Innovation and Organizational Change in Venture Capital since World War II

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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.