Examinando por Materia "Financiamiento de empresas de base tecnológica"

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    La influencia del capital de riesgo (venture capital) en la superación del valle de la muerte en un grupo de empresas de base tecnológica en Colombia
    (Universidad EAFIT, 2023) Celis Pérez, Alejandro; Yepes Callejas, Edgar Rene
    The valley of death can be defined as "a condition of blockage or latency experienced by innovation projects, for which progress has been made in the development of technological dimensions, but other dimensions of the business model, necessary to carry out said innovations up to the stages of new product development (DNP), operation and commercialization.” (Yepes, 2022). Within the dominant theory, the use of alternative financing mechanisms has predominated, as a response to this condition and as a strategy to get out of the valley of death. Within these alternative investment mechanisms, venture capital predominates, which can be defined as a financing instrument for high-growth companies where investors buy shares in these companies, providing financing, monitoring, experience and contacts with the industry (Kelly & Kim, 2018). This mechanism is specially designed to address the gap that exists between the demand for capital by emerging companies and the supply available by traditional private institutions and/or public institutions. The objective of this work was to examine the influence of venture capital on the financial performance of a group of companies in Colombia and its role in overcoming the valley of death. For this, the financing operations with venture capital that were carried out in Colombia were consulted in specialized databases. Subsequently, the years between 2015 and 2021 were selected as the analysis period and the financial results of the companies that received financing in those years were consulted. This work makes important contributions to the study of the valley of death, because, to date, from the review of the literature, there are no works that have been identified that have validated the occurrence of this phenomenon in technology-based companies in Colombia, as well as the influence of venture capital financing in the performance of these organizations from the financial point of view that are reflected in the overcoming, or not, of the valley of death. The most recent exercises have focused on studying R&D projects in university institutions to identify the dimensions associated with the occurrence of the Valley of Death, even before these projects have received funding.