Title: Venture capital in Spain: evolution, characterisation and economic impact analysis

Authors: Luisa Alemany

Addresses: ESADE – Universitat Ramon Llull, Av. Pedralbes 60–62, 08034 Barcelona, Spain

Abstract: Venture capital in Spain has a short history, but its evolution and current trends show enormous potential. This paper characterises the Spanish venture capital sector and provides data on the economic impact of venture-backed companies. First, it summarises its history from 1972 to date. Second, it provides some key figures on supply and demand for venture capital. Finally, it presents an estimation of the economic impact of venture-backed companies using an unbiased sample of the top three regions in terms of venture capital activity. The figures are then compared to a control group of similar companies financed from alternative sources. The results are very encouraging, with implications for future regional development policies.

Keywords: venture capital; private equity; economic impact; Spain; regional development; entrepreneurship; innovation management.

DOI: 10.1504/IJEIM.2006.010374

International Journal of Entrepreneurship and Innovation Management, 2006 Vol.6 No.4/5, pp.412 - 428

Published online: 17 Jul 2006 *

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