Bingqing Zhao

PhD Student

Research Interests


• Valuation and evaluation for technology intensive start-ups
• Funding issues around technology-based ventures
• Quantify qualitative information using technology roadmap
• Real option analysis for early stage companies



Bingqing joined the Centre for Technology Management as a PhD student in October 2014 under the supervision of Dr. Rob Phaal and Dr. Tim Minshall. Her current research focuses on technology-based venture funding issues, including early stage company valuation and evaluation as a main component. In terms of valuing technology intensive start-ups, the expected deliverable is an integrated framework with different valuation approaches that could combine qualitative and quantitative analysis. She constantly looks for case studies from all stakeholders of technology start-ups, such as start-up entrepreneurs, business angels, venture capitalists, big technology companies etc. One of her current project with STIM companies can be found here.


Bingqing achieved first class honours BSc in Financial Mathematics at University of Liverpool in 2013. After that, she joined the M.Phil in Finance programme at Judge Business School, University of Cambridge. With a background of mathematics and finance, she started conducting her doctoral research at the Centre for Technology Management in technology venturing, fully sponsored by Cambridge Trust –CSC.


Teaching Experience

2014 – 2015 Supervisor in Accounting and Finance (MS4) at Judge Business School, University of Cambridge


Recent publications

Zhao, B. Hirose, Y. Phaal, R. (2015) A Framework for Characterising Technology-based Ventures for Valuation Purposes, R&D Management Conference Paper

Contact Details

T: +44(0)1223 766141
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