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14 Family offices as startup investors: A synergetic relationship of the old and new economy?

  • Antonia Schickinger , Alexandra Bertschi-Michel and Nadine Kammerlander
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De Gruyter Handbook of Entrepreneurial Finance
This chapter is in the book De Gruyter Handbook of Entrepreneurial Finance

Abstract

Family offices have emerged increasingly as important players in the financing market. Given their significant assets under management, they have successfully invested in various asset classes. New trends indicate that startup investments might be an attractive investment opportunity for family offices, especially in lowinterest environments. Moreover, startups might benefit from family office characteristics, such as patient capital. In this book chapter, we outline the extant literature on family offices as startup financing vehicles before providing insights into the findings of an empirical study on family offices’ investment behavior. Subsequently, we provide an extensive discussion on the conditions under which family offices are suitable investors for startups - and startups attractive targets for family offices. We focus on shared market experience, startup phase, and risk preferences of the family offices. This book chapter contributes to the academic discussion by integrating research on family offices and startup discussions and by outlining promising avenues for further research. Additionally, this book chapter creates value for family office and startup professionals by outlining best practices and important considerations for family office-startup corporations.

Abstract

Family offices have emerged increasingly as important players in the financing market. Given their significant assets under management, they have successfully invested in various asset classes. New trends indicate that startup investments might be an attractive investment opportunity for family offices, especially in lowinterest environments. Moreover, startups might benefit from family office characteristics, such as patient capital. In this book chapter, we outline the extant literature on family offices as startup financing vehicles before providing insights into the findings of an empirical study on family offices’ investment behavior. Subsequently, we provide an extensive discussion on the conditions under which family offices are suitable investors for startups - and startups attractive targets for family offices. We focus on shared market experience, startup phase, and risk preferences of the family offices. This book chapter contributes to the academic discussion by integrating research on family offices and startup discussions and by outlining promising avenues for further research. Additionally, this book chapter creates value for family office and startup professionals by outlining best practices and important considerations for family office-startup corporations.

Chapters in this book

  1. Frontmatter I
  2. Acknowledgments V
  3. Contents VII
  4. Editor and contributor biographies XI
  5. Introduction 1
  6. Part I: The individual level
  7. Introduction 13
  8. 1 The role of founders’ tangible resources in founding new ventures 15
  9. The bootstrapping-bricolage interface 37
  10. 3 Effectuation and entrepreneurial finance 55
  11. 4 Portfolio entrepreneurs: The role of risk 75
  12. Part II: The inner circle
  13. Introduction 89
  14. 5 Informal financing of entrepreneurs 91
  15. 6 Funding entrepreneurs within business groups: An emerging market view 107
  16. 7 How business incubators and accelerators finance startups 119
  17. Part III: The wider world
  18. Introduction 137
  19. 8 Formal debt as a source of entrepreneurial finance 139
  20. 9 Microfinance and entrepreneurial finance: A review and future research agenda 153
  21. 10 Venture capital as a source of entrepreneurial finance 171
  22. 11 Corporate venture capital: A literature review and research agenda 195
  23. 12 The role of business angels in the new financial landscape 223
  24. 13 Government financing of startups 245
  25. 14 Family offices as startup investors: A synergetic relationship of the old and new economy? 265
  26. Part IV: Emerging perspectives
  27. Introduction 291
  28. 15 A scoping review of most influential entrepreneurial finance studies in developing countries 293
  29. 16 Conceptualizing gender in entrepreneurial finance: Past trends, current developments and future opportunities 317
  30. 17 Indigenous entrepreneurial finance: Mapping the landscape with Canadian evidence 335
  31. 18 Financing entrepreneurs in post-conflict and disaster zones 359
  32. 19 Ethics and entrepreneurial finance 375
  33. Conclusion 391
  34. List of figures 401
  35. List of tables 403
  36. Index 405
https://doi.org/10.1515/9783110726312-018

Chapters in this book

  1. Frontmatter I
  2. Acknowledgments V
  3. Contents VII
  4. Editor and contributor biographies XI
  5. Introduction 1
  6. Part I: The individual level
  7. Introduction 13
  8. 1 The role of founders’ tangible resources in founding new ventures 15
  9. The bootstrapping-bricolage interface 37
  10. 3 Effectuation and entrepreneurial finance 55
  11. 4 Portfolio entrepreneurs: The role of risk 75
  12. Part II: The inner circle
  13. Introduction 89
  14. 5 Informal financing of entrepreneurs 91
  15. 6 Funding entrepreneurs within business groups: An emerging market view 107
  16. 7 How business incubators and accelerators finance startups 119
  17. Part III: The wider world
  18. Introduction 137
  19. 8 Formal debt as a source of entrepreneurial finance 139
  20. 9 Microfinance and entrepreneurial finance: A review and future research agenda 153
  21. 10 Venture capital as a source of entrepreneurial finance 171
  22. 11 Corporate venture capital: A literature review and research agenda 195
  23. 12 The role of business angels in the new financial landscape 223
  24. 13 Government financing of startups 245
  25. 14 Family offices as startup investors: A synergetic relationship of the old and new economy? 265
  26. Part IV: Emerging perspectives
  27. Introduction 291
  28. 15 A scoping review of most influential entrepreneurial finance studies in developing countries 293
  29. 16 Conceptualizing gender in entrepreneurial finance: Past trends, current developments and future opportunities 317
  30. 17 Indigenous entrepreneurial finance: Mapping the landscape with Canadian evidence 335
  31. 18 Financing entrepreneurs in post-conflict and disaster zones 359
  32. 19 Ethics and entrepreneurial finance 375
  33. Conclusion 391
  34. List of figures 401
  35. List of tables 403
  36. Index 405
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