The geography of technology-intensive start-ups and venture capital: European evidence

This paper aims at providing novel evidence about the geographical concentration of venture capital (VC) activity in seven European countries. Drawing upon a unique dataset, VICO 2.0, we describe the geographical distribution of VC investments and VC-backed technology-intensive start-ups and analyse...

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Bibliographic Details
Published in:Economia e politica industriale 2018-09, Vol.45 (3), p.361-386
Main Authors: Guerini, Massimiliano, Tenca, Francesca
Format: Article
Language:English
Subjects:
Business Strategy/Leadership
Economics
Economics and Finance
Entrepreneurship
Industrial economics
Industrial Organization
R & D/Technology Policy
Startups
Venture capital
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Summary:This paper aims at providing novel evidence about the geographical concentration of venture capital (VC) activity in seven European countries. Drawing upon a unique dataset, VICO 2.0, we describe the geographical distribution of VC investments and VC-backed technology-intensive start-ups and analyse the regional and country-level factors associated to the regional concentration in VC activity. Results from econometric estimates suggest that regional VC activity is positively associated to the level of regional knowledge intensity, the level of regional human capital, the local supply of VC investors and a more favourable country’s legal and institutional environment.
ISSN:0391-2078
1972-4977
DOI:10.1007/s40812-018-0098-9