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Creating venture capital industries that co-evolve with high tech: Insights from an extended industry life cycle perspective of the Israeli experience

Book or journal references : Research Policy, vol. 35, pp. 1477-1498 (2006).

Author(s) : Avnimelech , G. and Teubal , M.

Abstract :

This paper presents an industry life cycle model of venture capital (VC) and associated startup-intensive high-tech clusters based on the Israeli experience of the last 35 years. Throughout, VC is considered as a new industry, which, when successful, traverses five phases: background conditions, pre-emergence, emergence, restructuring and consolidation. Each phase comprises a number of events and processes, including policy ones. A central process is VC emergence-a cumulative, self-reinforcing process involving a number of interrelated sub-processes. A central sub-process in the Israeli case was VC-startup co-evolution, which was the critical link between the VC emergence and the transformation of the high-tech cluster into a startup-intensive configuration. Our analysis suggests that, provided appropriate background conditions prevail, VC could be central vector in the transformation of existing high-tech clusters. (c) 2006 Elsevier B.V. All rights reserved.


Keywords :

venture capitals; startup; industry life cycled; high-tech cluster; emergence INITIAL PUBLIC OFFERINGS; INNOVATION; FIRMS; COMPETITION; COMPANIES

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