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Venture Capital Industries and Policies: Some Cross-Country Comparisons

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  • Teubal, Morris
  • Luukkonen, Terttu

Abstract

The paper summarizes the findings obtained during the first year of the Venture Fun project, carried out in an EU Network of Excellence PRIME and funded from the Sixth Framework Programme. The paper defines the central concepts of the project, identifies questions for further elaboration and study, and finally provides a rough idea of the different profiles that the studied countries (Finland, Israel, France, Italy, and the UK) evidence in the organization of their VC industries. One of the conclusions of the paper is that Israel, and to a lesser extent, Finland, has succeeded in developing a specialized, independent VC industry oriented to the early phase finance and support of ICT start-ups. By contrast, though the UK has a strong Private Equity industry, it is, however, not focusing on early-stage or high tech areas. Italy and France showed a significant presence of Venture Capital and Private Equity industries (public/private organisations), but in Italy an early phase VC industry has almost disappeared after 2001. The paper further summarises factors that have influenced the development of VC industries in the studied countries.

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Bibliographic Info

Paper provided by The Research Institute of the Finnish Economy in its series Discussion Papers with number 1006.

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Length: 23 pages
Date of creation: 2006
Date of revision:
Handle: RePEc:rif:dpaper:1006

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Related research

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

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References

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  1. 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 & Francis Journals, vol. 13(1), pages 33-60.
  2. 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.
  3. Günseli Baygan, 2003. "Venture Capital Policy Review: United Kingdom," OECD Science, Technology and Industry Working Papers 2003/1, OECD Publishing.
  4. Paul Gompers & Josh Lerner, 2001. "The Venture Capital Revolution," Journal of Economic Perspectives, American Economic Association, vol. 15(2), pages 145-168, Spring.
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Cited by:
  1. 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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