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This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License
Article
Author(s)
Anna Gervasoni, Francesco Bollazzi, Andrea Odille Bosio
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DOI:10.17265/2328-2185/2018.06.006
Affiliation(s)
Università Carlo Cattaneo—LIUC, Castellanza, Italy
ABSTRACT
This
research paper investigates the role of Italian venture capital in supporting
innovative start-ups in their early-stage process, which is usually focused on
the creation of a new product or the development of a new service. The aim of
the study is to observe and assess the key economic features of innovative
start-ups funded at the beginning of the early-stage by venture capital funds
and thereafter analyze the level of development of target companies at four
years since the capital injection. The sample of deals created to describe this
dynamic process is composed by investments realized between 1996 and 2012 and,
in this way, according to the chosen methodology, it is representative of
Italian venture capital role and contribution in the years from 1996 to 2016.
The authors used for their empirical study a proprietary database, Venture
Capital Monitor—VeMTM. Through the analysis of collected data, the
paper describes the strategic importance of venture capital investments in
early-stage opportunities both for target companies and the Italian socio-economic
environment, and finds aggregate values of reference to quantitatively define
the socio-economic outcome of this kind of operations. A final further
contribution is provided by comparing the present results to the ones of two
previous studies conducted by the authors.
KEYWORDS
venture capital, start-up, early stage, Italy, Italian market, economic impact, development process
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