Involvement of venture capital companies in innovative companies

Abstract

Previous work on venture capital proves an essential role for the investor, which goes beyond that of a simple proxy for funds. To better manage their investments, venture capital firms must specify the level of venture capital activism which fluctuates according to the composition of the completed investments, thus the investor is required to guarantee an appropriate contribution as a specific investor (EVCA, European Private Equity & Venture Capital Association, 2016). Studies on this subject show that the main characteristic of VCCs is their active involvement in the companies they finance. The aim is to target the intention and establish the satisfaction of business leaders with the in-kind contribution provided or imposed by venture capital firms. The organizational and decision-making structure of the company leads us to study the different perceptions taking into account the characteristics of SMEs and their great complexity. To achieve this goal, we conducted a questionnaire that we sent to several Tunisian companies financed by venture capital. This relationship between firms and venture capitalists can be visualized by the hypothesis results of our study. To ensure the reliability and accuracy of our work, we tried to take a sample that was very varied and included a fairly large number of companies.