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First-Round Entrepreneurial Investments: Where, When and Why?

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  • Yochanan Shachmurove

    ()
    (Department of Economics, University of Pennsylvania and The City College of The City University of New York)

Abstract

This paper examines the where, when and why of first round entrepreneurial investment activity in the United States from the first quarter of 1995 until the second quarter of 2010. The paper analyzes these venture capital investments taking into consideration the role of macroeconomic variables, region, and industry. Additionally, trends in regional and industrial investments are evaluated using statistical and graphical analyses. By studying these findings, we are able to understand the impact of different periods of economic growth on venture capital investments. Lastly, the shock of the dot.com bubble and recent financial crisis are integrated into the findings.

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File URL: http://economics.sas.upenn.edu/system/files/11-017.pdf
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Bibliographic Info

Paper provided by Penn Institute for Economic Research, Department of Economics, University of Pennsylvania in its series PIER Working Paper Archive with number 11-017.

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Length: 35 pages
Date of creation: 22 Jun 2011
Date of revision:
Handle: RePEc:pen:papers:11-017

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Keywords: Venture Capital; First Round of Financing; Innovations; Inventions; Economic Geography; Location; Biotechnology; Business Products and Services; Computers and Peripherals; Consumer Products and Services; Electronics and Instrumentation; Financial Services; Healthcare Services; Industrial and Energy; Information Technology Services; Media and Entertainment; Medical Devices and Equipment; Networking and Equipment; Retailing and Distribution; Semiconductors; Software; Telecommunications;

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  1. Eytan Sheshinski & Robert J. Strom, 2007. "Introduction to Entrepreneurship, Innovation, and the Growth Mechanism of the Free-Enterprise Economies
    [Entrepreneurship, Innovation, and the Growth Mechanism of the Free-Enterprise Economies]
    ," Introductory Chapters, Princeton University Press, Princeton University Press.
  2. Naomi R. Lamoreaux & Kenneth L. Sokoloff (ed.), 2007. "Financing Innovation in the United States, 1870 to Present," MIT Press Books, The MIT Press, The MIT Press, edition 1, volume 1, number 0262122898, December.
  3. Samuel Kortum & Josh Lerner, 2000. "Assessing the Contribution of Venture Capital to Innovation," RAND Journal of Economics, The RAND Corporation, vol. 31(4), pages 674-692, Winter.
  4. Meyer, David R., 2007. "Financing Innovation in the United States, 1870 to the Present. Edited by Naomi R. Lamoreaux and Kenneth L. Sokoloff. Cambridge, MA: MIT Press, 2007. Pp. xii, 503. $45," The Journal of Economic History, Cambridge University Press, Cambridge University Press, vol. 67(04), pages 1083-1085, December.
  5. Olga Alonso Villar, 2004. "The effects of transport costs revisited," Working Papers, Universidade de Vigo, Departamento de Economía Aplicada 0407, Universidade de Vigo, Departamento de Economía Aplicada.
  6. Venables, Anthony J, 1998. "The Assessment: Trade and Location," Oxford Review of Economic Policy, Oxford University Press, Oxford University Press, vol. 14(2), pages 1-6, Summer.
  7. Richard R. Nelson, 1959. "The Simple Economics of Basic Scientific Research," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 67, pages 297.
  8. Venables, Anthony J, 1996. "Equilibrium Locations of Vertically Linked Industries," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 37(2), pages 341-59, May.
  9. Behrens, Kristian, 2005. "Market size and industry location: Traded vs non-traded goods," Journal of Urban Economics, Elsevier, vol. 58(1), pages 24-44, July.
  10. Karen Helene Midelfart-Knarvik & Henry G. Overman & Anthony Venables, 2003. "Monetary union and the economic geography of Europe," LSE Research Online Documents on Economics, London School of Economics and Political Science, LSE Library 582, London School of Economics and Political Science, LSE Library.
  11. Yochanan Shachmurove, 2009. "Entrepreneurship in Oman," PIER Working Paper Archive, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania 09-026, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
  12. Yochanan Shachmurove, 2006. "An Excursion into the Venture Capital Industry Stratified by Locations and Industries 1996-2005," Journal of Entrepreneurial Finance, Pepperdine University, Graziadio School of Business and Management, Pepperdine University, Graziadio School of Business and Management, vol. 11(3), pages 79-104, Fall.
  13. Naomi R. Lamoreaux & Kenneth L. Sokoloff (ed.), 2009. "Financing Innovation in the United States, 1870 to Present," MIT Press Books, The MIT Press, The MIT Press, edition 1, volume 1, number 0262513323, December.
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