Comparing catalysts of change: evolution and institutional differences in the venture capital industries in the U.S., Japan and Germany

Abstract

This paper compares the evolution of the venture capital industries in the U.S., Germany and Japan. Private initiatives, a competitive science infrastructure and a favorable legal environment contributed to an early success of the industry in the U.S. Early public efforts to create venture capital firms in Germany and Japan failed. Only when the regulatory environment changed did venture capital firms evolve in both countries with Japan adjusting its regulatory environment about ten years later than Germany. At this point the industry in the U.S. is highly developed, the industry in Germany is growing rapidly, and the industry in Japan is ‘budding’. Future convergence to the U.S. industry model seems likely.

Cite this work

No public copy is stored for this record, so only the metadata is cited.

Stored only when both papers are in the corpus — 20 citations exist upstream.

Papers that cite the same references — the relational fallback while embeddings are still backfilling.