The role of venture capitalists in the regional innovation ecosystem: a comparison of networking patterns between private and publicly backed venture capital funds

Abstract

This paper empirically examines the development of social networks among venture capitalists and other professionals of the regional innovation ecosystem. Using an online survey of venture capitalists, the article considers their networking behaviour, focusing particularly on the distinction between those employed by private and those employed by publicly backed venture capital funds, and on the composition and spatial search of their networks. It investigates whether the frequency of interaction between venture capitalists and other members of the innovation ecosystem is associated with the nature of the venture capital funds. The paper provides the first detailed investigation of the relationship between different types of venture capitalists and other players of the innovation ecosystem such as universities incubators, research institutes, and business support organisations. The results show that there are distinctive differences within the two seemingly similar professional groups (private and public venture capitalists), and public dependence of the venture capital fund is strongly and significantly associated with higher volumes of interactions. The more publicly dependent a fund is, the more it interacts with other players of the innovation system. This finding has important implications for both academics and practitioners and suggests that publicly backed funds have a wider role to play in mobilising the different players of the regional innovation ecosystem.

Cross-Border Venture Capital Investments: What Is the Role of Public Policy?

“…An ecosystem comprises other entrepreneurs, investors, and all supporting entities that surround the initial cross-border investment. Ecosystems tend to be highly interactive and networked, driven by information and thick market effects (Pierrakis and Saridakis 2019).…”

Where Do We Stand in Cryptocurrencies Economic Research? A Survey Based on Hybrid Analysis

“…Considering that ICOs have weaker legal backing, and a fuzzy regulation framework, there will be more information asymmetry between issuers and investors. Information asymmetries are particularly aggravated in innovative sectors, due to the difficulties in assessing the fair value of the investment (Pierrakis and Saridakis, 2019). In this sense, Momtaz (2020) provide evidence of systematic moral hazard in signaling.…”

Tőkealapok és vállalkozó egyetemek a lokális innovációs térben : Lengyel és magyar egyetemek friss tapasztalatai

“…A kockázatitőke-alapok externáliaként a regionális innovációs ökoszisztémákra jelentős hatást gyakorolnak. Ennek mértéke és jellege többek között nagyban függ az adott tőkealap magán-vagy állami/közösségi hátterétől (Pierrakis-Saridakis, 2019). Az alapok speciális csoportját képezik az egyetemek által alapított VC-k, melyek a szakirodalmi elemzés alapján (Croce et al, 2014) szintén sajátos jellemzőkkel és hatásokkal rendelkeznek.…”