NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Maria Fabiana Penas

Universidad Torcuato Di Tella
Escuela de Negocios
Av. Figueroa Alcorta 7350
C1428BCW Ciudad Autónoma Buenos Aires
Argentina

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NBER Working Papers and Publications

November 2007The Effect of Venture Capital on Innovation Strategies
with Marco Da Rin: w13636
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.
 
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