Have a personal or library account? Click to login
Do Emerging VC Markets Mirror Established Ones? A Comparison of CEE, the USA and Israel Cover

Do Emerging VC Markets Mirror Established Ones? A Comparison of CEE, the USA and Israel

Open Access
|Apr 2025

References

  1. 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
  2. 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
  3. 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
  4. 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
  5. Avnimelech, G. (2009). VC Policy: Yozma Program 15-Years Perspective. http://dx.doi.org/10.2139/ssrn.2758195
  6. 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
  7. 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
  8. 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
  9. Dealroom. (2024). Dealroom.co [Dataset]. Dealroom. https://app.dealroom.co/dashboard
  10. 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
  11. 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
  12. 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
  13. 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
  14. Gompers, P., & Lerner, J. (1999). The Venture Capital Cycle. The MIT Press.
  15. 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)
  16. 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
  17. 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
  18. Invest Europe. (n.d.). Annual Activity Statistics. Invest Europe. Retrieved 27 August 2024, from https://www.investeurope.eu/research/activity-data/
  19. 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
  20. 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
  21. 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
  22. Krawczyk, M. (2008). Venture Capital w Polsce - Od Okresu Transformacji Systemowej po Dzień Dzisiejszy. Acta Universitatis Lodziensis. Folia Oeconomica, 219(2008), 123–137.
  23. 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
  24. 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
  25. 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
  26. 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/
  27. 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”.
  28. 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
  29. PFR Ventures. (n.d.). PFR Ventures | Podsumowanie POIR. Retrieved 26 August 2024, from https://pfrventures.pl/podsumowanie-poir.html?Tab=baza-instrukcja
  30. 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
  31. PFR Ventures. (2024). Polish VC Market Outlook 2023. Retrieved from https://pfrventures.pl/en/news/polish-VC-market-outlook-2023.html
  32. 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
  33. 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
  34. 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
  35. 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
  36. 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.
  37. 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
  38. SBA. (2017). SBIC Overview. Retrieved from https://www.sba.gov/document/support--sbic-program-overview
  39. 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/
  40. 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
  41. 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
  42. World Bank. (2024). Total Population. World Bank Open Data. https://data.worldbank.org/indicator/SP.POP.TOTL
  43. Yin, R. K. (1994). Case Study Research: Design and Methods. SAGE Publications.
  44. 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
  45. 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
DOI: https://doi.org/10.2478/ceej-2025-0009 | Journal eISSN: 2543-6821 | Journal ISSN: 2544-9001
Language: English
Page range: 138 - 156
Submitted on: Sep 12, 2024
Accepted on: Mar 12, 2025
Published on: Apr 22, 2025
Published by: Sciendo
In partnership with: Paradigm Publishing Services
Publication frequency: 1 times per year

© 2025 Bartosz Baranowski, Marcin Bielicki, published by Sciendo
This work is licensed under the Creative Commons Attribution 4.0 License.