The capital gap for small technology companies: public venture capital to the rescue?
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hdl:2117/10747
Document typeArticle
Defense date2010-04-16
Rights accessRestricted access - publisher's policy
Abstract
In this paper, we analyze effectiveness of
public intervention for fostering private venturecapital
market in Spain. We use a sample obtained
from VentureXpert database, consisting of 755
investments made by 83 Spanish public and private
venture capitalists that closed at least one fund
between 1997 and 2008. We compare the investments
undertaken by private and public investors before and
after public venture capital programs were started.
We found that Spanish venture-capital market has
rapidly developed in the last 10 years and that this
development coincides with the establishment of
public policies for encouraging technology entrepreneurship.
We also found that other factors, such as
previous experience of investors and size, have also
contributed to fostering more high-risk investments.
These results may encourage governments in other countries to start or keep working to promote private
venture-capital investments.
CitationDel Palacio, I.; Tina Zhang, X.; Sole, F. The capital gap for small technology companies: public venture capital to the rescue?. "Small Business Economics Journal (SBEJ)", 16 Abril 2010.
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