The Impact of Venture Capital on the Persistence of Innovation Activities of Swiss Start-ups
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Date
2013-02
Publication Type
Working Paper
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yes
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Abstract
In this study we investigate the impact of early stage venture capital on innovation activities of Swiss start-ups. This is done based on a cohort of start-ups that is representative of all firms founded in Switzerland in 1996/97 as recorded by a census of the Swiss Federal Statistical Office for this period. We analyze not only the impact of early stage venture capital on innovation performance 3 years after firm foundation but also 6 and 9 years after firm start, respectively, for those firms that survived so long and reported continuously innovation activities (persistence of innovation). The results support neither the hypothesis of a positive impact on initial innovation activities nor the hypothesis of a positive time-persistent effect on innovation performance of start-ups.
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published
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Journal / series
Volume
332
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Publisher
KOF Swiss Economic Institute, ETH Zurich
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Subject
INNOVATION POLICY; SCHWEIZ (MITTELEUROPA). SCHWEIZERISCHE EIDGENOSSENSCHAFT; SWITZERLAND (CENTRAL EUROPE). SWISS CONFEDERATION; Innovation performance; VENTURE CAPITAL; INNOVATIONSPOLITIK; BUSINESS EFFICIENCY; Venture capital; RISIKOKAPITAL; BETRIEBSEFFIZIENZ; Start-ups
Organisational unit
02525 - KOF Konjunkturforschungsstelle / KOF Swiss Economic Institute