Evolutionary Interpretation of VC Policy in Israel, Germany, UK and Scotland

Science technology and the economy program (STE), Working papers series STE-WP-45-2011

18 Pages Posted: 6 Apr 2016

See all articles by Gil Avnimelech

Gil Avnimelech

Ono Academic College

Alessandro Rosiello

University of Edinburgh

Morris Teubal

Hebrew University of Jerusalem - Department of Economics

Date Written: January 1, 2011

Abstract

Despite many attempts to develop high-impact VC policies, most VC markets in Europe are still underdeveloped. Many of these policies were based on 'traditional' (Rosiello et al 2009) VC policy involve a mix of monetary incentives and institutional changes. In this paper, we present an alternative evolutionary VC policy, which is based on a dynamic analysis of emergence processes and on the co-evolution between VC and entrepreneurship, as well as on a dynamic and adaptive view of policy. The paper presents four case studies of VC development: Israel, UK, Scotland, and Germany. Evolutionary VC policies relies on few major factors: i) a strategic objective and a long-term commitment to enhancing VC market and high-tech cluster emergence and development, ii) a phased-policy portfolio including both direct and indirect VC policy components, and iii) a dynamic policy process, which is adaptive to the specific context.

Keywords: Venture Capital, High Tech Cluster, Emergence, Innovation Policy, Targeted Policy, System Evolutionary Perspective, and Industry Life Cycle

JEL Classification: G24, O38

Suggested Citation

Avnimelech, Gil and Rosiello, Alessandro and Teubal, Morris, Evolutionary Interpretation of VC Policy in Israel, Germany, UK and Scotland (January 1, 2011). Science technology and the economy program (STE), Working papers series STE-WP-45-2011, Available at SSRN: https://ssrn.com/abstract=2758200 or http://dx.doi.org/10.2139/ssrn.2758200

Gil Avnimelech (Contact Author)

Ono Academic College ( email )

Tzahal Street 104
Kiryat Ono, 55000
Israel

Alessandro Rosiello

University of Edinburgh ( email )

Old College
South Bridge
Edinburgh, Scotland EH8 9JY
United Kingdom

Morris Teubal

Hebrew University of Jerusalem - Department of Economics ( email )

Mount Scopus
Jerusalem, 91905
Israel
+02-5883257 (Phone)

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