Venture Capital and the Inventive Process VC Funds for Ideas-Led Gro
The inventive process is the most important driver of economic growth. Venture capital (VC) funds have contributed a small, but critical, part to the inventive process. VC funds boost the inventive process by selecting a small number of radical ideas out
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Venture Capital and the Inventive Process
Tamir Agmon • Stefan Sjögren
Venture Capital and the Inventive Process VC Funds for Ideas-Led Growth
Tamir Agmon University of Gothenburg Göteborg, Sweden
Stefan Sjögren University of Gothenburg Göteborg, Sweden
ISBN 978-1-137-53659-4 ISBN 978-1-137-53660-0 DOI 10.1057/978-1-137-53660-0
(eBook)
Library of Congress Control Number: 2016941484 © The Editor(s) (if applicable) and The Author(s) 2016 The author(s) has/have asserted their right(s) to be identified as the author(s) of this work in accordance with the Copyright, Designs and Patents Act 1988. This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. Printed on acid-free paper This Palgrave Pivot imprint is published by Springer Nature The registered company is Macmillan Publishers Ltd. London
CONTENTS
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A Comprehensive Economic Look at VC Funds 1.1 Introduction: The Purpose of This Book 1.2 Radical Ideas as Assets 1.3 The Need for Government Interventions as a Necessary Condition for the Development of Radical, Innovative Ideas in Technology 1.4 The Functional Role of VC Funds in Financing Radical Ideas 1.5 The Narrative of the Book and Its Structure References The Size and the Characteristics of the Venture Capital Industry 2.1 Introduction 2.2 The Structure of VC Funds 2.3 The Size of VC Funds 2.3.1 The Size of VC Funds in the Global World 2.3.2 The Size of VC Funds in the U.S. 2.3.3 The Number and the Nature of the Investment Projects of VC Funds in the U.S. 2.3.4 The Dynamics of U.S. VC Funds 2.4 The Sources of Capital for U.S. VC Funds 2.5 Success and Failure in U.S. VC Funds
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2.6 Summary References
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VC Funds and the Semiconductor Industry: An Illustration 3.1 Introduction 3.2 The Development of the Idea of Semiconductors 3.2.1 The Early Stages of Semiconductors 3.2.2 From Ideas to Products 3.3 From Devices to Commercialized Products: VC Fund Participation in For
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