Public Policy for Venture Capital A Comparison of the United States
Venture capital is widely regarded as an important driver of economic growth. While the USA has the largest and most sophisticated venture capital market in the world, its German counterpart has only recently begun to mature, and numerous governmental sch
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WIRTSCHAFTSWISSENSCHAFT
Arnd Plagge
Public Policy for Venture Capital A Comparison of the United States and Germany
With a Foreword by Prof. Dr. Carl-Ludwig Holtfrerich
Deutscher Universitats-Verlag
Bibliografische Information Der Deutschen Bibliothek Die Deutsche Bibliothek verzeichnet diese Publikation in der Deutschen Nationalbibliografie; detaillierte bibliografische Daten sind im Internet iiber abrufbar.
l.Auflage Januar2006 Alle Rechte vorbehalten © Deutscher Universitats-Verlag/GWV Fachverlage GmbH, Wiesbaden 2006 Lektorat: Ute Wrasmann/Anita Wlike Der Deutsche Unlversitats-Verlag ist ein Unternehmen von Springer Science+Business Media. www.duv.de Das Werk einschlieBlich aller seiner Teile ist urheberrechtlich geschiitzt. Jede Verwertung auBerhalb der engen Grenzen des Urheberrechtsgesetzes ist ohne Zustimmung des Verlags unzulassig und strafbar. Das gilt insbesondere fiir Vervielfaltigungen, Ubersetzungen, Mikroverfilmungen und die Einspeicherung und Verarbeitung in elektronischen Systemen. Die Wiedergabe von Gebrauchsnamen, Handelsnamen, Warenbezeichnungen usw. in diesem Werk berechtigt auch ohne besondere Kennzeichnung nicht zu der Annahme, dass solche Namen im Sinne der Warenzeichen- und Markenschutz-Gesetzgebung als frei zu betrachten waren und daher von jedermann benutzt werden diirften. Umschlaggestaltung: Regine Zimmer, Dipl.-Designerin, Frankfurt/Main Druck und Buchbinder: Rosch-Buch, ScheBlitz Gedruckt auf saurefreiem und chlorfrei gebleichtem Papier Printed in Germany ISBN 3-8350-0217-1
Foreword In view of Germany's lackluster economic performance during the 1990s, i.e., at a time when the American economy was booming, a relative lack of venture capital vis-a-vis the United States was lamented in Germany. German government programs meant to help raise venture capital in order to finance "predominantly young, technologically innovative, unlisted small- and medium-sized enterprises which, despite low current profitability, are considered to have a suflficiently large growth potential," (Deutsche Bundesbank) were to a large extent unsuccessful since their inception in the 1960s. It is well-known that Germans tend to be more risk-averse than Americans, and it is therefore no wonder that the author of this book, Arnd Plagge, finds that Germany's venture capital market is relatively underdeveloped when compared to its counterpart in the United States. There can be no doubt that due to its investment focus on innovative start-up companies, venture capital can play an important role in fostering economic growth and the creation of modern high-skill jobs, especially by spurring the development of entirely new industries and products from such diverse and dynamic realms as pharmaceuticals, biotechnology as well as information and communication technology. Arnd Plagge's sharp quantitative analysis of the role of venture capital and of government programs to promote it, in both Germany and the United States, is well founded theoretically and supplies empirical evidence on both countries abundantly
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