Understanding global flows of venture capital: Human networks as the “carrier wave” of globalization

Ravi Madhavan and Akie Iriyama
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Ravi Madhavan: Katz Graduate School of Business, University of Pittsburgh, Pittsburgh, USA
Akie Iriyama: School of Management, State University of New York at Buffalo, Buffalo, USA

Journal of International Business Studies, 2009, vol. 40, issue 8, 1259 pages

Abstract: Industry participants and observers view venture capital as fundamentally a local business. However, recent data show an increasing share of US venture capital investments flowing overseas. We suggest that cross-border venture capital flows are associated with the formation of “transnational technical communities” (TTCs), groups of immigrants active in both home- and host-country technical networks. Our results highlight the role of human networks as a mechanism of industry globalization, and support the view that TTCs are emerging economic actors in their own right.

Date: 2009
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