Title: Exploring the effect of venture capital development on innovation performance of knowledge-based companies

Authors: Azam Sazvar; Mahmood Yahyazadehfar

Addresses: Faculty of Economics and Administrative Science, University of Mazandaran, Babolsar, Mazandaran, Iran; Nima Higher Education Institute, P.O. Box 46315-315, Mazandaran, Iran ' Department of Business Management, University of Mazandaran, Babolsar, Mazandaran, Iran

Abstract: Considering the fact that the emergence of science and technology parks has made inactive areas into the most industrial centres, the present study was conducted to examine the effects of venture capital development on innovation performance of knowledge-based companies established in science and technology parks. Accordingly, two researcher-made questionnaires were designed and their validity and reliability were measured. Then, employees and managers of active firms in the Pardis Technology Park (PTP) (Tehran) confirmed that the dimensions of venture capital development (i.e., development of entrepreneurial culture, improvement of business environment and investment security, establishment of supportive rules and recognition of intellectual property rights, education of human resources and determination of vision and status of venture capital in national innovation system (NIS) could significantly affect the dimensions of innovation performance. It must be noted that the most important factor in the development of venture capital firms is governmental financial support although such companies are private organisations.

Keywords: venture capital development; VCD; venture capital firms; innovation performance; business environment.

DOI: 10.1504/IJESB.2019.098990

International Journal of Entrepreneurship and Small Business, 2019 Vol.36 No.4, pp.359 - 377

Received: 12 Mar 2017
Accepted: 30 Jun 2017
Published online: 12 Apr 2019 *

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