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Creating Modern Venture Capital: Institutional Design and Performance in the Early Years

2013; RELX Group (Netherlands); Linguagem: Inglês

10.2139/ssrn.2197840

1556-5068

Caroline Fohlin,

Corporate Finance and Governance

This paper presents a range of new evidence on the development of the US venture capital industry in the 3 to 4 decades following World War II, the period in which modern-style venture capital was created. The paper reveals details of supply and demand for venture capital services and underscores the critical roles that individual entrepreneurs played in creating a viable venture capital industry in the United States: On the supply side, entrepreneurial financiers like Georges Doriot, William Elfers, and the many founders of SBICs; on the demand side, the pool of qualified and interested entrepreneurs that appeared in the aftermath of World War II.