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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.
List of contents
Introduction by Dilek Cetindamar
New Directions in Venture Capital
Venture Capital and the Innovation Process by Jesper Lindgaard Christensen
Angel Networks for the 21st Century by Benoit Leleux, Julian Lange, and Bernard Surlemont
The Role of Venture Capitalists in Going Private Transactions by Arman Kosedao
National Experiences
The Determinants of Venture Captial Funding: Evidence Across Countries by Leslie Ann Jeng and Phillippe C. Wells
The Swedish Venture Captial Industry--an Infant, Adolescent or Grown-up? by Dilek Cetindamar and Staffan Jacobsson
The Rise, Fall, and Possible Sustainable Re-vitalisation of the Danish Venture Captial Market by Jesper Lindgaard Christensen
Venture Captial in Canada: a Maturing Industry, with Distinctive Features and New Challenges by Charles H. Davis
Israels Venture Captial Industry: Emergence, Operation, and Impact by Gil Avnimelech and Moriss Teubal
Fostering Innovation Financing in Developing Countries: The Case of Turkey by Dilek Cetindamar
Industry Experiences
The Role of Venture Captial Financing to Young Biomaterials Firms by Annika Rickne
Conclusion by Dilek Cetindamar
About the author
Dilek Cetindamar is Professor in the Faculty of Management at Sabanci University, Turkey.
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.
