Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/80817 
Year of Publication: 
2013
Series/Report no.: 
KOF Working Papers No. 332
Publisher: 
ETH Zurich, KOF Swiss Economic Institute, Zurich
Abstract: 
In this study we investigate the impact of early stage venture capital on innovation activities of Swiss start-ups. This is done based on a cohort of start-ups that is representative of all firms founded in Switzerland in 1996/97 as recorded by a census of the Swiss Federal Statistical Office for this period. We analyze not only the impact of early stage venture capital on innovation performance 3 years after firm foundation but also 6 and 9 years after firm start, respectively, for those firms that survived so long and reported continuously innovation activities (persistence of innovation). The results support neither the hypothesis of a positive impact on initial innovation activities nor the hypothesis of a positive time-persistent effect on innovation performance of start-ups.
Subjects: 
venture capital
start-ups
innovation performance
JEL: 
L20
O31
Persistent Identifier of the first edition: 
Document Type: 
Working Paper

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