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Venture Capital as a Mechanism for Knowledge Governance: New Markets and Innovation-Led Economic Growth

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  • Antonelli, Cristiano

    ()

  • Teubal, Morris

    ()
    (University of Turin)

Abstract

Venture capitalism can be understood as a new mechanism for the governance of technological knowledge that is the result of a system dynamics where a variety of complementary and localized innovations introduced by heterogeneous agents aligned and converged towards a collective platform. The new mechanism has improved the governance of technological knowledge within economic systems, through the combination of new science based start-up and new, dedicated financial markets specialized in the transactions of knowledge intensive property rights. The new, dedicated financial markets seem able to combine the advantages in screening and sorting radical innovations of the polyarchic decision-making with the advantages stemming from the direct participation to the profits of new outperforming science-based start-up that are characteristics of the equity provision of finance to innovation,typical of the corporate model.

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Bibliographic Info

Paper provided by University of Turin in its series Department of Economics and Statistics Cognetti de Martiis LEI & BRICK - Laboratory of Economics of Innovation "Franco Momigliano", Bureau of Research in Innovation, Complexity and Knowledge, Collegio Carlo Alberto. WP series with number 200805.

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Length: 27 pages
Date of creation: Jul 2008
Date of revision:
Handle: RePEc:uto:labeco:200805

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  14. G. Avnimelech & M. Teubal, 2008. "From Direct Support Of Business Sector R&D/Innovation To Targeting Venture Capital/Private Equity: A Catching-Up Innovation And Technology Policy Life Cycle Perspective," Economics of Innovation and New Technology, Taylor & Francis Journals, vol. 17(1-2), pages 153-172.
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  16. King, Robert G. & Levine, Ross, 1993. "Finance and growth : Schumpeter might be right," Policy Research Working Paper Series 1083, The World Bank.
  17. Nicola De Liso, 2006. "Charles Babbage, Technological Change and the "National System of Innovation"," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 162(3), pages 470-485, September.
  18. Antonelli, Cristiano, 2003. "Localized Technological Change," Department of Economics and Statistics Cognetti de Martiis LEI & BRICK - Laboratory of Economics of Innovation "Franco Momigliano", Bureau of Research in Innovation, Complexity and Knowledge, Collegio 200305, University of Turin.
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Cited by:
  1. Antonelli Cristiano & Teubal Morris, 2011. "From the corporation to venture capitalism: new surrogate markets for knowledge and innovation-led economic growth"," Department of Economics and Statistics Cognetti de Martiis LEI & BRICK - Laboratory of Economics of Innovation "Franco Momigliano", Bureau of Research in Innovation, Complexity and Knowledge, Collegio 201106, University of Turin.

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