How venture capital became a component of the US National System of Innovation

Martín Kenney · 2011 · Industrial and Corporate Change

Summary. Venture capital emerged as a key institution within the US national innovation system through a combination of government policies, technological trajectories in information and biomedical industries, and regional concentration. The paper traces how VC became integrated into the broader innovation ecosystem, showing that neither government action alone nor market forces alone explain its rise, but rather their interaction shaped this institutional development.

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Kenney, M.. (2011). How venture capital became a component of the US National System of Innovation. Industrial and Corporate Change. https://doi.org/10.1093/icc/dtr061

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  title   = {How venture capital became a component of the US National System of Innovation},
  author  = {Martín Kenney},
  journal = {Industrial and Corporate Change},
  year    = {2011},
  doi     = {10.1093/icc/dtr061},
  url     = {https://doi.org/10.1093/icc/dtr061}
}

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TI  - How venture capital became a component of the US National System of Innovation
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Details

DOI: 10.1093/icc/dtr061
Countries: United States
Regions: North America
Categories: innovation-theory, regional-innovation-systems, funding, general-innovation
Added: 2026-04-28