The creation and scaling of startups are inherently linked to risk-taking, with various types of owners handling these risks differently. This paper investigates the influence of an active venture capital (VC) market on startups’ decisions regarding research and scaling. It outlines conditions under which VC-backed startups prefer riskier, yet potentially more rewarding strategies compared to independent startups. VC firms, by means of temporary ownership and compensation structures, introduce “exit costs” that make high-risk strategies more attractive to VC-backed startups. Moreover, an active VC market prompts startups to undertake higher initial risks, as VC firms provide support for pivoting after setbacks. Additionally, the presence of VC intensifies research risk among established firms, as their research initiatives are strategic complements to the risk choices of startups.

初创企业的创建和规模扩张本质上与冒险行为相关，不同类型的所有者以不同的方式处理这些风险。本文研究了活跃的风险投资（VC）市场对初创公司研究和规模扩张决策的影响。它概述了与独立初创公司相比，风险投资支持的初创公司更喜欢风险更大但可能更有价值的策略的条件。风险投资公司通过临时所有权和薪酬结构引入“退出成本”，使高风险策略对风险投资支持的初创企业更具吸引力。此外，活跃的风险投资市场促使初创企业承担更高的初始风险，因为风险投资公司为挫折后的转型提供支持。此外，风险投资的存在加剧了老牌公司的研究风险，因为它们的研究举措是对初创公司风险选择的战略补充。