Relationship between private and public investors: lever or hindrance to innovation

Relations entre investisseurs privés et publics: levier ou obstacle à l'innovation

Jonathan Labbé ()
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Jonathan Labbé: CEREFIGE - Centre Européen de Recherche en Economie Financière et Gestion des Entreprises - UL - Université de Lorraine

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Abstract: This paper aims at examining the determinants and the consequences of venture capitalists' relationship on innovation. By comparing interaction between private and public actors we attempted to verify the existence of crowdding-out phenomenon. According to a literature review, we presented the main characteristics and proposed a definition of the crowding-out effect. To complete this study we have conducted semi-structured interviews in France based on a thematic content analysis. The results show that cognitive exchanges between private and public investors constitute a factor of convergence resulting in a productive collaboration. However, some limits of cognitive conflicts can lead to a crowding out effect of private or public investors. According to these results the relationships between private and public venture capitalists tend to have a positive role for innovation and its development in France.

Date: 2016-04-22
Note: View the original document on HAL open archive server: https://hal.science/hal-03000105
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Published in 13th Edition of the ACDD International Conference, Apr 2016, Strasbourg, France

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-03000105

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