Strategic involvement and exit dynamics of venture capitalists in European technology startups : a comparative analysis of government and private investors
Fayez, Farhana (2026)
Diplomityö
2026
School of Engineering Science, Tuotantotalous
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Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi-fe20260624102258
https://urn.fi/URN:NBN:fi-fe20260624102258
Tiivistelmä
This study investigates how government-backed venture capital (GVC) versus private venture capital (PVC) provides strategic involvement and contributes to exit dynamics in European technology startups. The thesis adopts a mixed-methods design integrating econometric analysis of investment data (quantitative analysis) with semi-structured interviews of investors and startup founders (qualitative analysis), motivated by fragmentation in the literature and ongoing policy debates about value creation.
The quantitative analysis draws on published EIF working paper data to examine the determinants of deal size and the likelihood of IPO exit across investor types, sectors, stages, and regions. For qualitative analysis, thematic coding is used for to compare the governance framework, supports for liquidity planning and internationalization between GVC and PVC settings. The two analyses are complementary, the former stressing the importance of hands-on operating guidance, founder empathy and network activation, and the latter emphasizing staged and non-dilutive instruments, project funding and ecosystem coordination.
The study's contribution is threefold: First, a comparative European account of the relationship between investor involvement and the size of funding and exit routes; second, a synthesis of qualitative mechanisms and quantitative outcomes; and third, actionable policy and practice implications, resulting into a conceptual triadic framework, forming an integrated policy architecture for scaling European technology ventures.
The quantitative analysis draws on published EIF working paper data to examine the determinants of deal size and the likelihood of IPO exit across investor types, sectors, stages, and regions. For qualitative analysis, thematic coding is used for to compare the governance framework, supports for liquidity planning and internationalization between GVC and PVC settings. The two analyses are complementary, the former stressing the importance of hands-on operating guidance, founder empathy and network activation, and the latter emphasizing staged and non-dilutive instruments, project funding and ecosystem coordination.
The study's contribution is threefold: First, a comparative European account of the relationship between investor involvement and the size of funding and exit routes; second, a synthesis of qualitative mechanisms and quantitative outcomes; and third, actionable policy and practice implications, resulting into a conceptual triadic framework, forming an integrated policy architecture for scaling European technology ventures.