Abstract
The characteristics of the Japanese venture capitals supporting the High-Tech Start-Ups are outlined. The functions of those venture capitals are then studied based on the questionnaires sent to the High-Tech Start-Ups backed by the venture capitals. The functions derived from the study are as follows.
(1) Team-up function
The start-ups regard the venture capitals as the business partners. The personalities of capitalists, network and understanding capability of the technology are regarded important as Team-up function
(2) Scout Function
Quality of technology, potential of business, quality and commitment of entrepreneur are regarded as important as Scout Function.
(3) Hatch function ・Risk money
Equity policy, business plan etc. are regarded important as Hatch function.
(4) Coach function
Helping finance, reviewing business plan are regarded important as Coach function.
(5) Present situation
There exists the difference of the quality among the venture capitals. And there exists the gap between the venture capitals’ ideal and their reality.
