Data and Code for: Venture Capital’s Role in Financing Innovation: How far we have come and how much we still need to learn
Principal Investigator(s): View help for Principal Investigator(s) Josh Lerner, Harvard University. Harvard Business School. Division of Research; Ramana Nanda, Harvard University. Harvard Business School. Division of Research
Version: View help for Version V1
| Name | File Type | Size | Last Modified |
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| Exhibit-Files | 06/12/2020 04:12:PM | ||
| NVCA-Yearbooks | 06/12/2020 04:15:PM | ||
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application/pdf | 190.7 KB | 06/24/2020 05:04:PM |
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application/pdf | 75.8 KB | 07/04/2020 08:04:AM |
Project Citation:
Lerner, Josh, and Nanda, Ramana. Data and Code for: Venture Capital’s Role in Financing Innovation: How far we have come and how much we still need to learn. Nashville, TN: American Economic Association [publisher], 2020. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2020-07-27. https://doi.org/10.3886/E119152V1
Project Description
Summary:
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In this paper, we argue that despite the innovation and growth generated by the venture capital (VC) industry, VC also has very real limitations in advancing substantial technological change. We identify three main issues: (1) The
very narrow band of technological innovations that fits the requirements of
institutional VC investors, (2) the
relatively small number of VC investors who hold and shape the direction of a
substantial fraction of capital that is deployed into financing radical
technological change, and (3) The
relaxation of the intense emphasis on corporate governance by VCs in recent
years.
We begin by tracing the growth of the institutional venture capital industry. We then highlight how technological and institutional changes in the past two decades have narrowed the focus of and concentrated the capital invested by VCs. We highlight recent research examining the potential real effects that these changes can have. We end by speculating on potential adaptations to the venture capital model might enable a broader base of ideas and technologies to receive risk capital.
We begin by tracing the growth of the institutional venture capital industry. We then highlight how technological and institutional changes in the past two decades have narrowed the focus of and concentrated the capital invested by VCs. We highlight recent research examining the potential real effects that these changes can have. We end by speculating on potential adaptations to the venture capital model might enable a broader base of ideas and technologies to receive risk capital.
Scope of Project
Subject Terms:
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investments;
investors;
companies;
startup companies;
fundraising;
stock markets;
technology;
information technology;
innovation
JEL Classification:
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G24 Investment Banking; Venture Capital; Brokerage; Ratings and Ratings Agencies
O31 Innovation and Invention: Processes and Incentives
G24 Investment Banking; Venture Capital; Brokerage; Ratings and Ratings Agencies
O31 Innovation and Invention: Processes and Incentives
Geographic Coverage:
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United States
Time Period(s):
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1/1/1980 – 12/31/2019
Collection Date(s):
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11/1/2019 – 4/24/2020
Universe:
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Venture capital investments in the United States
Data Type(s):
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aggregate data;
event/transaction data;
observational data
Methodology
Data Source:
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PitchBook
National Venture Capital Association
Refinitiv SDC Platinum
S&P Capital IQ
National Venture Capital Association
Refinitiv SDC Platinum
S&P Capital IQ
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