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Bridging the equity gap for young innovative companies: The design of effective government venture capital fund programs

机译:对年轻创新公司的股权缺口弥补:有效的政府风险投资基金计划设计

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Governmental venture capital funds (GVCs) are created by policymakers around the world to support young innovative companies (YICs) with the aim of "bridging the equity gap". In this paper, we study the heterogeneity in the design of GVC programs in Europe and identify the design features that are most effective in achieving the desired outcomes of this policy. Specifically, we focus on the probability that GVC-backed companies will receive additional funds from private venture capital investors and, ultimately, changes in their growth and innovation outcomes. We find that the choices of location, colocation, syndication and industry focus of a GVC program substantially influence the extent to which it is able to achieve such goals. Important policy implications are discussed.
机译:政府风险投资基金(GVCS)由世界各地的政策制定者创造,以支持年轻的创新公司(YICS),目的是“弥合股权差距”。在本文中,我们研究了欧洲GVC计划设计的异质性,并确定了实现这一政策所需结果的设计特征。具体而言,我们专注于GVC支持公司将从私人风险投资投资者获得额外资金的概率,并最终改变其增长和创新成果。我们发现GVC计划的位置,喧嚣,联合和行业焦点的选择基本上影响了它能够实现此类目标的程度。讨论了重要的政策影响。

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