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The dynamics of innovation financing in Sweden

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  • Åsa Lindholm Dahlstrand
  • Dilek Cetindamar

Abstract

A well functioning and dynamic system of innovation financing is an important tool for the development of future growth sectors. This analysis of the dynamics of innovation financing by using the case of Sweden shows the importance of government and venture capital in financing innovation. It highlights two further important features. First, the role of acquisitions in innovation financing identifies 'competent acquirers' as active actors in the financing system; this is in addition to the public sector and the venture capital industry. Second, innovation financing differs by firms' technology specialization and industrial sectors. In particular, technology-based service firms have different financing patterns to that of manufacturing firms. The paper concludes with a discussion on the functions of three important actors in financing systems, namely government, venture capital, and competent acquirers.

Suggested Citation

  • Åsa Lindholm Dahlstrand & Dilek Cetindamar, 2000. "The dynamics of innovation financing in Sweden," Venture Capital, Taylor & Francis Journals, vol. 2(3), pages 203-221, July.
    • Handle: RePEc:taf:veecee:v:2:y:2000:i:3:p:203-221
    DOI: 10.1080/13691060050135082
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    Cited by:

    1. Misraku Molla Ayalew & Zhang Xianzhi & Yidersal Dagnaw Dinberu & Demis Hailegebreal Hailu, 2020. "The Determinants of Firm’s Innovation in Africa," Journal of Industry, Competition and Trade, Springer, vol. 20(3), pages 527-567, September.
    2. Achleitner, Ann-Kristin & Braun, Reiner & Bender, Marko & Geidner, Annabell, 2008. "Community development venture capital: concept and status quo in Germany," CEFS Working Paper Series 2008-03, Technische Universität München (TUM), Center for Entrepreneurial and Financial Studies (CEFS).
    3. Hogan, Teresa & Hutson, Elaine, 2005. "Capital structure in new technology-based firms: Evidence from the Irish software sector," Global Finance Journal, Elsevier, vol. 15(3), pages 369-387, February.
    4. Polzin, Friedemann & von Flotow, Paschen & Klerkx, Laurens, 2016. "Addressing barriers to eco-innovation: Exploring the finance mobilisation functions of institutional innovation intermediaries," Technological Forecasting and Social Change, Elsevier, vol. 103(C), pages 34-46.
    5. Forero, Clemente & Corredor, Sandra & Forero, Nohora, 2010. "Business Networks and Innovation in SMEs of a Developing Country," Galeras. Working Papers Series 027, Universidad de Los Andes. Facultad de Administración. School of Management.
    6. Aoun, Dany & Heshmati, Almas, 2006. "The Causal Relationship between Capital Structure and Cost of Capital: Evidence from ICT Companies Listed at NASDAQ," Ratio Working Papers 87, The Ratio Institute.
    7. Efthyvoulou, Georgios, 2012. "The impact of financial stress on sectoral productivity," Economics Letters, Elsevier, vol. 116(2), pages 240-243.
    8. Demetris Vrontis & Giuseppe Tardivo & Stefano Bresciani & Milena Viassone, 2018. "The Competitiveness of the Italian Manufacturing Industry: an Attempt of Measurement," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 9(4), pages 1087-1103, December.
    9. Georgios Efthyvoulou & Priit Vahter, 2016. "Financial Constraints, Innovation Performance and Sectoral Disaggregation," Manchester School, University of Manchester, vol. 84(2), pages 125-158, March.

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