Public Policy for Venture Capital: A Comparison of the by Arnd Plagge, Prof. Dr. Carl-Ludwig Holtfrerich

By Arnd Plagge, Prof. Dr. Carl-Ludwig Holtfrerich

Enterprise capital is broadly considered as an immense driving force of financial development. whereas the united states has the most important and so much refined enterprise capital industry on the planet, its German counterpart has just recently all started to mature, and diverse governmental schemes exist that should aid accelerate the improvement of the German marketplace. but, little is understood concerning the potency and the influence of those efforts.

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Extra info for Public Policy for Venture Capital: A Comparison of the United States and Germany

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They attribute this behavior to the difficulty of large firms to make a credible commitment to terminate an unsuccessful R&D project timely. Unlike in the largely antagonistic setups discussed above, in this case corporations and venture capitalists form a symbiotic relationship that leads to optimal outcomes for both. 2 19 Adapted endogenous growth model As the aforementioned empirical studies suggest, venture capital-backed firms on average tend to file more patent applications than otherwise comparable companies.

S. S. venture capital disbursements (in million $), 1991-2003 Source: NVCA Yearbook (2004). S. S. in the technology sector. ^^ ^°See Gaida (2002: 61-95) and Noone and Rubel (1970) for a comprehensive overview of the early history of the SBIC program. ^^It is important not to mix up the SBICs with the unrelated SBIR (Small Business Innovation Research) program, despite the easily confused acronyms. S. To cut a long story short, the SBICs did not meet with the success that Congress had hoped for when it initiated the program.

One further observation deserves attention. As Martin and Scott (2000) convincingly argue, no single approach will be optimal for all modes of innovation. This is an important point to keep in mind when one tries to answer the question what a venture capital market can realistically be expected to achieve in the R&D realm and for the economy in general. Even though one does not have to agree fully with their classification, their overview communicates the notion that no single instrument will be the cure-all for ailing economies quite well.

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