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The knowledge brokers: venture capitalists, tacit knowledge and regional development

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  • Matthew A. Zook

Abstract

This article reviews the role of knowledge in economic development and the actors through which it is created and transferred. Unpacking the often oversimplified dichotomy between tacit and explicit knowledge, the contribution of firms, communities of practice and regions to the creation of knowledge is considered. While acknowledging the importance of global knowledge flows, it is argued that regional processes of Marshallian interaction and observation retain their relevance even within the decidedly global financial and internet industries. This argument is supported empirically through an analysis of the spatial structure of the knowledge used by venture capitalists during the development of the internet industry. The ability to create and access knowledge proves key for venture capitalists throughout their work, but particularly in (1) selecting promising industries, (2) finding and evaluating firms, and (3) assisting portfolio companies. Cet article étudie le rôle du savoir dans l'expansion économique, ainsi que les acteurs qui permettent de le créer et le transmettre. En démêlant la dichotomie souvent simplifiée à outrance entre savoirs tacite et explicite, il examine l'apport des entreprises, communautés de pratiques et régions dans la création du savoir. Tout en reconnaissant l'importance des flux internationaux de connaissances, il soutient que les processus régionaux d'observation et d'interaction marshallienne restent pertinents même pour les secteurs de l'Internet et de la finance résolument planétaires. Cet argument est étayé empiriquement par l'analyse de la structure spatiale du savoir utilisé par les spéculateurs capitalistes pendant l'essor des activités de l'Internet. L'aptitude à créer du savoir et à y accéder est essentielle pour eux quel que soit leur travail, mais surtout pour repérer les secteurs prometteurs, trouver et évaluer des entreprises, et aider les sociétés de capital‐risque.

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  • Matthew A. Zook, 2004. "The knowledge brokers: venture capitalists, tacit knowledge and regional development," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 28(3), pages 621-641, September.
    • Handle: RePEc:bla:ijurrs:v:28:y:2004:i:3:p:621-641
    DOI: 10.1111/j.0309-1317.2004.00540.x
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    Cited by:

    1. Jarle Aarstad & Olav Andreas Kvitastein & Stig-Erik Jakobsen, 2019. "What Drives Enterprise Product Innovation? Assessing How Regional, National, And International Inter-Firm Collaboration Complement Or Substitute For R&D Investments," International Journal of Innovation Management (ijim), World Scientific Publishing Co. Pte. Ltd., vol. 23(05), pages 1-25, June.
    2. Katja Bringmann & Ann Verhetsel & Thomas Vanoutrive & Jo Reynaerts, 2013. "The impact of venture capital linkages on start-ups' cluster embeddedness," ERSA conference papers ersa13p298, European Regional Science Association.
    3. Kuebart, Andreas & Ibert, Oliver, 2019. "Beyond territorial conceptions of entrepreneurial ecosystems: The dynamic spatiality of knowledge brokering in seed accelerators," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 63(2-4), pages 118-133.
    4. Jane S Pollard, 2007. "Making Money, (Re)Making Firms: Microbusiness Financial Networks in Birmingham's Jewellery Quarter," Environment and Planning A, , vol. 39(2), pages 378-397, February.
    5. Paul Langley & Andrew Leyshon, 2017. "Capitalizing on the crowd: The monetary and financial ecologies of crowdfunding," Environment and Planning A, , vol. 49(5), pages 1019-1039, May.
    6. Dafna Schwartz & Raphael Bar-El, 2006. "Venture Investments in Israel - A Regional Perspective Dafna Schwartz and Raphael Bar-El Ben-Gurion University, School of Management, Israel," ERSA conference papers ersa06p868, European Regional Science Association.
    7. Caleb Gallemore & Kristian Roed Nielsen & Kristjan Jespersen, 2019. "The uneven geography of crowdfunding success: Spatial capital on Indiegogo," Environment and Planning A, , vol. 51(6), pages 1389-1406, September.
    8. Menkhoff, Thomas & Evers, Hans-Dieter, 2011. "The governance of Singapore’s knowledge clusters: off shore marine business and waterhub," MPRA Paper 33979, University Library of Munich, Germany.
    9. Amin, Ash & Roberts, Joanne, 2008. "Knowing in action: Beyond communities of practice," Research Policy, Elsevier, vol. 37(2), pages 353-369, March.
    10. Alessandro Rosiello & Morris Teubal & Gil Avnimelech, 2008. "Towards the Framing of Venture Capital Policies: a Systems-Evolutionary Perspective with Particular Reference to the UK/Scotland and Israeli Experiences," ICER Working Papers 21-2008, ICER - International Centre for Economic Research.
    11. Yannis Pierrakis & George Saridakis, 2019. "The role of venture capitalists in the regional innovation ecosystem: a comparison of networking patterns between private and publicly backed venture capital funds," The Journal of Technology Transfer, Springer, vol. 44(3), pages 850-873, June.
    12. Reijer Hendrikse & Michiel van Meeteren & David Bassens, 2020. "Strategic coupling between finance, technology and the state: Cultivating a Fintech ecosystem for incumbent finance," Environment and Planning A, , vol. 52(8), pages 1516-1538, November.
    13. Junfu Zhang, 2007. "Access to Venture Capital and the Performance of Venture-Backed Start-Ups in Silicon Valley," Economic Development Quarterly, , vol. 21(2), pages 124-147, May.
    14. Kuebart, Andreas, 2019. "Geographies of relational coordination in venture capital firms," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 27(11), pages 2206-2226.
    15. Evers, Hans-Dieter & Gerke, Solvay & Menkhoff, Thomas, 2010. "Knowledge Clusters and Knowledge Hubs: Designing Epistemic Landscapes for Development," MPRA Paper 33956, University Library of Munich, Germany, revised 08 Oct 2011.
    16. Sharon Zukin, 2021. "Planetary Silicon Valley: Deconstructing New York’s innovation complex," Urban Studies, Urban Studies Journal Limited, vol. 58(1), pages 3-35, January.
    17. Del Sarto, Nicola & Cruz Cazares, Claudio & Di Minin, Alberto, 2022. "Startup accelerators as an open environment: The impact on startups’ innovative performance," Technovation, Elsevier, vol. 113(C).
    18. Alessandro Rosiello & Stuart Parris, 2009. "The patterns of venture capital investment in the UK bio-healthcare sector: the role of proximity, cumulative learning and specialisation," Venture Capital, Taylor & Francis Journals, vol. 11(3), pages 185-211, February.
    19. Andrew Watkins, 2010. "The Venture Capital Perspective on Collaboration with Large Corporations/MNEs in London and the South East: Pursuing Extra‐Regional Knowledge and the Shaping of Regional Venture Capital Networks?," Review of Policy Research, Policy Studies Organization, vol. 27(4), pages 491-507, July.
    20. Alessandro Rosiello & Gil Avnimelech & Morris Teubal, 2011. "Towards a systemic and evolutionary framework for venture capital policy," Journal of Evolutionary Economics, Springer, vol. 21(1), pages 167-189, February.
    21. Schudy, Simeon, 2006. "Jüngere Entwicklungen auf dem Risikokapitalmarkt für Biotechnologie in Deutschland," Kiel Working Papers 1270, Kiel Institute for the World Economy (IfW Kiel).

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