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How venture capital became a component of the US National System of Innovation

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  • Martin Kenney

Abstract

Venture capital (VC) is a relatively recent addition to the US national system of innovation (NSI). Tracing the history of the VC industry in the US provides an interesting example of how NSIs can add new institutions, and in the process be transformed. The history encompasses important exogenous events, endogenous developments, and actions by individual actors. The story of the development of VC is set in the technological trajectories where it has experienced its greatest success, the information, communications, and biomedical industries. The emergence of VC is intimately related to various government actions, and yet the paper does not attribute a deus ex machina role to government actors. While NSI theory provides the framework, it is also recognized that VC is geographically localized in a few regions, and a regional innovation system perspective is also valuable. Copyright 2011 The Author 2011. Published by Oxford University Press on behalf of Associazione ICC. All rights reserved., Oxford University Press.

Suggested Citation

  • Martin Kenney, 2011. "How venture capital became a component of the US National System of Innovation," Industrial and Corporate Change, Oxford University Press, vol. 20(6), pages 1677-1723, December.
  • Handle: RePEc:oup:indcch:v:20:y:2011:i:6:p:1677-1723
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    File URL: http://hdl.handle.net/10.1093/icc/dtr061
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    Cited by:

    1. F.C. Stam & Ben Spigel, 2016. "Entrepreneurial Ecosystems," Working Papers 16-13, Utrecht School of Economics.
    2. repec:ksa:szemle:1696 is not listed on IDEAS
    3. Arqué-Castells, Pere, 2012. "How venture capitalists spur invention in Spain: Evidence from patent trajectories," Research Policy, Elsevier, vol. 41(5), pages 897-912.
    4. Proksch, Dorian & Haberstroh, Marcus Max & Pinkwart, Andreas, 2017. "Increasing the national innovative capacity: Identifying the pathways to success using a comparative method," Technological Forecasting and Social Change, Elsevier, vol. 116(C), pages 256-270.
    5. Kenney, Martin & Patton, Donald, 2015. "Gender, ethnicity and entrepreneurship in initial public offerings: illustrations from an open database," Research Policy, Elsevier, vol. 44(9), pages 1773-1784.
    6. Garry Bruton & David Ahlstrom & Steven Si, 2015. "Entrepreneurship, poverty, and Asia: Moving beyond subsistence entrepreneurship," Asia Pacific Journal of Management, Springer, vol. 32(1), pages 1-22, March.

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