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Venture capital risk, start-ups and innovation: the syndication of venture capital investments recipe
[Capital-risque, start-ups et innovation : la recette du financement par syndication]

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  • Jonathan Labbé

    (CEREFIGE - Centre Européen de Recherche en Economie Financière et Gestion des Entreprises - UL - Université de Lorraine, IAE Nancy - IAE Nancy School of Management - UL - Université de Lorraine)

Abstract

This study presents the effects of the syndication of venture capital investments, on start-ups innovation. For this purpose, we have built a database of 315 deals carried out in 96 companies over a ten-year period. This study attempts to characterize the importance of the role of resources and the competitive advantage they confer to companies. By using the level of research and development (R&D) expenditure and patent applications as a measure of innovation, we highlight several results. Using a dynamic panel approach, we observe that the use of syndication financing tends to "optimize" the effects on the innovation of start-ups.

Suggested Citation

  • Jonathan Labbé, 2020. "Venture capital risk, start-ups and innovation: the syndication of venture capital investments recipe [Capital-risque, start-ups et innovation : la recette du financement par syndication]," Post-Print hal-03000103, HAL.
    • Handle: RePEc:hal:journl:hal-03000103
    Note: View the original document on HAL open archive server: https://hal.science/hal-03000103
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    Keywords

    Capital-Investissement; Syndication; Innovation; Gouvernance; Venture capital; Governance; Start-ups;
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