The Growth of Venture Capital: A Cross-cultural Comparison

Front Cover
Dilek Çetindamar
Greenwood Publishing Group, 2003 - Business & Economics - 336 pages

The venture capital (VC) industry plays an important role in nurturing entrepreneurship and innovation, and its role varies from country to country. The six countries whose VC industries are analyzed here are the United States and Canada, whose VC industries are mature; Sweden and Denmark, which have established small but successful VC industries; and Israel and Turkey, whose experiences demonstrate the state of the young VC industry in transition economies. The analysis is based on the four main determinants of the VC industry: sources of financing, institutional infrastructure, exit mechanisms, and entrepreneurship and innovation generators. In addition, the special role of VC financing in the biomaterials industry is explained.

Understanding the factors that contribute to the emergence of a successful venture capital industry is important for academics, VC associations, policy-making institutions, government agencies, and investors themselves. How can a country's venture capital infrastructure give it a competitive edge in the global economy? What is the role of VC in the new economy? How have VC industries developed differently in different countries? Are there any lessons for successful VC industry development that can be applied across nations and cultures? How do you measure the maturity of a country's VC industry? The editor and her contributors attempt to answer all these questions, among others. She concludes by offering policy suggestions for countries aiming to establish thriving VC industries of their own.

 

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Contents

Introduction
1
New Directions in Venture Capital
17
Venture Capital and the Innovation Process
19
Angel Networks for the Twentyfirst Century An Examination of Practices of Leading Networks in Europe and the United States
39
The Role of Venture Capitalists in GoingPrivate Transactions
55
National Experiences
71
The Determinants of Venture Capital Funding Evidence across Countries
73
The Swedish Venture Capital Industry An Infant Adolescent or GrownUp?
119
Venture Capital in Canada A Maturing Industry with Distinctive Features and New Challenges
175
Israels Venture Capital Industry Emergence Operation and Impact
207
Fostering Innovation Financing in Developing Countries The Case of Turkey
241
Industry Experiences
281
The Role of Venture Capital Financing for Young Bioscience Firms
283
Conclusion
313
Index
327
About the Contributors
333

The Rise Fall and Possible Sustainable Revitalization of the Danish Venture Capital Market
149

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About the author (2003)

DILEK ÇETINDAMAR is Associate Professor of Management at Sabanci University in Istanbul, Turkey. She has taught at Boston University, Case Western University, Portland State University, and Chalmers University of Technology in Sweden. Her main research areas of interest are technology management, strategic management, and entrepreneurship.

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