Rigidity and Change in the Japanese Venture Economy

Sebastian Schäfer and Cornelia Storz

Chapter 2 in Innovation and Change in Japanese Management, 2010, pp 39-58 from Palgrave Macmillan

Abstract: Abstract In the aftermath of the financial crisis, Japan drifted into a lasting downturn, which has become known as Japan’s lost decade. Meanwhile, Japan’s Asian neighbors were experiencing a boost in economic growth, and the United States strengthened its comparative advantages and competitiveness in key technologies such as information technology and biotechnology. The emergence of these new industries came along with a dramatic growth of the venture capital industry in the United States over the last decades. Annual inflows to venture funds have expanded from virtually zero in the mid-1970s to nearly $41 billion in 2001.1 Many of most visible new firms — including Apple Computer, Genentech, Intel, Lotus, Microsoft, Google or Amazon — have been backed by venture capital funds.

Keywords: Innovation System; Venture Capital; Entrepreneurial Activity; Pension Fund; Initial Public Offering (search for similar items in EconPapers)
Date: 2010
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-25053-6_3

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DOI: 10.1057/9780230250536_3

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