Measuring the Spillovers of Venture Capital
Monika Schnitzer () and
Martin Watzinger
No 12236, CEPR Discussion Papers from C.E.P.R. Discussion Papers
Abstract:
We provide the first measurement of knowledge spillovers from venture capital-financed companies onto the patenting activities of other companies. On average, these spillovers are nine times larger than those generated by the R&D investment of established companies. Spillover effects are larger in complex product industries than in discrete product industries. Start-ups with experienced inventors holding a patent at the time of receiving the first round of investment produce the largest spillovers, indicating that venture capital fosters the commercialization of technologies. Methodologically, we contribute by developing a novel definition of the spillover pool, combining citation-based and technological proximity-based approaches.
Keywords: Venture capital; Spillovers; Innovation (search for similar items in EconPapers)
JEL-codes: G24 O3 O31 O32 (search for similar items in EconPapers)
Date: 2017-08
New Economics Papers: this item is included in nep-cse, nep-ent, nep-ino, nep-sbm and nep-ure
References: Add references at CitEc
Citations: View citations in EconPapers (6)
Downloads: (external link)
https://cepr.org/publications/DP12236 (application/pdf)
CEPR Discussion Papers are free to download for our researchers, subscribers and members. If you fall into one of these categories but have trouble downloading our papers, please contact us at subscribers@cepr.org
Related works:
Journal Article: Measuring the Spillovers of Venture Capital (2022) 
Working Paper: Measuring the Spillovers of Venture Capital (2017) 
Working Paper: Measuring the Spillovers of Venture Capital (2017) 
Working Paper: Measuring Spillovers of Venture Capital (2014) 
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
HTML/Text
Persistent link: https://EconPapers.repec.org/RePEc:cpr:ceprdp:12236
Ordering information: This working paper can be ordered from
https://cepr.org/publications/DP12236
Access Statistics for this paper
More papers in CEPR Discussion Papers from C.E.P.R. Discussion Papers Centre for Economic Policy Research, 33 Great Sutton Street, London EC1V 0DX.
Bibliographic data for series maintained by ().