Master Thesis on Venture Capitalists’ Non-Financial Value-add in the European Union

This master thesis sheds light on the phenomenon of non-financial value-adds of venture capital investors in the European Union. Literature on the resource-based view and venture capital suggests that, besides providing funding to their portfolio companies, venture capitalists also add value in a non-financial way to them. However, most previous research is based on US venture capitalists and is not addressing, that there are disparities between different regions. The situation in the EU, especially the challenges a start-up has to overcome there, are different from the US. I conducted an empirical study, using a self-completion online questionnaire, about venture capitalists’ non-financial value-adds to their portfolio companies in the EU. I find that European venture capital investors do add value non-financially to their portfolio companies. However, my findings suggest that the relative importance of various categories of value-adds are different from the US. I also find that the type of start-up, such as being a software or hardware start-up, has an impact on the received value-add.