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Création et financement des entreprises technologiques : les leçons du modèle israélien

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  • Carpentier, Cécile

    (École de comptabilité)

  • Suret, Jean-Marc

    (École de comptabilité)

Abstract

In just several years, Israel developed a strong venture capital industry that places it among the top countries in terms of capital-GDP ratio. The strategy of the Israeli government was twofold. First, the government strongly stimulated the demand for venture capital, using R&D grants, technology incubators, close working relationships with universities and academic programs for high tech managers. Second, the Israeli government used hybrid funds to facilitate the emergence, in ten years, of an entire venture capital industry. Government intervention in the supply of capital was short-lived, but efficient. Israel’s venture capital industry is now self sufficient and able to attract private and foreign funds. The Israeli model differs in many ways from various initiatives implemented in other countries. The study of this model can provide important insights for the revision of Quebec’s policies and institutions. Israël a développé, en quelques années, une industrie du capital de risque qui place ce pays parmi les premiers en termes de capital rapporté au produit intérieur brut. La stratégie d’intervention du gouvernement israélien ne se limite pas à l’offre de capital : axée vers la recherche, elle favorise la création d’entreprises technologiques. Elle comprend la mise en place d’incubateurs fortement arrimés aux universités et de programmes de formation de gestionnaires d’entreprises technologiques. L’octroi de subventions liées à des redevances est préféré aux mesures fiscales. Une action forte a donc été menée pour stimuler la demande de capital de risque. L’implication du gouvernement dans l’offre de capital a été temporaire, mais efficace. Au moyen de fonds mixtes, elle a permis, en 10 ans, le démarrage d’une industrie autonome, capable d’attirer des financements privés locaux et étrangers importants. Sous plusieurs aspects, le modèle israélien de développement du capital de risque diffère très largement de plusieurs initiatives d’autres juridictions. Son étude devrait guider la réflexion qui doit entourer la révision des programmes et organismes québécois.

Suggested Citation

  • Carpentier, Cécile & Suret, Jean-Marc, 2006. "Création et financement des entreprises technologiques : les leçons du modèle israélien," L'Actualité Economique, Société Canadienne de Science Economique, vol. 82(3), pages 419-438, septembre.
  • Handle: RePEc:ris:actuec:v:82:y:2006:i:3:p:419-438
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    1. Cumming, Douglas J. & MacIntosh, Jeffrey G., 2006. "Crowding out private equity: Canadian evidence," Journal of Business Venturing, Elsevier, vol. 21(5), pages 569-609, September.
    2. Mayer, Colin & Schoors, Koen & Yafeh, Yishay, 2002. "Sources of Funds and Investment Activities of Venture Capital Funds: Evidence from Germany, Israel, Japan and the UK," CEPR Discussion Papers 3340, C.E.P.R. Discussion Papers.
    3. Manuel Trajtenberg, 2000. "R&D Policy in Israel: An Overview and Reassessment," NBER Working Papers 7930, National Bureau of Economic Research, Inc.
    4. Eckstein, Z. & Weiss, Y., 1999. "The Integration of Immigrants from the Former Soviet Union in the Israeli Labor Market," Papers 33-99, Tel Aviv.
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