NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

The Effect of Venture Capital on Innovation Strategies

Marco Da Rin, María Fabiana Penas

NBER Working Paper No. 13636
Issued in November 2007

---- Acknowledgements -----

We are grateful to Thomas Hellmann, David Hsu, Ramana Nanda, Scott Stern, Giovanni Valentini, to participants to the NBER 'Entrepreneurship: Strategy and Structure' Conference at Jackson Hole, and to seminar participants at the Center for Financial Studies (Frankfurt) for very useful comments. We thank the Dutch Bureau of Statistics for providing us with CIS data, and Gerhard Meinen for explanations of the CIS database. Joost Groen provided careful research assistance, and Grid Thoma advice and patent data. Financial support from the European Commission (grant CIT5-CT-2005-028942) is gratefully acknowledged. We remain responsible for any errors. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.

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