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Jüngere Entwicklungen auf dem Risikokapitalmarkt für Biotechnologie in Deutschland

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Author Info
Simeon Schudy

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Abstract

Die Bedeutung von Risikokapital für innovative Industrien wurde in der Literatur vielfach hervorgehoben. Der vorliegende Beitrag stellt die Entwicklungen des deutschen Risikokapitalmarktes für Biotechnologie im Zeitraum 1995-2005 dar und geht auf regionale Unterschiede ein. Der Risikokapitalmarkt wurde deutlich durch den Börsenboom Ende der neunziger Jahre und den darauf folgenden Zusammenbruch des Neuen Marktes beeinflusst. Ende 2003 zeichnete sich ein Aufwärtstrend der Risikokapitalinvestitionen für Biotechnologie in Deutschland ab, der sich im Jahr 2005 - gemessen an abgeschlossenen Finanzierungsrunden - fortsetzen konnte. Zudem neigen Beteiligungsgesellschaften in jüngster Zeit verstärkt dazu, „Later Stage“-Investitionen größeren Volumens in eine geringere Anzahl an Unternehmen vorzunehmen. Regionale Schwerpunkte der Risikokapitalinvestitionen bilden die großen deutschen Bioregionen BioTOP (Berlin/Brandenburg), BioM (München/Martinsried), Rhein-Neckar-Dreieck (Heidelberg/Mannheim) und Rheinland (BioRiver/BioIndustry), welche auch die größten Volumen pro Unternehmen einwerben konnten. Im Rahmen von BioRegio geförderte Unternehmen konnten in fast allen Jahren durchschnittlich mehr Risikokapital pro Unternehmen einwerben als nicht geförderte.

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Paper provided by Kiel Institute for the World Economy in its series Kiel Working Papers with number 1270.

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Length: 37 pages
Date of creation: Mar 2006
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Handle: RePEc:kie:kieliw:1270

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Related research
Keywords: Biotechnologie Risikokapital

Find related papers by JEL classification:
G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
L65 - Industrial Organization - - Industry Studies: Manufacturing - - - Chemicals; Rubber; Drugs; Biotechnology
O30 - Economic Development, Technological Change, and Growth - - Technological Change - - - General
R58 - Urban, Rural, and Regional Economics - - Regional Government Analysis - - - Regional Development Policy

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    Other versions:
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