دانلود رایگان مقاله انگلیسی استفاده از مدل کسب و کار برای بهبود روند سرمایه گذاری - امرالد 2017

Abstract

Purpose – The purpose of this paper is to investigate how entrepreneurs market their business opportunities towards business angels in the investment process. This is achieved by introducing the business model canvas as a mitigating framework to help entrepreneurs in communicating and structuring the information desired by business angels. Design/methodology/approach – This paper mobilises a case study approach by following a series of investment processes and investment meetings between entrepreneurs and business angels through 27 semistructured interviews as well as participant observation and qualitative participant feedback from 13 investment processes. Findings – The findings illustrate how introducing a framework like the business model canvas helps alleviate the informational and communication challenges between entrepreneurs and business angels. However, some problems occurred when the entrepreneurs and the business angels did not fully agree on the value proposition of the investment opportunity. Research limitations/implications – The findings show that entrepreneurs who market their business cases to investors obtain better feedback and a higher chance of funding using the business model canvas. Implications of this paper also relate to the preparation of the entrepreneurs and that matchmakers between entrepreneurs and investors can use the business model canvas to facilitate such processes. Originality/value – This paper contributes to both the theory of the investment process as well as the application of the business model canvas.

5. Discussion and concluding remarks

The empirical evidence in this study confirms some of the challenges found throughout the literature concerning investment processes where business angels are involved, particularly regarding the ability of entrepreneurs in making their project or idea understandable to investors. This section discusses the implications of using the business model canvas as a frame of reference in this setting. According to Sohl (2012), entrepreneurs would benefit from an improved understanding of business angels’ information requirements. This is supported by literature emphasising that creating understandability is the key performance point for the entrepreneur in an investment process (Lounsbury and Glynn, 2001; Maxwell and Lévesque 2010). Our findings confirm that, for business angels, information about the business case and value propositions and providing a general overview of the venture’s value drivers are crucial to them. Our findings furthermore indicate that understandability of business opportunities combines elements of intangibility (Sørheim, 2003; Hsu et al. 2014) and materiality (Mason and Stark, 2004; Harrison et al., 2015) and lies in the combination these two dimensions