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Journal articles on the topic 'Governmental venture capital'

Author: Grafiati

Published: 29 June 2021

Last updated: 1 February 2022

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1

Colombo, Massimo G., Douglas J. Cumming, and Silvio Vismara. "Governmental venture capital for innovative young firms." Journal of Technology Transfer 41, no. 1 (December 6, 2014): 10–24. http://dx.doi.org/10.1007/s10961-014-9380-9.

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2

Molnár, Endre Mihály, and Erika Jáki. "What qualities do government-owned venture capital investors seek in a new venture? A comparison of investment criteria across pre-seed, seed, and expansion stage startups." Vezetéstudomány / Budapest Management Review 51, no. 11 (November 6, 2020): 64–76. http://dx.doi.org/10.14267/veztud.2020.11.06.

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Private venture capital (VC) investors usually do not invest in early life-cycle stage startups such as seed and pre-seed companies, since investment size typically doesn’t reach investment thresholds. The entry of governments with fund managers to venture capital markets presents seed and pre-seed companies with the opportunity to receive funding. This paper examines the main investment preferences of Hungarian government-owned venture capital investors regarding pre-seed, seed, and expansion stage startups. Verbal protocol analysis enabled examination of the screening process in real-time in all three life-cycle stages. It is found that governmental VC funds mostly value financial indicators followed by market-related qualities while private VCs value these characteristics in alternate formation. However, in the pre-seed stage, the financial acumen and capabilities of management teams form the main criteria in similarity to angel investors. Governmental VCs also greatly seek innovational value in target firms.

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Bertoni, Fabio, Massimo G. Colombo, and Anita Quas. "The Role of Governmental Venture Capital in the Venture Capital Ecosystem: An Organizational Ecology Perspective." Entrepreneurship Theory and Practice 43, no. 3 (October 29, 2017): 611–28. http://dx.doi.org/10.1177/1042258717735303.

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We use the theory of organizational ecology to study how governmental venture capital (GVC) affects the investment behavior of private venture capital (PVC). Because of its objectives and dominant competencies, GVC is a unique organizational species that occupies a different niche than PVC. GVC is conceived to establish mutualistic relations with PVC. Accordingly, the greater the presence of GVC in a venture capital (VC) ecosystem, the more PVC investors should be attracted toward GVC’s niche. We consider several relevant niche dimensions at the company (age and size), industry (biotechnology), and regional (competitiveness) levels. Our analysis of 1,239 PVC investments in Europe confirms most of our predictions.

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Guerini, Massimiliano, and Anita Quas. "Governmental venture capital in Europe: Screening and certification." Journal of Business Venturing 31, no. 2 (March 2016): 175–95. http://dx.doi.org/10.1016/j.jbusvent.2015.10.001.

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Minola, Tommaso, Silvio Vismara, and Davide Hahn. "Screening model for the support of governmental venture capital." Journal of Technology Transfer 42, no. 1 (January 4, 2016): 59–77. http://dx.doi.org/10.1007/s10961-015-9461-4.

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6

Vogelaar, Jan Jacob, and Erik Stam. "Beyond market failure: rationales for regional governmental venture capital." Venture Capital 23, no. 3 (May 24, 2021): 257–90. http://dx.doi.org/10.1080/13691066.2021.1927341.

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7

Malmström, Malin, Jeaneth Johansson, and Joakim Wincent. "Gender Stereotypes and Venture Support Decisions: How Governmental Venture Capitalists Socially Construct Entrepreneurs’ Potential." Entrepreneurship Theory and Practice 41, no. 5 (September 2017): 833–60. http://dx.doi.org/10.1111/etap.12275.

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In the present study, we conduct a discourse analysis on a set of longitudinal observations of government venture capitalists’ decisions to identify how gender stereotypes are socially constructed and activated when assessing entrepreneurs’ potential in the financial distribution of venture support. The present study finds that female entrepreneurs risk receiving significantly less venture capital, which is caused by the language and rhetoric used that relates to gender differences when funding decisions are made. We consider and discuss the implications of our results for related research about distributing venture capital and the social constructions of female and male entrepreneurs.

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Zhang, Yuejia. "Improving the performance of governmental venture capital firms: Reforms at Shenzhen Capital Group." Journal of Small Business Management 59, no. 2 (February 5, 2021): 249–79. http://dx.doi.org/10.1080/00472778.2020.1849713.

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Zhou, Yan, and Sangmoon Park. "The Regional Determinants of the New Venture Formation in China’s Car-Sharing Economy." Sustainability 13, no. 1 (December 23, 2020): 74. http://dx.doi.org/10.3390/su13010074.

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New ventures play an important role in promoting regional economic growth, employment and innovative development. In China, the new business model centered on the sharing economy has grown rapidly in a short time, especially with regard to car-sharing, which has become one of the new governmental strategies to promote economic development in China. New car-sharing ventures have been recognized as the leading sector in sustainable development for the circular economy and resource reuse. This paper explores the regional determinants of new firm formation in the nascent car-sharing industry in China. We used panel data from 449 car-sharing new ventures established in 257 cities in China from 2011 to 2019 to conduct an empirical analysis. The findings show that the urbanization economy, human capital and venture capital in the region have a positive impact on the establishment of new ventures. At the same time, the regional population density, localization economy, innovation capacity and competitive environment have no significant relationships with the establishment of new car-sharing firms. This paper provides insights for startups entering the field of car-sharing and a theoretical basis for the subsequent research on startups in the sharing economy industry.

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10

MESSICA, AVI, and TAMIR AGMON. "VENTURE CAPITAL, THE PUBLIC SECTOR AND THE HIGH-TECHNOLOGY INDUSTRY." International Journal of Innovation and Technology Management 05, no. 01 (March 2008): 105–22. http://dx.doi.org/10.1142/s0219877008001291.

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We studied the optimal funding of the public sector for the Hi-Tech industry in the presence of short-term, cyclical, venture capital (VC) funding by constructing a decision-making model that results in the optimal governmental support and a model that accounts for the dynamics of the VC industry. We found that the VC industry is highly correlated with the NASDAQ stock index and that the optimal public policy for funding the Hi-Tech sector should be anti-cyclical, dynamic, and conditioned on the VC investments. The models and their validation are discussed as well as the practical implications for policy and decision makers.

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11

Cumming, Douglas J., Luca Grilli, and Samuele Murtinu. "Governmental and independent venture capital investments in Europe: A firm-level performance analysis." Journal of Corporate Finance 42 (February 2017): 439–59. http://dx.doi.org/10.1016/j.jcorpfin.2014.10.016.

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12

Bertoni, Fabio, and Tereza Tykvová. "Does governmental venture capital spur invention and innovation? Evidence from young European biotech companies." Research Policy 44, no. 4 (May 2015): 925–35. http://dx.doi.org/10.1016/j.respol.2015.02.002.

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13

Zhang, Chen, Xinghua Dang, Tao Peng, and Chaokai Xue. "Dynamic Evolution of Venture Capital Network in Clean Energy Industries Based on STERGM." Sustainability 11, no. 22 (November 11, 2019): 6313. http://dx.doi.org/10.3390/su11226313.

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This paper provides a detailed description of venture capital (VC) investments in clean energy industries in China over the period 2006–2017 and explores the evolution of clean energy industry VC networks through network formation and network dissolution. Results from the separable temporal exponential-family random graph model (STERGM) show that the factors vary in their relative importance for clean energy industry VC network formation and dissolution. Specifically, governmental venture capital (GVC) and geographic proximity have strong impacts on the formation of networks but not on their dissolution. Reputation and structural embeddedness promote the formation of networks and inhibit their dissolution, and cognitive proximity is found to cause network formation while facilitating network dissolution. The results provide practical and theoretical guidance for the network development of VC firms investing in clean energy industries.

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14

Kang, Moon Young. "Sustainable Profit versus Unsustainable Growth: Are Venture Capital Investments and Governmental Support Medicines or Poisons?" Sustainability 12, no. 18 (September 20, 2020): 7773. http://dx.doi.org/10.3390/su12187773.

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Considering that startups greatly contribute to the economic development and survival of a country through economic growth and job creation, it is necessary to investigate the profitability of startups. However, research on this issue has not been developed enough as most previous studies regarding firm profitability were based on large-scale public companies with relatively easy data accessibility, not on startups. In addition, it is meaningful to empirically prove whether venture capital investments and governmental support positively impact on the sustainability of startups as huge discrepancies exist between traditional academic research and recent practices. Findings from this study, based on data analytics, are expected to fill the gap in knowledge as it is not clearly known about firm profitability of startups for their sustainable growth and survival. Focusing on startup profitability, the main objective of this research is to provide significant theoretical contributions and practical guidelines for startup entrepreneurs, investors, and policymakers to avoid unsubstantial growth and find solutions for sustainable growth and survival. To properly and completely analyze the determinants of firm profitability of startups, this research used the 2018 and 2019 Survey of Korean Startups by the Ministry of SMEs and Startups of Korea and Korea Venture Business Association with over 3000 samples.

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15

Zhang, Yuejia, and David Geoffrey Mayes. "The performance of governmental venture capital firms: A life cycle perspective and evidence from China." Pacific-Basin Finance Journal 48 (April 2018): 162–85. http://dx.doi.org/10.1016/j.pacfin.2018.02.002.

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16

Alperovych, Yan, Georges Hübner, and Fabrice Lobet. "How does governmental versus private venture capital backing affect a firm's efficiency? Evidence from Belgium." Journal of Business Venturing 30, no. 4 (July 2015): 508–25. http://dx.doi.org/10.1016/j.jbusvent.2014.11.001.

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17

Croce, Annalisa, Jose Martí, and Carmelo Reverte. "The role of private versus governmental venture capital in fostering job creation during the crisis." Small Business Economics 53, no. 4 (November 6, 2018): 879–900. http://dx.doi.org/10.1007/s11187-018-0108-3.

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18

Zhang, Yuejia. "Gain or pain? New evidence on mixed syndication between governmental and private venture capital firms in China." Small Business Economics 51, no. 4 (January 31, 2018): 995–1031. http://dx.doi.org/10.1007/s11187-018-9989-4.

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19

Quinn, Joseph D., and Kenneth J. Smith. "The Ridgely House Venture: Triple Net Commercial Lease/Purchase Case." Issues in Accounting Education 15, no. 3 (August 1, 2000): 459–81. http://dx.doi.org/10.2308/iace.2000.15.3.459.

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This case examines the tax, financial accounting, and governmental reporting consequences of a private Developer's actual purchase, renovation, and transfer of Ridgely House—an historical building in Ridgely, Maryland—to the Town of Ridgely. In short, the Developer purchases the building for $110,000 and incurs $190,000 in renovation costs to convert the property to a Town Hall and Police Station. He then “leases” the property back to the Town under terms and conditions outlined in a lease/purchase agreement (which can be viewed on the Web at http://faculty.ssu.edu/∼kjsmith/ridgely.htm). The case is constructed from the background information and actual lease/purchase agreement provided by the Developer. The terms of the agreement raise several questions regarding the proper tax and financial accounting treatment of various aspects of the transaction. The Developer (lessor) questions whether the transaction is to be reported for tax and financial-reporting purposes as a rental or a sale, if the property qualifies for a federal historical tax credit, and what net cash flow can be expected from the project. As an optional assignment (at the instructor's discretion), the Town (lessee) questions whether it has entered into an operating or capital lease, how to record the transaction in accordance with Governmental Accounting Standards Board (GASB) guidelines, and what disclosures are required on its Statement of Financial Position. The case background, key lease/purchase agreement terms, and actual lease/purchase agreement provide the prerequisite material for solving the case requirements. In addition, outside resources (textbooks, online tax and financial accounting web sites, etc.) should be consulted in the process of seeking solutions to the questions posed by the Developer and the Town Commissioners. It is suggested that solutions to the case requirements be presented to the instructor in the form of an Executive Summary with supporting documentation and schedules.

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20

Matisone, Anita, and Natalja Lace. "The Impact of Public Interventions on Self-Sustainable Venture Capital Market Development in Latvia from the Perspective of VC Fund Managers." Journal of Open Innovation: Technology, Market, and Complexity 6, no. 3 (July 24, 2020): 53. http://dx.doi.org/10.3390/joitmc6030053.

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This paper presents the results of a study on the impact of EU structural funds on the development of a self-sustainable venture capital (VC) market in Latvia from the perspective of VC fund managers. The study had two objectives. The first was to assess the contribution of European Union (EU) structural funds (SF) programmes toward the development of a self-sustainable VC industry in Latvia. The second was to identify ways by which the structural fund support could be better exploited for the development of the VC industry in Latvia. During three SF planning periods, the stated primary goal of the programmes to support high-growth SMEs was attained—to date, 294 VC investments have been made by publicly supported hybrid VC funds. During the 2004–2006 planning period, the first generation of professional VC fund managers in Latvia emerged in response to the opportunity to manage publicly supported hybrid VC funds. During the subsequent programmes, a high continuation rate by the established managers was observed. Nevertheless, Latvian VC fund managers are not yet capable of raising private funds and still encounter difficulties in attracting the necessary level of private capital for the publicly supported hybrid VC funds. The novelty of the study is the finding that improvements in the SF programme designs did not significantly decrease the impact of factors identified as limiting the success of the operations of VC managers. This suggests and confirms conclusions of other studies that argue that public policies aimed at creating healthy and supporting conditions for VC activity are necessary in addition to public financial support for VC funds. Regarding the next planning period, the suggestion regarding programme design is to continue with already started improvements: increasing the volume of funds, widening the geographic area eligible for investments, reducing restrictions on the types of financial instruments that may be used, lowering the administrative burden for VC fund managers and avoiding micromanagement of VC funds by governmental agency. The observation that the influence of investments in VC funds on the governmental agency’s responsible for VC investments financial statements may be partly responsible for the tendency to micromanage VC funds could be useful not only in Latvia but also in other countries.

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21

Office, Editorial. "Lean, Clean and Green: A new model of multilateral development bank for building infrastructure in Asia and beyond—An interview with AIIB President Jin Liqun." Journal of Infrastructure, Policy and Development 2, no. 1 (March 2, 2018): 1. http://dx.doi.org/10.24294/jipd.v2i1.548.

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Asian Infrastructure Investment Bank’s president Mr. Jin Liqun shares with JIPD Editor-in-Chief, Dr. Gu Qingyang, his passion for infrastructure finance, as he reflects upon his goal of steering an environmentally friend and corruption-free AIIB toward building social-impacting infrastructure across Asia.From governmental departments to international financial institutes, Mr. Jin Liqun has undertaken almost every essential role in finance. With his vast experience across the private and public sectors, particularly in multilateral development banks, Mr. Jin Liqun currently serves as Asian Infrastructure Investment Bank (AIIB)’s first President since its founding in 2016, following a stint as Secretary-General of the Multilateral Interim Secretariat created to establish the bank. Beginning from his two decades of governmental experience at the Chinese Ministry of Finance, rising from the rank of Deputy Director General to Vice Minister, Mr. Jin was then called to serve as Vice President, and then Ranking Vice President, of the Asian Development Bank, and later as Alternate Executive Director for China at the World Bank and at the Global Environment Facility. Mr. Jin had also served as Chairman of China International Capital Corporation Ltd., China’s first joint-venture investment bank, in addition to serving as Chairman of the Supervisory Board of the sovereign wealth fund China Investment Corporation and as Chairman of the International Forum of Sovereign Wealth Funds.

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22

Harel, Ronen, and Dan Kaufmann. "Financing innovative SMEs of traditional sectors: the supply side." EuroMed Journal of Business 11, no. 1 (May 3, 2016): 84–100. http://dx.doi.org/10.1108/emjb-02-2015-0007.

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Purpose – The purpose of this paper is to study the funding difficulties of innovative SMEs in traditional sectors (ISTS) and asks whether current conditions represent a financing market failure. Design/methodology/approach – The study explores the financial tools available in Israel and their relevancy to ISTS by conducting in-depth interviews with different key figures in the financial industry. These include managers at venture capital (VC) funds, banks, private equity (PE) funds, mezzanine funds, as well as officials from the public sector. Findings – In this study the authors identify the existence of a market failure relating to the funding of ISTS and suggest that the current VC, PE and mezzanine fund models cannot provide adequate financing solutions for ISTS in Israel. Practical implications – In light of the importance of these firms to the economy, governmental intervention is required, if more innovative activity of ISTS is desired. To this end, the study proposes a funding scheme that addresses the special needs of these companies. Originality/value – The study contributes to the literature by focussing specifically on the challenges of ISTS and by using a qualitative approach to analyzing the relevancy of different financial mechanisms to their needs.

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23

Akbar, Riznaldi. "An Investigation of Determinants Global Entrepreneurship: Multi-Country Panel Studies." DeReMa (Development Research of Management): Jurnal Manajemen 11, no. 1 (June 3, 2016): 1. http://dx.doi.org/10.19166/derema.v11i1.185.

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<p>This study examines the validity of governmental supports and policies; and financing for entrepreneurs in the context of global entrepreneurial activities. Our studies are based on the rich datasets of the Global Entrepreneurship Monitor (GEM) database covering 108 countries from 2001 to 2014. In this study, we examine whether countries with more favorable policies and supports towards entrepreneurship and availability of financing for entrepreneurs would result in the higher country’s entrepreneurial activities.</p><p>We use total early-stage entrepreneurial activity (TEA), a percentage of 18 - 64 year old population who are either a nascent entrepreneur or an owner manager of a new business, as our dependent variable to represent country’s entrepreneurial activities. There are two main explanatory variables used in the study: governmental supports and financing for entrepreneurs. The governmental supports represents the extent to which public policies support entrepreneurship as a relevant economic issue, while financing for entrepreneurs indicates the availability of financial resources for small and medium enterprises (SMEs) including grants and subsidies. We also include three control variables of basic school entrepreneurial education and training; physical and services infrastructure; and cultural and social norms to test the significance of these factors to the country’s entrepreneurial activities.</p><p>This study adopts panel regression model augmented with control variables. We favor Random Effect model as opposed to Fixed Effect or Pooled OLS model as Hausman and Breusch–Pagan test suggest. Our results suggest that there is no evident that government supports have significant contribution to country’s entrepreneurial activities. In other words, entrepreneurial activities are more flourished in a country that has not set entrepreneurship as relevant economic issues as it might be the case for many emerging countries. The availability of formal financial resources is significant to the country’s entrepreneurships, but with a negative sign. It could be interpreted that in some countries many new start-ups and entrepreneurs seem to have a greater reliance to informal financing of 4Fs (Founders, Family, Friends and Foolhardy investors) instead of formal channels i.e. government grant and subsidies, venture capital or strategic partners. A country with cultural and social norms that encourage citizens to new business activities also has greater number of entrepreneurships. However, we found no evident that entrepreneurial education and training at basic school; and ease access to infrastructure are significantly affecting entrepreneurial activities in a country.</p>

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Bas, Tomas Gabriel, and Ignacio Bustamante. "Chilean venture capital funds, government incentives and investment in technology ventures." International Journal of Strategic Change Management 3, no. 1/2 (2011): 1. http://dx.doi.org/10.1504/ijscm.2011.040629.

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25

Veiga, Luís. "Economic crisis and the image of Portugal as a tourist destination: the hospitality perspective." Worldwide Hospitality and Tourism Themes 6, no. 5 (November 10, 2014): 475–79. http://dx.doi.org/10.1108/whatt-09-2014-0032.

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Purpose – The purpose of this paper is to analyse the impacts of the economic crisis on the image of Portugal as a touristic destination and the main changes operationalized during this recession period to secure better tourism performance. Design/methodology/approach – Using official statistical data and other information available, the author takes a critical look at the evolution of the touristic market in Portugal prior to the Eurozone debt crisis, and reflects on the main challenges and possible solutions as they relate to the hospitality industry. Findings – Crisis, tension and austerity measures are definitely negative factors in terms of the domestic market and tourism demand. However, a new competitive way forward may emerge as governmental policies are implemented to help reduce inefficient micro regional tourism, facilitate financing and venture capital and use digital marketing strategies to reach external markets. Research limitations/implications – The goal of reducing costs and increasing efficiency as well as gaining a better understanding of the importance of tourism in the current balance of payments is not enough to produce significant improvements in the hotel industry. It is suggested that independent hotels (about 60 per cent of the total in Portugal) should benefit from industry benchmarks, to increase up-selling and cross-selling policies in a customer-focused environment. Originality/value – The paper reflects on the creation of long-term superior value in the hotel industry and the role of investors, government and associations in this respect and on the importance of committing to this task of value creation.

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Khan, Najib, Shuangjie Li, Muhammad Safdar, and Zia Khan. "The Role of Entrepreneurial Strategy, Network Ties, Human and Financial Capital in New Venture Performance." Journal of Risk and Financial Management 12, no. 1 (March 11, 2019): 41. http://dx.doi.org/10.3390/jrfm12010041.

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In the current era of globalization and competitive edge, the survival of newly established ventures has become a big challenge. Numerous studies have been carried out to discover factors that are essential for newly initiated ventures but the results are still fragmented. This study focuses on measuring the effect of entrepreneurial strategy, network ties, human capital and financial capital on new venture performance. A structured questionnaire was used to collect data from 196 registered firms located in the emerging market Pakistan. The results indicate that entrepreneurial strategy, network ties and financial capital have a significant positive effect, while human capital showed an insignificant effect on new venture performance. This research recommends owners and managers of new firms build effective entrepreneurial strategies, expand their networks with external bodies (other firms, government and financial institutions) to acquire useful resources that in turn can spur their performance. Further implications are discussed. Policy makers and responsible authorities are advised to encourage and support new ventures which in turn can contribute to GDP and economic development. Practical implications and suggestions are also discussed.

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Jacob, Megha. "Entrepreneurships and Startup Programmes: Opportunities in Travel and Tourism." Atna - Journal of Tourism Studies 12, no. 2 (July 16, 2017): 51–65. http://dx.doi.org/10.12727/ajts.18.3.

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Startup India programme of Government of India and various state government initiatives to promote startup ventures have started to boost entrepreneurships. Several venture capital firms have been actively looking at Indian startup sector for investment and partnerships. Among the startups set up in the recent years, especially after the launch of startup programme of Government of India,

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Callagher, Lisa Jane, Peter Smith, and Saskia Ruscoe. "Government roles in venture capital development: a review of current literature." Journal of Entrepreneurship and Public Policy 4, no. 3 (November 2, 2015): 367–91. http://dx.doi.org/10.1108/jepp-08-2014-0032.

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Purpose – Interest in venture capital markets continues to be of relevance to politicians and policy makers, recognizing the importance of government participation in venture capital market development. Yet advice regarding developing venture capital markets appears increasingly disparate. The paper aims to discuss these issues. Design/methodology/approach – The authors engage the assumptions that underpin three dominant policy approaches to the development of venture capital markets with regard to the role of governments in that process. The authors categorize existing empirical studies against three approaches and give examples of the different government policies associated with the various approaches. Findings – Direct and indirect approaches recognize the importance of active stock markets but largely ignore the dynamic processes of markets, asserting that the provision of capital, institutional changes, and financial incentives ex ante will cause a positive market reaction, regardless of the market’s context. The recent timed approached is purported as being more comprehensive in its awareness of the need to adapt to countries’ contexts and the need for varying policies at the different stages of market emergence. Research limitations/implications – Limited empirical research tests the voracity and limitations of the timed approach. The challenge in doing so is that evolutionary theories typically explain an event after it has occurred, thus its predictive power is often limited. Future research might investigate the efficacy of policy levers based on the timed approach. Practical implications – The authors highlight the need for the development of venture capital markets, rather than a venture capital industry. Originality/value – The authors extend the existing venture capital market development categories and evaluate each approach in terms of the efficacy of government’s roles in venture capital market development in light of the existing evidence of economic development and entrepreneurial activity.

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Wafeq, Manizha, Omar Al Serhan, Kimberley Catherine Gleason, S. W. S. B. Dasanayaka, Roudaina Houjeir, and Mohamad Al Sakka. "Marketing management and optimism of Afghan female entrepreneurs." Journal of Entrepreneurship in Emerging Economies 11, no. 3 (September 2, 2019): 436–63. http://dx.doi.org/10.1108/jeee-02-2018-0020.

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Purpose For the present generation of entrepreneurs, the operating environment in Afghanistan has been among the most tenuous in the world. Numerous regime changes, civil unrest and war have created tremendous uncertainty, making civilian business planning difficult. These challenges incrementally impact female entrepreneurs. This paper aims to investigate the relationship between one aspect of entrepreneurial psychological capital – optimism regarding enterprise success of Afghan female entrepreneurs – and aspects of the marketing function. Design/methodology/approach Primary data collection was used for this study. A total of 248 women business owners were surveyed via telephone from five provinces of Afghanistan. Over half (133) of respondents were from the Afghan capital, Kabul. A total of 49 respondents were obtained from Herat, 44 from Mazar, 12 from Nangarhar and ten were obtained from Kandahar. Findings We find that a focus on marketing positively and significantly impacts reported optimism by female Afghan entrepreneurs, as do marketing planning efforts. However, self-reliance and orientation toward the outside world do not impact the perceived success of the entrepreneurial venture. Research limitations/implications Like other empirical studies, this research has its own limitation. First, we would have liked a larger sample size, but date collection in a war-torn country and from female business women in a male-dominated society is proofed very challenging task. Also, some cities had less representation due to security concerns especially Kandahar province. Practical implications Our results have significant relevance for economic development policymakers, non-governmental organizations and entrepreneurs throughout the developing world. What drives the psychological capital of these entrepreneurs under these extreme conditions should be of interest not only from the perspective of the entrepreneurship literature, but also for policymakers who are often uninformed regarding on the ground conditions under which individuals in the environment function. Social implications It is our hope that our results inform those in a position of power so that they support the development of human capital of Afghan women who are or who seek to be entrepreneurs. We also hope to raise questions for other researchers related to the importance of human capital investment and the business functions for entrepreneurs in other less developed, conflict-prone environments with low mean educational levels. Originality/value This paper is the first to use proprietary, hand collected survey data from Afghani female entrepreneurs to collect, analyze and draw conclusions and recommendations from a sample of 248 women-owned businesses regarding the relationship between the marketing function and one aspect of psychological capital – perceived optimism – in five Afghan cities.

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MYROSHCHENKO, Nataliia, Anastasiia SYMAK, and Oksana ZARYTSKA. "Commercialization of innovative products: international and national experience." Economics. Finances. Law, no. 11/3 (November 27, 2020): 20–24. http://dx.doi.org/10.37634/efp.2020.11(3).5.

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Introduction. In modern highly competitive, dynamic and unstable conditions enterprises are able to function successfully in the marketplace and occupy leadership positions in large part due to developing, implementation and realisation of innovations. A high level of an innovative activity of enterprises creates preconditions for forming new competitive benefits, an increase of investment attractiveness, broadens possibilities of passage to new marketplaces, is an impulse for providing a progressive development. As practice shows, only a small part of innovations transforms in goods and services and is successfully commercialized due to its promotion in interested groups of consumers. That's why the problem of commercialization of innovative goods and services should be in field of view of society, government, private business, scientists because decision of this problem improves a competitive ability of goods and finely a level of population's life. The purpose of paper is an exploration of commercialization properties of innovative goods and services in foreign countries, detection of reasons of low level of commercialization of innovative goods and services by domestic enterprises. Results. It is considered a domestic and a worldwide experience of commercialization of high-tech goods and services of industrial enterprises in the context of Asian, American and European models of innovative development. It is particularly set that there in the USA, Europe and Asia the key role in development and implementation of high-tech goods and services play multinational companies, which quite often create venture companies in their structures. Besides, it is set that a venture capital is often concentrated in science parks, technopoles, business incubators and other innovative structures. It is proved that in the process of commercialization of high-tech goods and services is a governmental support of state, first of all, from positions of longevity of preferences, which are offered to subjects of innovative structures. It's also set that such kind of commercialization is successful when local properties of demand for new goods and services are taken into account. Regarding a domestic experience of commercialization of innovative goods and services, they should state that it has a quite low development. Conclusion. In this way, generalisation of domestic and foreign experience of commercialization of innovative goods and services shows that directions and ways of such commercialization are different and can have a different shape that is defined by local historical circumstances, traditions and national innovative politics in general.

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Uzuegbunam, Ikenna, Yin-Chi Liao, Luke Pittaway, and G. Jason Jolley. "Human capital, intellectual capital, and government venture capital." Journal of Entrepreneurship and Public Policy 6, no. 3 (November 6, 2017): 359–74. http://dx.doi.org/10.1108/jepp-d-17-00008.

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Purpose The purpose of this paper is to examine the impact of human and intellectual capital on start-ups’ attainment of government venture capital (GVC). It is theorized that as a result of government predisposition toward enhancing knowledge spillover and certifying underinvested start-ups, different types of human and intellectual capital possessed by start-ups will distinctly affect GVC funding. Design/methodology/approach The Kauffman Firm Survey, a panel data set of 4,928 new US firms over a five-year period (2004-2008), serves as the data source. Ordinary least squares regression, coupled with generalized estimating equations to check for robustness, is used to determine the effect of human and intellectual capital on GVC funding. Findings Founders’ educational attainment has a greater impact than their occupational experience in GVC funding. While the number of patents owned by the start-up increases GVC funding, the number of trademarks and copyrights negatively influence GVC funding. Originality/value By distinguishing between different aspects of human and intellectual capital, this study provides a more nuanced understanding of the influence of new venture resources in the context of GVC.

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Jakusonoka, Ingrida, and Kristine Zarina. "ATTRACTIVENESS OF LATVIAN, LITHUANIAN AND ESTONIAN VENTURE CAPITAL MARKETS FOR INTERNATIONAL INVESTORS." Science and Studies of Accounting and Finance Problems and Perspectives 12, no. 1 (December 19, 2018): 20–27. http://dx.doi.org/10.15544/ssaf.2018.03.

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Business start-ups, small and medium sized companies face financial difficulties to finance their innovative activities, which hinders innovative products from commercialization. This mainly results from the high risks and information asymmetries involved in such projects. Standard debt financers are reluctant to take these risks, besides the young enterprises lack collateral to receive the credit. However, the risk tolerance for investors differs as well. One of the alternatives for bank loans is venture capitalists, who rather become partners than creditors of young, innovative companies with growth potential. Particularly venture capital or the so-called “smart money” is what financially supports such business ventures, provides funding for technological transfer and commercialization. The authors of the present paper have chosen to examine and compare the venture capital attraction possibilities in the Baltic States using Venture Capital and Private Equity Country Attractiveness Index (by Groh et al.) data for 2012-2018. Venture capital market development is currently a very topical issue for the Latvian government, taking into consideration the critical importance of venture capital for financing innovation. Becoming the leader in the venture capital sector and No. 1 choice of start-up companies in the Baltics are now the objectives of the government of Latvia. It was therefore relevant and important to compare venture capital attraction possibilities in Latvia, Estonia and Lithuania to see and analyse in which aspects Latvia lags behind its neighbouring countries and in which it succeeds. The paper compares the six main factors or key drivers which determine the attractiveness of venture capital markets. According to Groh et al. (2016), these factors are: 1) Economic Activity; 2) Depth of Capital Market; 3) Taxation; 4) Investor Protection & Corporate Governance; 5) Human & Social Environment and 6) Entrepreneurial Culture & Deal Opportunities. However, the results of the research reveal that the main problems for international investor attraction in the Baltic States are underdeveloped capital markets and low economic activity. Latvia, unfortunately, is the most unattractive for international venture capital investors. Nevertheless, it has experienced the fastest growth during six years, which means that there is potential for becoming a leader in the venture capital sector. The present paper reveals the aspects to be improved for becoming more attractive for venture capital investments.

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Watson, John, Michael Stuetzer, and Roxanne Zolin. "Female underperformance or goal orientated behavior?" International Journal of Gender and Entrepreneurship 9, no. 4 (November 20, 2017): 298–318. http://dx.doi.org/10.1108/ijge-03-2017-0015.

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Purpose The purpose of this study is to examine the mediating effect of an owner’s growth goal on the relationship between the gender of new venture owners and the growth outcomes of their ventures. Design/methodology/approach This is a quantitative study using a large, national database and structural equation modeling. Findings The findings indicate that the negative relationship between gender and growth outcomes is fully mediated by the growth goals of new venture owners, their available internal resources and the amount of time and money they are able (prepared) to invest in their new venture. Research limitations/implications The research implications include the need to better understand the impact of goal setting on new venture performance outcomes. Practical implications The government policies (for example, to stimulate firm growth) need to be designed by having a proper understanding of the various motives/goals that entrepreneurs might have when launching a new venture. Similarly, anyone providing advice to individuals involved in establishing a new venture should, before providing that advice, ensure that they have a clear understanding of the individual’s goals. Social implications Social implications include a need to better understand the negative impact that lower available human and financial capital can have on the goals set by female new venture owners and the outcomes achieved by those ventures. Originality/value This research makes an original contribution to the literature by demonstrating: the impact of gender on human, social and financial capital; the influence of these resources on new venture goals; and, in turn, the influence of goals on new venture performance outcomes.

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Pandey, I. M., Rajesh Nair, Dinesh Awasthi, Kaushal Mehta, Vishnu Varshney, Rakesh Rewari, and K. Ramachandran. "Entrepreneurship and Venture Capital." Vikalpa: The Journal for Decision Makers 28, no. 1 (January 2003): 99–112. http://dx.doi.org/10.1177/0256090920030109.

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Entrepreneurship is the driver of growth. It helps creating innovative enterprises which provide foundation for building a nation's competitiveness. Enterprise creation needs risk capital. Venture capitalists provide risk capital and facilitate the development of entrepreneurship. There are several issues relating to entrepreneurship development and venture capital that deserve serious discussion. To put these issues into perspective, the Centre for Innovation, Incubation, and Entrepreneurship and Entre Club at IIMA organized a panel discussion which was coordinated by I M Pandey, Professor at Indian Institute of Management, Ahmedabad. Some of the key questions that the panel has addressed to are: What is the contribution of entrepreneurship in the economic development of India? What factors have facilitated or hindered the development of entrepreneurship in India? What role has venture capital played in fostering the growth of entrepreneurship in India? What do entrepreneurs look for from venture capitalists other than the capital in the growth of their enterprises? What are the experiences of venture capitalists and entrepreneurs vis-a-vis the interface between venture capital and entrepreneurship? The following are some important points that emerged from the panel discussion: There is a direct link between entrepreneurship and the economic growth. There is some evidence that entrepreneurship has made contribution to India's growth. Factors responsible for the slow growth of entrepreneurship and lack of innovative spirit included the faulty education system, absence of proper incentives and environment to innovate, lack of proactive and favourable government policies, non-availability of risk capital, and the Indian mindset favouring comfortable and secured career choices. Entrepreneurship is a prerequisite for building our nation's global competitiveness. There is no short-cut. The liberalization of the Indian economy and the increased access to the global capital have paved way for entrepreneurship development and for facing international competition. The role of venture capital in fuelling the growth of entrepreneurship is inevitable. Venture capitalists need to play a proactive role. The Indian experience shows that venture capital is capable of creating a facilitating environment to build entrepreneurship culture and help entrepreneurship develop as a preferred career option. Venture capitalists should play the dual role of financiers and mentors. They should facilitate the networking of entrepreneurs with customers, distributors, financial institutions, consultants, etc. Efforts should be made by public and private sectors to create critical mass of venture capital funds, especially to finance start-ups and ventures of the first-time entrepreneurs. The education system in India should focus on developing entrepreneurship skills and risk-taking abilities of students.

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Cumming, Douglas, and Sofia Johan. "Pre-seed government venture capital funds." Journal of International Entrepreneurship 7, no. 1 (October 9, 2008): 26–56. http://dx.doi.org/10.1007/s10843-008-0030-x.

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Murray, Gordon. "Ten meditations on government venture capital." Venture Capital 23, no. 3 (April 8, 2021): 205–27. http://dx.doi.org/10.1080/13691066.2021.1903677.

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Hickie, James. "The Development of Human Capital in Young Entrepreneurs." Industry and Higher Education 25, no. 6 (December 2011): 469–81. http://dx.doi.org/10.5367/ihe.2011.0070.

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This paper provides insights into the human capital development of a group of young entrepreneurs, all of whom have built growth businesses with turnovers of between £1M and £90M. Their development of knowledge and skills was investigated before and during the creation of their first main ventures. This is significant in the context of current UK government policies to encourage young people to consider entrepreneurship as a career. The study considers the relevant skills and knowledge the young entrepreneurs developed prior to starting their businesses, the influences they experienced and how this pre-entrepreneurial learning affected their venture creation activities. Finally, the paper considers the challenges the entrepreneurs faced as they grew their businesses.

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Luukkonen, Terttu, Matthias Deschryvere, and Fabio Bertoni. "The value added by government venture capital funds compared with independent venture capital funds." Technovation 33, no. 4-5 (April 2013): 154–62. http://dx.doi.org/10.1016/j.technovation.2012.11.007.

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Cozzarin, Brian P., Douglas Cumming, and Arash Soleimani Dahaj. "Government Venture Capital and Cross-Border Investment." Academy of Management Proceedings 2016, no. 1 (January 2016): 17052. http://dx.doi.org/10.5465/ambpp.2016.17052abstract.

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Soleimani Dahaj, Arash, and Brian Paul Cozzarin. "Government venture capital and cross-border investment." Global Finance Journal 41 (August 2019): 113–27. http://dx.doi.org/10.1016/j.gfj.2019.03.001.

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Suchard, Jo-Ann, Mark Humphery-Jenner, and Xiaping Cao. "Government ownership and Venture Capital in China." Journal of Banking & Finance 129 (August 2021): 106164. http://dx.doi.org/10.1016/j.jbankfin.2021.106164.

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Heung Soon Kwon and Byungseop Yoon. "A Study on the Analysis of Investment Performance of Government Venture Capital and Private Venture Capital." Korean Journal of Financial Engineering 18, no. 1 (March 2019): 167–92. http://dx.doi.org/10.35527/kfedoi.2019.18.1.007.

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Kirihata, Tetsuya. "Japanese government venture capital: what should we know?" Asia Pacific Journal of Innovation and Entrepreneurship 12, no. 1 (April 16, 2018): 14–31. http://dx.doi.org/10.1108/apjie-11-2017-0040.

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Purpose The purpose of this paper is to discuss the implication of Japanese government venture capital (VC) policies for future research and to provide basis for policymakers and practitioners. Design/methodology/approach This is an academic literature review of available peer-reviewed publications on government VC policies. This paper discusses and analyses the current state and issues of the Japanese government VC policies regarding three research questions: What do Japanese government VCs do? Do they contribute to their portfolios? and Do they contribute to the development of VC market? Findings There are mainly two findings in this paper: It is effective to establish a complementary relationship with private VCs for Japanese government VCs to contribute to their portfolios; Japanese government should simultaneously continue to make and review policies for the VC market, the stock market, the entrepreneur sector and the environment surrounding them by its strategic long-term commitment to contribute to the development of VC market and new technology-based firms in Japan. Originality/value As there are only a few studies on recently strengthened Japanese government VC policies, this paper provides an in-depth discussion on these Japanese VC policies, which can be used for future research and as a valuable resource for policymakers and practitioners.

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Dubocage, Emmanuelle, and Dorothée Rivaud-Danset. "Government policy on venture capital support in France." Venture Capital 4, no. 1 (January 2002): 25–43. http://dx.doi.org/10.1080/13691060110091237.

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Karsai, Judit. "Government venture capital in central and eastern Europe." Venture Capital 20, no. 1 (December 21, 2017): 73–102. http://dx.doi.org/10.1080/13691066.2018.1411040.

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Schertler, Andrea. "Knowledge Capital and Venture Capital Investments: New Evidence from European Panel Data." German Economic Review 8, no. 1 (February 1, 2007): 64–88. http://dx.doi.org/10.1111/j.1468-0475.2007.00134.x.

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Abstract Countries with a high amount of knowledge capital are likely to have higher volumes of venture capital (VC) investments because more researchers come up with innovative business ideas that require venture capital finance. Using panel data techniques, the paper finds evidence that VC investments depend strongly on the countries’ knowledge capital measured by the number of patents, or the number of R&D researchers, or gross domestic expenditures on R&D. In addition, the paper analyzes whether government-financed knowledge capital fulfills a special role for VC investments. It finds only weak evidence that VC investments depend, with a delay of several years, on government-financed knowledge capital.

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Kelley, Paul M. "Venture Funders — Are They the Solution?" Industry and Higher Education 12, no. 2 (April 1998): 77–83. http://dx.doi.org/10.1177/095042229801200203.

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The author briefly describes what venture funders do and how they do it to illuminate the process of high-tech business formation and development. By way of illumination, he gives two short histories of successful university spin-outs that his company, Zero Stage Capital, has helped launch. He then examines how this firm's knowledge and experience may apply in the context of the Scottish university and financial climate, and bearing in mind the goals of Scotland's Technology Ventures strategy. Finally, he discusses the US government support initiatives for small business, the Small Business Investment Company (SBIC) Program. He suggests an approach for its application in increasing the birth-rate of fast-track technology-based ventures in Scotland or in other countries that have the infrastructure to support and enhance the process.

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Swearingen, Will, Robin Gaster, Michael Wallner, Jeff Peterson, and Ray Friesenhahn. "Is SBIR a Government Venture Fund?" Technology & Innovation 22, no. 1 (June 28, 2021): 13–27. http://dx.doi.org/10.21300/21.4.2021.3.

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The federal government's well-known Small Business Innovation Research (SBIR) program funds small businesses that are developing and commercializing innovative new technology. It is commonly regarded as a "government venture fund." This label is unfortunate. Within the U.S., it has caused the SBIR program to be criticized both for competing with private ven- ture capital funds (VCs) and for wasting scarce taxpayer resources on small businesses that, according to some detractors, are not as successful at generating innovation as venture capital (VC)-backed companies. These criticisms divert attention from SBIR program successes, generate unnecessary drama during congressional SBIR reauthorization debates, and sideline important opportunities to improve the SBIR program. Outside the U.S., the "government venture fund" concept disguises the very real differences between the SBIR program and VCs, potentially undermining the effectiveness of government initiatives to promote innovation. There are actually few similarities between the SBIR program and VCs—aside from the fact that both provide comparable amounts of seed-stage funding to small technology firms. As a matter of public policy, it needs to be clearly understood that the SBIR program is not a government venture fund, does not compete with VCs, and has objectives of national economic and soci- etal importance that do not conflict with those of private-sector investors. This paper begins by comparing the number and size of SBIR and VC seed-stage investments in the U.S. Then it contrasts their very different objectives, company selection criteria, staging of investments, obligations imposed on recipient companies, and metrics used to measure success.

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Fazekas, Balázs, and Patrícia Becsky-Nagy. "A new theoretical model of government backed venture capital funding." Acta Oeconomica 71, no. 3 (September 21, 2021): 487–506. http://dx.doi.org/10.1556/032.2021.00024.

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Abstract Government involvement in the venture capital (VC) market has become an important catalyst of the entrepreneurial ecosystem of young and innovative firms. There is an extensive literature describing the VC model, but the models of its government backed variants are not comprehensively discussed. The article focuses on the model of purely government backed venture capital (GVC) and hybrid venture capital (HGVC). The conclusion of this article is that, by the logic of their models, GVCs are destined to underperform than private VCs. Many articles see HGVCs as a step forward compared to GVCs, as they involve private participants. The novelty of the current article lies in bringing out the drawbacks deriving from the system of hybrid venture capital funding by creating a complex theoretical framework of the HGVC model. We show that due to the crowding in of private participants, this scheme creates a two-goal system where the private profit maximising interests conflict with the economic policy goals. The complex system of HGVC is exposed to increased moral hazard issues that might lead to higher distortions than GVC. The conclusions are especially relevant in the case of developing industries.

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LIN, Lin. "Venture Capital Exits and the Structure of Stock Markets in China." Asian Journal of Comparative Law 12, no. 1 (January 18, 2017): 1–40. http://dx.doi.org/10.1017/asjcl.2016.15.

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AbstractExisting literature suggests a strong relationship between a vibrant venture capital market and an active stock market: venture capital flourishes when venture capitalists can readily exit from successful portfolio companies through IPOs, and IPOs are in turn facilitated by active and efficient stock markets. This article uses China as a case study to explore the connection between the stock market and venture capital market. Through empirical studies, this article confirms the existing literature by demonstrating a close connection between the stock market and venture capital market in China. It also refines the existing literature by finding that, for venture capital availability, laws and policies also matter in China. Strong and sustained law reforms and government policies aimed at improving the institutional structure and regulatory environment of the stock market can facilitate venture capital-backed exits, which in turn lead to an increase in new venture capital availability in China. Nonetheless, numerous IPO closures have led to freeze-ups in China’s venture capital market. Also, there remain a multiplicity of institutional impediments to the efficient operation of the stock market and the effective implementation of IPO reforms in China. These may in turn hinder the development of the Chinese venture capital industry.

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