Innovation and Organizational Change in Venture Capital since World War II

这是对专业风险投资组织历史演变的研究，也是对跨国风险投资组织演变的研究。这些类型的组织(即这种金融创新)是新技术、新高增长公司和新产业的重要推动者。加强对风险投资组织产生和成功的条件的理解，将有助于改进旨在刺激技术创新和新公司成长的政策和管理实践。本项目的具体重点是解释二战后专门的风险投资组织的出现和随后的地理分布，考察风险投资组织形式随时间的演变和多样性，并评估各种组织形式对风险投资绩效的影响。这位研究人员将研究美国地区和国家之间的比较经济、政治、法律和社会因素，特别关注建立有动力从事风险投资项目的有技能的企业家队伍。PI将使用公司内部记录、已发布的公司报告、期刊、已发布的数据库和个人访谈。本研究采用统计分析的方法，系统地考察了导致风险资本形成的因素，以及风险资本成功识别和培育新公司的因素。研究还使用了深入的案例研究来填补定性的细节，并提供了风险投资发展的关键路径的说明性例子。这项研究将产生一个风险资本活动数据库，供未来的学者使用。

This is a study of the evolution of specialized venture capital organizations historically and also cross-nationally. These types of organizations (i.e., this financial innovation) are important enablers of new technologies, new high-growth firms and new industries. Improved understanding of the conditions that engender the emergence and success of venture capital organizations should yield insights for improving policies and management practices aimed at spurring technological innovation and new firm growth.The specific focus of the project is to explain the emergence and subsequent geographical spread of specialized venture capital (VC) organizations after World War II, examine the evolution and diversity of VC organizational forms over time, and assess the impact of various organizational forms on VC performance. The researcher will examine comparative economic, political, legal, and societal factors among U.S. regions and across countries with special attention to the creation of pools of skilled entrepreneurs with incentives to undertake venture-back projects. The PI will use internal company records, published company reports, periodicals, published databases, and personal interviews. The research uses statistical analysis to investigate systematically the factors that lead to venture capital formation and to their success in identifying and nurturing new companies. The research also uses in-depth case-studies to fill in qualitative detail and to provide illustrative examples of key paths of venture capital development. The study will yield a venture capital activity database that will be available to future scholars.