Venture Review

Four points about selection criteria and project design in crowdfunding were clarified by some empirical analyses using data of "CAMPFIRE" which is Japanese reward-based crowdfunding platform. First, it is important to enhance presentations in text and videos for the success of the project if a crowdfunding platform eases the selection criteria of projects. Second, it cannot be said that duration is negatively associated with the success rate in the project of “All in” model, which is in contrast to the result in the project of “All or Nothing” model. Third, the project with low average funds and “All or Nothing” model have partly different success factors. Fourth, it cannot be said that the selection of “All in” model is negatively associated with the success rate in the project with low average funds. These results will contribute to the management decisions of crowdfunding platforms. Besides, a sign of the development of crowdfunding in outside of Tokyo was confirmed.

Key words:Crowdfunding, Reward-based, Empirical Study, Selection Criteria, Project Design

This study examines the factors that contribute to the R&D activity of drug discovery and reagent bioventures in Japan. We mainly focus on the external networks built by these ventures. We target 186 bioventures established from 1995 to 2015 and analyze the networks of their joint patent applications. We find that positions of bridging relationships with other organizations in the network; that is, betweenness centrality is positively correlated to R&D activity. We also analyze how the origins and
attributes of organizations affect the network effect. Furthermore, we find that bio ventures’ IPOs boost
the network effect, while being a universitylaunched venture reduces the network effect.

Key words:Bio-ventures, alliance network, University-launched ventures, IPO

For ventures and start-ups, the flexible shift in managerial strategy （pivot） has recently been mentioned as a factor influencing their survival and success. On the other hand, it is hard to say that there is enough empirical research why ventures and startups select a pivot.
　In this paper, we quantitatively analyzed the factors that determine the pivot of bio venture firms from the point of managerial environment and psychological factors by using questionnaire data obtained from 148 domestic bio venture firms. From the perspective of responding to managerial issues, the results showed that companies with better
quality control are less likely to conduct pivots, and that companies with better understanding of the external environment are more likely to conduct pivots. On the psychological perspective, the results showed that if the CEO is included in founding members, it is difficult to conduct pivots. This result will be an important suggestion for ventures and start-ups whether to choose a pivot.

Key words:bio venture, pivot, psychological ownership

The purpose of this study is to evaluate the effectiveness of an entrepreneurship education program primarily composed of guest lectures by entrepreneurs. Such lectures expose university students to role models, while providing them with a vicarious experience. Educators expect students’ entrepreneurial self-efficacy to increase, which positively affects entrepreneurial intent and leads to action.
　A quasi-experiment was conducted using difference-in-differences analysis with a control group of students from the same learning environment. A large-class, 7-week entrepreneurship course with four guest lecturers was assessed. No significant differences were found in the entrepreneurial intent of the students in the treatment group. In addition, entrepreneurial intent decreased in students who scored high in entrepreneurial intent prior to the course.
　The results suggest that educational programs that rely on guest lectures by entrepreneurs are not achieving the effects anticipated by educators. For students who already come with high entrepreneurial intent, such lectures gave them an opportunity to reassess their individual competencies and determine how well-suited or not they are as entrepreneurs.

Key words:Entrepreneurship education, Entrepreneurial Intention, Entrepreneurial self-efficacy, Guest lecture, Difference in differences

One of the biggest concerns of entrepreneurs and investors regarding the equity financing of startups is the post-financing equity shareholding structure. The process of pre-money valuation, which establishes this hareholding structure is determined by negotiations between the entrepreneurs and investors.
　In this paper, we explore and validate the nature of entrepreneurs and investors who demonstrate a strong bargaining power in their pre-money valuation decisions, based on the first round of equity financing of domestic startups in Japan.
　The results show that entrepreneurs with a strong bargaining power over investors, have work experience and a background in the concerned industry. Additionally, domestic venture capital (VC) firms that are private and independent, (business) companies, and angel investors are identified as investors with a strong bargaining power over entrepreneurs.

Key words:Pre-Money Valuation, Entrepreneur, Investor, Bargaining Power, Shareholding Structure