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Venture Capital Industry in Finland - Country Report for the Venture Fun Project

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  • Luukkonen, Terttu
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    Abstract

    This report is a descriptive account of the major features of the Venture Capital (VC) Industry in Finland. It has been prepared as a background report for a project entitled Venture Fun, carried out in an EU Network of Excellence PRIME and funded from the Sixth Framework Programme. The report provides a brief overview of the evolution and present structures of the VC industry in Finland, and draws attention to factors that affect the development of VC industry, among others, to the nature of policies pursued in this field. One of its observations is the fact that the primary rationale for policies has been closing the early phase funding gap for start-ups, the promotion of SMEs, regional development or other socio-economic objectives, rather than the promotion of VC industry. As a result, policy measures have tended to be permanent, not temporary, since the objectives are difficult to achieve in a fixed time period. Furthermore, the policies pursued have made a separation of the monetary and non-monetary value-adding functions of VC, and only recently have acknowledged the value of the latter for the growth of high-tech start-ups.

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    Bibliographic Info

    Paper provided by The Research Institute of the Finnish Economy in its series Discussion Papers with number 1003.

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    Length: 48 pages
    Date of creation: 2006
    Date of revision:
    Handle: RePEc:rif:dpaper:1003

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    Related research

    Keywords: venture capital; start-ups; venture capital -directed policy; innovation policy;

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    References

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    1. Hyytinen, Ari & Pajarinen, Mika, 2001. "Financial Systems and Venture Capital in Nordic Countries: A comparative Study," Discussion Papers 774, The Research Institute of the Finnish Economy.
    2. Luukkonen, Terttu, 2005. "Variability in organisational forms of biotechnology firms," Research Policy, Elsevier, vol. 34(4), pages 555-570, May.
    3. Hermans, Raine & Luukkonen, Terttu, 2002. "Findings of the ETLA Survey on Finnish Biotechnology Firms," Discussion Papers 819, The Research Institute of the Finnish Economy.
    4. Ali-Yrkkö, Jyrki & Hermans, Raine, 2002. "Nokia in the Finnish Innovation System," Discussion Papers 811, The Research Institute of the Finnish Economy.
    5. John Armour & Douglas Cumming, 2004. "The Legal Road To Replicating Silicon Valley," ESRC Centre for Business Research - Working Papers wp281, ESRC Centre for Business Research.
    6. Lemola, Tarmo, 2002. "Convergence of national science and technology policies: the case of Finland," Research Policy, Elsevier, vol. 31(8-9), pages 1481-1490, December.
    7. Palmberg, Christopher & Ylä-Anttila, Pekka, 2006. "The Specificities of Finnish Industrial Policy - Challenges and Initiatives at the Turn of the Century," Discussion Papers 973, The Research Institute of the Finnish Economy.
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    Cited by:
    1. Maunula, Mari, 2006. "The Perceived Value-added of Venture Capital Investors. Evidence from Finnish Biotechnology Industry," Discussion Papers 1030, The Research Institute of the Finnish Economy.
    2. Terttu Luukkonen, & Mari Maunula,, 2006. "Coaching Small Biotech Companies into Success: The Value-adding Function of VC," Discussion Papers 1032, The Research Institute of the Finnish Economy.

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