V2C Research Team 2001-2006 (eBRC)

V2C Research Team 2001-2006 V2C Research Team was a diverse group of action oriented researchers from different establishments co-founded by Marko Seppä (former venture capitalist) and Tommi Rasila (serial entrepreneur), in 2001. This became a core group within eBRC, the TUT-UTA joint research center. Soon enough, following his graduation as M.Sc. (Tech), Hannu Jungman joined as General Manager to complete the core team. At the end of 2004, following his defense of the seminal V2C thesis, Dr. Rasila joined Tampere Chamber of Commerce and Industry as CEO. In 2007, Hannu Jungman joined the govt VC group Veraventure as Investment Manager – full of prospects for an eventual V2C action thesis. For the 2007-2011 period, Marko Seppä was invited as professor of growth venturing at the JYU, at which the activities of eBRC’s V2C Research Team have been continued.

Through the initial 2001-2006 period, the V2C Research Team evolved as a growing group of individuals interested in the V2C phenomenon and committed to improving the matching of growth-oriented ventures and venture capital, primarily in Finland, but also beyond. The V2C phenomenon is primarily characterized by the observation that, with the increasing knowledge intensity of business activity, the capital demand of new ventures does not meet the capital supply of the VC industry. Hence, to be more precise, the interest of the V2C Research Team was geared to finding new forms and ways of turning growth-oriented ventures investment-ready in the eyes of the VC industry. The mismatch of venture needs and capital supply has been more significant in Finland, than in the USA, for example – due to historical, cultural and fiscal differences, among other things.

In the V2C space, between ventures and capital, a diverse set of various types of players operate and exist to serve a likewise diverse set of purposes. The chief interest of the V2C Research Team was early on, on the kind of players who, in partnership with entrepreneurs and venture capitalists – as co-owners and principals – participate in a shared parenthood in the building of business from venture to capital. Such V2C players exist and operate to make money, alongside entrepreneurs and venture capitalists, via successful realization of the entrepreneurial value added at an eventual exit: An initial public offering (IPO) or a trade sale. These are players of an emerging profession - and industry – having traits very different from consultants, advisors, and mentors.

Chronologically, 2001 saw the seminal (conceptual) research papers “coining” the V2C phenomenon – and the first V2C Forum. In 2002, the first empirical papers (in form of case studies) emerged by the slowly growing research group. Also, in 2002, “V2C Strategies” was introduced as a lecture series at the TUT. In 2003, ProACT, a major joint technology program of the Finnish Ministry of Trade and Industry and Tekes granted financing to a V2C Research Program for 2004-2005. In 2005, the V2C Research Team played a key catalyst role as co-founders of Finnish Co-Entrepreneurs SKY Assn, the world’s first formally organized community of knowledge investors.

In 2001-2006, the V2C Research Team was working on a paradigm shift, in Finland, regarding entrepreneurship: Underscoring the value to an economy of (i) both success and failure of seeking high-growth; (ii) the importance of aligned interest of the entire relay team of value creators (entrepreneurs, mentors, and venture capitalists), and (iii) the increasing role of independent knowledge investors or “venture knowledgists” who challenge classic capitalists as key enablers of economy.

Since 2007, the work of eBRC’s V2C Research Team has been continued by the Growth Venturing Group, at the JYU. However, as of March 23, 2009, the “new EBRC” will be further organized. The Growth Venturing Group will be renamed as Global Venture Lab with University Alliance Finland - Finland’s largest university entity – as its home base. Interestingly enough, while in 2001-2006 the home base was TUT+UTA and in 2007-2008 it was JYU, as of March 23, 2009, it will be JYU+TUT+UTA.