Chapter 65: Venture capital finance of innovation
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Venture capitalists specialize in financing young, growing enterprises (ventures), particularly in innovation-intensive industries such as information and communications technology and biotechnology. This entry describes the general research finding that VC finance has a positive effect on innovation and explains why VC finance is thought to generate superior innovation performance (and superior general performance) compared with other forms of entrepreneurial finance. The entry includes a brief overview of venture capital contract features such as staged financing and incentive contracts. In addition, it describes the impact of government-supported venture capital activity.

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