation. IEEE Transactions on Engineering Management, vol. 56, no. 2, pp. 229-24242. 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 227–23645. 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: 947. 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: 177-19748. Paul Michelman, (2008). How Great Managers Manage People. Harvard Business Review. https://hbr.org/2008/02/how-great-managers-manage-peop-149. Picken J., (2017). From startup to scalable enterprise: Laying the foundation. Business Horizons, 2017 vol: 60 (5) pp: 587-59550. PWC Taiwan, (2018). 2018 Taiwan Startup Ecosystem Survey. https://www.pwc.tw/en/publications/assets/2018-taiwan-startup-ecosystem-survey-summary.pdf51. R.H. Hamilton., (2001). E‐commerce new venture performance: how funding impacts culture. Internet Research, 2001 vol:11 (4), pp:277-28552. Ranjay Gulati and Alicia DeSantola, (2016). Start-Ups That Last. Harvard Business Review. https://hbr.org/2016/03/start-ups-that-last53. 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/#561b6a76799154. 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. 159. Tarek Miloud, Arild Aspelund, Mathieu Cabrol., (2012). Startup valuation by venture capitalists: an empirical study. Journal Venture Capital, vol 14(3), 2012, pp: 151-17460. 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 959–98461. Ueda M.,(2004).Banks versus Venture Capital: Project Evaluation, Screening, and Expropriation. Journal of Finance62. Veera Swamy Arava,(2018). Start-ups of the Digital Era: Why Cloud is Pivotal. entrepreneur.com. https://www.entrepreneur.com/article/31781563. Wasserman N.,and School H..Surprising facts from THE FOUNDER`S DILEMMAS: ANTICIPATING AND AVOIDING THE PITFALLS THAT CAN SINK A STARTUP64. Wasserman, N., (2008). The Founder’s Dilemma. Harvard Business Review.65. William D. Bygrave, Jeffry Timmons, (2009). Venture Capital at the Crossroads66. Zainal Z.,(2007).Case study as a research method.Jurnal Kemanusiaan,2007 vol: 967. Zamberi Ahmad S., Xavier S.,(2012).Entrepreneurial environments and growth: evidence from Malaysia GEM data. Journal of Chinese Entrepreneurship68. Zider B., (1998).How Venture Capital Works. Harvard Business Review zh_TW dc.identifier.doi (DOI) 10.6814/NCCU201900399 en_US
