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Venture Capitalism, New Markets and Innovation-led Economic Growth

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Author Info
Cristiano Antonelli ()
Morris Teubal ()

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Abstract

This paper explores the new market-mediating mechanisms linking SU invention on the one hand and economic growth on the other. Two such mechanisms come to our mind under venture capitalism (of which venture capitalism is directly involved only in the first): 1) a systemic rather than haphazard link between radical inventions and the emergence of new product markets; and 2) a link between new product markets) on the one hand and invention & unbundled technology markets on the other. The first highlights not only the volatility and precariousness of the R&D companies which operated prior to venture capitalism, but also, and related to this, the weak links that existed then between radical invention and the emergence of new markets. There are two aspects of 2) above: 2a) derived demand for improvements in the product and process technology underlying a market (and industry); and 2b) a demand for a substitute, disruptive technology which could replace the existing one. In both cases market size signals the ‘benefits’ to be derived from improving or substituting the underlying technology.

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Paper provided by ICER - International Centre for Economic Research in its series ICER Working Papers with number 03-2009.

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Length: 26 pages
Date of creation: May 2009
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Handle: RePEc:icr:wpicer:03-2009

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  1. Antonelli Cristiano, 2005. "Models of knowledge and systems of governance," Dipartimento di Economia "S. Cognetti de Martiis" LEI & BRICK - Laboratorio di economia dell'innovazione "Franco Momigliano", Bureau of Research in Innovation, Complexity and Knowledge, Collegio Carlo 200501, University of Turin. [Downloadable!]
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  2. Lerner, Josh, 1995. " Venture Capitalists and the Oversight of Private Firms," Journal of Finance, American Finance Association, vol. 50(1), pages 301-18, March. [Downloadable!] (restricted)
  3. Paul Gompers & Josh Lerner, 2001. "The Venture Capital Revolution," Journal of Economic Perspectives, American Economic Association, vol. 15(2), pages 145-168, Spring. [Downloadable!] (restricted)
  4. Richard R. Nelson, 1995. "Recent Evolutionary Theorizing about Economic Change," Journal of Economic Literature, American Economic Association, vol. 33(1), pages 48-90, March. [Downloadable!] (restricted)
  5. Avnimelech, Gil & Teubal, Morris, 2006. "Creating venture capital industries that co-evolve with high tech: Insights from an extended industry life cycle perspective of the Israeli experience," Research Policy, Elsevier, vol. 35(10), pages 1477-1498, December. [Downloadable!] (restricted)
  6. Paolo Saviotti & Andreas Pyka, 2003. "Economic Development, variety and employment," Working Papers geewp35, Vienna University of Economics and B.A. Research Group: Growth and Employment in Europe: Sustainability and Competitiveness. [Downloadable!]
  7. Stiglitz, Joseph E & Weiss, Andrew, 1981. "Credit Rationing in Markets with Imperfect Information," American Economic Review, American Economic Association, vol. 71(3), pages 393-410, June. [Downloadable!] (restricted)
  8. Teece, David J., 1986. "Profiting from technological innovation: Implications for integration, collaboration, licensing and public policy," Research Policy, Elsevier, vol. 15(6), pages 285-305, December. [Downloadable!] (restricted)
  9. King, Robert G & Levine, Ross, 1993. "Finance and Growth: Schumpeter Might Be Right," The Quarterly Journal of Economics, MIT Press, vol. 108(3), pages 717-37, August. [Downloadable!] (restricted)
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  10. Dahlman, Carl J, 1979. "The Problem of Externality," Journal of Law & Economics, University of Chicago Press, vol. 22(1), pages 141-62, April.
  11. Gil Avnimelech & Morris Teubal, 2004. "Venture capital start-up co-evolution and the emergence & development of Israel's new high tech cluster," Economics of Innovation and New Technology, Taylor and Francis Journals, vol. 13(1), pages 33-60, January. [Downloadable!] (restricted)
  12. Richard R. Nelson, 1959. "The Simple Economics of Basic Scientific Research," Journal of Political Economy, University of Chicago Press, vol. 67, pages 297. [Downloadable!] (restricted)
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