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Venture Capital Industries and Policies: Some Cross-Country Comparisons

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Author Info
Morris Teubal
Terttu Luukkonen

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Abstract

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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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: 01 Mar 2006
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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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Find related papers by JEL classification:
O16 - Economic Development, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment
O38 - Economic Development, Technological Change, and Growth - - Technological Change - - - Government Policy

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Stefan Napel & Mika Widgrén, 2006. "The European Commission – Appointment, Preferences and Institutional Relations," Discussion Papers 6, Aboa Centre for Economics. [Downloadable!]
    Other versions:
  2. Sergey Sutyrin & Vladimir Sherov, 2005. "Russian Regions and Their Foreign Trade," Discussion Papers 995, The Research Institute of the Finnish Economy. [Downloadable!]
  3. Ville Kaitila & Maarit Lindström & Ewa Balcerowicz, 2005. "Puolan liiketoimintaympäristö ja suomalaisten yritysten kokemukset," Discussion Papers 994, The Research Institute of the Finnish Economy. [Downloadable!]
  4. Pekka Sulamaa & Mika Widgrén, 2005. "Asian Regionalism versus Global Free Trade: A Simulation Study on Economic Effects," Discussion Papers 985, The Research Institute of the Finnish Economy. [Downloadable!]
  5. Raine Hermans & Martti Kulvik, 2005. "Initiatives on a Sustainable Development Strategy for Finnish Biotechnology," Discussion Papers 988, The Research Institute of the Finnish Economy. [Downloadable!]
  6. Ari Hyytinen & Mika Pajarinen, 2005. "Why Are All New Entrepreneurs Better Than Average? Evidence from Subjective Failure Rate Expectations," Discussion Papers 987, The Research Institute of the Finnish Economy. [Downloadable!]
  7. Ari Hyytinen & Mika Pajarinen, 2005. "Yrittäjäksi ryhtyminen ja yrittäjyysasenteet Suomessa: Havaintoja kyselytutkimuksesta," Discussion Papers 990, The Research Institute of the Finnish Economy. [Downloadable!]
  8. 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)
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  10. Jyrki Ali-Yrkkö & Anthony de Carvalho & Paavo Suni, 2005. "Intia maailmantaloudessa," Discussion Papers 977, The Research Institute of the Finnish Economy. [Downloadable!]
  11. Jyrki Ali-Yrkkö, 2005. "Impact of Public R&D Financing on Employment," Economics Working Papers 039, European Network of Economic Policy Research Institutes. [Downloadable!]
  12. Mika Maliranta & Pekka Ilmakunnas, 2005. "Decomposing productivity and wage effects of intra-establishment labor restructuring," Discussion Papers 993, The Research Institute of the Finnish Economy. [Downloadable!]
    Other versions:
  13. Arto Seppä, 2006. "Open Source in Finnish Software Companies," Discussion Papers 1002, The Research Institute of the Finnish Economy. [Downloadable!]
  14. Mika Widgrén, 2005. "Revealed Comparative Advantage in the Internal Market," Discussion Papers 989, The Research Institute of the Finnish Economy. [Downloadable!]
  15. 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)
  16. Elias Oikarinen, 2005. "The Diffusion of Housing Price Movements from Centre to Surrounding Areas," Discussion Papers 979, The Research Institute of the Finnish Economy. [Downloadable!]
  17. Juha Alho & Niku Määttänen, 2006. "Aggregate Mortality Risk and the Insurance Value of Annuities," Discussion Papers 1005, The Research Institute of the Finnish Economy. [Downloadable!]
  18. Günseli Baygan, 2003. "Venture Capital Policy Review: United Kingdom," OECD Science, Technology and Industry Working Papers 2003/1, OECD, Directorate for Science, Technology and Industry. [Downloadable!]
  19. Jyrki Ali-Yrkkö, 2005. "Impact of Public R&D Financing on Employment," Discussion Papers 980, The Research Institute of the Finnish Economy. [Downloadable!]
  20. Martti Nyberg & Maarit Lindström, 2005. "Muotoilun taloudelliset vaikutukset," Discussion Papers 982, The Research Institute of the Finnish Economy. [Downloadable!]
  21. Elias Oikarinen, 2005. "Is Housing Overvalued in the Helsinki Metropolitan Area?," Discussion Papers 992, The Research Institute of the Finnish Economy. [Downloadable!]
  22. 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)
  23. Terttu Luukkonen, 2006. "Venture Capital Industry in Finland - Country Report for the Venture Fun Project," Discussion Papers 1003, The Research Institute of the Finnish Economy. [Downloadable!]
Full references

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Olli Martikainen & Jussi Autere & Markku Nurmela, 2006. "Performance Improvement in Public Organizations, How to Leverage ICT Investments," Discussion Papers 1022, The Research Institute of the Finnish Economy. [Downloadable!]
  2. Kari Alho, 2006. "Climate Policies and Economic Growth," Discussion Papers 1024, The Research Institute of the Finnish Economy. [Downloadable!]
  3. 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. [Downloadable!]
  4. Kari O. E. Alho, 2006. "Labour Market Institutions and the Effectiveness of Tax and Benefit Policies in Enchancing Employment: A General Equilibrium Analysis," Discussion Papers 1008, The Research Institute of the Finnish Economy. [Downloadable!]
  5. Jyrki Ali-Yrkkö, 2006. "Technology Sourcing Through Acquisitions – Do High Quality Patents Attract Acquires?," Discussion Papers 1025, The Research Institute of the Finnish Economy. [Downloadable!]
  6. Jyrki Ali-Yrkkö & Mika Maliranta, 2006. "Impact of R&D on Productivity - Firm-level Evidence from Finland," Discussion Papers 1031, The Research Institute of the Finnish Economy. [Downloadable!]
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This page was last updated on 2009-11-24.


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