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Governmental venture capital for innovative young firms

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  • Massimo Colombo
  • Douglas Cumming
  • Silvio Vismara

Abstract

Governments around the world have set up governmental venture capital (GVC) funds, and are increasingly doing so, with the aims of fostering the development of a private venture capital industry and to alleviate the equity capital gap of young innovative firms. The rationale and the appropriateness of these programs is controversial. In this paper, we borrow from the recent literature on entrepreneurial finance to document the evolution and to compare the effects of the different types of governmental support. In contrast with a lack of success in some countries, there have been successful GVC initiatives, such as the Australian Innovation Investment Fund. Consequently, the proper design of the investment processes of GVC funds is an urgent topic for scholars and policy makers. Copyright Springer Science+Business Media New York 2016

Suggested Citation

  • Massimo Colombo & Douglas Cumming & Silvio Vismara, 2016. "Governmental venture capital for innovative young firms," The Journal of Technology Transfer, Springer, vol. 41(1), pages 10-24, February.
    • Handle: RePEc:kap:jtecht:v:41:y:2016:i:1:p:10-24
    DOI: 10.1007/s10961-014-9380-9
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    Keywords

    Entrepreneurial finance; Venture capital; GVC; IPOs; M&As; G30;
    All these keywords.

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General

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