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The Swedish venture capital industry: An infant, adolescent or grown-up?

Author

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  • Dilek Cetindamar Karaomerlioglu
  • Staffan Jacobsson

Abstract

This paper analyses the evolution of the Swedish venture capital (VC) industry. The institutional infrastructure in the form of legal access to available savings, the incentive structure and the exit possibilities for the VC firm initially blocked the evolution of the VC industry but institutional changes initiated a catch-up process in Sweden in the 1990s. The size of the Swedish VC industry is now substantial, among the four largest in the OECD set in relation to population. A distinct structural change in the Swedish VC industry in favour of diversity is also taking place but the industry is not yet mature with respect to its competence. The key policy issues are related not only to expanding the size of the industry, but also to increasing its competence. Further institutional change is, therefore, warranted, not only in terms of tax reforms and improving the access to pension funds and other savings, but also in terms of distinct policies aiming at increasing the flow of competence to the VC industry.

Suggested Citation

  • Dilek Cetindamar Karaomerlioglu & Staffan Jacobsson, 2000. "The Swedish venture capital industry: An infant, adolescent or grown-up?," Venture Capital, Taylor & Francis Journals, vol. 2(1), pages 61-88, January.
    • Handle: RePEc:taf:veecee:v:2:y:2000:i:1:p:61-88
    DOI: 10.1080/136910600295819
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    Citations

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    Cited by:

    1. Josh Lerner & Joacim Tåg, 2013. "Institutions and venture capital," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 22(1), pages 153-182, February.
    2. Motavaseli Mahmood & Shojaei Saeed & Bitaab Ali & Hasti Chitsazan & Ghanbar Mohammadi Elyasi, 2018. "Institutional Barriers to Financing Technology-based Small Firms through Venture Capital Mechanism: A Study to Explore the Incentives for Investment in Iran," International Journal of Economics and Financial Issues, Econjournals, vol. 8(1), pages 184-195.
    3. Hyytinen, Ari & Pajarinen, Mika, 2001. "Financial Systems and Venture Capital in Nordic Countries: A comparative Study," Discussion Papers 774, The Research Institute of the Finnish Economy.
    4. Iman Seoudi, 2015. "Public Policy For Venture Capital: An Integrated Framework," Global Journal of Business Research, The Institute for Business and Finance Research, vol. 9(4), pages 31-51.
    5. Henrekson, Magnus & Rosenberg, Nathan, 2001. "Designing Efficient Institutions for Science-Based Entrepreneurship: Lessons from the US and Sweden," The Journal of Technology Transfer, Springer, vol. 26(3), pages 207-231, June.
    6. Bitard, Pierre & Edquist, Charles & Hommen, Leif & Rickne, Annika, 2008. "The paradox of high R&D input and low innovation output: Sweden," Papers in Innovation Studies 2008/14, Lund University, CIRCLE - Centre for Innovation Research.
    7. Parhankangas, Annaleena & Landstrom, Hans, 2006. "How venture capitalists respond to unmet expectations: The role of social environment," Journal of Business Venturing, Elsevier, vol. 21(6), pages 773-801, November.

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