Twelve Meditations on Venture Capital: Some Heretical Observations on the Dissonance between Theory and Practice When Applied to Public/Private Collaborations on Entrepreneurial Finance Policy

Abstract:     
This paper reflects on the policy formation process in the burgeoning area of early-stage, venture capital finance. An important question is raised as to why so little extant academic research, of both rigor and relevance, is employed in policy formation. The authors argue that the long term, international and comparative perspective of the academic researcher is of increasing importance in government. The gap between policy practice and academic empiricism is illustrated by reference to contemporary policy interest in the creation of public/private (‘hybrid’) venture capital funds. The rubric of Twelve Meditations is employed as a device to communicate across the academic/policy maker divide.

Number of Pages in PDF File: 33

Keywords: venture capital, entrepreneurship, entrepreneurial finance, public policy, hybrid funds

JEL Classification: M13, M21, H3, H4

working papers series