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The Organization of the Innovation Industry: Entrepreneurs, Venture Capitalists, and Oligopolists
Norbäck, Pehr-Johan; Persson, Lars - 2004
The starting point of this paper is that the exit of venture-backed firms often takes place through sales to large incumbent firms. We show that in such an environment, venture-backed firms have a stronger incentive to develop basic innovations into commercialized innovations than incumbent...
Persistent link: https://www.econbiz.de/10010320055
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The Organization of the Innovation Industry: Entrepreneurs, Venture Capitalists and Oligopolists
Norbäck, Pehr-Johan; Persson, Lars - 2009
We construct a model where incumbents can either acquire basic innovations from entrepreneurs, or wait and acquire developed innovations from entrepreneurial firms supported by venture capitalists. We show that venture-backed entrepreneurial firms have an incentive to overinvest in development...
Persistent link: https://www.econbiz.de/10010320298
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Welche Regionen profitieren von Venture Capital-Aktivitäten?
Engel, Dirk - 2002
Mit der Venture Capital (VC)-Finanzierung als Teil eines regionalen Innovationssystems sind Erwartungen verbunden, die Kommerzialisierung neuer Forschungsergebnisse in marktfähige Produkte in einer Region zu fördern. In Erwartung positiver Effekte eines solchen Kapitalzuflusses in eine Region...
Persistent link: https://www.econbiz.de/10010298085
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Venture Capitalists, Asymmetric Information, and Ownership in the Innovation Process
Fabrizi, Simona; Lippert, Steffen; Norbäck, Peh; … - 2008
In this paper we construct a model in which entrepreneurial innovations are sold into oligopolistic industries and where adverse selection problems between entrepreneurs, venture capitalists and incumbents are present. We show that as exacerbated development by better-informed venture-backed rms...
Persistent link: https://www.econbiz.de/10010320264
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The Determinants of Venture Capital: Additional Evidence
van Pottelsberghe de la Potterie, Bruno; Romain, Astrid - 2004
a minimum level of entrepreneurship is required in order to have a positive effect of the available stock of knowledge …
Persistent link: https://www.econbiz.de/10010295646
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Regional determinants of new business formation in China: Prefecture-level evidence
Borowiecki, Martin; Leitner, Karl-Heinz - 2015
entrepreneurship. …
Persistent link: https://www.econbiz.de/10011400491
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Entrepreneurship and the Reallocation of African Farmers
Naudé, Wim - 2015
transformation, will stagnate. One such endogenous driver is entrepreneurship. In this paper I start with the reappraisal of African … agriculture and focus on the literature on entrepreneurship in Africa's structural transformation. I present a conceptual model to … describe how entrepreneurship reallocates farmers out of agriculture into non-agricultural activities and locations. Recent …
Persistent link: https://www.econbiz.de/10011401794
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Peace, prosperity and pro-growth entrepreneurship
Naudé, Wim - 2007
Support for entrepreneurship is widely seen as a mechanism to facilitate prosperity and peace in a growing number of … post-conflict states. In this paper I critically evaluate this view. I argue that entrepreneurship is a ubiquitous quality … in post-conflict states but not necessarily always for the good. Unproductive and destructive entrepreneurship may …
Persistent link: https://www.econbiz.de/10010323518
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Schumpeterian dynamics and financial market anomalies
Merey, Esther; Hanusch, Horst; Grebel, Thomas - 2004
In this paper we try to put together both the dynamics of the endogenous evolution of an industry and the corresponding dynamics on the capital market. The first module of our modelling efforts is the endogenous evolution of the industry based on the micro-behaviour of boundedly rational agents....
Persistent link: https://www.econbiz.de/10010263021
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Financial signalling by innovative nascent entrepreneurs
Audretsch, David B.; Bönte, Werner; Mahagaonkar, Prashanth - 2009
External finance is central for nascent entrepreneurs, people in the process of starting new ventures. We argue that nascent entrepreneurs use patents and prototypes in order to signal their ability to appropriate the returns from their innovation as well as the project´s feasibility. Our...
Persistent link: https://www.econbiz.de/10010266651