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Show Results For
- All HBS Web
(1,353)
- People (3)
- News (354)
- Research (658)
- Events (2)
- Multimedia (2)
- Faculty Publications (218)
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- 27 Apr 2021
- Research & Ideas
IPO or M&A? How Venture Capital Shapes a Startup's Future
on,” says McDonald, the Thai-Hi T. Lee Associate Professor. “They’re thinking ‘I would rather have money than not have money,’ right? Or ‘We'd rather have a high-status venture capitalist that everybody has... View Details
Keywords: by Rachel Layne
- March 2025
- Article
Do Public Financial Statements Influence Private Equity and Venture Capital Financing?
By: Brian K. Baik, Natalie Berfeld and Rodrigo S. Verdi
We study whether private firm public financial statements influence the probability of raising venture capital (VC) and private equity (PE) financing. In particular, we propose that private firms’ public financial statements can help the VC/PE search process by... View Details
Keywords: Business Economics; Search Costs; Accounting; Venture Capital; Governance; Private Equity; Financial Statements
Baik, Brian K., Natalie Berfeld, and Rodrigo S. Verdi. "Do Public Financial Statements Influence Private Equity and Venture Capital Financing?" Accounting Review 100, no. 2 (March 2025).
- February 2013
- Case
New Enterprise Associates
By: Felda Hardymon and Tom Nicholas
NEA was established in 1977 and it subsequently morphed into one of the largest venture capital firms in the world. Despite its size and significance, some other firms established during the same era such as Kleiner-Perkins and Sequoia (both were established in 1972),... View Details
Keywords: Organizational Change and Adaptation; Venture Capital; Organizational Structure; Innovation and Invention; Financial Services Industry; United States
Hardymon, Felda, and Tom Nicholas. "New Enterprise Associates." Harvard Business School Case 813-097, February 2013.
- June 2013
- Article
Signals across Multiple Networks: How Venture Capital and Alliance Networks Affect Interorganizational Collaboration
By: Umit Ozmel, Jeffrey J. Reuer and Ranjay Gulati
In this paper, we examine the contingent effects of signals generated by different types of networks on new ventures' formation of future strategic alliances. We argue that the signaling value of a given tie in reducing adverse selection is more pronounced when another... View Details
Ozmel, Umit, Jeffrey J. Reuer, and Ranjay Gulati. "Signals across Multiple Networks: How Venture Capital and Alliance Networks Affect Interorganizational Collaboration." Academy of Management Journal 56, no. 3 (June 2013): 852–866.
- March 2008 (Revised March 2010)
- Module Note
Global Capital and National Institutions: Crisis and Choice in the International Financial Architecture
By: Laura Alfaro
This module note presents a series of case studies taught in the Harvard Business School course Institutions, Macroeconomics, and the Global Economy (IMaGE). The course addresses the opportunities created by the emergence of a global economy and proposes strategies for... View Details
Keywords: Risk and Uncertainty; International Finance; Globalized Economies and Regions; Macroeconomics
Alfaro, Laura. "Global Capital and National Institutions: Crisis and Choice in the International Financial Architecture." Harvard Business School Module Note 708-041, March 2008. (Revised March 2010.)
- October 1987 (Revised May 1993)
- Case
National Demographics & Lifestyles (A)
Describes National Demographics and Lifestyles (NDL), a Colorado-based company that compiles a database from product "warranty registration cards" and sells mailing lists from this database. The company has burned through more rounds of financing than ever intended,... View Details
Keywords: Demographics; Venture Capital; Financing and Loans; Management; Marketing; Information Industry; Colorado
Roberts, Michael J. "National Demographics & Lifestyles (A)." Harvard Business School Case 388-043, October 1987. (Revised May 1993.)
- April 2014
- Case
Don Valentine and Sequoia Capital
By: Felda Hardymon, Tom Nicholas and Liz Kind
Don Valentine participated in the beginnings of two significant milestones: the birth of the silicon chip and the development of the venture capital industry. From humble beginnings, Valentine became a legendary salesman at Fairchild Semiconductor and National... View Details
Hardymon, Felda, Tom Nicholas, and Liz Kind. "Don Valentine and Sequoia Capital." Harvard Business School Case 814-096, April 2014.
- 2009
- Other Unpublished Work
Bridge Building in Venture Capital-Backed Acquisitions
By: Paul A. Gompers and Yuhai Xuan
We study the role of common venture capital investors in alleviating asymmetric information between public acquirers and private venture capital-backed targets. We find that acquisition announcement returns are more positive for acquisitions in which both the target... View Details
Keywords: Mergers and Acquisitions; Venture Capital; Private Equity; Knowledge Sharing; Market Transactions
Gompers, Paul A., and Yuhai Xuan. "Bridge Building in Venture Capital-Backed Acquisitions." 2009.
- October 2013 (Revised April 2018)
- Technical Note
Non-Equity Financing for Entrepreneurial Ventures
By: Joan Farre-Mensa, Ramana Nanda and Piyush Jain
Young, and particularly high-growth ventures often need to raise significant external finance, since their internal cash flow is usually insufficient to support the investments needed to grow. Although raising equity from venture capital or angel investors is the... View Details
Farre-Mensa, Joan, Ramana Nanda, and Piyush Jain. "Non-Equity Financing for Entrepreneurial Ventures." Harvard Business School Technical Note 814-005, October 2013. (Revised April 2018.)
- January 1994
- Case
National Convenience Stores, Inc.
By: Steven R. Fenster, Stuart C. Gilson and Roy Burstin
National Convenience Stores seeks to emerge from Chapter 11. Central to the nature of the reorganization plan is the company's determining enterprise value. The various constituencies (secured debt, unsecured debt, etc.) will seek to find an enterprise value that... View Details
Keywords: Capital Structure; Valuation; Restructuring; Strategic Planning; Borrowing and Debt; Food and Beverage Industry; Texas
Fenster, Steven R., Stuart C. Gilson, and Roy Burstin. "National Convenience Stores, Inc." Harvard Business School Case 294-068, January 1994.
- 24 Sep 2019
- Research & Ideas
Do National Security Secrets Hold Back National Innovation?
of intellectual property theft by foreign competitors grows and secrecy becomes a more attractive strategy for firms to protect and capitalize on their innovations, this question is becoming increasingly important to policymakers and... View Details
Keywords: by Kristen Senz
- 2009
- Book
Boulevard of Broken Dreams: Why Public Efforts to Boost Entrepreneurship and Venture Capital Have Failed and What to Do About It
By: Josh Lerner
In response to the financial crisis, governments are being far more aggressive in intervening to promote economic activity, a trend that shows little tendency of alleviating. This book looks at the experiences of governments in encouraging entrepreneurs and venture... View Details
Keywords: Economic Growth; Financial Crisis; Entrepreneurship; Venture Capital; Policy; Business and Government Relations
Lerner, Josh. Boulevard of Broken Dreams: Why Public Efforts to Boost Entrepreneurship and Venture Capital Have Failed and What to Do About It. Princeton University Press, 2009. (Winner of Axiom Business Book Award. Gold Medal in Entrepreneurship presented by Jenkins Group Inc. Winner of PROSE Award for Excellence in Business, Finance & Management “For Professional and Scholarly Excellence” presented by Association of American Publishers.)
- April 2017 (Revised August 2020)
- Case
The U-Turns of National Truck Stops
By: Nori Gerardo Lietz and Alexander W. Schultz
Raj Makam had spent months trying to restructure a 2006 investment he had made in National Truck Stops, Inc. (NTS) as a senior member of Oaktree Capital Management’s (Oaktree) Mezzanine finance business within their Corporate Debt platform. It was the first time they... View Details
Keywords: Mezzanine Financing; Corporate Debt; Bankruptcy; Real Assets; Financing and Loans; Borrowing and Debt; Insolvency and Bankruptcy; Restructuring; Private Equity; Cost vs Benefits; Atlanta; New York (city, NY)
Lietz, Nori Gerardo, and Alexander W. Schultz. "The U-Turns of National Truck Stops." Harvard Business School Case 217-062, April 2017. (Revised August 2020.)
- January 2003 (Revised June 2003)
- Case
Adams Capital Management: March 2002
By: G. Felda Hardymon, Josh Lerner and Ann Leamon
In March 2002, the five partners of Adams Capital Management (ACM), a venture capital firm investing in information technology telecommunications with $700 million under management, gathered to discuss whether they should change their strategy in view of the prolonged... View Details
Keywords: Decision Choices and Conditions; Economic Slowdown and Stagnation; Venture Capital; Investment Portfolio; Business or Company Management; Partners and Partnerships; Business Strategy; Financial Services Industry
Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Adams Capital Management: March 2002." Harvard Business School Case 803-143, January 2003. (Revised June 2003.)
- June 2017
- Teaching Note
The U-Turns of National Truck Stops
By: Nori Gerardo Lietz and Alexander W. Schultz
Raj Makam had spent months trying to restructure a 2006 investment he had made in National Truck Stops, Inc. (“NTS”) as a senior member of Oaktree Capital Management’s (“Oaktree”) Mezzanine finance business within their Corporate Debt platform. It was the first time... View Details
- May 2022
- Case
Deborah Quazzo at GSV Ventures
By: William A. Sahlman, Michael D. Smith and Nicole Tempest Keller
As COVID-19 swept across the globe in 2020, the education sector faced unprecedented disruption. Schools and colleges worldwide shut down, forcing over a billion students and teachers to move to online learning. Investor interest in the EdTech space exploded as... View Details
Keywords: Edtech; Technology; Online Learning; COVID-19 Pandemic; Education; Information Technology; Venture Capital; Change Management; Strategy; Education Industry; Financial Services Industry; Chicago; California
Sahlman, William A., Michael D. Smith, and Nicole Tempest Keller. "Deborah Quazzo at GSV Ventures." Harvard Business School Case 822-131, May 2022.
- August 2001 (Revised April 2002)
- Case
Strategic Capital Management, LLC (A)
By: Mark L. Mitchell, Erik Stafford and Todd Pulvino
Strategic Capital Management, LLC, is a hedge fund that is planning to make financial investments in Creative Computers and Ubid. Creative Computers recently sold approximately 20% of its Internet auction subsidiary, Ubid, to the public at $15 per share. Ubid's stock... View Details
Keywords: Risk and Uncertainty; Business Subsidiaries; Internet and the Web; Investment Funds; Price; Performance Efficiency; Capital Markets; Auctions; Investment Return; Equity; Planning; Financial Services Industry
Mitchell, Mark L., Erik Stafford, and Todd Pulvino. "Strategic Capital Management, LLC (A)." Harvard Business School Case 202-024, August 2001. (Revised April 2002.)
- 04 Apr 2011
- HBS Case
Reinventing the National Geographic Society
from foreign countries, raise their hand. "What do you associate with it?" The yellow border, answers one. Others note the stunning photography, detailed maps, and magazines piled up all around the house. A few minutes later... View Details
- 2025
- Working Paper
Small Business Innovation Applied to National Needs
By: Kyle Myers, Lauren Lanahan and Evan E. Johnson
Small businesses have long supplied a disproportionate share of major innovations in
the United States. We review a centerpiece policy on this topic: the U.S. Small Business
Innovation Research (SBIR) program.We trace its legislative history and summarize... View Details
Myers, Kyle, Lauren Lanahan, and Evan E. Johnson. "Small Business Innovation Applied to National Needs." Harvard Business School Working Paper, No. 25-062, June 2025.
- Summer 2020
- Article
Venture Capital's Role in Financing Innovation: What We Know and How Much We Still Need to Learn
By: Josh Lerner and Ramana Nanda
Venture capital is associated with some of the most high-growth and influential firms in the world. Academics and practitioners have effectively articulated the strengths of the venture model. At the same time, venture capital financing also has real limitations in its... View Details
Lerner, Josh, and Ramana Nanda. "Venture Capital's Role in Financing Innovation: What We Know and How Much We Still Need to Learn." Journal of Economic Perspectives 34, no. 3 (Summer 2020): 237–261.