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Title:Which form of venture capital is most supportive of innovation? PDF Logo
Authors:Bertoni, Fabio
Tykvová, Tereza
Issue Date:2012
Series/Report no.:ZEW Discussion Papers 12-018
Abstract:Although there seems to be consensus in the literature that venture capital investors increase the innovation output of their portfolio companies, there is little evidence about how investor type (governmental vs. private) and transaction structure (syndicated vs. non-syndicated) moderate this impact. Using a sample of 865 young biotech and pharmaceutical companies from seven European countries, we investigate which form of venture capital is most supportive of innovation. Our results suggest that in companies financed by syndicates and by private venture capital investors, the innovation output increases significantly faster than in non-venture-backed companies. The most supportive form is a heterogeneous syndicate (i.e., consisting of both types of venture capital investors) led by a private investor.
Subjects:innovation
patents
private venture capital investors
governmental venture capital investors
syndication
biotech and pharmaceutical companies
Europe
JEL:G24
H0
O3
Document Type:Working Paper
Appears in Collections:ZEW Discussion Papers
Publikationen von Forscherinnen und Forschern des ZEW

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