Oliver Specht
Research Assistant & Doctoral Student
Team
- Building Q Room 1.031
- +49 40 42878-4743
- oliver.specht@tuhh.de
Biography
My research interests are technology entrepreneurship and venture capital financing.
Research Interests
- Value Co-Creation between Startup Founders & Investors
Appointments & Education
- PhD in Management
Hamburg University of Technology, Germany
2022 - current - Research Assistant
University of Technology Chemnitz, Germany
2020 - 2022 - Working Student
Stadler Pankow GmbH, Germany
2019 - 2020 - Master of Science in Industrial Engineering and Management
Technische Universität Berlin, Germany
2020 - Working Student
Deloitte GmbH, Berlin, Germany
2017 - 2019 - Bachelor of Science in Industrial Engineering and Management
Technische Universität Berlin, Germany
2017
Selected Publications
Academy of Management Proceedings 2025(1), 18846 (2025)
Conference Paper
Venture Capital (VC) investments positively impact startup success, enhancing operational performance through factors like collaboration and value-added services. While research on investment decisions primarily focuses on investors’ selection criteria and decision-making processes, our study addresses the gap in founders’ perspective. Using Generative Pre-Trained Transformers (GPT) for text classification on a dataset of 8,561 online VC reviews, we extract 9,229 unique value-criteria from founders’ perspectives. A text-embedding cluster method categorizes these criteria into 26 categories. By analyzing additional startup lifecycle data, we determine which value-criteria are crucial at different startup stages. Our findings reveal that investors’ “general social skills” are the most important value-criteria across all startup stages, while more mature startups prioritize more self-serving criteria focused on growth and long-term relationships. Additionally, we observe that founders mostly fulfill the value-criteria by investors, with “general advice” being particularly well-executed.
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