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Rev Fin 2000; 13:959-984
© 2000 the Society for Financial Studies

Article

The interaction between product market and financing strategy: the role of venture capital

T Hellman and M Puri
Graduate School of Business, Stanford University, Stanford, CA 94305-5015, USA
E-mail: mpuri@gsb.stanford.edu

Abstract

Venture capital financing is widely believed to be influential for new innovative companies. We provide empirical evidence that venture capital financing is related to product market strategies and outcomes of start-ups. Using a unique hand-collected database of Silicon Valley high-tech start-ups. Using a unique hand-collected database of Silicon Valley high-tech start-ups we find that innovator firms are more likely to obtain venture capital than imitator firms. Venture capital is also associated with a significant reduction in the time to bring a product to market, especially for innovators. Our results suggest significant interrelations between investor types and product market dimensions, and a role of venture capital for innovative companies.


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