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Human capital and the internationalisation of venture capital firms


We examine the neglected area of internationalisation by VCs. Using a representative sample of 195 VCs, we show that the decision of a European VC firm to invest internationally is driven by its human resources. Having more VC executives in general and more VC executives with previous international experience in specific, results in a higher probability of investing internationally. In contrast, more VC executives with experience in the VC industry or with an engineering background lead to a higher probability of remaining domestic.

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Correspondence to Mike Wright.

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Manigart, S., Collewaert, V., Wright, M. et al. Human capital and the internationalisation of venture capital firms. Int Entrep Manag J 3, 109–125 (2007). https://doi.org/10.1007/s11365-006-0021-0

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  • Venture capital
  • Internationalisation
  • Human capital