Autore: Antonelli, Cristiano
Titolo: Venture capitalism as a mechanism for knowledge governance
Periodico: Università degli Studi di Torino. Dip. Di Economia e Statistica Cognetti de Martiis LEI & BRICK - Lab. Di economia dell'innovazione 'Franco Momigliano', Bureau of Research in Innovation, Complexity and Knowledge, Collegio Carlo Alberto. WP series
Anno: 2006 - Fascicolo: 4 - Pagina iniziale: 1 - Pagina finale: 31

Venture capitaIism-an outcome of the ICT Revolution, which made its appearance first in the US during the late 1970s and early 1980s and then in other countries including Israel during the 1990s-, explains the new pervasive role of smaIl firms in the introduction of technologicàl innovations. We elaborate the interpretative hypothesis that venture capitalism is based upon the identification of economies of scope in the transactions of technological knowledge bundled with managerial competence, reputation, screening procedures and equity and transformed into knowledge-intensive property rights that are traded in new specialized financial markets. We argue that this model is part of a broader change in national system of innovation of advanced countries, and it is a powerful mechanism for the production, dissemination and integration of knowledge in advanced capitalistic economies, and thereby a main driver of 'knowledge-based' growth




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