The decision-making process used by business angels and venture capitalists in Turkey and Colombia

06.03.2018 tarihli ve 30352 sayılı Resmi Gazetede yayımlanan “Yükseköğretim Kanunu İle Bazı Kanun Ve Kanun Hükmünde Kararnamelerde Değişiklik Yapılması Hakkında Kanun” ile 18.06.2018 tarihli “Lisansüstü Tezlerin Elektronik Ortamda Toplanması, Düzenlenmesi ve Erişime Açılmasına İlişkin Yönerge” gereğince tam metin erişime açılmıştır.Fon bulma tarihsel olarak girişimcilerin işlerini kurarken önemsedikleri en kritik alanlardan biri olmuştur. Yıllar boyunca, girişimciler tarafından başvurulan farklı fon bulma yoları yoğun olarak araştırmalara konu edilmiştir ancak Girişim Sermayesi ve Melek Yatırımcılar bu yolların arasındaki en göze çarpanları oluşturmaktadır. Bu tez, bu iki yatırımcı grubun temel prensiplerinin ve genel niteliklerinin ne olduğunu, yatırım süreçlerini nasıl yürüttüklerini, yatırım süreçlerinde dikkate aldıkları en önemli faktörlerin neler olduğunu ve nihai kararlarında yatırım fırsatının uluslararasılaşma kapasitesinin pozitif bir etkisinin olup olmadığını ortaya koymayı amaçlamaktadır. Bu araştırmanın önemi, özellikle Kolombiya ve Türkiye gibi ortaya çıkan olan ülkelerde yukarıda belirtilen sorulara yanıt arıyor olmasıdır. Yaklaşık olarak 45-60 dakika süren 8 yarı yapılandırılmış mülakat ile toplanan veriler sınıflandırılmış, analiz edilmiş ve içerik analizi yöntemi kullanılarak bulgular sunulmuştur. Soru seti sekiz tema altında oluşturulmuştur: genel sorular, yatırım süreci, gözden geçirme, yatırım fırsatının detaylı ele alınması ve değerlendirilmesi, anlaşmanın yapılandırılması, yatırım sonrası faaliyetler, çıkış stratejileri ve uluslararasılaşma kapasitesi. Elde edilen bulgulara göre, ortaya çıkan olan ülkelerde Girişim Sermayesi ve Melek Yatırımcıların oldukça benzer bir karar alma süreci izlediği görülmektedir. Melek Yatırımcıların yürüttüğü bir yatırım sürecinin, Girişim Sermayesinin yürüttüğüne kıyasla daha informel ve öznel faktörlere dayandığı söylenebilir. İkinci bir nokta da potansiyel yatırım fırsatlarını değerlendirirken en önemli kriter hem Girişim Sermayesi hem Melek Yatırımcılar için yönetim ekibi olduğu anlaşılmıştır. Son olarak, Girişim Sermayesi için bir girişimin uluslararasılaşma kapasitesi çok önemlidir ancak zorunlu olarak değerlendirilmezken Melek Yatırımcılar için bir girişimin uluslararasılaşma kapasitesi her açıdan zorunlu olarak görülmektedir.Funding has historically been one of the most critical areas considered by entrepreneurs while building their ventures up. Over the years, extensive research has been carried out in the distinctive funding sources appealed by entrepreneurs, however, the Venture Capital and the Business Angel investment stand out amongst them. This thesis aims to understand what the main guidelines and generalities of these two investors groups are, how the investment process is conducted, what the most relevant factors taken into account during the investment process are, and conclude on if the internationalization capacity of a venture positively impact the final investment decision given by Venture Capitalists and Business Angels. The relevance of this research goes beyond the limits as it profoundly responds to the above mentioned questions in emerging countries (specifically Colombia and Turkey). The content analysis was used to collect, group and analyze data coming from a total of 8 semi-structured interviews designed to last around 45-60 minutes. Questions were grouped to collect data in 8 specific areas of interest: Namely, General questions, Investment process, screening, deal screening and evaluation of the investment opportunities, deal structuring, post-investment activities, exit strategies, and internationalization capacity. According to the results, while it is true that VCs and BAs in emerging economies follow a quite similar making-decision process, it is safe to say, the one conducted by BAs is much more informal and based on subjective factors while compared with the one performed by VCs. Secondly, it seems the most important criterion while assessing potential investment opportunities is the management team for VCs as well as for BAs. Lastly, for VCs, the internationalization capacity of a venture is crucial yet not mandatory, conversely, for BAs, the internationalization capacity of a venture is mandatory from every point of view

Can psychometric testing be used to explain, predict and measure behavioural competences and the funding resource orchestration of the entrepreneur?

Financing is a critical entrepreneurial activity (Shane et al. 2003) and within the study of entrepreneurship, behaviour has been identified as an area requiring further exploration (Bird et al. 2012). Since 2008 supply side conditions for SMEs have been severe and increasingly entrepreneurs have to bundle or ‘orchestrate’ funding from a variety of sources in order to successfully finance the firm (Wright and Stigliani 2013: p.15). This longitudinal study uses psychometric testing to measure the behavioural competences of a panel of sixty entrepreneurs in the Creative Industries sector. Interviews were conducted over a 3 year period to identify finance finding behaviour. The research takes a pragmatic realism perspective to examine process and the different behavioural competences of entrepreneurs. The predictive qualities of this behaviour are explored in a funding context. The research confirmed a strong behavioural characteristic as validated through interviews and psychometric testing, was an orientation towards engagement and working with other organisations. In a funding context, this manifested itself in entrepreneurs using networks, seeking advice and sharing equity to fund growth. These co-operative, collaborative characteristics are different to the classic image of the entrepreneur as a risk-taker or extrovert. Leadership and achievement orientation were amongst the lowest scores. Three distinctive groups were identified and also shown by subsequent analysis to be a positive contribution to how entrepreneurial behavioural competences can be considered. Belonging to one of these three clusters is a strong predictive indicator of entrepreneurial behaviour – in this context, how entrepreneurs access finance. These Clusters were also proven to have different characteristics in relation to funding outcomes. The study seeks to make a contribution through the development of a methodology for entrepreneurs, policy makers and financial institutions to identify competencies in finding finance and overcome problems in information asymmetry

Knowledge and Management Models for Sustainable Growth

In the last years sustainability has become a topic of global concern and a key issue in the strategic agenda of both business organizations and public authorities and organisations. Significant changes in business landscape, the emergence of new technology, including social media, the pressure of new social concerns, have called into question established conceptualizations of competitiveness, wealth creation and growth. New and unaddressed set of issues regarding how private and public organisations manage and invest their resources to create sustainable value have brought to light. In particular the increasing focus on environmental and social themes has suggested new dimensions to be taken into account in the value creation dynamics, both at organisations and communities level. For companies the need of integrating corporate social and environmental responsibility issues into strategy and daily business operations, pose profound challenges, which, in turn, involve numerous processes and complex decisions influenced by many stakeholders. Facing these challenges calls for the creation, use and exploitation of new knowledge as well as the development of proper management models, approaches and tools aimed to contribute to the development and realization of environmentally and socially sustainable business strategies and practices

Tulevaisuuden tutkimuskeskuksen valittuja opiskelijatöitä 2018-2019

We have the pleasure inviting you to have look at the inspired and inspiring picks from the student essays written by students and student groups in the courses organised by Finland Futures Research Centre (FFRC). This is already the forth volume of our Coolest Student Papers series. The reason for publishing student papers is that as teachers of the courses we have many times thought that with some edition of a student essay they could get a real article published, but students seldom do this, even if they would be encouraged. Such a shame! We established Coolest Student Papers as a lower threshold forum for publishing these very good texts, some of which are of scholarly calibre. Once again this year’s selection shows that brilliant new students arrive our courses. We wish to reward their hard work in their intellectual endeavour by publishing their essays. The topics range from sustainability transitions to corporate foresight, from ethics to methodology and cultural sustainability. Independent, constructively critical open deliberation of how futures studies should be carried out is one of the core goals of our education and a key to further development of the courses and the whole field of futures studies. The volume is divided to sections by the courses. Each section begins with an evaluation made by the teacher after which the student essay(s) follow(s). There are 16 essays in total of which four are written in Finnish language. The Sustainable Development minor and the Futures Studies minor are offered in Finnish. The essays in English at the beginning of the volume are from the international Master’s Degree Programme of Futures Studies. Our PhD programme essays are excluded as we expect postgraduates to aim directly at journal articles. Dear Reader, we wish you the joy of looking at the field of futures studies from the student viewpoint. Have a nice journey

Value creation through female entrepreneurship in Pakistan

Although female entrepreneurs are viewed as the rising stars of the economy (Vossenberg,2013) and the way forward, (World Economic Forum, 2012), the discourse on underperformance in female entrepreneurship still holds (Marlow and McAdam, 2013). Entrepreneurial outcomes have been studied in terms of financial performance, wealth creation, firm survival, (Baumoletal.,2007\McMullen and Warnick,2016), and promotion of economic growth in developed and developing economies and across industries(Audretschetal.,2006;Baumol,1986). While evaluating entrepreneurial activity in financial terms is important, it often results in a one dimensional analysis of female entrepreneurial outcomes, (Zahraetal., 2009). Resultantly, female entrepreneurs are stereotyped as underperforming, owing to the standard yardstick against which their performance is evaluated in entrepreneurship. Accordingly, this research evaluates entrepreneurial outcomes from a holistic and non-monetary lens, one that extends beyond profit, growth, wealth creation or employment generation. In particular, this research studies the multiple value outcomes accruing through female entrepreneurial activity and the contextual embeddedness of such value using the entrepreneurial ecosystem framework. To develop a holistic understanding of value in female entrepreneurship, and the contextual influences affecting this value, in-depth interviews with 85 female entrepreneurs in Vehari, a district in Southern Punjab, Pakistan, were conducted. These entrepreneurs were randomly selected from a list of working women entrepreneurs trained under the dairy farming project of United States Agency of International Development(USAID). The key findings suggest that despite constraints in entrepreneurial ecosystem, women create value at multiple levels; towards themselves (individual value), towards the businesses (business value), towards the households (household value), and towards the community (community value). Highlighting value at four unique fronts, this research alters the lens through which performance and success is viewed in female entrepreneurship. In doing so, it highlights the subjective measures of performance in entrepreneurship, ones that are not recognized nor appreciated, but which are equally worthy. Accordingly, it challenges the underperformance image of female entrepreneurs, suggesting that women do not underperform but that the lens through performance is viewed is superficial