The impact of venture capital on the persistence of innovation activities of start-ups

Spyros Arvanitis and Tobias Stucki

Small Business Economics, 2014, vol. 42, issue 4, 849-870

Abstract: In this study we investigate the impact of early stage venture capital on innovation activities of 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 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. Copyright Springer Science+Business Media New York 2014

Keywords: Venture capital; Start-ups; Innovation performance; L20; O31; L26 (search for similar items in EconPapers)
Date: 2014
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Citations: View citations in EconPapers (15)

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Persistent link: https://EconPapers.repec.org/RePEc:kap:sbusec:v:42:y:2014:i:4:p:849-870

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DOI: 10.1007/s11187-013-9499-3

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