The Emergence of Israel's Venture Capital Industry: How Policy Can Influence High-Tech Cluster Dynamics

Gil Avnimelech*, Morris Teubal

*Corresponding author for this work

Research output: Chapter in Book/Report/Conference proceedingChapterpeer-review

1 Scopus citations

Abstract

This chapter documents the emergence of the Israeli venture capital (VC) industry. The process is divided into three phases that spread out over three decades and it is also a vital part of Israel's innovation and technology policy. There was a deliberate policy that targeted VC - besides the importance of bringing in foreign expertise at an early stage, is the importance of designing policy in a way that reassures the existence of a sufficient knowledge base. Moreover, the successful launching of a VC industry hinges on a critical mass of technology-based start-ups for a robust demand side. A truly innovative part in Israel's policy was the inclusion of a mechanism from the very start for the government to withdraw and privatize the venture capital funds.

Original languageEnglish
Title of host publicationCluster Genesis
Subtitle of host publicationTechnology-Based Industrial Development
PublisherOxford University Press
ISBN (Electronic)9780191708886
ISBN (Print)9780199207183
DOIs
StatePublished - 1 Sep 2007

Bibliographical note

Publisher Copyright:
© Oxford University Press 2006. All rights reserved.

Keywords

  • Entrepreneurs
  • Institutions
  • Privatization
  • Three stage model

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