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Financial Systems, Corporate Investment in Innovation, and Venture Capital

Edited by Anthony Bartzokas and Sunil Mani

This book examines the role of venture capital institutions in financing technology-based ventures both in developed and developing countries. It also explores that part of venture capital activity which is hitherto vastly under-researched; namely the ability of venture capital institutions to render a whole host of value-added support functions. These include setting up management teams and designing strategic plans for fledgling enterprises. The latter issue is operationalized through a series of carefully chosen case studies.
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Chapter 9: The emergence of the Singapore venture capital industry: investment characteristics and value-added activities

Clement Wang


Clement Wang INTRODUCTION In this chapter we examine the Singapore venture capital (VC) industry in three sections. The first section starts by looking at the historical evolution in four phases. We describe the various policies and programs set up by the Singapore government in supporting the VC industry as well as tracing the role it has played over the years. The second section focuses on the current structure of the VC industry in Singapore. Here, various VC industry trends and organizational characteristics are profiled. Next, from a case study of ten VC firms in Singapore, we group the value-added activities by these firms into four categories: technological, marketing, management and financial support, and summarize their similarities and differences. Finally, the chapter concludes with a discussion on VC firms’ governance structures which characterize their value-added activities to their investee companies. We also draw some managerial implications for VC firms and policy makers. HISTORICAL EVOLUTION OF VENTURE CAPITAL IN SINGAPORE Singapore is one of the most active players in venture capital among Asian countries and has established itself as a regional financial hub. The country’s VC industry began in the early 1980s and developed rapidly in the 1990s. At the end of the year 2000, the cumulative VC under management in Singapore stood at US$9.2 billion, ranking it as the third largest VC investment pool in Asia, next only to Hong Kong and Japan (AVCJ, 2002). The evolution of venture capital in Singapore can be divided into four phases,...

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