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Government Intervention in the Venture Capital Market

In: Public Private Partnerships for Infrastructure and Business Development

Author

Listed:
  • Douglas Cumming
  • Sofia Johan

Abstract

The Organization for Economic Co-operation and Development (OECD) (1996) has argued that the financing of entrepreneurship and innovative ideas will facilitate economic growth and the competitive advantage of nations in the twenty-first century. Much evidence, albeit not all, indicates small high-tech firms contribute disproportionately to innovation and economic growth (the World Bank 1994, 2002, 2004; see also Industry Canada 2002, 2006). The primary source of capital for these small growth-oriented high-tech start-up firms is a specialized form of financing called venture capital, and venture capital has been found to facilitate the success of firms that eventually list on stock exchanges. For example, while venture capital averaged less than 3 of corporate R&D in the period 1983–1992, it was nevertheless responsible for more than 8 percent of United States’ industrial innovations in that decade (Kortum and Lerner 2000).

Suggested Citation

  • Douglas Cumming & Sofia Johan, 2015. "Government Intervention in the Venture Capital Market," Palgrave Macmillan Books, in: Stefano Caselli & Guido Corbetta & Veronica Vecchi (ed.), Public Private Partnerships for Infrastructure and Business Development, chapter 0, pages 237-264, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-54148-2_13
    DOI: 10.1057/9781137541482_13
    as

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