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dc.contributor.authorHeneric, Oliveren_US
dc.contributor.authorEngel, Dirken_US
dc.contributor.authorChampenois, Claireen_US
dc.date.accessioned2009-01-28T15:48:41Z-
dc.date.available2009-01-28T15:48:41Z-
dc.date.issued2004en_US
dc.identifier.urihttp://hdl.handle.net/10419/18567-
dc.description.abstractWe answer the questions, how many firms acting in the modern German biotechnology industry are funded by venture capital companies (VCC) as well as equity funded by corporate investors. The theory suggests a high relevance of VCC as venturing partner of high-tech projects. In addition we argue that corporate investors are a venturing partner of firms with high-risk projects to a lower extent. Incumbents,however, are confronted with some opportunities in the low-risk area of the biotechnology industry to secure an optimal supply for the current product pipeline.Our empirical results emphasize a crucial importance of venture capital as financial resource for high-risk projects: whereas 42 percent of all healthcare developer in the early stage are venture-backed firms, only a small share of low-risk projects received venture capital. The results for corporate investors are reversible.Fewer high-tech projects and more low-risk projects compared to VCC are equity financed by corporate investors. The econometric analysis suggests that the observed pattern is mainly driven by the level of project risk and hence, supports all our hypotheses.en_US
dc.language.isoengen_US
dc.publisheren_US
dc.relation.ispartofseriesRWI Discussion Papers 16en_US
dc.subject.jelC25en_US
dc.subject.jelL21en_US
dc.subject.jelG32en_US
dc.subject.ddc330en_US
dc.subject.keywordBiotechnologyen_US
dc.subject.keywordStart-upsen_US
dc.subject.keywordVenture Capitalen_US
dc.subject.keywordDiscrete Choiceen_US
dc.subject.stwBiotechnische Industrieen_US
dc.subject.stwUnternehmensgründungen_US
dc.subject.stwRisikokapitalen_US
dc.subject.stwSchätzungen_US
dc.subject.stwDeutschlanden_US
dc.titleThe Birth of German Biotechnology Industry : Did Venture Capital run the show?en_US
dc.typeWorking Paperen_US
dc.identifier.ppn38927108Xen_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
Appears in Collections:RWI Discussion Papers
Publikationen von Forscherinnen und Forschern des RWI

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