The inventive process is themost important driver of economic growth. Venture capital (VC) funds have contributeda small, but critical, part to the inventive process. VC funds boost theinventive process by selecting a small number of radical ideas out a large flowof ideas and invest in their testing, development and commercialization. Theybring together capital from general savings, managementcapabilities and business experience. When successful, VC-backed companies can contributesubstantially to the welfare of society.
In this book, VC funds are discussedin the context of macroeconomics, industrial organization, financial intermediationand financial economics. The authors adopt a comprehensive overview to
provide clearerinsight into the role of VC funds in the capital market and the way theyoperate.
