Assistant Professor, Tehran University
M.A, Tehran University
The Venture Capitalists are experts in the financing of high-risk and entrepreneurial start-ups. “Exit” or “Cashing out” is the normal end to any investment. There will come a day when a Venture Capitalist will want to decide to sell or decrease his shares. This decision is multi-criteria and the research is focused on identifying factors affecting VC’s Exit process and attempts to determine the effective criteria through a scientific and hybrid method. Therefore, as research types, it is conclusion-Oriented and applied research.the basic list has drived from literature review”. It has improved by “Structured Interviews” with selected team of Iranian VC elites (as Delphi elite team) and provided the “First round list”. Finally this list had completed and revised through three “Delphi-rounds” with members of “Delphi Referee Team”. The team has been selected from executive or academic experts of Iranian VCs. The degree of agreement among the team is more than 71 percent for the last round. The final list includes 14 main criteria. 5 of them are “Investee’s factors”. 4 are “VC’s factors”, 2 are “entrepreneur’s factors” and 3 are “environmental”. This research has provided some useful bases for determination of effective factors on other VC decisions.