S UGGESTIONS FOR F URTHER R ESEARCH

We have complemented the original dataset from the Argentum Centre with complete holding periods on a majority of the VC investments. This provides a platform from which a number of interesting studies could be conducted. A natural starting point would be to further distinguish between different types of exits, for example by looking for differences in the time-to-event for IPOs and trade sales.

Tian and Wang (2011) construct a measure for failure tolerance based on the holding periods and number of investment rounds of failed investments. The willingness to continue investing in underperforming ventures is then linked to a higher degree of innovativeness with the portfolio companies. Replicating this study for the Norwegian market could prove very interesting, especially given the current discussion on how to raise innovativeness in the Norwegian economy.

The discussion of the findings in section 5 further opens up for potential topics to investigate.

We anticipate that as the trend of corporate venturing increases in Norway, more data on exits within this segment will become available. Our main findings concerning the differences between CVCs and IVCs could then be checked using a larger empirical foundation. Furthermore, if statistics were to become available on parent acquisitions in a corporate venture setting, the motivations for such activity could be examined in detail.

As the topic of clean energy becomes ever more relevant, an in-depth analysis of why the rate of successful exit is so low within cleantech would be interesting.

Lastly, it could be interesting to see if the trends uncovered in this thesis are the same across the Nordics, or if there are inherent differences in success rates and holding periods between the countries and when cross-border investing.

We highly encourage future researchers to investigate these topics closer.

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Appendix