Criterios clave en la elección de proyectos para los fondos de capital riesgo de impacto
Palabras clave:
Inversión de impacto, Capital riesgo, Fondos de inversión, Emprendimiento social, Criterios de selección
Resumen
El objetivo de este trabajo es identificar los principales criterios en la selección de un proyecto por parte de los fondos de capital riesgo de impacto (FCRI) y establecer un ranking que indique la importancia relativa de los mismos en la decisión final. Para alcanzar este objetivo se ha utilizado la metodología exploratoria, con entrevistas semiestructuradas en profundidad y análisis de informes de Due Diligence, así como la metodología descriptiva para analizar los resultados obtenidos. Dichos resultados permiten concluir que los criterios relativos al Impacto, desde la perspectiva de solucionar problemas reales y con gran potencial de cambio, y al Equipo, desde el liderazgo y la experiencia, son los más determinantes para los FCRI en España. Además, se observa una notable variabilidad de puntuaciones entre los FCRI para algunos criterios, lo que refleja la falta de consenso en cuanto a la selección de ciertos criterios en el ecosistema.
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Bashir, M., & Verma, R. (2018). Internal factors & consequences of business model innovation. Management Decision. https://doi.org/10.1108/MD-11-2016-0784
Bernstein, S., Korteweg, A., & Laws, K. (2017). Attracting early‐stage investors: Evidence from a randomized field experiment. The Journal of Finance, 72(2), 509-538. https://doi.org/10.1111/jofi.12470
Brown, S. J., Fraser, T. L., & Liang, B. (2008). Hedge fund due diligence: A source of alpha in a hedge fund portfolio strategy. Finance Working Papers. Stern School of Business. Accessed 12 July 2022, Available at: http://hdl.handle.net/2451/27401
Bugg-Levine, A., & Emerson, J. (2011). Impact Investing: Transforming How We Make Money While Making a Difference. Innovations Technology Governance Globalization 6(3):9-18. doi:10.1162/INOV_a_00077
Bugg-Levine, A., & Goldstein, J. (2009). Impact investing: Harnessing capital markets to solve problems at scale. Community Development Investment Review, 5(2), 30-41. Accessed 11 July 2022, Available at: https://community-wealth.org/content/impact-investing-harnessing-capital-markets-solve-problems-scale
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Casasnovas, G., Jenkins, S., Osoro, C, & Hehenberger, E. (2021). La inversión de impacto en España en 2021. SpainNAB and ESADE. Accessed 11 July 2022, Available at: https://spainnab.org/images/pdfs_conocimiento/La-inversion-de-impacto-en-Espana-en-2021.pdf
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Denis, D. J. (2004). Entrepreneurial finance: an overview of the issues and evidence. Journal of corporate finance, 10(2), 301-326. https://doi.org/10.1016/S0929-1199(03)00059-2
Findlay, S., & Moran, M. (2018). Purpose-washing of impact investing funds: motivations, occurrence and prevention. Social Responsibility Journal, 15(7), 853-873. https://doi.org/10.1108/SRJ-11-2017-0260
Geobey, S., Westley, F. R., & Weber, O. (2012). Enabling social innovation through developmental social finance. Journal of Social Entrepreneurship, 3(2), 151-165. https://doi.org/10.1080/19420676.2012.726006
Ghauri, P. (2004). Designing and conducting case studies in international business research. Handbook of qualitative research methods for international business, 1(1), 109-124. doi:10.4337/9781781954331.00019
Glänzel, G., & Scheuerle, T. (2016). Social impact investing in Germany: Current impediments from investors’ and social entrepreneurs’ perspectives. VOLUNTAS: International Journal of Voluntary and Nonprofit Organizations, 27(4), 1638-1668. https://doi.org/10.1007/s11266-015-9621-z
Gompers, P., & Lerner, J. (2001). The venture capital revolution. Journal of economic perspectives, 15(2), 145-168. Accessed 12 July 2022, Available at: https://www.jstor.org/stable/2696596
Guild, P. D., & Bachher, J. S. (1996). Equity investment decisions for technology based ventures. International Journal of Technology Management, 12(7-8), 787-795. doi:10.1504/IJTM.1996.025516
Hand, D., Dithrich, H., Sunderji, S., & Nova, N. (2020). Annual Impact Investor Survey. Global Impact Investing Network, GIIN. Accessed 12 July 2022, Available at: https://thegiin.org/research/publication/impinv-survey-2020
Haro-de-Rosario, A., Caba-Pérez, M. D. C., & Cazorla-Papis, L. (2016). The impact of venture capital on investee companies: evidence from Spain. Review of Managerial Science, 10(3), 577-600. https://doi.org/10.1007/s11846-015-0169-5
Hirukawa, M., & Ueda, M. (2011). Venture capital and innovation: which is first? Pacific Economic Review, 16(4), 421-465. https://doi.org/10.1111/j.1468-0106.2011.00557.x
Holtslag, M., Chevrollier, N., & Nijhof, A. (2021). Impact investing and sustainable market transformations: The role of venture capital funds. Business Ethics, the Environment & Responsibility, 30(4), 522-537. https://doi.org/10.1111/beer.12371
Hsu, D. H. (2007). Experienced entrepreneurial founders, organizational capital, and venture capital funding. Research policy, 36(5), 722-741. https://doi.org/10.1016/j.respol.2007.02.022
Islam, S. M. (2022). Impact investing in social sector organisations: A systematic review and research agenda. Accounting & Finance, 62(1), 709-737 (1). https://doi.org/10.1111/acfi.12804
Kaplan, S. N., Sensoy, B. A., & Strömberg, P. (2009). Should investors bet on the jockey or the horse? Evidence from the evolution of firms from early business plans to public companies. The Journal of Finance, 64(1), 75-115. https://doi.org/10.1111/j.1540-6261.2008.01429.x
Khanin, D., Baum, J. R., Mahto, R. V., & Heller, C. (2008). Venture capitalists’ investment criteria: 40 years of research. Small Business Institute Research Review, 35. Accessed 12 July 2022, Available at: https://smallbusinessinstitute.org/Resources/Documents/Proceedings/2008%20Proceedings.pdf#page=196
Köhn, A. (2018). The determinants of startup valuation in the venture capital context: a systematic review and avenues for future research. Management Review Quarterly, 68(1), 3-36. https://doi.org/10.1007/s11301-017-0131-5
Leece, D., Berry, T., Miao, J., & Sweeting, R. (2012). The post‐investment relationship between a venture capitalist and its investee companies. International Journal of Entrepreneurial Behavior & Research. https://doi.org/10.1108/13552551211253946
McCallum, S., & Viviers, S. (2020). Exploring key barriers and opportunities in impact investing in an emerging market setting. South African Journal of Business Management, 51(1), 1-11. https://doi.org/10.4102/sajbm.v51i1.1601
Metrick, A., & Yasuda, A. (2021). Venture capital and the finance of innovation. John Wiley & Sons.
Morris, M., Schindehutte, M., & Allen, J. (2005). The entrepreneur's business model: toward a unified perspective. Journal of business research, 58(6), 726-735. https://doi.org/10.1016/j.jbusres.2003.11.001
Muzyka, D., Birley, S., & Leleux, B. (1996). Trade-offs in the investment decisions of European venture capitalists. Journal of business venturing, 11(4), 273-287. https://doi.org/10.1016/0883-9026(95)00126-3
Nahata, R. (2019). Success is good but failure is not so bad either: Serial entrepreneurs and venture capital contracting. Journal of Corporate Finance, 58, 624-649. https://doi.org/10.1016/j.jcorpfin.2019.07.006
Ormiston, J., Charlton, K., Donald, M. S., & Seymour, R. G. (2015). Overcoming the challenges of impact investing: Insights from leading investors. Journal of Social Entrepreneurship, 6(3), 352-378. https://doi.org/10.1080/19420676.2015.1049285
Peña, I., & Muñeco, P. (2018). Evolución del capital riesgo en la economía española. Cuadernos de Información económica, 264, 37-43. Accessed 12 July 2022, Available at: https://www.funcas.es/wp-content/uploads/Migracion/Articulos/FUNCAS_CIE/264art05.pdf
Prinz, K. (2013). Determinants of Valuation of Early-Stage High-Growth Start-Ups. http://dx.doi.org/10.2139/ssrn.2398567
Prohorovs, A., Bistrova, J., & Ten, D. (2019). Startup Success Factors in the Capital Attraction Stage: Founders’ Perspective. Journal of east-west business, 25(1), 26-51. https://doi.org/10.1080/10669868.2018.1503211
Roundy, P., Holzhauer, H., & Dai, Y. (2017). Finance or philanthropy? Exploring the motivations and criteria of impact investors. Social Responsibility Journal. https://doi.org/10.1108/SRJ-08-2016-0135
Seddon, P. B., Lewis, G. P., Freeman, P., & Shanks, G. (2004). The case for viewing business models as abstractions of strategy. Communications of the association for Information Systems, 13(1), 25. https://doi.org/10.17705/1CAIS.01325
Sharma, A. K. (2015). Venture capitalists’ investment decision criteria for new ventures: a review. Procedia-Social and Behavioral Sciences, 189, 465-470. https://doi.org/10.1016/j.sbspro.2015.03.195
Shepherd, D. A., Douglas, E. J., & Shanley, M. (2000). New venture survival: Ignorance, external shocks, and risk reduction strategies. Journal of business venturing, 15(5-6), 393-410. https://doi.org/10.1016/S0883-9026(98)00032-9
Tyebjee, T. T., & Bruno, A. V. (1984). A model of venture capitalist investment activity. Management science, 30(9), 1051-1066. Accessed 12 July 2022, Available at: https://www.jstor.org/stable/2631723
Unger, J. M., Rauch, A., Frese, M., & Rosenbusch, N. (2011). Human capital and entrepreneurial success: A meta-analytical review. Journal of business venturing, 26(3), 341-358. https://doi.org/10.1016/j.jbusvent.2009.09.004
Upward, A., & Jones, P. (2016). An ontology for strongly sustainable business models: Defining an enterprise framework compatible with natural and social science. Organization & Environment, 29(1), 97-123. https://doi.org/10.1177/1086026615592933
Volk, A. (2019). Creating impact: the promise of impact investing. IFC, World Bank Group. doi:10.13140/RG.2.2.21054.02886
Volk, A. (2021). Investing for Impact: The Global Impact Investing Market 2020. IFC, World Bank. Accessed 11 July 2022, Available at: https://openknowledge.worldbank.org/handle/10986/36263
Waleczek, P., Zehren, T., & Flatten, T. C. (2018). Start‐up financing: How founders finance their ventures' early stage. Managerial and Decision Economics, 39(5), 535-549. https://doi.org/10.1002/mde.2925
Wilson, K. E. (2014). New Investment Approaches for Addressing Social and Economic Challenges, OECD Science, Technology and Industry Policy Papers, No. 15. https://doi.org/10.1787/5jz2bz8g00jj-en
Zacharakis, A. L., & Meyer, G. D. (2000). The potential of actuarial decision models: can they improve the venture capital investment decision? Journal of Business venturing, 15(4), 323-346. https://doi.org/10.1016/S0883-9026(98)00016-0
Zacharakis, A. L., & Shepherd, D. A. (2001). The nature of information and overconfidence on venture capitalists' decision making. Journal of business venturing, 16(4), 311-332. https://doi.org/10.1016/S0883-9026(99)00052-X
Zahra, S. A. (2021). International entrepreneurship in the post Covid world. Journal of World Business, 56(1), 101143. https://doi.org/10.1016/j.jwb.2020.101143
Zopounidis, C. (1994). Venture capital modeling: Evaluation criteria for the appraisal of investments. The Financier ACMT, 1(2), 54-64. https://doi.org/10.1177/0266242697161003
Zott, C., & Amit, R. (2010). Business model design: An activity system perspective. Long range planning, 43(2-3), 216-226. https://doi.org/10.1016/j.lrp.2009.07.004
Zott, C., & Amit, R. (2011). The business model as the engine of network-based strategies, in Paul R. Kleindorfer and Yoram Wind (eds), Network-based Strategies and Competencies, Wharton School Publishing, Upper Saddle River, NJ.
Bernstein, S., Korteweg, A., & Laws, K. (2017). Attracting early‐stage investors: Evidence from a randomized field experiment. The Journal of Finance, 72(2), 509-538. https://doi.org/10.1111/jofi.12470
Brown, S. J., Fraser, T. L., & Liang, B. (2008). Hedge fund due diligence: A source of alpha in a hedge fund portfolio strategy. Finance Working Papers. Stern School of Business. Accessed 12 July 2022, Available at: http://hdl.handle.net/2451/27401
Bugg-Levine, A., & Emerson, J. (2011). Impact Investing: Transforming How We Make Money While Making a Difference. Innovations Technology Governance Globalization 6(3):9-18. doi:10.1162/INOV_a_00077
Bugg-Levine, A., & Goldstein, J. (2009). Impact investing: Harnessing capital markets to solve problems at scale. Community Development Investment Review, 5(2), 30-41. Accessed 11 July 2022, Available at: https://community-wealth.org/content/impact-investing-harnessing-capital-markets-solve-problems-scale
Camp, J. J. (2002). Venture capital due diligence: A guide to making smart investment choices and increasing your portfolio returns (Vol. 102). John Wiley & Sons.
Casasnovas, G., Jenkins, S., Osoro, C, & Hehenberger, E. (2021). La inversión de impacto en España en 2021. SpainNAB and ESADE. Accessed 11 July 2022, Available at: https://spainnab.org/images/pdfs_conocimiento/La-inversion-de-impacto-en-Espana-en-2021.pdf
Colombo, M. G., & Grilli, L. (2005). Founders’ human capital and the growth of new technology-based firms: A competence-based view. Research policy, 34(6), 795-816. https://doi.org/10.1016/j.respol.2005.03.010
Denis, D. J. (2004). Entrepreneurial finance: an overview of the issues and evidence. Journal of corporate finance, 10(2), 301-326. https://doi.org/10.1016/S0929-1199(03)00059-2
Findlay, S., & Moran, M. (2018). Purpose-washing of impact investing funds: motivations, occurrence and prevention. Social Responsibility Journal, 15(7), 853-873. https://doi.org/10.1108/SRJ-11-2017-0260
Geobey, S., Westley, F. R., & Weber, O. (2012). Enabling social innovation through developmental social finance. Journal of Social Entrepreneurship, 3(2), 151-165. https://doi.org/10.1080/19420676.2012.726006
Ghauri, P. (2004). Designing and conducting case studies in international business research. Handbook of qualitative research methods for international business, 1(1), 109-124. doi:10.4337/9781781954331.00019
Glänzel, G., & Scheuerle, T. (2016). Social impact investing in Germany: Current impediments from investors’ and social entrepreneurs’ perspectives. VOLUNTAS: International Journal of Voluntary and Nonprofit Organizations, 27(4), 1638-1668. https://doi.org/10.1007/s11266-015-9621-z
Gompers, P., & Lerner, J. (2001). The venture capital revolution. Journal of economic perspectives, 15(2), 145-168. Accessed 12 July 2022, Available at: https://www.jstor.org/stable/2696596
Guild, P. D., & Bachher, J. S. (1996). Equity investment decisions for technology based ventures. International Journal of Technology Management, 12(7-8), 787-795. doi:10.1504/IJTM.1996.025516
Hand, D., Dithrich, H., Sunderji, S., & Nova, N. (2020). Annual Impact Investor Survey. Global Impact Investing Network, GIIN. Accessed 12 July 2022, Available at: https://thegiin.org/research/publication/impinv-survey-2020
Haro-de-Rosario, A., Caba-Pérez, M. D. C., & Cazorla-Papis, L. (2016). The impact of venture capital on investee companies: evidence from Spain. Review of Managerial Science, 10(3), 577-600. https://doi.org/10.1007/s11846-015-0169-5
Hirukawa, M., & Ueda, M. (2011). Venture capital and innovation: which is first? Pacific Economic Review, 16(4), 421-465. https://doi.org/10.1111/j.1468-0106.2011.00557.x
Holtslag, M., Chevrollier, N., & Nijhof, A. (2021). Impact investing and sustainable market transformations: The role of venture capital funds. Business Ethics, the Environment & Responsibility, 30(4), 522-537. https://doi.org/10.1111/beer.12371
Hsu, D. H. (2007). Experienced entrepreneurial founders, organizational capital, and venture capital funding. Research policy, 36(5), 722-741. https://doi.org/10.1016/j.respol.2007.02.022
Islam, S. M. (2022). Impact investing in social sector organisations: A systematic review and research agenda. Accounting & Finance, 62(1), 709-737 (1). https://doi.org/10.1111/acfi.12804
Kaplan, S. N., Sensoy, B. A., & Strömberg, P. (2009). Should investors bet on the jockey or the horse? Evidence from the evolution of firms from early business plans to public companies. The Journal of Finance, 64(1), 75-115. https://doi.org/10.1111/j.1540-6261.2008.01429.x
Khanin, D., Baum, J. R., Mahto, R. V., & Heller, C. (2008). Venture capitalists’ investment criteria: 40 years of research. Small Business Institute Research Review, 35. Accessed 12 July 2022, Available at: https://smallbusinessinstitute.org/Resources/Documents/Proceedings/2008%20Proceedings.pdf#page=196
Köhn, A. (2018). The determinants of startup valuation in the venture capital context: a systematic review and avenues for future research. Management Review Quarterly, 68(1), 3-36. https://doi.org/10.1007/s11301-017-0131-5
Leece, D., Berry, T., Miao, J., & Sweeting, R. (2012). The post‐investment relationship between a venture capitalist and its investee companies. International Journal of Entrepreneurial Behavior & Research. https://doi.org/10.1108/13552551211253946
McCallum, S., & Viviers, S. (2020). Exploring key barriers and opportunities in impact investing in an emerging market setting. South African Journal of Business Management, 51(1), 1-11. https://doi.org/10.4102/sajbm.v51i1.1601
Metrick, A., & Yasuda, A. (2021). Venture capital and the finance of innovation. John Wiley & Sons.
Morris, M., Schindehutte, M., & Allen, J. (2005). The entrepreneur's business model: toward a unified perspective. Journal of business research, 58(6), 726-735. https://doi.org/10.1016/j.jbusres.2003.11.001
Muzyka, D., Birley, S., & Leleux, B. (1996). Trade-offs in the investment decisions of European venture capitalists. Journal of business venturing, 11(4), 273-287. https://doi.org/10.1016/0883-9026(95)00126-3
Nahata, R. (2019). Success is good but failure is not so bad either: Serial entrepreneurs and venture capital contracting. Journal of Corporate Finance, 58, 624-649. https://doi.org/10.1016/j.jcorpfin.2019.07.006
Ormiston, J., Charlton, K., Donald, M. S., & Seymour, R. G. (2015). Overcoming the challenges of impact investing: Insights from leading investors. Journal of Social Entrepreneurship, 6(3), 352-378. https://doi.org/10.1080/19420676.2015.1049285
Peña, I., & Muñeco, P. (2018). Evolución del capital riesgo en la economía española. Cuadernos de Información económica, 264, 37-43. Accessed 12 July 2022, Available at: https://www.funcas.es/wp-content/uploads/Migracion/Articulos/FUNCAS_CIE/264art05.pdf
Prinz, K. (2013). Determinants of Valuation of Early-Stage High-Growth Start-Ups. http://dx.doi.org/10.2139/ssrn.2398567
Prohorovs, A., Bistrova, J., & Ten, D. (2019). Startup Success Factors in the Capital Attraction Stage: Founders’ Perspective. Journal of east-west business, 25(1), 26-51. https://doi.org/10.1080/10669868.2018.1503211
Roundy, P., Holzhauer, H., & Dai, Y. (2017). Finance or philanthropy? Exploring the motivations and criteria of impact investors. Social Responsibility Journal. https://doi.org/10.1108/SRJ-08-2016-0135
Seddon, P. B., Lewis, G. P., Freeman, P., & Shanks, G. (2004). The case for viewing business models as abstractions of strategy. Communications of the association for Information Systems, 13(1), 25. https://doi.org/10.17705/1CAIS.01325
Sharma, A. K. (2015). Venture capitalists’ investment decision criteria for new ventures: a review. Procedia-Social and Behavioral Sciences, 189, 465-470. https://doi.org/10.1016/j.sbspro.2015.03.195
Shepherd, D. A., Douglas, E. J., & Shanley, M. (2000). New venture survival: Ignorance, external shocks, and risk reduction strategies. Journal of business venturing, 15(5-6), 393-410. https://doi.org/10.1016/S0883-9026(98)00032-9
Tyebjee, T. T., & Bruno, A. V. (1984). A model of venture capitalist investment activity. Management science, 30(9), 1051-1066. Accessed 12 July 2022, Available at: https://www.jstor.org/stable/2631723
Unger, J. M., Rauch, A., Frese, M., & Rosenbusch, N. (2011). Human capital and entrepreneurial success: A meta-analytical review. Journal of business venturing, 26(3), 341-358. https://doi.org/10.1016/j.jbusvent.2009.09.004
Upward, A., & Jones, P. (2016). An ontology for strongly sustainable business models: Defining an enterprise framework compatible with natural and social science. Organization & Environment, 29(1), 97-123. https://doi.org/10.1177/1086026615592933
Volk, A. (2019). Creating impact: the promise of impact investing. IFC, World Bank Group. doi:10.13140/RG.2.2.21054.02886
Volk, A. (2021). Investing for Impact: The Global Impact Investing Market 2020. IFC, World Bank. Accessed 11 July 2022, Available at: https://openknowledge.worldbank.org/handle/10986/36263
Waleczek, P., Zehren, T., & Flatten, T. C. (2018). Start‐up financing: How founders finance their ventures' early stage. Managerial and Decision Economics, 39(5), 535-549. https://doi.org/10.1002/mde.2925
Wilson, K. E. (2014). New Investment Approaches for Addressing Social and Economic Challenges, OECD Science, Technology and Industry Policy Papers, No. 15. https://doi.org/10.1787/5jz2bz8g00jj-en
Zacharakis, A. L., & Meyer, G. D. (2000). The potential of actuarial decision models: can they improve the venture capital investment decision? Journal of Business venturing, 15(4), 323-346. https://doi.org/10.1016/S0883-9026(98)00016-0
Zacharakis, A. L., & Shepherd, D. A. (2001). The nature of information and overconfidence on venture capitalists' decision making. Journal of business venturing, 16(4), 311-332. https://doi.org/10.1016/S0883-9026(99)00052-X
Zahra, S. A. (2021). International entrepreneurship in the post Covid world. Journal of World Business, 56(1), 101143. https://doi.org/10.1016/j.jwb.2020.101143
Zopounidis, C. (1994). Venture capital modeling: Evaluation criteria for the appraisal of investments. The Financier ACMT, 1(2), 54-64. https://doi.org/10.1177/0266242697161003
Zott, C., & Amit, R. (2010). Business model design: An activity system perspective. Long range planning, 43(2-3), 216-226. https://doi.org/10.1016/j.lrp.2009.07.004
Zott, C., & Amit, R. (2011). The business model as the engine of network-based strategies, in Paul R. Kleindorfer and Yoram Wind (eds), Network-based Strategies and Competencies, Wharton School Publishing, Upper Saddle River, NJ.
Publicado
2023-11-27
Cómo citar
Longares Pérez, O., Perea Osuna, I., & Jiménez Barandalla, I. C. (2023). Criterios clave en la elección de proyectos para los fondos de capital riesgo de impacto . Revista Iberoamericana de Economía Solidaria e Innovación Socioecológica, 6, 77-100. https://doi.org/10.33776/riesise.v6.7505
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