Venture Capital as a Mechanism for Knowledge Governance: New Markets and Innovation-Led Economic Growth

Cristiano Antonelli and Morris Teubal ()

Department of Economics and Statistics Cognetti de Martiis LEI & BRICK - Laboratory of Economics of Innovation "Franco Momigliano", Bureau of Research in Innovation, Complexity and Knowledge, Collegio Carlo Alberto. WP series from University of Turin

Abstract: Venture capitalism can be understood as a new mechanism for the governance of technological knowledge that is the result of a system dynamics where a variety of complementary and localized innovations introduced by heterogeneous agents aligned and converged towards a collective platform. The new mechanism has improved the governance of technological knowledge within economic systems, through the combination of new science based start-up and new, dedicated financial markets specialized in the transactions of knowledge intensive property rights. The new, dedicated financial markets seem able to combine the advantages in screening and sorting radical innovations of the polyarchic decision-making with the advantages stemming from the direct participation to the profits of new outperforming science-based start-up that are characteristics of the equity provision of finance to innovation,typical of the corporate model.

Pages: 27 pages
Date: 2008-07
New Economics Papers: this item is included in nep-cse, nep-ent, nep-ino and nep-knm
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:uto:labeco:200805

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