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The State of State Venture Capitalism

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  • Peter Eisinger

    (University of Wisconsin-Madison)

Abstract

State governments have become increasingly visible players in the venture capital arena, allocating an estimated $192 million in tax, bond, and other revenues and perhaps a billion dollars in pension trust funds to a variety of public and quasi-public venture capital arrangements. This article offers a review of the variety of arrangements at the beginning of the 1990s by attempting a census of such programs, an estimate of their financial dimensions, and some preliminary observations regarding their impact. The review concludes by suggesting that state venture capitalism, though a well-established feature of state economic development strategy, represents a very small commitment of capital compared, for example, to private venture investment. Economic development results tend, therefore, to be modest.

Suggested Citation

  • Peter Eisinger, 1991. "The State of State Venture Capitalism," Economic Development Quarterly, , vol. 5(1), pages 64-76, February.
    • Handle: RePEc:sae:ecdequ:v:5:y:1991:i:1:p:64-76
    DOI: 10.1177/089124249100500107
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    Cited by:

    1. Timothy Bates & William Bradford, 2009. "The impact of institutional sources of capital upon the minority-oriented venture capital industry," Small Business Economics, Springer, vol. 33(4), pages 485-496, December.
    2. Edward J. Malecki, 1993. "Entrepreneurship in Regional and Local Development," International Regional Science Review, , vol. 16(1-2), pages 119-153, April.
    3. Andrew M. Isserman, 1993. "State Economic Development Policy and Practice in the United States: A Survey Article," International Regional Science Review, , vol. 16(1-2), pages 49-100, April.
    4. Timothy Bates & William Bradford & Julia Sass Rubin, 2006. "The Viability of the Minority-Oriented Venture-Capital Industry Under Alternative Financing Arrangements," Economic Development Quarterly, , vol. 20(2), pages 178-191, May.
    5. Carol Taylor West, 1993. "The Problem of Unemployment in the United States: A Survey of 60 Years of National and State Policy Initiatives," International Regional Science Review, , vol. 16(1-2), pages 17-47, April.
    6. Barkley, David L. & DiFurio, Ferdinand & Leatherman, John C., 2004. "The Role of A Public Venture Capital Program in State Economic Development: The Case of Kansas Venture Capital, Inc," Journal of Regional Analysis and Policy, Mid-Continent Regional Science Association, vol. 34(4), pages 1-24.
    7. Leistritz, F. Larry & Wanzek, Janet K., 1992. "Rural Manufacturers Attributes, Intentions and Needs of Manitoba, North Dakota and Saskatchewan Firms," Agricultural Economics Miscellaneous Reports 51192, North Dakota State University, Department of Agribusiness and Applied Economics.
    8. David L. Barkley & Deborah M. Markley & Julia Sass Rubin, 2001. "Certified Capital Companies (CAPCOs): Strengths and Shortcomings of the Latest Wave in State-Assisted Venture Capital Programs," Economic Development Quarterly, , vol. 15(4), pages 350-366, November.

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