National venture capitalist (VC) ecosystems are not isolated from each other, and foreign VC species may cross borders when pursuing valuable investment opportunities. The present research demonstrates that VC investments inside or outside VCs’ domestic ecosystems play a significant role in the target ventures’ valuation. VCs trade off familiarity of their domestic ecosystem for valuation.

Wirtz, P., Berre, M. (2025). Connectedness of entrepreneurial ecosystems: the impact of VC financing mobility on startup valuations. Small Business Economics. https://doi.org/10.1007/s11187-025-01021-6