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Money for novelty: The role of venture capital investments for innovation in young technology-based firms

Diana Heger

No 13-077, ZEW Discussion Papers from ZEW - Leibniz Centre for European Economic Research

Abstract: This paper examines the role of venture capital on a firm's innovation activities by using a data set of German technology-based firms founded between 1996 and 2005. Innovation is proxied by patent counts and an index of innovativeness which reflects the degree to which a young firm has developed new technologies based on its own or external resources. The results show that VC financing has a positive impact on both patenting and innovativeness, even if we account for endogeneity of VC financing.

Keywords: innovation; venture capital; young technology-based firms; discrete choice methods; count data models; endogeneity (search for similar items in EconPapers)
JEL-codes: O31 G24 C31 C35 L20 (search for similar items in EconPapers)
Date: 2013
New Economics Papers: this item is included in nep-dcm, nep-ent, nep-ino, nep-sbm and nep-tid
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:zewdip:13077

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