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Knowledge-intensive property rights and the evolution of venture capitalism

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  • ANTONELLI, CRISTIANO
  • TEUBAL, MORRIS

Abstract

Venture capitalism is a major institutional innovation based on identifying economies of scope in transactions of technological knowledge, bundled with managerial competence, reputation, screening procedures, and equity. It has paved the way to the emergence of new surrogate markets for knowledge, i.e. financial markets specialized in trading knowledge-intensive property rights. This development has important benefits in terms of risk management and hence profitability of investments in high-tech start-ups. The dynamic efficiency effects of the new institution also derive from the fact that the public at large, through its investments in knowledge-based income streams, contributes to the creation of new economically useful knowledge and capabilities.

Suggested Citation

  • Antonelli, Cristiano & Teubal, Morris, 2008. "Knowledge-intensive property rights and the evolution of venture capitalism," Journal of Institutional Economics, Cambridge University Press, vol. 4(2), pages 163-182, August.
    • Handle: RePEc:cup:jinsec:v:4:y:2008:i:02:p:163-182_00
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    Citations

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    Cited by:

    1. Cristiano Antonelli & Pier Paolo Patrucco & Federica Rossi, 2010. "The Economics of Knowledge Interaction and the Changing Role of Universities," Chapters, in: Faïz Gallouj & Faridah Djellal (ed.), The Handbook of Innovation and Services, chapter 7, Edward Elgar Publishing.
    2. Cristiano Antonelli & Alessandra Colombelli, 2011. "The generation and exploitation of technological change: market value and total factor productivity," The Journal of Technology Transfer, Springer, vol. 36(4), pages 353-382, August.
    3. Cristiano Antonelli & Morris Teubal, 2012. "From the Corporation to Venture Capitalism: New Surrogate Markets for Knowledge and Innovation Led Economic Growth," Chapters, in: Michael Dietrich & Jackie Krafft (ed.), Handbook on the Economics and Theory of the Firm, chapter 38, Edward Elgar Publishing.
    4. Michael Peneder & Andreas Resch, 2015. "Schumpeter and venture finance: radical theorist, broke investor, and enigmatic teacher," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 24(6), pages 1315-1352.
    5. Valérie Revest & Alessandro Sapio, 2012. "Financing technology-based small firms in Europe: what do we know?," Small Business Economics, Springer, vol. 39(1), pages 179-205, July.
    6. Antonelli, Cristiano & Teubal, Morris, 2008. "Venture Capital as a Mechanism for Knowledge Governance: New Markets and Innovation-Led Economic Growth," Department of Economics and Statistics Cognetti de Martiis LEI & BRICK - Laboratory of Economics of Innovation "Franco Momigliano", Bureau of Research in Innovation, Complexity and Knowledge, Collegio 200805, University of Turin.
    7. Valérie Revest & Sandro Sapio, 2008. "Financing Technology-Based Small Firms in Europe: a review of the empirical evidence," LEM Papers Series 2008/23, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
    8. Michael Dietrich & Jackie Krafft (ed.), 2012. "Handbook on the Economics and Theory of the Firm," Books, Edward Elgar Publishing, number 13623.
    9. Cristiano Antonelli, 2011. "The Economic Complexity of Technological Change: Knowledge Interaction and Path Dependence," Chapters, in: Cristiano Antonelli (ed.), Handbook on the Economic Complexity of Technological Change, chapter 1, Edward Elgar Publishing.
    10. Antonelli, Cristiano & David, Paul, 2015. "Knowledge, Institutions and Economic Policy: An Introduction," Department of Economics and Statistics Cognetti de Martiis. Working Papers 201541, University of Turin.
    11. Herrera-Echeverri Hernán & Haar Jerry & Salazar-Duque Juan Guillermo, 2017. "Private Equity and Devaluation in Emerging Countries," Global Economy Journal, De Gruyter, vol. 17(1), pages 1-26, March.
    12. Cristiano Antonelli, 2008. "The new economics of the university: a knowledge governance approach," The Journal of Technology Transfer, Springer, vol. 33(1), pages 1-22, February.
    13. Patel, Pankaj C. & Pearce, John A., 2018. "The survival consequences of intellectual property for retail ventures," Journal of Retailing and Consumer Services, Elsevier, vol. 43(C), pages 77-84.

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