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The geography of technology-intensive start-ups and venture capital: European evidence

Massimiliano Guerini and Francesca Tenca ()
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Massimiliano Guerini: Politecnico di Milano
Francesca Tenca: Politecnico di Milano

Economia e Politica Industriale: Journal of Industrial and Business Economics, 2018, vol. 45, issue 3, 361-386

Abstract: Abstract This paper aims at providing novel evidence about the geographical concentration of venture capital (VC) activity in seven European countries. Drawing upon a unique dataset, VICO 2.0, we describe the geographical distribution of VC investments and VC-backed technology-intensive start-ups and analyse the regional and country-level factors associated to the regional concentration in VC activity. Results from econometric estimates suggest that regional VC activity is positively associated to the level of regional knowledge intensity, the level of regional human capital, the local supply of VC investors and a more favourable country’s legal and institutional environment.

Keywords: Geography; Technology-intensive start-ups; Venture capital; Europe (search for similar items in EconPapers)
JEL-codes: G24 G28 L26 R11 (search for similar items in EconPapers)
Date: 2018
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Economia e Politica Industriale: Journal of Industrial and Business Economics is currently edited by C. Cambini, M.G. Colombo, L. Piscitello, L. Rondi and A. Zanfei

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