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Venture Capital and Private Equity Contracting by Sofia A. Johan, Douglas J. Cumming

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Chapter 9. The Role of Government and Alternative Policy Options

9.1. Introduction and Learning Objectives

The Organisation for Economic Co-operation and Development (OECD, 1996) has argued that the financing of entrepreneurship and innovative ideas will facilitate economic growth and the competitive advantage of nations in the twenty-first century. Much evidence, albeit not all, indicates small high-tech firms contribute disproportionately to innovation and economic growth (the World Bank, 1994, 2002, 2004; see also Industry Canada, 2002, 2006). The primary source of capital for these small growth-oriented high-tech start-up firms is venture capital, and venture capital facilitates the success of firms that eventually list on stock exchanges. ...

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