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Marco Da Rin, María Fabiana Penas
NBER Working Paper No. 13636*
Issued in November 2007
NBER Program(s): CF
---- Abstract -----
We examine a unique dataset of Dutch companies, some of which have received venture financing. The data include detailed information on innovation activities and other company characteristics. We analyse the role of venture finance in influencing innovation strategies. We find that venture capitalists push portfolio companies towards building absorptive capacity and towards more permanent in-house R&D efforts. By contrast, we find that public funding relaxes financial constraints, but does not lead to a build-up of absorptive capacity. Our results thus highlight the special role of venture capital in shaping companies' innovation strategies.
*Published: Marco Da Rin & Maria Fabiana Penas, 2007.
"The Effect of Venture Capital on Innovation Strategies,"
NBER Chapters,
in: Entrepreneurship: Strategy and Structure
National Bureau of Economic Research, Inc.
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