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Title:Does venture capital investment really require spatial proximity? An empirical investigation PDF Logo
Authors:Fritsch, Michael
Schilder, Dirk
Issue Date:2006
Series/Report no.:Freiberg working papers 2006,07
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:Freiberger Arbeitspapiere, Fakultät für Wirtschaftswissenschaften, Technische Universität Bergakademie Freiberg

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