The capital gap for small technology companies: public venture capital to the rescue? |
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Authors: | Itxaso del-Palacio Xiaotian Tina Zhang Francesc Sole |
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Institution: | (1) Imperial College London, South Kensington Campus, London, SW7 2AZ, UK;(2) Saint Mary’s College of California, 380 Moraga Rd, Moraga, CA 94556, USA;(3) Innova Program for Entrepreneurship, Technical University of Catalonia, Jordi Girona 31, 08034 Barcelona, Spain |
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Abstract: | In this paper, we analyze effectiveness of public intervention for fostering private venture-capital market in Spain. We use
a sample obtained from VentureXpert database, consisting of 755 investments made by 83 Spanish public and private venture capitalists that closed at least one
fund between 1997 and 2008. We compare the investments undertaken by private and public investors before and after public
venture capital programs were started. We found that Spanish venture-capital market has rapidly developed in the last 10 years
and that this development coincides with the establishment of public policies for encouraging technology entrepreneurship.
We also found that other factors, such as previous experience of investors and size, have also contributed to fostering more
high-risk investments. These results may encourage governments in other countries to start or keep working to promote private
venture-capital investments. |
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