Date: 2021
Type: Thesis
The race for innovative entrepreneurship : venture capital in the United Kingdom and the Federal Republic of Germany, 1960 - 1985
Florence : European University Institute, 2021, EUI, HEC, PhD Thesis
NIKINMAA, Joona Eemeli, The race for innovative entrepreneurship : venture capital in the United Kingdom and the Federal Republic of Germany, 1960 - 1985, Florence : European University Institute, 2021, EUI, HEC, PhD Thesis - https://hdl.handle.net/1814/71615
Retrieved from Cadmus, EUI Research Repository
Venture capital is considered an important source of capital for enterprises with high-growth and innovation potential. Contrasted with the United States, the European venture capital sector has historically been considered weak and it has been argued that this weakness has translated to Europe’s poorer innovation performance. In this dissertation, I trace the origins of European venture capital markets from 1960 until 1985 in the United Kingdom and the Federal Republic of Germany. I argue that the rise of venture capital in Europe was strongly tied to the rise of innovative entrepreneurship and that during this period, the foundations of European venture capital were created. I assess the reasons behind the creation and promotion of venture capital, discussing my findings in relation to the United States and the general economic trends of the time. Venture capital developed first through the importing of venture capital practices in the 1960s, before in the 1970s European governments started to support the development of the market both through direct and indirect measures. In addition, I discuss the performance of venture capital companies over this period. Although their economic performance has often been described as a failure, I argue that the earliest venture capital companies had a significant impact on the practices, which were adopted, and the rise of innovative entrepreneurship By contributing to transfer of social and process innovations, venture capital companies supported the transfer of innovation, participated in the hidden integration of Europe and helped keep entrepreneurship and innovative SMEs on the policy agenda, while contributing to their development. The discussion is wrapped up by addressing the changing environment in the 1980s and the transnationalization of venture capital.
Additional information:
Defence date: 07 June 2021; Examining Board: Professor Youssef Cassis (European University Institute); Professor Laura Lee Downs (European University Institute); Professor Niklas Jensen-Eriksen (University of Helsinki); Professor Ben Wubs (Erasmus University Rotterdam)
Cadmus permanent link: https://hdl.handle.net/1814/71615
Full-text via DOI: 10.2870/03977
Series/Number: EUI; HEC; PhD Thesis
Publisher: European University Institute
LC Subject Heading: Venture capital -- Great Britain -- History; Entrepreneurship -- Great Britain -- History; Venture capital -- Germany (West) -- History; Entrepreneurship -- Germany (West) -- History