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SUMMARY:Monitoring Secretive Startups - Scott Guernsey (UTK)
DTSTART:20220127T130000Z
DTEND:20220127T140000Z
UID:TALK161935@talks.cam.ac.uk
CONTACT:Cerf Admin
DESCRIPTION:This article examines the mechanisms used by venture capitalis
 ts (VCs) to monitor their investments in startups that use trade secrets t
 o protect their intellectual property (IP). First\, we confirm that\, afte
 r startups are afforded stronger trade secrets protection by the adoption 
 of the Uniform Trade Secrets Act (UTSA)\, they reduce their reliance on pa
 tents. Next\, we investigate how VCs respond\, finding that they decrease 
 both the duration of financing rounds and the overall amount invested per 
 round\, especially for startups located the furthest distance away. Finall
 y\, we consider how these collective changes affect the exiting process\, 
 finding that the likelihood of a successful exit through either an initial
  public offering (IPO) or merger or acquisition (M&A) is unchanged\, but t
 hat\, within successful M&A exits\, the likelihood that the acquirer is pr
 ivate increases. Overall\, our findings suggest that VCs work harder to mo
 nitor startups that use trade secrets and that this increased effort is ne
 cessary to maintain similar likelihoods of successful exiting.
LOCATION:Online
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