Veturekapitalfinansiering av innovasjon

9SummarySilje Katinka JansenFinancing innovation with venture capitalHow contacts between venture capital firms and entrepreneurs in theOslo region are established.NIBR Report 2003:16This study explores how contacts between venture capital firms andentrepreneurs in the Oslo region are established. Barriers of aprofessional, social and territorial nature may make it difficult forplayers to make contact. The purpose of this study is to explore therole played by social relations and geographical proximity in thisconnection. Data are collected through in-depth interviews withventure capitalists and entrepreneurs and through a questionnairesurvey addressed to the venture capital firms’ portfolio companies.Venture capital may be defined as “urban-centred, highly competentequity investments in unquoted companies in an early phase ofdevelopment and growth with a strong potential for growth in aninternational market”. This study focuses on both the supply side – theventure capital firms – and the demand side – the companies backedby venture capitalists. Connections between these players are exploredin light of sociological and economic geography theory. Based on the“embeddedness perspective” sociological theory advocates thateconomic action should not be understood in isolation from othersocial action, but analysed in terms of prevailing social context, normsand institutions. Economic geography theory takes as its starting pointthe view that collocation is likely to promote contact between andknowledge exchange among players and institutions.The study shows that the major contact facilitating factors for playersin the venture capital market are networks, syndication and R&Dinstitutions. Syndication means the establishment of indirect contactbetween venturist and entrepreneur. Despite the contribution oftenmade by R&D institutions in facilitating contact between players, theinformants do not regard them as particularly important. Most oftenNIBR-rapport 2003:16