Abstract
We provide the first measurement of knowledge spillovers from venture capital-financed companies onto the patenting activities of other companies. On average, these spillovers are nine times larger than those generated by the R&D investment of established companies. Spillover effects are larger in complex product industries than in discrete product industries. Start-ups with experienced inventors holding a patent at the time of receiving the first round of investment produce the largest spillovers, indicating that venture capital fosters the commercialization of technologies. Methodologically, we contribute by developing a novel definition of the spillover pool, combining citation-based and technological proximity-based approaches.
| Item Type: | Paper |
|---|---|
| Faculties: | Economics > Chairs > Seminar for Comparative Economics |
| Subjects: | 300 Social sciences > 330 Economics |
| JEL Classification: | G24, O30, O31, O32 |
| Language: | English |
| Item ID: | 60434 |
| Date Deposited: | 01. Feb 2019 12:22 |
| Last Modified: | 01. Feb 2019 12:22 |
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