%0 Journal Article %A William D. Bygrave %A Gregory Johnstone %A Michael Matchett %A James Roedel %T Venture Capital High-Tech Investments %B Can We Differentiate the Best from the Worst? %D 2001 %R 10.3905/jpe.2001.319979 %J The Journal of Private Equity %P 7-17 %V 4 %N 2 %X To what extent can we predict the success of enterprises in which venture capitalists invest? This study examines 117 venture-capital-backed companies in the Internet, software, hardware, and semiconductor industries that had initial public offerings between 1994 and 1997. The authors consider strategic and operating criteria, including management. Findings reveal that these companies&' market capitalization correlated with quality of management, R&D expenses, sales revenue, sales revenue growth, industry segment, and the life-cycle stage of the industry. %U https://jpe.pm-research.com/content/iijpriveq/4/2/7.full.pdf