Venturing into public good: from venture capital to the creation of state-supported venture philanthropy and its implications for third sector financing
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Mª Camino Ramón-Llorens and Ginés Hernández-Cánovas show, through analysis of a survey dataset of 41 Spanish venture capital firms (VCFs), that a large part of Spanish venture capital contracts are standard. However, when the authors study VCFs according to the public or private origin of the resources, they find that there is some heterogeneity in the design of contracts due to coercive pressure exerted by the government on public entities, with the private sector remaining the stronger in the application of standard terms. Their results contribute to shedding light on the design of financial contracts between entrepreneurial firms and their VC investors, to the benefit of policy makers, firms and venture capitalists.
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This paper reflects on the policy formation process in the burgeoning area of government's involvement in venture capital finance (VC) over the two decades 2000–2020. It looks at both why and how government VC funds (GVC) have evolved. The increasingly common vehicle of "hybrid" co-investment funds, which include both public and private VC investors, is analysed. The evolution of public intervention in VC markets over time is acknowledged while noting that significant operational challenges remain. The rubric of Ten Meditations is employed as a device to communicate both problem and prescription across the academic/policy maker divide.
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Economic interventionism
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Public Funding
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This chapter contains sections titled: Introduction Current Challenges Faced in Foundation Grantmaking Social Entrepreneurs and the Financing of Social Enterprises Philanthropic Venture Capital: Definitions, Key Data, and Main Players The Philanthropic Venture Capital Model Compared to the Venture Capital Model Conclusion Notes About the Authors
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Entrepreneurial finance
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Venture capital has become an important source of financing young entrepreneurial firms. Venture capital backed firms are often perceived as more innovative and as creating more value than others. Perhaps for this reason, policy makers are keen to create a good institutional framework to facilitate the development of an active venture capital industry. We explore the role of tax policy in determining the incentives of individuals to start up new firms and of venture capitalists to finance and advise them. In particular, we examine how business taxation together with start-up capital subsidies affect the volume and quality of venture capital backed entrepreneurship.
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Structuring
Pre-money valuation
Social venture capital
Covenant
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The social entrepreneurship sector in Britain sits between government, banks and venture capital on the one hand; and charity or welfare and venture philanthropy on the other. Representative peak bodies in the sector are responsive to one another but are also independent organisations. This paper evaluates the potential of a cluster of peak bodies able to provide support and infrastructure as social venture enablers. A six-factor grid for venture capital success or failure has been adapted to analyse case study data. An outstanding outcome is the quality of the enablement expressed (a) in the empowerment of local ventures; and (b) in the lives of beneficiaries.
Social venture capital
New Ventures
Social Entrepreneurship
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Social venture capital
Impact Investing
Social Entrepreneurship
Social enterprise
Entrepreneurial finance
Resource mobilization
Social Economy
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