Assessing The Contribution of Venture Capital to Innovation  

Oleh:

Lerner, Josh ; Kortum, Samuel

Jenis: Article from Bulletin/Magazine
Dalam koleksi: The Rand Journal of Economics vol. 31 no. 4 (2000), page 674-692.
Topik: VENTURE CAPITAL; assesing; contribution; venture capital; innovation

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: RR10.4 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

We examine the influence of venture capital on patented inventions in the United States across twenty industries over three decades. We address concerns about causality in several ways, including exploiting a 1979 policy shift that spurred venture capital fundraising. We find that increases in venture capital activity in an industry are associated with significantly higher patenting rates. While the ratio of venture capital to R & D averaged less than 3 % from 1983 - 1992, our estimates suggest that venture capital may have accounted for 8 % of industrial innovations in that period.

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