Growth of born globals: the role of the entrepreneur’s personal factors and venture capital

  • Elisa Ughetto


This paper examines to what extent the human capital of entrepreneurs and the receipt of venture capital (VC) financing affect the growth of born globals (BGs). The study analyzes a sample of 242 BGs resulting from a survey on high-tech start-ups operating in the ICT and electronics sectors, located in different countries throughout the world. A multivariate explorative analysis controlling for the endogenous nature of VC is conducted. The results indicate that the experience of the entrepreneur in having previously established another entrepreneurial firm positively affects the growth of BGs. A negative effect is associated with the presence of heterogeneity in the management team in terms of education background. With regard to the linkage between financial capital and growth, it is found that both VC financing and the number of founders (a proxy for the availability internal capital) positively influence the growth of BGs.


Born globals Growth Venture capital Human capital 


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Copyright information

© Springer Science+Business Media New York 2015

Authors and Affiliations

  1. 1.Politecnico di TorinoDIGEPTorinoItaly

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