Does governmental venture capital spur invention and innovation? Evidence from young European biotech companies
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1 mai 2015
- handle: 10670/1.z7wmhn
- hal: hal-02313268
- doi: 10.1016/j.respol.2015.02.002
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info:eu-repo/semantics/altIdentifier/doi/10.1016/j.respol.2015.02.002
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Governmental venture capital Independent venture capital Patenting Invention Innovation BiotechnologySujets proches
Seed capital Risk capitalCiter ce document
Fabio Bertoni et al., « Does governmental venture capital spur invention and innovation? Evidence from young European biotech companies », HAL-SHS : droit et gestion, ID : 10.1016/j.respol.2015.02.002
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This paper explores whether and how governmental venture capital investors (GVCs) spur invention and innovation in young biotech companies in Europe. To gauge invention we focus on the simple patent stock at the company level, while innovation is proxied by the citation-weighted patent stock. Our findings indicate that GVCs, as stand-alone investors, have no impact on invention and innovation. However, GVCs boost the impact of independent venture capital investors (IVCs) on both invention and innovation. We conclude that GVCs are an ineffective substitute, but an effective complement, of IVCs. We also distinguish between technology-oriented GVCs (TVCs) and development-oriented GVCs (DVCs). We find that DVCs are better at increasing firm’s inventions, and that TVCs, combined with IVCs, support innovations.