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From start-up to scale-up- examining public policies for the financing of high-growth ventures

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  • Karen Wilson
  • Thomas Hellmann
  • Gilles Duruflé

Abstract

What are the challenges of financing scale-ups, and how can long-term public policies support the creation of a better scale-up environment?

Suggested Citation

  • Karen Wilson & Thomas Hellmann & Gilles Duruflé, 2017. "From start-up to scale-up- examining public policies for the financing of high-growth ventures," Bruegel Working Papers 20035, Bruegel.
    • Handle: RePEc:bre:wpaper:20035
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    References listed on IDEAS

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    1. Thomas Hellmann & Laura Lindsey & Manju Puri, 2008. "Building Relationships Early: Banks in Venture Capital," The Review of Financial Studies, Society for Financial Studies, vol. 21(2), pages 513-541, April.
    2. Zarutskie, Rebecca, 2010. "The role of top management team human capital in venture capital markets: Evidence from first-time funds," Journal of Business Venturing, Elsevier, vol. 25(1), pages 155-172, January.
    3. Yael V. Hochberg & Alexander Ljungqvist & Yang Lu, 2007. "Whom You Know Matters: Venture Capital Networks and Investment Performance," Journal of Finance, American Finance Association, vol. 62(1), pages 251-301, February.
    4. Shai Bernstein, 2015. "Does Going Public Affect Innovation?," Journal of Finance, American Finance Association, vol. 70(4), pages 1365-1403, August.
    5. Bottazzi, Laura & Da Rin, Marco & Hellmann, Thomas, 2008. "Who are the active investors?: Evidence from venture capital," Journal of Financial Economics, Elsevier, vol. 89(3), pages 488-512, September.
    6. Hochberg, Yael V. & Serrano, Carlos J. & Ziedonis, Rosemarie H., 2018. "Patent collateral, investor commitment, and the market for venture lending," Journal of Financial Economics, Elsevier, vol. 130(1), pages 74-94.
    7. Hochberg, Yael V. & Lindsey, Laura A. & Westerfield, Mark M., 2015. "Resource accumulation through economic ties: Evidence from venture capital," Journal of Financial Economics, Elsevier, vol. 118(2), pages 245-267.
    8. John Asker & Joan Farre-Mensa & Alexander Ljungqvist, 2015. "Corporate Investment and Stock Market Listing: A Puzzle?," The Review of Financial Studies, Society for Financial Studies, vol. 28(2), pages 342-390.
    9. Luigi Zingales, 1995. "Insider Ownership and the Decision to Go Public," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 62(3), pages 425-448.
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    Cited by:

    1. Kraemer-Eis, Helmut & Botsari, Antonia & Gvetadze, Salome & Lang, Frank & Torfs, Wouter, 2019. "European Small Business Finance Outlook: June 2019," EIF Working Paper Series 2019/57, European Investment Fund (EIF).
    2. Mula, Claire & Zybura, Nora & Hipp, Thomas, 2024. "From digitalized start-up to scale-up: Opening the black box of scaling in digitalized firms towards a scaling process framework," Technological Forecasting and Social Change, Elsevier, vol. 202(C).
    3. Evrard, Johanne & Parisi, Laura & Rouveyrol, Clément & van Overbeek, Fons & Arampatzi, Alexia-Styliani & Christie, Rebecca, 2025. "Capital markets union: a deep dive - Five measures to foster a single market for capital," Occasional Paper Series 369, European Central Bank.
    4. Alberto Tejero & Victor Rodriguez-Doncel & Ivan Pau, 2020. "Knowledge Graphs for Innovation Ecosystems," Papers 2001.08615, arXiv.org.
    5. Kraemer-Eis, Helmut & Botsari, Antonia & Gvetadze, Salome & Lang, Frank & Torfs, Wouter, 2019. "European Small Business Finance Outlook: December 2019," EIF Working Paper Series 2019/61, European Investment Fund (EIF).
    6. Atzmon, Morane Batya & Vanderstraeten, Johanna & Albers, Sascha, 2022. "Small-firm growth-enabling capabilities: A framework for young technology-based firms," Technovation, Elsevier, vol. 117(C).
    7. Burger, Anže & Hogan, Teresa & Kotnik, Patricia & Rao, Sandeep & Sakinç, Mustafa Erdem, 2023. "Does acquisition lead to the growth of high-tech scale-ups? Evidence from Europe," Research in International Business and Finance, Elsevier, vol. 64(C).
    8. Pierre Lortie, 2019. "Nurturing Global Growth Companies: Time For A New Policy Toolkit," SPP Research Papers, The School of Public Policy, University of Calgary, vol. 12(27), September.
    9. Kraemer-Eis, Helmut & Botsari, Antonia & Gvetadze, Salome & Lang, Frank & Torfs, Wouter, 2018. "European Small Business Finance Outlook: December 2018," EIF Working Paper Series 2018/53, European Investment Fund (EIF).
    10. Da Rin, Marco & Di Giacomo, M. & Sembenelli, A., 2018. "Corporate Income Taxation, Leverage at Entry, and the Growth of Entrepreneurial Companies," Discussion Paper 2018-055, Tilburg University, Center for Economic Research.
    11. Somaya, Deepak & You, Jingya, 2024. "Scalability, venture capital availability, and unicorns: Evidence from the valuation and timing of IPOs," Journal of Business Venturing, Elsevier, vol. 39(1).
    12. Alvedalen, Janna & Carlsson, Bo, 2021. "Scaling up in Entrepreneurial Ecosystems: A comparative study of Entrepreneurial Ecosystems in Life Science," Papers in Innovation Studies 2021/9, Lund University, CIRCLE - Centre for Innovation Research.
    13. Da Rin, Marco & Di Giacomo, M. & Sembenelli, A., 2018. "Corporate Income Taxation, Leverage at Entry, and the Growth of Entrepreneurial Companies," Discussion Paper 2018-055, Tilburg University, Center for Economic Research.
    14. Brown, Ross & Lee, Neil, 2019. "Strapped for cash? Funding for UK high growth SMEs since the global financial crisis," Journal of Business Research, Elsevier, vol. 99(C), pages 37-45.
    15. Cavallo, Angelo & Ghezzi, Antonio & Dell'Era, Claudio & Pellizzoni, Elena, 2019. "Fostering digital entrepreneurship from startup to scaleup: The role of venture capital funds and angel groups," Technological Forecasting and Social Change, Elsevier, vol. 145(C), pages 24-35.
    16. Botsari, Antonia & Kiefer, Kilian & Lang, Frank & Pal, Kristian, 2021. "Scale-up financing and IPOs: Evidence from three surveys," EIF Working Paper Series 2021/69, European Investment Fund (EIF).
    17. Kraemer-Eis, Helmut & Botsari, Antonia & Gvetadze, Salome & Lang, Frank & Torfs, Wouter, 2018. "European Small Business Finance Outlook: June 2018," EIF Working Paper Series 2018/50, European Investment Fund (EIF).
    18. 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.
    19. Kraemer-Eis, Helmut & Botsari, Antonia & Gvetadze, Salome & Lang, Frank & Torfs, Wouter, 2021. "European Small Business Finance Outlook 2021," EIF Working Paper Series 2021/75, European Investment Fund (EIF).
    20. Louise Taupin & Pascal Le Masson & Blanche Segrestin, 2021. "Scale-up phase in deeptech start-ups: Replication or massive learnings?," Post-Print hal-03383828, HAL.
    21. Kraemer-Eis, Helmut & Botsari, Antonia & Gvetadze, Salome & Lang, Frank & Torfs, Wouter, 2022. "European Small Business Finance Outlook 2022," EIF Working Paper Series 2022/84, European Investment Fund (EIF).

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