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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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    Titre
    • The impact of venture capital on the persistence of innovation activities of start-ups
    Auteur
    • Arvanitis, Spyros. KOF Swiss Economic Institute, ETH Zurich, 8092, Zurich, Switzerland
    • Stucki, Tobias. KOF Swiss Economic Institute, ETH Zurich, 8092, Zurich, Switzerland
    Type de document
    • Postprint
    Langue
    • Anglais
    Publié dans
    • Small Business Economics, 2014, vol. 42, no. 4, p. 849-870. Springer US; http://www.springer-ny.com
    Autre version électronique
    Identifiant OAI-PMH
    • oai:doc.rero.ch:325159
    Summary
    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.