Do Emerging VC Markets Mirror Established Ones? A Comparison of CEE, the USA and Israel
By: Bartosz Baranowski
and Marcin Bielicki
and Marcin Bielicki 
References
- Adams, S. B. (2005). Stanford and Silicon Valley: Lessons on Becoming a High-Tech Region. California Management Review, 48(1), 29–51.
https://doi.org/10.2307/41166326 - Avnimelech, G., Kenney, M., & Teubal, M. (2004). Building Venture Capital Industries: Understanding the U.S. and Israeli Experiences.
http://dx.doi.org/10.2139/ssrn.2758198 - Avnimelech, G., & Teubal, M. (2004). Venture Capital Start-Up Co-Evolution and the Emergence & Development of Israel's New High Tech Cluster. Economics of Innovation and New Technology, 13(1), 33–60.
https://doi.org/10.1080/1043859042000156020 - Avnimelech, G., & Teubal, M. (2006). Creating Venture Capital Industries That Co-Evolve with High Tech: Insights From an Extended Industry Life Cycle Perspective of the Israeli Experience. Research Policy, 35(10), 1477–1498.
https://doi.org/10.1016/j.respol.2006.09.017 - Avnimelech, G. (2009). VC Policy: Yozma Program 15-Years Perspective.
http://dx.doi.org/10.2139/ssrn.2758195 - Bielicki, M. (2020). Measuring The Effectiveness of Public Venture Capital Funds. [Doctoral dissertation, Poznań University of Economics and Business]
http://www.wbc.poznan.pl/Content/490500/Praca_doktorska_Marcin_Bielicki.pdf - Block, J. H., & Sandner, P. (2011). Venture Capital Funding in the Middle of the Year 2011: Are We Back to Pre-Crisis Boom Levels? Strategic Change, 20(5–6), 161–169.
https://doi.org/10.1002/jsc.893 - Carpenter, R. E., & Petersen, B. C. (2002). Capital Market Imperfections, High-Tech Investment, and New Equity Financing. The Economic Journal, 112(477), F54–F72.
https://doi.org/10.1111/1468-0297.00683 - Dealroom. (2024). Dealroom.co [Dataset]. Dealroom.
https://app.dealroom.co/dashboard - EIF. (2023, March 9). Czechia and EIF Launch €55 Million Fund of Funds for Digital Technologies Backed by Recovery and Resilience Facility. Retrieved from
https://www.eif.org/what_we_do/equity/news/2023/czech-republicand-eif-launch-55-million-fund-of-funds-for-digital-technologies-backed-by-recovery-and-resilience-facility.htm - Florida, R. (2016, February 23). The Geography of Venture Capital in the U.S. Bloomberg. Retrieved from
https://www.bloomberg.com/news/articles/2016-02-23/the-geography-of-venture-capital-in-the-u-s?embedded-checkout=true - Frenkel, A., Shefer, D., & Miller, M. (2005, August). Private vs. Public Technological Incubator Program - The Lesson from Israel. Paper presented at the 45th Congress of the European Regional Science Association: “Land Use and Water Management in a Sustainable Network Society”. Retrieved from
https://hdl.handle.net/10419/117615 - Gompers, P. A. (1994). The Rise and Fall of Venture Capital. Business and Economic History, 23(2), 1–26.
https://www.jstor.org/stable/23702914 - Gompers, P., & Lerner, J. (1999). The Venture Capital Cycle. The MIT Press.
- Grzywacz, J., & Jagodzińska-Komar, E. (2023). Perspektywy Rozwoju Venture Capital w Polsce. Nauki Ekonomiczne, 38.
https://doi.org/https://doi.org/10.19251/ne/2023.38(4) - House Report 104-873. (1996). Retrieved from the U.S. Government Publishing Office:
https://www.govinfo.gov/content/pkg/CRPT-104hrpt873/html/CRPT-104hrpt873.htm - Hsu, D. H., & Kenney, M. (2005). Organizing Venture Capital: The Rise and Demise of American Research & Development Corporation, 1946–1973. Industrial and Corporate Change, 14(4), 579–616.
https://doi.org/10.1093/icc/dth064 - Invest Europe. (n.d.). Annual Activity Statistics. Invest Europe. Retrieved 27 August 2024, from
https://www.investeurope.eu/research/activity-data/ - Karsai, J. (2012). Development of the Hungarian Venture Capital and Private Equity Industry Over the Past Two Decades. IEHAS Discussion Papers No. MT-DP - 2012/1. Retrieved from
https://hdl.handle.net/10419/108249 - Klonowski, D. (2005). The Evolution of the Venture Capital Industry in Transition Economies: The Case of Poland. Post-Communist Economies, 17(3), 331–348.
https://doi.org/10.1080/14631370500204313 - Klonowski, D. (2006). Venture Capital as a Method of Financing Enterprise Development in Central and Eastern Europe. International Journal of Emerging Markets, 1(2), 165–175.
https://doi.org/10.1108/17468800610658325 - Krawczyk, M. (2008). Venture Capital w Polsce - Od Okresu Transformacji Systemowej po Dzień Dzisiejszy. Acta Universitatis Lodziensis. Folia Oeconomica, 219(2008), 123–137.
- Molnár, E. M. (2021). The Role of Governmental Venture Capital Investors in The Startup Ecosystem and Their Investment Preferences. [Doctoral dissertation, Corvinus University of Budapest].
http://phd.lib.uni-corvinus.hu/1155/19/molnar_endre_mihaly_den.pdf - Morgan Lewis. (2015). Venture Capital & Private Equity Funds Deskbook Series. Morgan, Lewis & Bockius LLP. Retrieved from
https://www.morganlewis.com/-/media/files/special/topics/vcpefdeskbook/fundoperation/vcpefdeskbook_operatingasavcoc.pdf?rev=b8ae9f285d7d423eb22454d4c66fdc81 - Murray, G., Cowling, M., Liu, W., & Kalinowska-Beszczynska, O. (2012, February). Government Co-Financed ‘Hybrid’ Venture Capital Programmes: Generalizing Developed Economy Experience and its Relevance to Emerging Nations. Presented at the Kauffman International Policy Conference. Retrieved from
https://www.researchgate.net/publication/230702160 - National Bank of Poland. (n.d.). Exchange rates [Dataset]. National Bank of Poland. Retrieved August 30, 2024, from
https://nbp.pl/statystyka-i-sprawozdawczosc/kursy/ - Nazarczuk, J. M. (2013). Wpływ Światowego Kryzysu Finansowego na Gospodarkę Polski i Jej Regionów. In R. Kisiel & M. Wojarska (Eds.), Wybrane Aspekty Rozwoju Regionalnego (pp. 75–88). Fundacja „Wspieranie i Promocja Przedsiębiorczości na Warmii i Mazurach”.
- PFR. (2021). Visegrad Group Countries as a European Centre of Innovation: An Ecosystem and Financing. CEE Innovators Summit Special Report 2021. Retrieved from Polish Development Fund:
https://www.parp.gov.pl/storage/publications/pdf/cee_summit_eng_web_28.03.pdf - PFR Ventures. (n.d.). PFR Ventures | Podsumowanie POIR. Retrieved 26 August 2024, from
https://pfrventures.pl/podsumowanie-poir.html?Tab=baza-instrukcja - PFR Ventures. (2023). Nowe Środki Unijne dla Polskiego Rynku Venture Capital. Rusza Druga Edycja Programów PFR Ventures. Retrieved from
https://pfrventures.pl/aktualnosci/rusza-druga-edycja-programow-pfr-ventures.html - PFR Ventures. (2024). Polish VC Market Outlook 2023. Retrieved from
https://pfrventures.pl/en/news/polish-VC-market-outlook-2023.html - Pradhan, R. P., Arvin, M. B., Nair, M., Bennett, S. E., & Bahmani, S. (2019). Short-Term and Long-Term Dynamics of Venture Capital and Economic Growth in a Digital Economy: A Study of European Countries. Technology in Society, 57, 125–134.
https://doi.org/10.1016/J.TECHSOC.2018.11.002 - Ptacek, O., Kaderabkova, B., & Piecha, M. (2015). Venture Capital, Private Equity and Foreign Direct Investment: Case Study of the Czech Republic. Procedia Economics and Finance, 30, 680–689.
https://doi.org/10.1016/s2212-5671(15)01317-9 - Rajchlová, J., Baranyková, M., Polák, M., & Brož, Z. (2011). Proposing Changes in Legislative and Institutional Conditions for Private Equity and Venture Capital Financing in the Czech Republic – A Comparative Study with Poland. Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, 59(7), 317–324.
https://doi.org/10.11118/actaun201159070317 - Rajchlová, J., & Svatošová, V. (2016). Benchmarking Study on The Venture Capital Market in the Czech Republic, Hungary and the Netherlands. Investment Management and Financial Innovations, 13(3), 191–202.
https://doi.org/10.21511/imfi.13(3-1).2016.05 - Sabal, M., Łyp-Wrońska, K., Wzorek, A., & Olkiewicz, M. (2018). Oddziaływanie Wsparcia Systemowego Projektów B+R na Innowacyjność w Polsce. In R. Knosala (Ed.), Innowacje w Zarządzaniu i Inżynierii Produkcji (Vol. 2, pp. 177–188). Oficyna Wydawnicza Polskiego Towarzystwa Zarządzania Produkcją.
- Samila, S. (2012). Regional Impact of Venture Capital. In D. Cumming (Ed.), The Oxford Handbook of Venture Capital (pp. 791–809). Oxford University Press.
https://doi.org/10.1093/oxfordhb/9780195391596.013.0027 - SBA. (2017). SBIC Overview. Retrieved from
https://www.sba.gov/document/support--sbic-program-overview - Statista. (2024, January). Number of Venture Capital Funds Poland 2023. Statista. Retrieved from
https://www.statista.com/statistics/1127088/number-of-venture-capital-funds-poland/ - Vekstein, D. (1999). Defense Conversion, Technology Policy and R & D Networks in the Innovation System of Israel. Technovation, 19(10), 615–629.
https://doi.org/10.1016/s0166-4972(99)00066-8 - Wonglimpiyarat, J. (2015). Mechanisms Behind The Successful VC Nation of Israel. The Journal of Private Equity, 18(4), 82–89.
https://doi.org/10.3905/jpe.2015.18.4.082 - World Bank. (2024). Total Population. World Bank Open Data.
https://data.worldbank.org/indicator/SP.POP.TOTL - Yin, R. K. (1994). Case Study Research: Design and Methods. SAGE Publications.
- Zasępa, P. (2015). Interwencja Instytucji Publicznych na Rynku Funduszy Venture Capital w Polsce w Latach 1998 – 2014. Prace Naukowe Akademii im. Jana Długosza w Częstochowie. Pragmata Tes Oikonomias, 9, 81–93.
https://doi.org/10.16926/pto.2015.09.07 - Zhang, B., Zhang, D., Wang, J., & Huang, X. (2013). Does Venture Capital Spur Economic Growth? Evidence from Israel. Journal for Economic Forecasting, 0(2), 115–128.
https://ideas.repec.org/a/rjr/romjef/vy2013i2p115-128.html
Language: English
Page range: 138 - 156
Submitted on: Sep 12, 2024
Accepted on: Mar 12, 2025
Published on: Apr 22, 2025
Published by: Faculty of Economic Sciences, University of Warsaw
In partnership with: Paradigm Publishing Services
Publication frequency: 1 issue per year
Related subjects:
© 2025 Bartosz Baranowski, Marcin Bielicki, published by Faculty of Economic Sciences, University of Warsaw
This work is licensed under the Creative Commons Attribution 4.0 License.