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F2C – An Innovative Approach to Use Fuzzy Cognitive Maps (FCM) for the Valuation of High-Technology Ventures
Inno AG, Karlsruhe, Germany.
Linköping University, Department of Management and Engineering, Project management, Innovations and Entrepreneurship . Linköping University, The Institute of Technology. (PIE)ORCID iD: 0000-0002-5960-9270
Engage – Key Technology Ventures AG, Rostock / Germany.
2011 (English)In: Communications of the IBIMA, ISSN 1943-7765, E-ISSN 1943-7765, Vol. 2011, no Article ID 483882, 1-14 p.Article in journal (Refereed) Published
Abstract [en]

We propose a novel method - F2C - that can process the only information available in the early stages of a young high-technology venture: linguistic expert knowledge. This knowledge is the basis for the determination of an appropriate discount rate for the valuation of high-technology ventures in early stages of venture capital investments. A specific tool named Fuzzy Cognitive Map (FCM) is used therein to capture and depict the expert knowledge. Consequently, the FCM is transformed into a system of Fuzzy Inference Systems. These systems allow eventually obtaining a crisp value for the crucial parameter, the discount rate r. First practical applications were carried out valuing a biotechnology venture. The obtained results are promising, though the need for further research efforts became obvious.

Place, publisher, year, edition, pages
2011. Vol. 2011, no Article ID 483882, 1-14 p.
Keyword [en]
Fuzzy Cognitive Map, Venture Valuation, Fuzzy Systems
National Category
Social Sciences Economics and Business
Identifiers
URN: urn:nbn:se:liu:diva-77666DOI: 10.5171/2011.483882OAI: oai:DiVA.org:liu-77666DiVA: diva2:528301
Available from: 2012-05-24 Created: 2012-05-24 Last updated: 2017-12-07

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Klofsten, Magnus

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