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Taking Risks in the Geographical Anatomy of Europe's Emerging Venture Capital Market

Author

Listed:
  • R.Martin
  • P.Sunley
  • D.Turner

Abstract

Over the past 25 years, the USA has pioneered a new technological revolution based on large numbers of new small enterprises, financed by a dynamic venture (risk) capital market. The European Union, meanwhile, has lagged behind in this sector of economic activity. The European Commission considers the development of a substantial risk capital market to be the key condition for closing the 'enterprise gap' with the US. But whereas the Commission argues that venture capital activity needs to be much more regionally clustered if it is to emulate the US experience, some member states, together with the OECD, have argued for a more even regional distribution. The aim of this paper is to chart the growth and geographical anatomy of the emerging European venture capital market and examine its spatial development and its regional implications in the context of these somewhat opposing views.

Suggested Citation

  • R.Martin & P.Sunley & D.Turner, 2001. "Taking Risks in the Geographical Anatomy of Europe's Emerging Venture Capital Market," Working Papers wp202, Centre for Business Research, University of Cambridge.
    • Handle: RePEc:cbr:cbrwps:wp202
    Note: PRO-1
    as

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    Citations

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    Cited by:

    1. Dimo Dimov & Gordon Murray, 2008. "Determinants of the Incidence and Scale of Seed Capital Investments by Venture Capital Firms," Small Business Economics, Springer, vol. 30(2), pages 127-152, February.
    2. Peter Sunley & Britta Klagge & Christian Berndt & Ron Martin, 2005. "Venture capital programmes in the UK and Germany: In what sense regional policies?," Regional Studies, Taylor & Francis Journals, vol. 39(2), pages 255-273.

    More about this item

    Keywords

    Venture capital; European; regional development; high technology clusters; policy;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • R12 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Size and Spatial Distributions of Regional Economic Activity; Interregional Trade (economic geography)
    • R58 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Regional Government Analysis - - - Regional Development Planning and Policy
    • O52 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Europe

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