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Venture capital in Australia

Author

Listed:
  • Dominic Regan

    (Treasury, Government of Australia)

  • Gene Tunny

    (Treasury, Government of Australia)

Abstract

Venture capital is an important vehicle for financing new and innovative high-risk ventures. While its size relative to the economy is typical for an OECD country, Australia’s total venture capital investment is relatively smaller than that of the United States. The US, however, has a number of regions or ‘clusters’ with very high levels of venture capital activity, such as Silicon Valley and Boston, which benefit from a combination of hard-to-define favourable circumstances and historical developments. While a range of economic and geographic precursors are necessary for the development of successful clusters, they do not appear to be sufficient in themselves. There appears to be no right way to develop a cluster and no magic formula.

Suggested Citation

  • Dominic Regan & Gene Tunny, 2008. "Venture capital in Australia," Economic Roundup, The Treasury, Australian Government, issue 1, pages 1-13, March.
    • Handle: RePEc:tsy:journl:journl_tsy_er_2008_1_1
    as

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    File URL: http://archive.treasury.gov.au/documents/1352/PDF/01_Venture.pdf
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    References listed on IDEAS

    as
    1. Da Rin, Marco & Nicodano, Giovanna & Sembenelli, Alessandro, 2006. "Public policy and the creation of active venture capital markets," Journal of Public Economics, Elsevier, vol. 90(8-9), pages 1699-1723, September.
    2. Chong Ju Choi & Carla C. J. M. Millar & Caroline Y. L. Wong, 2005. "Knowledge and Cities," Palgrave Macmillan Books, in: Knowledge Entanglements, chapter 0, pages 39-51, Palgrave Macmillan.
    3. John Armour & Douglas Cumming, 2006. "The legislative road to Silicon Valley," Oxford Economic Papers, Oxford University Press, vol. 58(4), pages 596-635, October.
    4. Graeme Davis & Gene Tunny, 2005. "International comparisons of research and development," Economic Roundup, The Treasury, Australian Government, issue 4, pages 63-82, December.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    business objectives of the firm; innovation; investment; technological change; venture capital;
    All these keywords.

    JEL classification:

    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • L24 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Contracting Out; Joint Ventures

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