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Smart Capital in German Start-ups: An Empirical Analysis

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Dorothea Schäfer, Dirk Schilder

In: Venture capital 11 (2009), 2, S. 163-183


What kind of smart capital relational investors actually supply, especially in a bank-based financial system such as the German one, is still an open question. We divide smart capital into single components and conduct a survey with 85 German suppliers of start-up finance. The results show that the degree of 'smartness' is determined by the financial product used and partly also by the financiers' institutional background and business strategy, the expected time-horizon of the investment and the stage of development of the firm financed. However, we find that all types of financiers offer smart capital, at least up to a certain level.

Dorothea Schäfer

Research Director Financial Markets in the Macroeconomics Department

Keywords: smart capital, start-up financing, venture capital, banks