Venture Capital, Entrepreneurship, and Economic Growth

摘要: Abstract Using a panel of U.S. metropolitan areas, we find that increases in the supply venture capital positively affect firm starts, employment, and aggregate income. Our results remain robust to variety specifications, including ones address endogeneity. The estimated magnitudes imply stimulates creation more firms than it funds, which appears consistent with two mechanisms: First, would-be entrepreneurs anticipating financing needs likely start when expands. Second, funded companies may transfer know-how their employees, thereby enabling spin-offs, encourage others become through demonstration effects.