The impact of venture capital on the persistence of innovation activities of start-ups
Arvanitis, Spyros ; Stucki, Tobias
In: Small Business Economics, 2014, vol. 42, no. 4, p. 849-870
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- In this study we investigate the impact of early stage venture capital on innovation activities of start-ups. This is done based on a cohort of start-ups that is representative of all firms founded in Switzerland in 1996/97, as recorded by a census of the Swiss Federal Statistical Office for this period. We analyze not only the impact of early stage venture capital on innovation performance 3years after firm foundation, but also 6 and 9years after firm start, respectively, for those firms that survived and reported continuously innovation activities (persistence of innovation). The results support neither the hypothesis of a positive impact on initial innovation activities nor the hypothesis of a positive time-persistent effect on innovation performance of start-ups.