Professional experience

• Research focuses on entrepreneurship, venture capital, innovation, corporate finance, strategic management, and contract theory.
• Teaching undergraduate, MBA and executive courses in entrepreneurship, entrepreneurial finance, and strategic management.
• Founding Organizer of the NBER Entrepreneurship Research Boot Camp and Research (2008 to present); also NBER Research Associate
• Co-editor of Journal of Economics and Management Strategy, Associate Editor of Journal of Financial Intermediation, Former Associate Editor of Management Science (2006-2009)
• Referee for all leading economics and finance journals; Member of the program committee for various conferences (EVI, WFA, a.o.)

Career highlights

• Since July 2004: Professor at the Sauder School of Business, University of British Columbia. Taught classes on business plans, technology entrepreneurship, entrepreneurial finance and strategic management at undergraduate, MBA and executive levels; taught in Vancouver, Krems (Austria) and Shanghai programs; Project Leader for the BCIC Case Study Library
  (http://www.bcic.ca/case-library); Winner of the 2010 "Talking Stick Teaching Award"
• Fall 2011: Visiting professor at the Harvard Business School, taught entrepreneurship and entrepreneurial finance classes for MBAs and executives.
• 1994 - 2004: Assistant Professor of Strategic Management; Stanford Graduate School of Business; developed MBA elective on entrepreneurship; co-taught business plan course with Silicon Valley entrepreneurs and venture capitalists; developed an interactive approach to teaching entrepreneurship called "The Entrepreneurship Game"; taught core course in strategic management.
• Academic year 2001/2002: Visiting professor at The Wharton School (University of Pennsylvania), taught entrepreneurship course.
• Visiting researcher at: INSEAD (Fontainebleau, France, 2000), University of New South Wales (Sydney, Australia, 2002), University of Auckland (New Zealand, 2011), and University of Melbourne (Australia, 2011).
• Visiting lectures at the Indian School of Business in Hyderabad, Dec 2006 and Feb 2008.
• Summer t the World Bank in the department of "Financial Policy and Systems:" research on financial policy in East Asia, Washington D.C., summer 1992; internships aat the economics department of the "Commerzbank", estimation of a financial asset demand model for German capital markets, Frankfurt a.M., Germany, summer 1991; and at the "Luxemburger Wort" newspaper, Luxemburg, summer 1989.

Education

• Stanford University, Ph.D. in Economics ('89-'94), advisers: J. Stiglitz and M. Aoki
• London School of Economics, BA in Mathematical Economics and Econometrics ('86-'89), 1st class
• Fluent in German, English and French

Grants and Honors

• Canadian SSHRC Grant (2005-2008)
  
• National Science Foundation, Economics Program Grant (with Manju Puri, NSF-95-26)
• Faculty Fellowship in Entrepreneurship (1999-2000)
• National Fellow, Hoover Institution (1998-1999)
• Fletcher Jones Faculty Scholar (1997-1998)
• Sloan Foundation scholarship (1993-1994)
• Lynde and Harry Bradley Foundation scholarship (Fall 1992, CEPR)
• M. Olin Foundation scholarship (Fall 1991, Winter 1992, CEPR)
• MacTaggert Award and Sir Huw Wheldon Prize (1989, LSE)

• 2008: Details of the program and syllabus.
• 2009: Details of the program and syllabus.
• 2010: Details of the program and syllabus.
• 2011: Details of the program and syllabus.

• Thomas Hellmann and Enrico Perotti (2011), “The circulation of ideas in firms and markets” Management Science 57(10), October 1813–1826
  • An earlier version is available as NBER working paper #16943, available at http://www.nber.org/papers
  • An even earlier version from April 2007 can be found here.
• Thomas Hellmann and Veikko Thiele (2011), "Incentives and Innovation : A Multi-tasking Approach", American Economic Journal: Microeconomics 3 (February 2011),  78–128.
• Laura Bottazzi, Marco Da Rin and Thomas Hellmann (2009), "What is the Role of Legal Systems in Financial Intermediation? Theory and Evidence" Journal of Financial Intermediation, 18, 559–598
• Laura Bottazzi, Marco Da Rin and Thomas Hellmann (2008), "Who are the active investors? Evidence from venture capital" Journal of Financial Economics, 89(3), 488-512
  
• An earlier and substantially different version of the paper can be obtained here.
  
• “Building Relationships Early: Banks in Venture Capital” 2008, with Laura Lindsey and Manju Puri, The Review of Financial Studies, 21(2), 513-541
• The Society for Financial Studies is copyright owner.
• “When Do Employees Become Entrepreneurs?” 2007, Management Science, 53(6), 919-933.
  
• Click here for the appendix.
  
• "The role of patents for bridging the science to market gap" Journal of Economic Behavior and Organization, 2007, 63(4), August, 624-657.
  
• For access to the published version, click here.
  
• "Entrepreneurs and the Process of Obtaining Resources" Journal of Economics and Management Strategy, 2007, 16(1), 81-109 
  
• An earlier working paper (from July 2005) circulated under the title of “Entrepreneurship in the Theory of the Firm: The Process of Obtaining Resources”
• “IPOs, Acquisitions and the Use of Convertible Securities in Venture Capital” 2006, Journal of Financial Economics, 81(3), 649-679. 
• Please contact the JFE for a copy of the paper.
  
• An earlier and substantially different version of the paper can be obtained here.
  
• Yet an older version is available on SSRN here.
  
• Finally, click here for some calculations that are made available upon request, as mentioned in the published version.
• "Banks as a Catalyst for Industrialization," with Marco Da Rin, Journal of Financial Intermediation, 11, 366-397, Winter 2002.
  
• Winner of best paper of the year prize for the Journal of Financial Intermediation
• "A Theory of Strategic Venture Investing" Journal of Financial Economics, Vol. 64, 2, 285-314, May 2002
  
• Please contact the JFE for a copy of the paper.
  
• A much earlier and substantially different version of the paper on strategic venture investing was circulated under the title "A Theory of Corporate Venture Investing."
  
• Some further thoughts on the topics can also be found in a short note called “Some thoughts on the theory of corporate venturing” published in “Corporate Governance Today” Columbia Law School, p37-43, May 1998
• "Venture Capital and the Professionalization of Start-up Firms:  Empirical Evidence" with M. Puri, The Journal of Finance, February 2002, Vol. 57, No. 1, pp. 169-197
• Nominated for Brattle prize, ranked as a top 10 paper downloaded from SSRN
  
• Reviewed by Business Wire 01/29/01 and Reuters 01/30/01
• "The Interaction between Product Market and Financing Strategy:  The Role of Venture Capital" with M. Puri, Review of Financial Studies, Winter 2000, Vol. 13, No. 4, pp. 959-984,
  
• Ranked as a top 10 paper downloaded from SSRN
• Reviewed in Business Week on October 11, 1999 (p. 28).
  
• The Society for Financial Studies is copyright owner.
• "Liberalization, Moral Hazard in Banking and Prudential Regulation: Are Capital Requirements Enough?" with K. Murdock and J. Stiglitz, American Economic Review, 2000, 90(1), 147-165
• Reviewed in Business Week, 05/08/00, (p.10)
• "Credit and Equity Rationing in Markets with Adverse Selection" with J. Stiglitz, European Economic Review, 2000, 44, 281-304.
  
• An earlier longer version of this paper is "A Unifying Theory of Credit and Equity Rationing in Markets with Adverse Selection," with J. Stiglitz, Working Paper, Stanford Graduate School of Business Working Paper, #1356 
• "The Allocation of Control Rights in Venture Capital Contracts" The Rand Journal of Economics, Vol. 29, 1, 57-76, Spring 1998.

Papers submitted or close to submission

• Contracting among founders, with Veikko Thiele, December 2011
• The First Deal: The Division of Founder Equity in New Ventures, with Noam Wasserman, December 2010
• The Effects of Government-Sponsored Venture Capital: International Evidence, with James Brander and Qianqian Du, April 2012
• "The Importance of Trust for Investment: Evidence from Venture Capital" with Laura Bottazzi and Marco Da Rin, March 2011
• Winner of the NASDAQ Award for best paper on capital formation, Western Finance Association, June 2006
  

Invited academic publications (non-referred)

• Marco Da Rin, Thomas Hellmann, and Manju Puri (2011), "A survey of venture capital research"; Forthcoming in George Constantinides, Milton Harris, and René Stulz (eds) Handbook of the Economics of Finance, vol 2, Amsterdam, North Holland
• James Brander, Edward Egan and Thomas F. Hellmann (2010), "Government Sponsored versus Private Venture Capital: Canadian Evidence" in "International Differences in Entrepreneurship, edited by J Lerner and A. Schoar, National Bureau of Economic Research, pp 275-320, University of Chicago Press, Chicago, IL, US.
• James Brander, Qianqian Du and Thomas Hellmann, (2010) "Governments as Venture Capitalists: Striking the Right Balance" In Globalization of Alternative Investments, Working Papers Volume 3: The Global Economic Impact of Private Equity Report 2010, World Economic Forum, pp 25-52. For a copy, please click here.
• Thomas Hellmann and Scott Stern (2009), "Introduction to the Special Issue on Economics and Strategy of Entrepreneurship" Journal of Economics & Management Strategy, 18(3), Fall, 615-621.
• Jim Brander, Ed Egan and Thomas Hellmann (2008), "Government Sponsored versus Private Venture Capital: Canadian Evidence", Forthcoming in the NBER conference volume on “International Differences in Entrepreneurship”, Forthcoming in an NBER volume on "International Differences in Entreprenuership, edited by J Lerner and A. Schoar.
  
• Ralf Becker and Thomas Hellmann (2005), “The Genesis of Venture Capital: Lessons from the German Experience” in "Venture Capital, Entrepreneurship, and Public Policy" ed. by C.Keuschnigg and V.Kanniainen, Chapter 2, 33-67, MIT Press
• Thomas Hellmann (2003), “Going Public and the Option Value of Convertible Securities in Venture Capital” Venture capital contracting and the valuation of high tech firms, ed. J. McCahery and L. Renneboog, 60-73, Oxford University Press
• Thomas Hellmann and Manju Puri (2002), “On the Fundamental Role of Venture Capital” “Economic Review,” published by the Atlanta Federal Reserve Bank, 87, No. 4
• Thomas Hellmann, Kevin Murdock and Joseph Stiglitz (2002), “Franchise Value and the Dynamics of Financial Liberalization” Financial Systems in Transition: The Design of Financial Systems in Central Europe, eds. Anna Meyendorff and Anjan Thakor, MIT Press, 111-127
• Thomas Hellmann, Kevin Murdock and Joseph Stiglitz (1998), “Financial Restraint and the Market Enhancing View” Proceeding of the IEA Round Table conference: The institutional Foundation of Economic Development in East Asia, ed. M. Aoki, 255-284
• Thomas Hellmann and Kevin Murdock (1998), “Financial Sector Development Policy: The Importance of Reputational Capital and Governance” in “Development Strategy and Management of the Market Economy,” vol. 2, eds. R. Sabot and I. Skékely, Oxford University Press
• Thomas Hellmann, Kevin Murdock and Joseph Stiglitz (1997), “Financial Restraint: Towards a New Paradigm” in The Role of Government in East Asian Development: Comparative Institutional Analysis, eds. M. Aoki, M. Okuno-Fujiwara and H. Kim, Oxford University Press
• Thomas Hellmann, Kevin Murdock and Joseph Stiglitz (1996), “Deposit Mobilization and Financial Restraint” in Financial Development and Economic Growth: Theory and Experiences from Developing Economies by N. Hermes and R. Lensink (eds.), London, Routledge
• Financial Structure and Control in Venture Capital, Chapter 2 from my PhD dissertation
  

Practice-oriented publications

• Thomas Hellmann and Paul Schure, 2010, "An Evaluation of the Venture Capital Program in British Columbia" Report prepared for the Report prepared for the BC Ministry of Small Business, Technology and Economic Development
  Please click here for Appendix A which contains the survey
  Please click here for Appendix B which contains the case studies
  Please click here for the accompanying slide deck
• Thomas Hellmann, Ilkin Ilyaszade and Thealzel Lee, 2010, "Angels in British Columbia: Preliminary survey results", October 2010
• Thomas Hellmann, Ed Egan and Jim Brander, "Value Creation in Venture Capital: A Comparison of Exit Values Across Canadian Provinces and US States" Report commissioned by Leading Edge Britsh Columbia, October 2005
  
• Laura Bottazzi, Marco Da Rin and Thomas Hellmann, 2004, "The Changing Face of the European Venture Capital Industry: Facts and Analysis," The Journal of Private Equity, 7(2) Spring, 26-53,
• Marc-Oliver Fiedler and Thomas Hellmann (2001), “Against all odds: the late but rapid development of the German venture capital industry” The Journal of Private Equity, Fall, 4(4), 31-45
•  Thomas Hellmann (2000), “Venture Capitalists: The Coaches of Silicon Valley” in The Silicon Valley Edge: A Habitat for Innovation and Entrepreneurship, eds. W. Miller, C.M. Lee, M.Gong Hanock & H. Rowen, Stanford University Press
• Philip Alphonse, Thomas Hellmann and Jane Wei (1999), “Minority Private Equity: A Market in Transition” The Journal of Private Equity, Summer, 27-45
• Thomas Hellmann (1997), “Venture Capital: A Challenge for Commercial Banks” The Journal of Private Equity, Fall 1997, 49-55

Angels in British Columbia, Harvard Business School Case Study, 9-811-100, by Josh Lerner, Thomas Hellmann and Ilkin Ilyaszade, available at http://hbsp.harvard.edu/product/cases

The Entrepreneur's Financial Projections Model is a spreadsheet that can be used by entrepreneurs to formulate their financial projections. The Instructions for Entrepreneur's Financial Projections Model is a short set of instructions on how to use the spreadsheet.

PROFEX is a spreadsheet that can be used by entrepreneurs and venture capital investors to determine a start-up's valuation. PROFEX stands for "Probability OF Exit". It is a valuation tool that is sufficiently rich to capture key uncertainties faced by start-ups, but also sufficiently easy to be used by any users, with or without advanced finance background. The method is explained in the accompanying note - please click here.  

The Term Sheet Calculator is a (beta version) spreadsheet model that allows users to calculate the value to investors of holding preferred shares, with a variety of terms. The method is explained in the accompanying note.

Fast Ceviche is a fictional business plan of a Peruvian fast food restaurant business. It can be used to teach as an example of a reasonably well written business plan.

Fast Ceviche's financial projections is a set of financial projections that accompany the Fast Ceviche case.

Fast Ceviche's presentation slides is a set of slides that accompany the Fast Ceviche case.

Halfbucks is a fictional business plan of a start-up coffee retail business. It can be used to teach mostly what not to do in a business plan.

Halfbuck’s financial projections is a set of financial projections that accompany the Halfbucks case. Please note that these financial projections have many flaws, so that they are meant  to be used as an instructional tool on how NOT to perform financial projections. For a proper way of setting financial projections, see either the Entrepreneur’s Financial Projections Model, or the Fast Ceviche case.

Musings of a Queen is a case about Isabella, the Queen of Spain, deliberating whether to finance an entrepreneur called Christopher Columbus. The case study can be used for teaching the fundamentals of venture capital investment, which apply as much to Queens of Spain as to modern venture capitalists.

I used to teach something called the Entrepreneurship Game. Here is a description of it.

While at Stanford I wrote several case studies. Unfortunately I do not own the copyrights. If you are interested in copies, please go to  http://gobi.stanford.edu/cases/, or contact Harjeet Heer at Tel: (650) 724-3312, Email: heer_harjeet@gsb.stanford.edu. Since the Harvard Business School publishes some Stanford case studies, you may also contact HBS customer service directly at Tel: (800) 545-7685; Fax (617) 495-6985; or Email: custserv@cchbspub.harvard.edu.

• eCircle AG, E-92, June 2001
• A Note on Valuation of Venture Capital Deals, E-95, March 2001
• (The accompanying valuation spreadsheat can be downloaded here)
• SpiffyTerm, Inc.: January 2000, SM-86, March 2001
• Allied Equity Partners: March 1999, S-SM-61, March 2001
• AllAdvantage: Fall of 2000, E-117, February 2001
• Jim Jorgensen: The Initial Days at Discovery Zone, S-SM-56, January 1999
• Shanghai Tang: Global Strategy in an Entrepreneurial Company, S-SM-55, January 1999
• SimVoice Corporation, S-SM-48, May 1998
• WI Harper International: Bridge between Silicon Valley and Asia , S-SM-39, May 1998
• Genset, S-SM-38, December 1997
• CambiaVision, S-SM-28, October 1996
• Symantec Corporation: Acquiring Entrepreneurial Companies, S-SM-27, November 1996
• Professional Staff: Taking a Venture Abroad, S-SM-23, November 1996
  
• also published in Cases in International Entrepreneurship, eds. R. Hisrich, P. McDougall and B. Oviatt, IRWIN, Chicago, 1997
• Apple Computer – Strategic Investment Group, S-SM-21, September 1995
• Tender Loving Things, S-SM-19, April 1995