Startups’ Demand for Non-Financial Resources: Descriptive Evidence from an International Corporate Venture Capitalist

Using proprietary data from Europe and Latin America, we show how startup characteristics shape their demand for non-financial resources from their corporate venture capitalists. We first highlight the investors’ commercial network, investors’ ties to other investors and their contacts to retail clients as the most important non-financial resources for early-stage startups. Second, we uncover systematic differences in startups’ demand for non-financial resources depending on startups’ slack financial resources, their business model, and size. Overall, we provide direct evidence on startups’ demand for non-financial resources which is hard to detect and to quantify for researchers based on public data.