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When venture capital comes to town: Local Ecosystem Effects Beyond Funded Ventures

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Listed:
  • Steven Poelhekke

    (Vrije Universiteit Amsterdam)

  • Benjamin Wache

    (CPB Netherlands)

Abstract

When venture capital (VC) investment flows into a local economy, does it yield economic activity beyond the receiving ventures? While a large literature studies the effect of VC investments on venture-level activity, its consequences for broader economic activity are less well understood. We study the effect of VC investment flows on destination county employment, wages, and venture creation, using a novel instrument based on the ‘social connectedness’ of counties to major non-local sources of VC investment. Using detailed data on investor-to-venture VC flows, we find substantial positive effects: using instrumental-variable estimates, each million dollars invested into a county yields approximately one new venture, 41 jobs, and seven million dollars in payroll. We also document positive spillovers across industries, particularly toward those supplying VC-backed ventures—thereby contributing to the resource munificence of the local economy and its entrepreneurial ecosystem.

Suggested Citation

  • Steven Poelhekke & Benjamin Wache, 2023. "When venture capital comes to town: Local Ecosystem Effects Beyond Funded Ventures," Tinbergen Institute Discussion Papers 23-050/VIII, Tinbergen Institute, revised 23 Feb 2026.
    • Handle: RePEc:tin:wpaper:20230050
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    JEL classification:

    • R11 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Regional Economic Activity: Growth, Development, Environmental Issues, and Changes
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship

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