Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/185716
Authors: 
Schnitzer, Monika
Watzinger, Martin
Year of Publication: 
2017
Series/Report no.: 
Discussion Paper 46
Abstract: 
We provide the first measurement of knowledge spillovers from venture capital-financed companies onto the patenting activities of other companies. On average, these spillovers are nine times larger than those generated by the R&D investment of established companies. Spillover effects are larger in complex product industries than in discrete product industries. Start-ups with experienced inventors holding a patent at the time of receiving the first round of investment produce the largest spillovers, indicating that venture capital fosters the commercialization of technologies. Methodologically, we contribute by developing a novel definition of the spillover pool, combining citation-based and technological proximity-based approaches.
Subjects: 
venture capital
spillovers
innovation
JEL: 
G24
O30
O31
O32
Document Type: 
Working Paper
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