The dynamics of innovation financing in Sweden

Abstract

A well functioning and dynamic system of innovation financing is an important tool for the development of future growth sectors. This analysis of the dynamics of innovation financing by using the case of Sweden shows the importance of government and venture capital in financing innovation. It highlights two further important features. First, the role of acquisitions in innovation financing identifies 'competent acquirers' as active actors in the financing system; this is in addition to the public sector and the venture capital industry. Second, innovation financing differs by firms' technology specialization and industrial sectors. In particular, technology-based service firms have different financing patterns to that of manufacturing firms. The paper concludes with a discussion on the functions of three important actors in financing systems, namely government, venture capital, and competent acquirers.

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