New Technology-Based Firms and Venture Capital Policy in Nigeria

Journal of Innovation Economics & Management 2012/1 n°9

20 Pages Posted: 27 Nov 2019

See all articles by Adebola Daramola

Adebola Daramola

University of Maryland, Baltimore County (UMBC); National Centre for Technology Management (NACETEM)

Date Written: October 1, 2012

Abstract

The development of high growth New Technology-Based Firms (NTBFs) in Silicon Valley, Israel, Bangalore and UK is attributed to Venture Capital. Evidence of Nigeria focused or based Venture Capital investment in new technology based firms (NTBFs) is surveyed. This study attempted defining what NTBFs is with Nigeria in context; utilizing established classification such as OECD in assessing the kinds of technology-based firms (TBFs) around. Despite the importance of NTBFs, government incentives and VC investments to grow them have been minimal in Nigeria. Using open (unstructured) questions interviews of members of the Venture Capital Association of Nigeria (VCAN) and some executives in technology-based firms, their assessment of the Nigerian business environment shows a need for policy changes to encourage an upsurge of VC investment in NTBFs. This paper relied on secondary source material.

Keywords: New Technology Based Firms (NTBFs), Venture Capital, Policy, Development Financial Institutions (DFIs), ICT Sector, Small and Medium-Scale Industries Equity Investment Scheme (SMEIS)

JEL Classification: G24, G28, O38, O16, O43, O55

Suggested Citation

Daramola, Adebola, New Technology-Based Firms and Venture Capital Policy in Nigeria (October 1, 2012). Journal of Innovation Economics & Management 2012/1 n°9. Available at SSRN: https://ssrn.com/abstract=3460606

Adebola Daramola (Contact Author)

University of Maryland, Baltimore County (UMBC) ( email )

1000 Hilltop Circle
Baltimore, MD 21250
United States

HOME PAGE: http://https://publicpolicy.umbc.edu/

National Centre for Technology Management (NACETEM)

Nigeria

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