Abstract
High-tech ventures (HTVs) including R&D projects and start-ups in which a new technology is being developed typically need to approach different financiers to raise fund, or they receive partnership suggestions from various financial institutions so that they are in the position of choosing among those options. This paper focuses on the maturity of the core technology (that is quantified by technology readiness level index, TRL) to give HTVs an advice how to choose among venture capitals, business angels, governmental institutions, and crowdfunding platforms. I differentiate among the mentioned partners in terms of their goals, the degree of risk aversion, giving autonomy vs managerial supports, the probability of showing opportunistic behaviors, and their domain of activities. Based on the mentioned comparison that is made by reviewing the existing literature, this paper determines that in each level of technology maturity, the chance of partnership with which financial partner is higher, and raising capital from which financier maximizes the chance of HTVs to grow successfully. Although similar pieces of advice have been offered by some studies before, comprehensiveness of this research regarding the attention to all partnership options and focusing on the different stages of developing technology fill the gap in literature.
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