NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Synergizing Ventures

Ufuk Akcigit, Emin Dinlersoz, Jeremy Greenwood, Veronika Penciakova

NBER Working Paper No. 26196
Issued in August 2019
NBER Program(s):Economic Fluctuations and Growth Program, Productivity, Innovation, and Entrepreneurship Program

Venture capital (VC) and growth are examined both empirically and theoretically. Empirically, VC-backed startups have higher early growth rates and initial patent quality than non-VC-backed ones. VC-backing increases a startup’s likelihood of reaching the right tails of the firm size and innovation distributions. Furthermore, outcomes are better for startups matched with more experienced venture capitalists. An endogenous growth model, where venture capitalists provide both expertise and financing for business startups, is constructed to match these facts. The presence of venture capital, the degree of assortative matching between startups and financiers, and the taxation of VC-backed startups matter significantly for growth.

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Document Object Identifier (DOI): 10.3386/w26196

 
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