Unconventional start-ups encounter distinct challenges in professionalizing their operations compared to traditional ventures. Our project reveals that while venture capitalists (VCs) often advocate for standardization, many start-ups diverge from conventional practices, prioritizing external engagement and market positioning. Key findings suggest that ... 閱讀更多

For fledgling ventures, part of the growth process is to develop key systems, both external (such as marketing and sales) and internal (such as accounting and human resources). To date, most researchers have assumed that these systems develop uniformly as ventures scale and complete developmental milestones. According to HKUST’s Pavel I. Zhelyazkov and ... 閱讀更多

For fledgling ventures, part of the growth process is to develop key systems, both external (such as marketing and sales) and internal (such as accounting and human resources). To date, most researchers have assumed that these systems develop uniformly as ventures scale and complete developmental milestones. According to HKUST’s Pavel I. Zhelyazkov and ... 閱讀更多

The likelihood of venture capital (VC) firms’ forming partnerships with others is strongly influenced by their relative status, say HKUST’s Pavel I. Zhelyazkov and his co-author Adam Tatarynowicz (Singapore Management University). In a timely and incisive study, the authors investigate “status-asymmetric ties” to understand why and how unequal partners ... 閱讀更多

In this presentation, Prof Pavel Zhelyazkov will provide an overview of his research on how social networks shape venture capital (VC) firms’ syndication activities as well as access to deals and capital. In particular, he will examine how a VC firms’ behavior within syndicates shapes its access to subsequent investment opportunities; and how indirect social ... 閱讀更多

如果兩個組織與同一家合作夥伴或者仲介商存在相互聯繫，那麼它們之間則更有可能建立聯繫，這被稱為三角閉合 (triadic closure)，並長期受到學者們的關注。然而，到目前為止所有研究都沒有考慮到中間人在這兩者建立聯繫過程中的重要性，無論是起促進作用還是負面作用。實際上，現有的研究完全忽略了中間人的態度和動機，並且還假設中間人完全是無私的。 Pavel Zhelyazkov最近的一項研究填補了這一空白。這項研究表明，有兩個重要的因素可能會讓中間人不願意將它的夥伴介紹給其他合作夥伴，因此三角閉合就不會出現。首先，合作的結果可以影響中間人對其合作人的評價。例如，一段失敗的合作經歷可能會導致負面回饋，這種回饋還有可能傳遞給其他夥伴，這就會降低他們與中間人合作的意願。其次 ... 閱讀更多

風險投資（風投）行業在支持各行各業的創業和創新方面發揮重要作用。它起到守門人的作用，甄選有發展前途的新企業，使其得到持續投資和支持。它也充當仲介作用，連繫資本提供者（即大型機構，如捐贈基金、基金會和退休金基金）與需要資金的非上市年輕公司。在首次公開招募股(IPO)或被既有的從業者收購時，這些年輕企業就有可能取得數倍於初始投資的回報。風險投資還能為其投資組合內的公司提供重要的非財務支援，包括戰略指南和指導，與潛在客戶、供應商、聯盟夥伴或收購方的人脈關係，並彰顯投資組合內的公司在總體市場上的價值。 風投公司通常組成辛迪加(Syndicates)，投資於同一投資組合內的公司；這樣有利於他們共同分擔財務風險，更加有效地分散投資。共同投資者還應貢獻非財務資源，比如參與盡職調查程式，在公司董事會任職，提供管理建議和指導 ... 閱讀更多