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Public venture capital and economic development: The Scottish experience

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  • Neil Hood

Abstract

This paper attempts to both chronicle and evaluate the development of public venture capital in Scotland over the past 20 years or so. This terminology refers to the role which public bodies have sought to play in venture capital to achieve economic development ends, initially using public money, but in recent years by launching and managing funds involving both private and public capital. The paper concentrates on the activities of Scottish Development Finance (SDF), the investment arm of the major Government funded economic development agency in Scotland called Scottish Enterprise (SE) and its predecessor body, the Scottish Development Agency (SDA). SDF has been by far the most substantial public venture capital investor in Scotland throughout this period and a study of its evolution and development is an illuminating one for any student of industrial policy. This study is longitudinal, charting the various different policy environments and political climates in which SDF has existed, as well as seeking to evaluate its achievements, and in particular its impact on economic development.

Suggested Citation

  • Neil Hood, 2000. "Public venture capital and economic development: The Scottish experience," Venture Capital, Taylor & Francis Journals, vol. 2(4), pages 313-341, October.
    • Handle: RePEc:taf:veecee:v:2:y:2000:i:4:p:313-341
    DOI: 10.1080/13691060050177013
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    Cited by:

    1. Fabio Bertoni & Diego D’Adda & Luca Grilli, 2016. "Cherry-picking or frog-kissing? A theoretical analysis of how investors select entrepreneurial ventures in thin venture capital markets," Small Business Economics, Springer, vol. 46(3), pages 391-405, March.
    2. Mark R. Ayoub & Sandra Gottschalk & Bettina Müller, 2017. "Impact of public seed-funding on academic spin-offs," The Journal of Technology Transfer, Springer, vol. 42(5), pages 1100-1124, October.
    3. Katarzyna Szkuta & Blagoy Stamenov & Anna Ianshyna, 2017. "Improving access to finance for young innovative enterprises with growth potential: evidence of impact on firms' outputs: Part 1. Equity instruments: lessons learned from policy evaluations," JRC Research Reports JRC109163, Joint Research Centre.
    4. Schäfer, Dorothea & Schilder, Dirk, 2006. "Informed capital in a hostile environment: the case of relational investors in Germany," Freiberg Working Papers 2006/03, TU Bergakademie Freiberg, Faculty of Economics and Business Administration.
    5. Judit Karsai, 2004. "Can the state replace private capital investors? Public financing of venture capital in Hungary," CERS-IE WORKING PAPERS 0409, Institute of Economics, Centre for Economic and Regional Studies.
    6. Schilder, Dirk, 2006. "Public venture capital in Germany: task force or forced task?," Freiberg Working Papers 2006/12, TU Bergakademie Freiberg, Faculty of Economics and Business Administration.
    7. Suchard, Jo-Ann & Humphery-Jenner, Mark & Cao, Xiaping, 2021. "Government ownership and Venture Capital in China," Journal of Banking & Finance, Elsevier, vol. 129(C).
    8. Fabio Bertoni & Annalisa Croce, 2011. "Policy Reforms for Venture Capital in Europe," Chapters, in: Massimo G. Colombo & Luca Grilli & Lucia Piscitello & Cristina Rossi-Lamastra (ed.), Science and Innovation Policy for the New Knowledge Economy, chapter 6, Edward Elgar Publishing.

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