Assessing the impact of Public Venture Capital Programmes in the United Kingdom: do regional characteristics matter?

Munari, Federico ; Toschi, Laura (2009) Assessing the impact of Public Venture Capital Programmes in the United Kingdom: do regional characteristics matter?
Full text available as:
[thumbnail of Munari_Toschi_regional_VC.pdf]
Download (440kB) | Preview


Over the last two decades, many governments around the world have implemented programmes to mobilize venture capital (VC) in support of new and innovative firms. In this paper, we analyze whether and how the impact of publicly-supported VC funds varies between high-tech and low-tech regions, when compared to private VC funds. Our analyses on a sample of 898 VC-backed companies in the United Kingdom in the period 1998-2007 show for public VC funds: (a) a greater propensity to invest in early-stage and technology-based sectors, which is especially pronounced in low-tech regions; (b) a greater propensity toward staging and a greater ability to attract partners in syndication, especially in high-tech regions; (c) lower exit rates of investee companies, in terms of IPO/acquisition, as compared to private VC funds. Overall, our findings confirm that regional characteristics do matter if we want to more rigorously assess the effectiveness of public VC programmes.

Document type
Munari, Federico
Toschi, Laura
Venture Capital, Public Policies, Regional Characteristics, United Kingdom
Deposit date
19 Jan 2010 10:52
Last modified
16 May 2011 12:12

Other metadata

This work may be freely consulted and used, may be reproduced on a permanent basis in a digital format (i.e. saving) and can be printed on paper with own personal equipment (without availing of third -parties services), for strictly and exclusively personal, research or teaching purposes, with express exclusion of any direct or indirect commercial use, unless otherwise expressly agreed between the user and the author or the right holder. It is also allowed, for the same purposes mentioned above, the retransmission via telecommunication network, the distribution or sending in any form of the work, including the personal redirection (e-mail), provided it is always clearly indicated the complete link to the page of the Alma DL Site in which the work is displayed. All other rights are reserved.



Staff only: View the document