We examine the neglected area of internationalisation by VCs. Using a representative sample of 195 VCs, we show that the decision of a European VC firm to invest internationally is driven by its human resources. Having more VC executives in general and more VC executives with previous international experience in specific, results in a higher probability of investing internationally. In contrast, more VC executives with experience in the VC industry or with an engineering background lead to a higher probability of remaining domestic.

Human capital, Internationalisation, Venture capital
dx.doi.org/10.1007/s11365-006-0021-0, hdl.handle.net/1765/60898
The International Entrepreneurship and Management Journal
Erasmus Research Institute of Management

Manigart, S, Collewaert, V, Wright, D.M, Pruthi, S, Lockett, A, Bruining, J, … Landström, H. (2007). Human capital and the internationalisation of venture capital firms. The International Entrepreneurship and Management Journal, 3(1), 109–125. doi:10.1007/s11365-006-0021-0