Venture capital investor type and the growth mode of new technology-based firms

Purpose The purpose of this paper is to discuss the implication of Japanese government venture capital (VC) policies for future research and to provide basis for policymakers and practitioners. Design/methodology/approach This is an academic literature review of available peer-reviewed publications on government VC policies. This paper discusses and analyses the current state and issues of the Japanese government VC policies regarding three research questions: What do Japanese government VCs do? Do they contribute to their portfolios? and Do they contribute to the development of VC market? Findings There are mainly two findings in this paper: It is effective to establish a complementary relationship with private VCs for Japanese government VCs to contribute to their portfolios; Japanese government should simultaneously continue to make and review policies for the VC market, the stock market, the entrepreneur sector and the environment surrounding them by its strategic long-term commitment to contribute to the development of VC market and new technology-based firms in Japan. Originality/value As there are only a few studies on recently strengthened Japanese government VC policies, this paper provides an in-depth discussion on these Japanese VC policies, which can be used for future research and as a valuable resource for policymakers and practitioners.

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New Technology-Based Firms in Europe: Market Penetration, Public Venture Capital and Timing of Investment

SSRN Electronic Journal ◽

10.2139/ssrn.1892024 ◽

2013 ◽

Author(s):

Luca Grilli ◽

Samuele Murtinu

Keyword(s):

Venture Capital ◽

New Technology ◽

Market Penetration ◽

New Technology Based Firms ◽

Public Venture Capital

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A Synthesis of Six Exploratory, European Case Studies of Successfully Exited, Venture Capital-Financed, New Technology-Based Firms

Entrepreneurship Theory and Practice ◽

10.1177/104225879602000404 ◽

1996 ◽

Vol 20 (4) ◽

pp. 41-60 ◽

Cited By ~ 34

Author(s):

Gordon Murray

Keyword(s):

Venture Capital ◽

Case Studies ◽

Early Stage ◽

New Technology ◽

Individual Case ◽

Capital Investments ◽

Economic Return ◽

New Technology Based Firms ◽

The Individual ◽

Venture Capital Investments

This research presents the summary findings on six case studies of successful, venture capital investments in new technology-based firms in four European countries. In all cases, the enterprises had been financed by specialist, early-stage, and technology-focused venture funds which had exited the investments at a significant economic return. The exceptional competence and track records of the founder managers, and their defensible product position in growing markets, each appeared to be a common feature across the individual case studies. The paper also questions the unitary nature of the entrepreneurial process, arguing for entrepreneurial resources to be seen as an eclectically sourced stock.

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