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Does governmental venture capital spur invention and innovation? Evidence from young European biotech companies

Author

Listed:
  • Fabio Bertoni

    (EM - EMLyon Business School)

  • Tereza Tykvova

    (Universität Hohenheim = University of Hohenheim)

Abstract

This paper explores whether and how governmental venture capital investors (GVCs) spur invention and innovation in young biotech companies in Europe. To gauge invention we focus on the simple patent stock at the company level, while innovation is proxied by the citation-weighted patent stock. Our findings indicate that GVCs, as stand-alone investors, have no impact on invention and innovation. However, GVCs boost the impact of independent venture capital investors (IVCs) on both invention and innovation. We conclude that GVCs are an ineffective substitute, but an effective complement, of IVCs. We also distinguish between technology-oriented GVCs (TVCs) and development-oriented GVCs (DVCs). We find that DVCs are better at increasing firm's inventions, and that TVCs, combined with IVCs, support innovations.

Suggested Citation

  • Fabio Bertoni & Tereza Tykvova, 2015. "Does governmental venture capital spur invention and innovation? Evidence from young European biotech companies," Post-Print hal-02313268, HAL.
    • Handle: RePEc:hal:journl:hal-02313268
    DOI: 10.1016/j.respol.2015.02.002
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