Venture Capital, Entrepreneurship, and Economic Growth
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Using a panel of U.S. metropolitan areas, we find that increases in the supply of venture capital positively affect firm starts, employment, and aggregate income. Our results remain robust to a variety of specifications, including ones that address endogeneity. The estimated magnitudes imply that venture capital stimulates the creation of more firms than it funds, which appears consistent with two mechanisms: First, would-be entrepreneurs anticipating financing needs more likely start firms when the supply of capital expands. Second, funded companies may transfer know-how to their employees, thereby enabling spin-offs, and may encourage others to become entrepreneurs through demonstration effects.
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Exogenous shocks to the supply of VC investment boost economic growth.
“(c) economic growth.”
From Finance, Growth, and Inequality (2021) · cites this paper as Samila and Sorenson (2011)
Exogenous shocks to the supply of VC investment boost employment.
“(b) employment”
From Finance, Growth, and Inequality (2021) · cites this paper as Samila and Sorenson (2011)
Exogenous shocks to the supply of VC investment boost the rate of new business formations.
“They find that plausibly exogenous shocks to the supply of VC investment boost (a) the rate of new business formations”
From Finance, Growth, and Inequality (2021) · cites this paper as Samila and Sorenson (2011)
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- Authors
- Samila, S., & Sorenson, O.
- Affiliations
- Brock University (CA)
- Yale University (US)
- Venue
- Review of Economics and Statistics
- Publisher
- MIT Press - Journals
- Published
- 2011-02
- Volume
- 93
- Issue
- 1
- Pages
- 338-349
- ISSN
- 0034-6535 (ISSN-L)
- 1530-9142
- OpenAlex
- W1990980528
- Cited by
- 673
- References
- 33
- Citations by year
- 2026: 52 · 2025: 63 · 2024: 62 · 2023: 42 · 2022: 64 · 2021: 48 · 2020: 39 · 2019: 44 · 2018: 44 · 2017: 33 · 2016: 42 · 2015: 31 · 2014: 38 · 2013: 26 · 2012: 19
- FWCI
- 74.96
- Type
- journal article
- Language
- en
- Open access
- green
- escholarship.org
- Locations
- The Review of Economics and Statistics (publishedVersion)
- RePEc: Research Papers in Economics (submittedVersion)
- eScholarship (California Digital Library) (submittedVersion)
- Topics
- Social Sciences › Business, Management and Accounting › Accounting › Private Equity and Venture Capital
- Social Sciences › Business, Management and Accounting › Management of Technology and Innovation › Entrepreneurship Studies and Influences
- Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Firm Innovation and Growth
- Keywords
- venture capital, entrepreneurship, economic growth, firm start-ups, employment, aggregate income, metropolitan areas, endogeneity, spin-offs, knowledge transfer, demonstration effect, startups
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