This paper analyzes whether and how the impact of publicly-supported VC funds varies between high-tech and low-tech regions, when compared to private VC funds. Our analyses on a sample of 898 VC-backed companies in the UK in the period 1998-2007, show for public VC funds: a greater propensity to invest in early-stage and technology-based sectors, especially in low-tech regions; a greater ability to attract partners in syndication, especially in high-tech regions; lower positive exit rates of investee companies especially in high-tech regions. Overall, our findings confirm that regional characteristics matter in rigorously assessing the effectiveness of public VC programmes.
Munari F., Toschi L. (2010). Assessing the impact of public venture capital programmes in the United Kingdom: Do regional characteristics matter?. SINE LOCO : sine nomine.
Assessing the impact of public venture capital programmes in the United Kingdom: Do regional characteristics matter?
MUNARI, FEDERICO;TOSCHI, LAURA
2010
Abstract
This paper analyzes whether and how the impact of publicly-supported VC funds varies between high-tech and low-tech regions, when compared to private VC funds. Our analyses on a sample of 898 VC-backed companies in the UK in the period 1998-2007, show for public VC funds: a greater propensity to invest in early-stage and technology-based sectors, especially in low-tech regions; a greater ability to attract partners in syndication, especially in high-tech regions; lower positive exit rates of investee companies especially in high-tech regions. Overall, our findings confirm that regional characteristics matter in rigorously assessing the effectiveness of public VC programmes.I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.
