New Technology-Based Firms and Venture Capital Policy in Nigeria

Adebola Daramola

Journal of Innovation Economics, 2012, vol. n°9, issue 1, 163-181

Abstract: The development of high growth New Technology-Based Firms (NTBFs) in Silicon Valley, Israel, Bangalore and UK is attributed to Venture Capital. Evidence of Nigeria focused or based Venture Capital investment in new technology based firms (NTBFs) is surveyed. This study attempted defining what NTBFs is with Nigeria in context; utilizing established classification such as OECD in assessing the kinds of technology-based firms (TBFs) around. Despite the importance of NTBFs, government incentives and VC investments to grow them have been minimal in Nigeria. Using open (unstructured) questions interviews of members of the Venture Capital Association of Nigeria (VCAN) and some executives in technology-based firms, their assessment of the Nigerian business environment shows a need for policy changes to encourage an upsurge of VC investment in NTBFs. This paper relied on secondary source material. JEL Codes: G24, G28, O38, O16, O43, O55

Keywords: New Technology Based Firms (NTBFs); venture capital; policy; development Financial Institutions (DFIs); ICT Sector; Small and Medium Equity Investment Scheme (SMEIS) (search for similar items in EconPapers)
JEL-codes: G24 G28 O16 O38 O43 O55 (search for similar items in EconPapers)
Date: 2012
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