Measuring the Spillovers of Venture Capital

Monika Schnitzer () and Martin Watzinger

No 46, Rationality and Competition Discussion Paper Series from CRC TRR 190 Rationality and Competition

Abstract: We provide the first measurement of knowledge spillovers from venture capital-financed companies onto the patenting activities of other companies. On average, these spillovers are nine times larger than those generated by the R&D investment of established companies. Spillover effects are larger in complex product industries than in discrete product industries. Start-ups with experienced inventors holding a patent at the time of receiving the first round of investment produce the largest spillovers, indicating that venture capital fosters the commercialization of technologies. Methodologically, we contribute by developing a novel definition of the spillover pool, combining citation-based and technological proximity-based approaches.

Keywords: venture capital, spillovers, innovation (search for similar items in EconPapers)
JEL-codes: G24 O30 O31 O32 (search for similar items in EconPapers)
Date: 2017-09-13
New Economics Papers: this item is included in nep-cse, nep-ent, nep-ino, nep-sbm, nep-tid and nep-ure
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Citations: View citations in EconPapers (4)

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Related works:
Journal Article: Measuring the Spillovers of Venture Capital (2022)
Working Paper: Measuring the Spillovers of Venture Capital (2017)
Working Paper: Measuring the Spillovers of Venture Capital (2017)
Working Paper: Measuring Spillovers of Venture Capital (2014)
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Persistent link: https://EconPapers.repec.org/RePEc:rco:dpaper:46

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