The venture capitalist and the board of directors in SMEs: roles and processes

Research output: Contribution to journalArticle


The paper provides an attempt to direct the research in the area of venture capitalist and the board of directors in SMEs. Issues about boards in venture capital-backed technology based industrials are explored, and various research designs are used to meet different research questions. Empirical results indicate that venture capital firms purposefully use boards in the portfolio firm, and boards in venture capital-backed firms are more active than boards in other firms. The venture capitalist and the entrepreneur/owner-manager of the portfolio firm may have diverging expectations to board roles. In this setting the board becomes an interesting meeting place for studying the processes and the dynamics between external and internal stakeholders. Future research in this area should integrate board role theories and board process theories.


  • Jonas Gabrielsson
  • Morten Huse
External organisations
  • External Organization - Unknown
Research areas and keywords

Subject classification (UKÄ) – MANDATORY

  • Social Sciences Interdisciplinary


  • working relationships, venture capital backed firms, board involvement
Original languageEnglish
Pages (from-to)125-146
JournalVenture Capital: An International Journal of Entrepreneurial Finance
Issue number2
Publication statusPublished - 2002
Publication categoryResearch
Externally publishedYes