چکیده:
ﻧﻘﺶ ﺷﺮﮐﺖ ﻫﺎی ﮐﻮﭼﮏ ﻓﻨﺎوری ﻣﺤﻮر در ﺗﻮﺳﻌﻪ ﮐﺸﻮرﻫﺎ ﺑﺮ ﮐﺴﯽ ﭘﻮﺷﯿﺪه ﻧﯿﺴﺖ. اﻣﺎ ﻋﺪم دﺳﺘﺮﺳﯽ ﺑﻪ ﺳﺮﻣﺎﯾﻪ، ﯾﮑﯽ از ﺑﺰرﮔﺘﺮﯾﻦ ﻣﻮاﻧﻊ رﺷﺪ اﯾﻦ ﺷﺮﮐﺖ ﻫﺎﺳﺖ. ﺳﺮﻣﺎﯾﻪ ﮔﺬاران ﺧﻄﺮﭘﺬﯾﺮ در ﺗﺄﻣﯿﻦ ﺳﺮﻣﺎﯾﻪ اﯾﻦ ﺷﺮﮐﺖ ﻫﺎ ﺑﯿﺸﺘﺮﯾﻦ ﻧﻘﺶ را دارﻧﺪ ﺣﺎل آﻧﮑﻪ ﺻﻨﻌﺖ ﺳﺮﻣﺎﯾﻪ ﮔﺬاری ﺧﻄﺮﭘﺬﯾﺮ در اﯾﺮان ﺗﻮﺳﻌﻪ ﯾﺎﻓﺘﻪ ﻧﯿﺴﺖ. از آﻧﺠﺎ ﮐﻪ ﯾﮑﯽ از ﻣﻬﻢ ﺗﺮﯾﻦ دﻻﯾﻞ اﯾﻦ ﻣﺴﺌﻠﻪ، ﭼﺎﻟﺶ ﻫﺎﯾﯽ اﺳﺖ ﮐﻪ ﺳﺮﻣﺎﯾﻪ ﮔﺬاران و ﺷﺮﮐﺖ ﻫﺎی ﻓﻨﺎوری ﻣﺤﻮر در ﺗﻌﺎﻣﻞ ﺑﺎ ﯾﮑﺪﯾﮕﺮ دارﻧﺪ اﯾﻦ ﻣﻄﺎﻟﻌﻪ ﺗﻼش داﺷﺘﻪ اﯾﻦ ﭼﺎﻟﺶ ﻫﺎ را در ﻣﺮاﺣﻞ ﻣﺨﺘﻠﻒ ﻓﺮآﯾﻨﺪ ﺳﺮﻣﺎﯾﻪ ﮔﺬاری ﺧﻄﺮﭘﺬﯾﺮ واﮐﺎوی ﻧﻤﺎﯾﺪ. در اﯾﻦ ﻣﻄﺎﻟﻌﻪ، 29 ﻣﺼﺎﺣﺒﻪ ﻋﻤﯿﻖ از ﺧﺒﺮﮔﺎن اﺧﺬ و داده ﻫﺎی ﺑﻪ دﺳﺖ آﻣﺪه ﺑﺎ روش ﻧﻈﺮﯾﻪ ﺑﺮﺧﺎﺳﺘﻪ از داده ﻫﺎ، ﺗﺠﺰﯾﻪ و ﺗﺤﻠﯿﻞ ﺷﺪ. در اﻧﺠﺎم اﯾﻦ ﮐﺎر، روﯾﮑﺮد ﻧﻬﺎدی ﻣﺪﻧﻈﺮ ﺑﻮده ﭼﻮن اﯾﻦ ﻧﻬﺎدﻫﺎ ﻫﺴﺘﻨﺪ ﮐﻪ اﻧﮕﯿﺰه ﻫﺎ و ﭼﮕﻮﻧﮕﯽ ارﺗﺒﺎط ﻣﯿﺎن ﺑﺎزﯾﮕﺮان از ﺟﻤﻠﻪ ﺳﺮﻣﺎﯾﻪ ﮔﺬاران ﺧﻄﺮﭘﺬﯾﺮ و ﺑﻨﮕﺎه ﻫﺎی ﮐﻮﭼﮏ ﻓﻨﺎوری ﻣﺤﻮر را ﺗﻌﯿﯿﻦ ﻣﯽ ﮐﻨﻨﺪ. ﻧﺘﺎﯾﺞ )ﮐﻪ ﺑﺎ اﺳﺘﻔﺎده از ﻣﺪل ﻧﻬﺎدی وﯾﻠﯿﺎﻣﺴﻮن ﺟﻤﻊ ﺑﻨﺪی ﺷﺪﻧﺪ ( ﻧﺸﺎن ﻣﯽ دﻫﺪ ﮐﻪ ﻧﻬﺎدﻫﺎﯾﯽ ﻫﻤﭽﻮن اﺳﺘﺎﻧﺪاردﻫﺎی اﻓﺸﺎء اﻃﻼﻋﺎت، ﻣﺎﻟﯿﺎت، ﻣﺎﻟﮑﯿﺖ ﻓﮑﺮی و ﺣﻘﻮق ﺻﺎﺣﺒﺎن ﺳﻬﺎم، اﺟﺮای ﻗﺮاردادﻫﺎ، ﺟﻬﺖ ﮔﯿﺮی ﻫﺎی ﺣﻤﺎﯾﺘﯽ ﺣﺎﮐﻤﯿﺖ در ﺗﺄﻣﯿﻦ ﻣﺎﻟﯽ ﻓﻨﺎوری، ﻧﻬﺎدﻫﺎی ﻣﺎﻟﯽ و ﺑﺮﺧﯽ ﻧﻬﺎدﻫﺎی ﻓﺮﻫﻨﮕﯽ-اﺟﺘﻤﺎﻋﯽ ﻫﻤﭽﻮن ﺿﻌﻒ ﻓﺮﻫﻨﮓ ﮐﺎر ﺗﯿﻤﯽ، در اﯾﺠﺎد ﻣﺴﺌﻠﻪ ﻣﻮرد ﭘﮋوﻫﺶ ﻧﻘﺶ اﺳﺎﺳﯽ دارد. ﻟﺬا ﺗﻮﺻﯿﻪ ﻣﯽ ﺷﻮد ﺳﯿﺎﺳﺖ ﮔﺬاران ﺑﻪ ﺟﺎی ﻣﺪاﺧﻠﻪ ﻣﺴﺘﻘﯿﻢ ﺑﺮای ﺗﻮﺳﻌﻪ ﺻﻨﻌﺖ ﺳﺮﻣﺎﯾﻪ ﮔﺬاری ﺧﻄﺮﭘﺬﯾﺮ، ﻣﻮاﻧﻊ ﻧﻬﺎدی را اﺻﻼح ﻧﻤﺎﯾﻨﺪ.
The prominent role of technology-based small firms (TBSFs) in economic growth is prevalent in the literature. However, access to appropriate financial resources is a critical success factor for TBSFs. Venture capital (VC) funds are the key player in financing TBSFs. But, in developing countries, such as Iran, VC industry is inmature and underdeveloped. One of the main obstacle ahead of this industry is the challenges that exist in transactions between two parties (i.e. venture capitalists and TBSFs). So, the current study has executed to explore such challenges during the various stages of VC process. To do this, 29 in-depth interviews were conducted and the datas were analized applying grounded theory method. Also, the institutional theory was adapted in this study, because the institutions provide the frameworks in which the incentives and relation among all actors, including VC fund and TBSFs, are determined. The research finding (that was concluded using the Williamson institutional model) suggest that institutions such as information disclosure standards, tax regulations, intellectual property rights, protection of shareholders rights, law enforcement, government supportive policies, financial market institutions and several other socio-cultural such as collective action culture are critically important in setting up the relationship between the venture capitalists and TBSFs. So, it is recommended that policy makers reform institutions instead of direct intervention to develop the VC industry.