This paper explores whether and how governmental venture capital investors (GVCs) spur invention and innovation in young biotech companies in Europe. To gauge invention we focus on the simple patent stock at the company level, while innovation is proxied by the citation-weighted patent stock....

This paper contributes to a better understanding of the relationship between strategic alliances and VC exits. Recent empirical literature concludes that strategic alliances improve the probability of successful exits (IPOs and M&As) for venture-backed companies. When we control for observed and...

We argue that different forms of venture capital contribute differently to the innovation process and, consequently, differ in their impact on portfolio companies' innovation output. Our results suggest that the innovation output of companies financed by independent VCs increases significantly...