TY - JOUR T1 - Venture Capital High-Tech Investments JF - The Journal of Private Equity SP - 7 LP - 17 DO - 10.3905/jpe.2001.319979 VL - 4 IS - 2 AU - William D. Bygrave AU - Gregory Johnstone AU - Michael Matchett AU - James Roedel Y1 - 2001/02/28 UR - https://pm-research.com/content/4/2/7.abstract N2 - 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. ER -