The Impact of Venture Capital on the Persistence of Innovation Activities of Swiss Start-ups

Spyros Arvanitis and Tobias Stucki

No 13-332, KOF Working papers from KOF Swiss Economic Institute, ETH Zurich

Abstract: In this study we investigate the impact of early stage venture capital on innovation activities of Swiss start-ups. This is done based on a cohort of start-ups that is representative of all firms founded in Switzerland in 1996/97 as recorded by a census of the Swiss Federal Statistical Office for this period. We analyze not only the impact of early stage venture capital on innovation performance 3 years after firm foundation but also 6 and 9 years after firm start, respectively, for those firms that survived so long and reported continuously innovation activities (persistence of innovation). The results support neither the hypothesis of a positive impact on initial innovation activities nor the hypothesis of a positive time-persistent effect on innovation performance of start-ups.

Keywords: Venture capital; Start-ups; Innovation performance (search for similar items in EconPapers)
Pages: 28 pages
Date: 2013-02
New Economics Papers: this item is included in nep-cse, nep-ent and nep-ino
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Persistent link: https://EconPapers.repec.org/RePEc:kof:wpskof:13-332

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