VENTURE CAPITALFINANSIERING-Hur skiljer sig de svenska Venture Capital?bolagens avkastningspotential för cleantech?investeringar jämfört med avkastningen för deras andra investeringar?
The report is a result of a bachelor thesis at the department of business administration, School of Business, Economics and Law, Gothenburg University, spring term 2008. The study examines the potential return of Swedish Venture Capital firms? Cleantech investments, carried out in 2006 and 2007, compared to the return on their other investments.The study has identified a number of factors affecting the return. These have been classified within three areas: the characteristics of the Venture Capital investment, the characteristics of the Venture Capital firm and the market potential for Cleantech. The impacts on potential return for these factors are investigated by means of an interview survey with 18 Swedish Venture Capital firm covering 45 investments in Cleantech.Our research indicates a worse potential return on Cleantech investments compared to other investments. All factors within the characteristics of the Venture Capital investment (investment phase, exit time, geographical diversification and management competence) and the characteristics of the Venture Capital firm (industry focus and Cleantech focus) have a negative correlation with return. However, the market potential for Cleantech demonstrates a positive correlation with the Cleantech market and a neutral correlation with the Venture Capital market for Cleantech firms.Yet, the study does not discuss whether investments in Cleantech should or should not be made. This requires further studies of the market potential and the risk associated with Cleantech investments.