1. Venture Capital as a Catalyst to
Commercialization
Sampsa Samila and Olav Sorenson
1

2. 2

3. $241 billion
invested in
research by
OECD
governments
in 2007
2

4. Some
regions
have
benefited,
but not all
equally...
3

5. Some
regions
have
benefited,
but not all
equally...
3

6. 4

7. Atlanta?
4

8. 12 10
Log of Patents 1993-2002
4 6 2 8
5 10 15 20 25
Log of Federal R&D Support 1993-2002
Log of Patents 1993-2002 Fitted values
5

9. 12
Log of Count of Startups 1993-2002
7 8 9 10 11
5 10 15 20 25
Log of Federal R&D Support 1993-2002
Log of Startups 1993-2002 Fitted values
6

10. 7

11. Claim:
Venture capital catalyzes
commercialization
7

12. 8

13. Start-up vs. existing firms
8

14. 9

15. Redirecting research
9

16. 10

17. Complementary assets/skills
10

18. 11

19. Solution to agency problems
11

20. INVESTECO PRIVATE
EQUITY FUND III
Limited partners
$
ve ry
ity l!
tiv a
c c Portfolio companies
A lo
General partners $
12

21. 12
Log of Patents 1993-2002
4 6 2 8 10
5 10 15 20 25
Log of Federal R&D Support 1993-2002
MSAs with VC MSAs without VC
Fitted values Fitted values
13

22. 12
Log of Count of Startups 1993-2002
7 8 9 10 11
5 10 15 20 25
Log of Federal R&D Support 1993-2002
MSAs with VC MSAs without VC
Fitted values Fitted values
14