The Growth of Venture Capital: A Cross-Cultural Comparison

The Growth of Venture Capital: A Cross-Cultural Comparison

The Growth of Venture Capital: A Cross-Cultural Comparison

The Growth of Venture Capital: A Cross-Cultural Comparison


Identifies factors that influence the emergence and growth of venture capital industries around the world, illuminating the various ways in which innovations are financed and enterpreneurship is encouraged.


In the early part of my academic career in the United States and Sweden, one (research) question that often came to mind was related to how technologies and innovations came into existence in different countries. While contemplating this question, my focus slowly turned toward the financial problems of firms involved in innovation.

Since 1998, I have met with a number of colleagues at different conferences and have had the chance to work with some of them on a variety of projects. These projects were mainly in the field of venture capital and entrepreneurship. My greatest opportunity was to work with Staffan Jacobsson, with whom I studied the Swedish venture capital industry both theoretically and empirically. Together we were able to develop a comprehensive framework for the analysis of the evolution of a venture capital industry. When Hilary Claggett, my editor at Praeger Publishers, initiated this book project, I already had a number of colleagues from many different countries who were ready to share their experiences. They were enthusiastic about the book from the beginning, believed in it, and were very cooperative in turning it into reality.

This book aims to be accessible and of use to the general reader interested in learning about the venture capital industry as a distinct financial institution of the new century. It addresses members of academia, venture capital associations, policy-making institutions, and government agencies. the theoretical contribution of the book may be of more interest to academics, while the practical applications and country examples combined with theoretical issues may be more attractive to venture capital associations, policy makers, and government agencies. the analysis section of the book, with its explanations of what lessons can be drawn, may be most useful to countries planning to establish their own venture capital industry.

I have a lot of people I would like to thank for helping to make this book a reality. It is inevitable (as every author knows) that there is not enough space to thank all those people here, and in addition, if I forget anyone I apologize now. I would especially like to thank the following people in no particular order.

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