Venture Capital and the Financing of Innovation

Inbunden, Engelska, 2020

Av Bernard Guilhon, France) Guilhon, Bernard (Aix-Marseille University

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The funding of innovative projects that are fundamentally ambiguous often leads to situations where decision-making is difficult. However, decision-making can be improved by practices such as syndication and step-by-step funding. The dynamic of this industry requires us to consider the economic and institutional variables that make this system coherent in English-speaking countries, but conversely reduce it to a privileged niche by the leading authorities in Europe and France.This book proposes two guiding ideas. The first idea presents innovation as a very uncertain process. This modifies the decision-making in the entrepreneurial ecosystem, with intervention upstream in regards to stronger foundations, evaluations and selection of projects. The second idea is that the actors hold onto partial knowledge in a context where their attention span is limited. These cognitive limitations need the formation of networks, and lead to mutual and complementary dependency relations.

Produktinformation

Utgivningsdatum2020-02-14
Mått160 x 236 x 16 mm
Vikt454 g
FormatInbunden
SpråkEngelska
Antal sidor196
FörlagISTE Ltd and John Wiley & Sons Inc
ISBN9781786300690

Tillhör följande kategorier

Finansiering inom Ekonomi och ledarskap
Affärsutveckling inom Ekonomi och ledarskap

Acknowledgements viiIntroduction ixChapter 1. Venture Capital, Behavior and Performance of Stakeholders 11.1. The analytical framework 41.1.1. The contractual model and agency problems 41.1.2. The resource-dependent approach 91.2. From the theoretical framework to the empirical findings: observed behaviors 111.2.1. Methodological problems 111.2.2. The arbitrations made: the entrepreneurial risk 131.2.3. The change of the relationships over time 171.2.4. Behaviors of refusal 191.2.5. Risk aversion of venture capitalists 221.3. The contribution of venture capital to the performance of innovative companies 281.3.1. Innovation, growth and employment 291.3.2. Survival rates and entrepreneurial persistence 341.4. Conclusion 36Chapter 2. The Sectoral Dynamics of Venture Capital 412.1. Orientation by sector 442.1.1. The orientation of venture capital by sector in the United States 462.1.2. The trajectory in Europe 482.1.3. The lessons learned 502.2. High-tech industries, a less stable group 552.2.1. Knowledge base, high-tech sectors, and venture capital: the macroeconomic influence 562.2.2. The influence of advanced industries on the performance of the US economy 592.2.3. Business creation, growth thresholds, and the new technology sector 632.2.4. Elements of explanation 662.3. An econometric model for determining high-tech investment in Europe 742.3.1. The approach used: the analytical framework and assumptions made 752.3.2. The econometric model 782.3.3. Results and discussion 822.4. Conclusion 89Chapter 3. The Three Structures for Interpreting Venture Capital: The Market, Industry and Institutions 913.1. An interpretation of venture capital in market terms 923.1.1. From market efficiency to wealth creation 933.1.2. Characteristics and functions of the market 963.1.3. The venture capital market 973.1.4. Why talk about a new market? 1023.1.5. Risk management at market levels 1043.2. An interpretation of venture capital in terms of industry 1073.2.1. The spread of an industrial logic 1073.2.2. The relative weight of venture capital investment in relation to GDP 1123.3. The role of institutions in the dynamics of the venture capital industry 1263.3.1. An econometric model for determining venture capital investment 1273.3.2. Specific analysis of institutional factors 1353.4. Conclusion 140Conclusion 143References 151Index 161