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Venture Capital as a Mechanism for Knowledge Governance: New Markets and Innovation-Led Economic Growth

Venture capitalism can be understood as a new mechanism for the governance of technological knowledge that is the result of a system dynamics where a variety of complementary and localized innovations introduced by heterogeneous agents aligned and converged towards a collective platform. The new mechanism has improved the governance of technological knowledge within economic systems, through the combination of new science based start-up and new, dedicated financial markets specialized in the transactions of knowledge intensive property rights. The new, dedicated financial markets seem able to combine the advantages in screening and sorting radical innovations of the polyarchic decision-making with the advantages stemming from the direct participation to the profits of new outperforming science-based start-up that are characteristics of the equity provision of finance to innovation,typical of the corporate model.

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Paper provided by University of Turin in its series Department of Economics and Statistics Cognetti de Martiis LEI & BRICK - Laboratory of Economics of Innovation "Franco Momigliano", Bureau of Research in Innovation, Complexity and Knowledge, Collegio Carlo Alberto. WP series with number 200805.

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Length: 27 pages
Date of creation: Jul 2008
Date of revision:
Handle: RePEc:uto:labeco:200805
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  1. C. Antonelli, 2007. "Localized Technological Change," Chapters, in: Elgar Companion to Neo-Schumpeterian Economics, chapter 16 Edward Elgar.
  2. Carter Bloch, 2008. "The Market Valuation Of Knowledge Assets," Economics of Innovation and New Technology, Taylor & Francis Journals, vol. 17(3), pages 269-284.
  3. Gil Avnimelech & Morris Teubal, 2004. "Venture capital start-up co-evolution and the emergence & development of Israel's new high tech cluster," Economics of Innovation and New Technology, Taylor & Francis Journals, vol. 13(1), pages 33-60.
  4. ANT Bozkaya & Bruno Van Pottelsberghe, 2008. "Who funds technology-based small firms? Evidence from Belgium," ULB Institutional Repository 2013/189448, ULB -- Universite Libre de Bruxelles.
  5. Katrin Hussinger, 2006. "Is Silence Golden? Patents Versus Secrecy At The Firm Level," Economics of Innovation and New Technology, Taylor & Francis Journals, vol. 15(8), pages 735-752.
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  7. King, Robert G. & Levine, Ross, 1993. "Finance and growth : Schumpeter might be right," Policy Research Working Paper Series 1083, The World Bank.
  8. Lerner, Josh, 1995. " Venture Capitalists and the Oversight of Private Firms," Journal of Finance, American Finance Association, vol. 50(1), pages 301-18, March.
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  10. G. Avnimelech & M. Teubal, 2008. "From Direct Support Of Business Sector R&D/Innovation To Targeting Venture Capital/Private Equity: A Catching-Up Innovation And Technology Policy Life Cycle Perspective," Economics of Innovation and New Technology, Taylor & Francis Journals, vol. 17(1-2), pages 153-172.
  11. Paul Gompers & Josh Lerner, 2001. "The Venture Capital Revolution," Journal of Economic Perspectives, American Economic Association, vol. 15(2), pages 145-168, Spring.
  12. Fornahl, Dirk & Menzel, Max-Peter, 2003. "Co-Development Of Firm Foundings And Regional Clusters," Hannover Economic Papers (HEP) dp-284, Leibniz Universität Hannover, Wirtschaftswissenschaftliche Fakultät.
  13. Lane, David A, 1993. "Artificial Worlds and Economics, Part II," Journal of Evolutionary Economics, Springer, vol. 3(3), pages 177-97, August.
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  15. Antonelli, Cristiano & Teubal, Morris, 2008. "Knowledge-intensive property rights and the evolution of venture capitalism," Journal of Institutional Economics, Cambridge University Press, vol. 4(02), pages 163-182, August.
  16. Richard R. Nelson, 1995. "Recent Evolutionary Theorizing about Economic Change," Journal of Economic Literature, American Economic Association, vol. 33(1), pages 48-90, March.
  17. Dahlman, Carl J, 1979. "The Problem of Externality," Journal of Law and Economics, University of Chicago Press, vol. 22(1), pages 141-62, April.
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