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Max-Planck-Institut für Ökonomik, Jena >
Discussion Papers on Entrepreneurship, Growth and Public Policy, MPI für Ökonomik >
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http://hdl.handle.net/10419/24912
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| Title: | | Does venture capital investment really require spatial proximity?: An empirical investigation  |
| Authors: | | Fritsch, Michael Schilder, Dirk |
| Issue Date: | | 2006 |
| Series/Report no.: | | Papers on entrepreneurship, growth and public policy 1406 |
| Abstract: | | We examine the role of spatial proximity for Venture Capital (VC) investments in Germany. The main database is a survey of 85 personal interviews with representatives of different types of financial institutions. The analysis shows that spatial proximity is far less important for VC investments than is often believed. For example, the results indicate that syndication is partly used as an alternative to spatial proximity. Telecommunication does not work as a substitute for face-to-face contact. On the whole, regional proximity is not a dominant factor in VC partnerships. Therefore, the absence of VC firms in a region does not appear to cause a severe regional equity gap. |
| Subjects: | | Venture Capital spatial proximity start-up financing |
| JEL: | | G24 O16 D21 M13 R12 |
| Document Type: | | Working Paper |
| Appears in Collections: | | Discussion Papers on Entrepreneurship, Growth and Public Policy, MPI für Ökonomik
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