Guest commentary: Why venture capitalists need more influence on start-ups
In times of crisis, founders are hardly accessible to investors. But that's exactly when professional advice is often particularly helpful, argues Thomas Lange, head of Achleitner Ventures.
Wagniskapital is recognized as a contemporary engine for innovation, although the investment model is not entirely novel. The 18th-century whaling industry shares striking similarities with the concept of wagniskapital. Both models involve substantial pre-investments in assets, and high loss probabilities, with potentially enormous profits in the case of a successful outcome.
The parallels extend further. Once whalers were out at sea, the owners lost control over the captain. Melville's "Moby Dick" provides a fitting example. When the ship was in poor condition and the annual profit was at risk, First Officer Starbuck advised Captain Ahab to cancel the dangerous pursuit of the white whale. Ahab dismissed the warning and replied, "The only true owner of anything is its captain."
Some venture capitalists may find this familiar. During crises, founders often become unresponsive or uncontrollable. In GmbHs, minority shareholders do have voting rights, but information, control, and consent often remain toothless in practice.
Written by urgent.news from Handelsblatt's reporting — not their text. Machine-written — it may contain errors, so check the original before relying on it.
