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Over the past 30 years, venture capital has become a dominant force in the financing of some of the most innovative American companies, from Google to Intel, FedEx to Microsoft. The companies supported by venture capital (VC) have had a profound impact on US economy in terms of job creation, new patents, and economic growth. VC funding has also had a powerful spillover effect, particularly in companies that use more patentable and more advanced technology inputs. According to one study, spillovers generated by VC-financed startups has seven time greater than those generated by corporate R&D of established companies. Spillovers are stronger in industries that use a complex product technology, such as computers, which require input of numerous separately patentable elements as compared to discrete products, such as a specific drug, require relatively few such inputs-technology. 

 

Theoretical investigation of venture capital investment:

Venture capital is a high-touch form of financing that is used primarily by young, innovative, and high-risk companies. Venture capitalists provide not only financing but also mentorship, strategic guidance, network access, and other support. It is a subset of “private equity”, that is, equity investment in companies not listed on a stock market as opposed to equity investment in publicly traded companies. There are six main financing stages in the venture capital process, related to the stages of development of venture-backed companies:

  1. Early stage involves financing before a venture initiates commercial operations and profit generation.
  2. Expansion financing supports growth and expansion of a company’s operations and sales capacity to generate profit.
  3. Replacement involves the sale of a portion of the existing shares to other venture capital companies or shareholders.
  4. Management buyout financing enables current operating managers and investors to acquire the whole company, a product line, or business.
  5. Management buy in financing allows outside managers to buy the company.
  6. Exit is the final development stage, achieved either through an initial public offering (IPO) of the shares in a primary stock market or through an arranged sale to a financial or strategic buyer.

          * The most restrictive definition of venture capital excludes management buy-outs and buy-ins; more expansive conceptions of venture capital include both.

 

Who provides and who needs VC?

Supply: Venture capital is supplied from a variety of sources. “Institutional investors” supplying venture capital include commercial banks, investment banks, insurance companies, investment funds and pension funds. These are financial intermediaries that collect savings, supply funds, and participate in the various securities markets. Venture capital is also provided by so-called “business angels,” private savers who are less risk averse and who invest directly in the venture-backed companies in hopes of enhancing the average profitability of their investment portfolios (Mason and Harrison, 1997). “Business angels” include retired entrepreneurs, high-net-worth individuals, and a growing class of highly sophisticated, specialized investors.

 

Demand: The demand for venture capital arises from small, newly created companies with high growth potential. Some are in fast growing sectors of the so-called “new economy,” such as information technology, biotechnology, and health care. Others are involved in new product areas in traditional business sectors, the “old economy”.

 

Role of Government policy in venture capital investment: The flow of venture capital increases with liberalization of investment policies by pension funds, investment funds, and insurance companies, which also lowers the price.

 

Trends in US venture capital investment: More than $32 billion was invested in the US venture capital industry during 2017, which is approximately 66 percent of world’s venture capital invested whereas the US share was 12 percent during the financial crisis of 2009. After the crisis, the fund raising has shown an upward trend and reached 73 percent as of 2014. During 2015 and 2016, there was a drop in the US contribution at 62 percent and 61 percent, respectively, and started picking up again in 2017 and quarterly so far in 2018.

World in 2030

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