Government Intervention in the Venture Capital Market
Douglas Cumming and
Sofia Johan
Chapter Chapter 13 in Public Private Partnerships for Infrastructure and Business Development, 2015, pp 237-264 from Palgrave Macmillan
Abstract:
Abstract The Organization for Economic Co-operation and Development (OECD) (1996) has argued that the financing of entrepreneurship and innovative ideas will facilitate economic growth and the competitive advantage of nations in the twenty-first century. Much evidence, albeit not all, indicates small high-tech firms contribute disproportionately to innovation and economic growth (the World Bank 1994, 2002, 2004; see also Industry Canada 2002, 2006). The primary source of capital for these small growth-oriented high-tech start-up firms is a specialized form of financing called venture capital, and venture capital has been found to facilitate the success of firms that eventually list on stock exchanges. For example, while venture capital averaged less than 3 of corporate R&D in the period 1983–1992, it was nevertheless responsible for more than 8 percent of United States’ industrial innovations in that decade (Kortum and Lerner 2000).
Keywords: Venture Capital; Mutual Fund; Private Equity; Fund Manager; Entrepreneurial Firm (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-54148-2_13
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DOI: 10.1057/9781137541482_13
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