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Author : Andrew Mara
Publisher :
ISBN 13 :
Total Pages : 16 pages
Book Rating : 4.:/5 (1 download)
Download or read book Maximizing the Returns of Government Venture Capital Programs written by Andrew Mara and published by . This book was released on 2011 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Andrew Mara
Publisher :
ISBN 13 :
Total Pages : 11 pages
Book Rating : 4.:/5 (16 download)
Download or read book Maximizing the Returns of Government Venture Capital Programs written by Andrew Mara and published by . This book was released on 2011 with total page 11 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines how government venture capital (GVC) initiatives can provide four key benefits to the government: a wider "window" on new technology development, an increased potential government supplier base, more leverage of private investment, and more rapid acquisition of new technologies. The majority of the information in this paper was compiled from interviews with corporate and private venture capitalists and survey responses as well as interviews from GVC-backed companies. All of the surveys and interviews were nonattributional, a necessary caveat to ensure that the interviewees could provide honest and uncensored responses. While this study generally focuses on improvements to these programs, it should be noted that most companies surveyed and interviewed were largely positive about their interaction with GVC programs. In a survey, 81.5 percent of In-Q-Tel and 100 percent of On-Point Technologies companies rated these programs as similar to or better than their private VC investors.
Author : Josh Lerner
Publisher : Princeton University Press
ISBN 13 : 0691154538
Total Pages : 240 pages
Book Rating : 4.6/5 (911 download)
Download or read book Boulevard of Broken Dreams written by Josh Lerner and published by Princeton University Press. This book was released on 2012-02-26 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: Discussing the complex history of Silicon Valley and other pioneering centres of venture capital, Lerner uncovers the extent of government influence in prompting growth. He examines the public strategies used to advance new ventures and reveals the common flaws undermining far too many programmes.
Author : Josh Lerner
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book When Bureaucrats Meet Entrepreneurs written by Josh Lerner and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In many nations, the federal government takes an active role in financing new firms.The focus here is on "public venture capital" initiatives that provide equity or equity-like investments or encourage others to make these investments in new firms.The challenges involved with financing a young, high-technology firm are also examined.The background of the venture capital industry is discussed, focusing on the growth and fluctuations in venture capital investment from World War II to the present. The criteria for venture capital investment and the distribution of the capital are explained.The impact of public venture capital programs is discussed, with research indicating that these programs encourage both outside investment following firm certification and R&D spillovers. The limitations of public venture capital programs are examined, while focusing on the Small Business Innovation Research (SBIR) program as an example of an effective program.The challenges involved with designing an effective program are discussed, and the design of the Advanced Technology Program (ATP) of the Department of Commerce is highlighted.Following a case study of ATP firms, four important recommendations for public venture capital programs are noted.Areas for further research are discussed, as are the limitations of these public programs. (AKP).
Author : National Research Council
Publisher : National Academies Press
ISBN 13 : 0309129974
Total Pages : 140 pages
Book Rating : 4.3/5 (91 download)
Download or read book Venture Funding and the NIH SBIR Program written by National Research Council and published by National Academies Press. This book was released on 2009-07-22 with total page 140 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Small Business Administration issued a policy directive in 2002, the effect of which has been to exclude innovative small firms in which venture capital firms have a controlling interest from the SBIR program. This book seeks to illuminate the consequences of the SBA ruling excluding majority-owned venture capital firms from participation in SBIR projects. This book is part of the National Research Council's study to evaluate the SBIR program's quality of research and value to the missions of five government agencies. The other books in the series include: An Assessment of the SBIR Program (2008) An Assessment of the SBIR Program at the National Science Foundation (2007) An Assessment of the Small Business Innovation Research Program at the National Institutes of Health (2009) An Assessment of Small Business Innovation Research Program at the Department of Energy (2008) An Assessment of the Small Business Innovation Research Program at the National Aeronautics and Space Administration (2009) An Assessment of the Small Business Innovation Research Program at the Department of Defense (2009)
Author : United States. General Accounting Office
Publisher :
ISBN 13 :
Total Pages : 130 pages
Book Rating : 4.F/5 ( download)
Download or read book Government-industry Cooperation Can Enhance the Venture Capital Process written by United States. General Accounting Office and published by . This book was released on 1982 with total page 130 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Hyeongsoo Kim
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (212 download)
Download or read book The Social Value Maximizing Policies for Venture Capital Investment Consortiums in Korea written by Hyeongsoo Kim and published by . This book was released on 2001 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Florida. Office of Program Policy Analysis and Government Accountability
Publisher :
ISBN 13 :
Total Pages : 8 pages
Book Rating : 4.3/5 (126 download)
Download or read book Economically Targeted Investment Program Under Development written by Florida. Office of Program Policy Analysis and Government Accountability and published by . This book was released on 2008 with total page 8 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Thomas Meyer
Publisher :
ISBN 13 :
Total Pages : 51 pages
Book Rating : 4.:/5 (129 download)
Download or read book The Public Sector's Role in the Promotion of Venture Capital Markets written by Thomas Meyer and published by . This book was released on 2014 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the last decades, governments around the world have increasingly dedicated public financing to the promotion of self-sustainable venture capital markets. In most industrialised nations, the state plays some role in the development of the venture capital industry - particularly the high-tech, early stage sector - and tries stimulating, supporting and influencing this market either directly or indirectly, usually by providing a range of incentives. This paper gives an overview over the growing number of research publications on the public sector's role in the promotion of venture capital markets. Typically these analyses are country-specific and tend to fall short on principles. As policy makers have been using several alternative mechanisms within different and highly idiosyncratic national institutional environments, and the interventions took place at very specific time periods, this paper proposes a general framework for publicly supported venture capital programs. Depending on whether support is targeting developing or existing venture capital markets, a stage wise approach starting with the preparation of a private equity industry, moving on to creating and stabilizing venture capital markets and finally using these markets to achieve policy objectives is proposed. At an advanced stage of the venture capital market's development policy makers are faced with two fundamental issues: when operating under the same conditions as private sector investors the government can only pursue policy objectives as long as other limited partners accept them. A major component of the government's value added, particularly during market downturns, is the signalling and certification inherent in its commitment to a venture capital fund. For private sector limited partners, however, only the public investor's financial track record is of relevance, and to create this track record, the government's approach has to closely comply with the private sector modus operandi. Consequently, with increasing maturity and growing investment return potential of the venture capital market government budgets need to be complemented with and finally replaced by funding from private sector investors.
Author : Henry Etzkowitz
Publisher : Aspen Publishers
ISBN 13 : 9780156072786
Total Pages : 0 pages
Book Rating : 4.0/5 (727 download)
Download or read book Public Venture Capital written by Henry Etzkowitz and published by Aspen Publishers. This book was released on 2001 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Many entrepreneurs are not aware of the opportunities presented by the federal government. Others know of these funding programs but need help in finding the one best suited for their company and they need strategic advice on how best to interest the agency in their project. This is the definitive guide outlining all of the major federal research programs. Included in the guide:Listings of all major 'gap funding' programsState listings of Small Business Development Centers and Manufacturing Extension PartnershipsExamples of successful applications and proposalsIndices of technical and scientific areas, programs and people, indexed by both name and agencyYou'll also receive dozens of other funding aids on an easy-to-use, customizable CD-ROM.
Author : Andrew Metrick
Publisher : John Wiley and Sons
ISBN 13 : 1118137884
Total Pages : 1153 pages
Book Rating : 4.1/5 (181 download)
Download or read book Venture Capital and the Finance of Innovation written by Andrew Metrick and published by John Wiley and Sons. This book was released on 2011-06-15 with total page 1153 pages. Available in PDF, EPUB and Kindle. Book excerpt: This useful guide walks venture capitalists through the principles of finance and the financial models that underlie venture capital decisions. It presents a new unified treatment of investment decision making and mark-to-market valuation. The discussions of risk-return and cost-of-capital calculations have been updated with the latest information. The most current industry data is included to demonstrate large changes in venture capital investments since 1999. The coverage of the real-options methodology has also been streamlined and includes new connections to venture capital valuation. In addition, venture capitalists will find revised information on the reality-check valuation model to allow for greater flexibility in growth assumptions.
Author : Van Puyvelde Damien Van Puyvelde
Publisher : Edinburgh University Press
ISBN 13 : 1474450253
Total Pages : 224 pages
Book Rating : 4.4/5 (744 download)
Download or read book Outsourcing US Intelligence written by Van Puyvelde Damien Van Puyvelde and published by Edinburgh University Press. This book was released on 2019-05-03 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the 21st century, more than any other time, US agencies have relied on contractors to conduct core intelligence functions. This book charts the swell of intelligence outsourcing in the context of American political culture and considers what this means for the relationship between the state, its national security apparatus and accountability within a liberal democracy. Through analysis of a series of case studies, recently declassified documents and exclusive interviews with national security experts in the public and private sectors, the book provides an in-depth and illuminating appraisal of the evolving accountability regime for intelligence contractors.
Author : Stephen Barkoczy
Publisher :
ISBN 13 : 9781760020729
Total Pages : 656 pages
Book Rating : 4.0/5 (27 download)
Download or read book Innovation and Venture Capital Law and Policy written by Stephen Barkoczy and published by . This book was released on 2016 with total page 656 pages. Available in PDF, EPUB and Kindle. Book excerpt: Innovation and Venture Capital Law and Policy examines the Australian innovation system, focusing on the broad range of government programs that have been introduced over the years to foster innovation and encourage venture capital investment in entrepreneurial start-up and early stage companies. It discusses the importance of innovation to a country's economic growth and the critical role that venture capital plays in financing new businesses. The book also looks at the innovation systems in the United States and Israel. Both countries have been selected for comparative purposes as they have highly developed innovation systems and are widely respected as world leaders in venture capital investment.Innovation and Venture Capital Law and Policy has been written as a scholarly monograph that explores these topics in detail. It is designed to be a practical resource for entrepreneurs running start-up and early stage companies, angels and venture capitalists who invest in such companies, staff engaged in university technology transfer offices, and accountants and lawyers who advise these parties. In addition, the book should also be of use to governments and policymakers that are involved in designing and administering innovation and venture capital programs, as well as to scholars and students studying innovation and venture capital law and policy.
Author : Eisaiah Engel
Publisher :
ISBN 13 :
Total Pages : 120 pages
Book Rating : 4.6/5 (972 download)
Download or read book Innovation Casino written by Eisaiah Engel and published by . This book was released on 2020-12-08 with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt: Are you ready to outperform the competition in the digital economy-but are dissatisfied with how internal initiatives never get you far enough, fast enough? Innovation Casino is a new playbook on how executives at large firms can grow digital revenue in the 2020s. Challenged with COVID-19 at the outset, the 2020s are also poised for higher taxes and higher borrowing costs. In this new decade, large corporates will need to change course from betting on big acquisitions (a strategy used by "players" in the innovation casino) to growing organically by creating new reasons for customers to pay a premium and stay loyal. The "innovation casino" is a metaphor for the odds of delivering financial returns from innovation. To beat the odds, large firms must transform their core products into digital ecosystems-much like the App Store on the Apple iPhone. Digital ecosystems give large firms the opportunity to participate in thousands of bets on digital innovation produced by outside startups-rather than trying to innovate by themselves. By focusing on their core platforms and incentivizing startups to build everything else, large firms can play to their natural strengths as the "house" in the innovation casino. In his work with leading companies, digital innovator and best-selling author Eisaiah Engel has seen firsthand how innovation investments can be hampered by internal roadblocks and complexities. Engel founded three companies in the digital advertising space, including one that generated over $1 million annually with an initial investment of $25,000. Curious to learn the machinery of large organizations, Engel then divested his startups and worked as a consultant and later as a marketing leader at a Fortune 10 firm. Innovation Casino was born of Engel's struggles to innovate at the extreme ends of corporate structure-from his own startups to companies with billions in revenue. In Innovation Casino, Engel proposes a shift in corporate innovation financing: Use outside capital to fund startups, encouraging them to build new products and services on a large firm's platform. Through the research-based strategies in Innovation Casino, you will: Learn how to combine open innovation with seed funding-motivating startups to develop products and services that attract customers to your platform. Make thousands of bets on innovation with an Ecosystem Innovation Fund (EIF)-a cross between the US government's SBIR (Small Business Innovation Research) grant program and venture capital. Maximize principal preservation and your returns with the unique risk management structure of an EIF. "Buy low" by giving entrepreneurs unprecedented control of their companies in exchange for valuation discounts to maximize your returns. Invest in "zebra" startups that are excited about delivering niche solutions on your platform, unlike their "unicorn" cousins who are trying to become your competitors. Free your digital ecosystem to participate in thousands of bets on innovation-overcoming the constraints of your organizational structure. Innovation Casino takes an odds-based view of strategy, basing its provocative recommendations on years of primary and secondary research by the author. With more than 21 graphs and detailed data tables, this book provides critical information for your digital ecosystem strategy. Giving this book to your corporate strategy, finance, and product teams would be a smart bet on your company's future in the platform economy.
Author : Josh Lerner
Publisher :
ISBN 13 :
Total Pages : 49 pages
Book Rating : 4.:/5 (129 download)
Download or read book The Government as Venture Capitalist written by Josh Lerner and published by . This book was released on 2013 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: The effectiveness of the many government programs to finance small firms has attracted little empirical attention. This paper examines the largest U.S. public venture capital initiative, the Small Business Innovation Research (SBIR) program, which has provided over $7 billion to small high-technology firms between 1983 and 1997. Using a unique database of awardees compiled by the U.S. General Accounting Office, I show that SBIR awardees grew significantly faster than a matched set of firms over a ten-year period. The superior performance of SBIR awardees was confined to firms based in zip codes with substantial venture capital activity. The impact of the awards was pronounced in high-technology industries. No increase of performance was associated with multiple awards. These patterns are consistent with the awards playing an important role in certifying firm quality, but also with some distortions of the award process.
Author : Douglas J. Cumming
Publisher :
ISBN 13 :
Total Pages : 16 pages
Book Rating : 4.:/5 (13 download)
Download or read book Government Venture Capital Research written by Douglas J. Cumming and published by . This book was released on 2018 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: We review statistical methods used to estimate the impact of crowding out of private venture capital by government venture capital. We review three types of failures that have plagued the venture capital literature and resulted in policy implications that are precisely the opposite of what the data actually indicate. The first failure involves the mistaken use of measures that give rise to country rankings where the best venture capital markets in the world are countries like Austria and Hungry, and the worst venture capital market in the world is the U.K. The second and more recent failure involves the use of data that does not pre-date the creation of government venture capital. The third type of failure involves not accounting for the non-random matching between entrepreneurs and government venture capital programs. We show that statistical inference in recent work that makes some of these mistakes can give rise to remarkably incorrect conclusions; including, for example, a bizarre and clearly false inference that a market with more than 89% investment by government funds exhibits no evidence of displacement of private funds. In view of these issues, we offer suggestions for future research and raise some new questions that could guide policymakers in the future.
Author : Sofia Johan
Publisher :
ISBN 13 :
Total Pages : 32 pages
Book Rating : 4.:/5 (129 download)
Download or read book Pre-Seed Government Venture Capital Funds written by Sofia Johan and published by . This book was released on 2013 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyses a Pre-Seed Fund (quot;PSFquot;) government venture capital (quot;VCquot;) program for the purpose of improving our understanding about effective public policy towards entrepreneurial finance. The PSF program is a public-private partnership started in 2002 for the purpose of fostering more investment in nascent high-tech entrepreneurial companies in Australia. Data from Venture Economics indicate PSFs are the primary provider of seed stage VC in Australia, but PSFs are not more likely to invest in high-tech companies than other types of VC funds. PSFs have smaller portfolios (number of investees) per manager than other types of VC funds, and are more likely to invest in companies resident in the same state, but do not stage and syndicate more frequently than other types of VC funds. Overall, therefore, the structure of the program has given rise to mixed performance in terms of finance and governance provided to nascent high-tech entrepreneurial companies. As well, there is also suggestive evidence that the PSF program diminishes the incentives for Innovation Investment Funds (a previously existing Australian government VC fund program) to invest in seed stage ventures, and hence competing government initiatives appear to be crowding out one another. Further evidence suggests that among the four PSFs in existence, one PSF has outperformed the other PSFs in regards to the investee company patents and financial statement performance, even though this fund has invested less money and charged lower management fees than its counterparts. Hence, a further lesson from the PSF program is that the impact of government sponsored VC funds depends not only on the design of the program but also on the selection of the VC managers carrying out the investments.
