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Socio-economic Research - Dialogue Workshop-
Socio-economic Research
Dialogue Workshop
FINANCIAL SYSTEMS, CORPORATE INVESTMENT IN INNOVATION AND VENTURE CAPITAL
Brussels, 7 and 8 November 2002
CEPS, 1 Place du Congrès, 1000 Brussels
Jointly Organized by the European Commission-DG Research and the Institute for New Technologies of the United Nations University
Objectives
This Conference was an attempt to provide comparative analysis of the emerging links between corporate innovation in new technologies and local financial systems in advanced and industrialising countries, with a proper mapping of technological and organisational changes in the two main poles of interaction, i.e. new forms of financial intermediation and industry in the current context of industrial restructuring and services de-regulation.
The Conference was structured in four sessions. The first session involved discussion of the general context of the discussion with contributions on institutional conditions and obstacles for innovation financing. The second session examined the linkages between changes in industrial structure and new requirements for financing investment in innovation in advanced and industrialising countries. The third session brought together a series of Industrialising Countries case studies leading to the fourth session where three comparative studies on policy instruments supporting venture capital activity were discussed. At the end of the conference a panel discussion brought the conclusions to bear on current practice in development as well as innovation policy.
Conference programme
Thursday, 7 November 2002
9.00 - 9.45 Registration
9.45 - 10.00 Introduction and Welcome by the European Commission and UNU/INTECH
10.00-12.30 SESSION I: FINANCIAL AND INSTITUTIONAL CONDITIONS FOR INVESTMENT IN INNOVATION, Chair: Anthony Bartzokas (UNU/INTECH)
10.00-10.30: Bronwyn Hall (University of Berkeley & Oxford University): Financing Private Sector Investment in Research and Development
10.30-11.00: William Lazonick (INSEAD, Paris): Corporate Governance, Innovative Capability, and Industrial Organization in the New Economy
11.00-11.15: Discussion
11.15-11.30: Coffee
11.30-12.00: Martin Kenney (University of California, Davis): Emerging trends in the Global Venture Capital Industry
12.00-12.30: Colin Mayer (Oxford University): The Financing and Governance of New Technologies
12.30-12.30: Discussion
12.30-14.00: Lunch
14.00-17.0 SESSION II: PATTERNS OF FINANCING INVESTMENT IN INNOVATION, Chair: Sunil Mani (UNU/INTECH)
14.00-14.30: Michael Stolpe (Kiel Institute of the World Economy) The Empirical Dynamics of Venture Capital Backed IPOs as an Efficiency-Enhancing Learning Process
14.30-15.00: Dorothée Rivaud-Danset (Universite de Reims and CEPN-CNRS) Innovation and New Technologies: Corporate Finance and Financial Constraints
15.00-15.15: Discussion
15.15-15.45: Coffee
15.45-16.15: Sophie Manigart (Ghent University), Katleen Baeyens (Ghent University)and Ilse Verschueren, Free University Brussels: Financing and Investment Interdependencies in Unquoted Belgian Companies: The Role of Venture Capital
16.15-16.45: Clement Wang (Centre for Entrepreneurship, National University of Singapore): Differences in the Governance Structure of Venture Capital: The Singapore Venture Capital Industry
16.45-17.00: Discussion
17.00 end of day 1
Friday, 8 November 2002
9.00 - 12.15 SESSION III: VENTURE CAPITAL AND NEW TECHNOLOGY FIRMS IN INDUSTRIALISING COUNTRIES, Chair: Nikos Kastrinos (EU, DG Research)
9.00-9.30: Anthony Bartzokas and Sunil Mani (UNU/INTECH) Institutional Support for Investment in New Technologies in Industrialising Countries: the Role of Venture Capital
9.30-10.00: Steve White (INSEAD, Paris), Jian Gao and Wei Zhang (Tsinghua University): China's Venture Capital Industry: Institutional Trajectories and System Structure
10.00-10.30: B.Bowonder, (Administrative Staff College of India, Hyderabad): Venture Capital and Innovation: The Indian Experience
10.30-10.40: Discussion
10.40-11.00: Coffee
11.00-11.30: Lazlo Szerb and Attila Varga (University of Pecs, Hungary) High Tech Venture Capital Investment in a Small Transitional Country: the case of Hungary
11.30-12.00: Gil Avnimelech and Morris Teubal (Hebrew University): Venture Capital Policy in Israel: a Comparative Analysis and Lessons for Other Countries
12.00-12.15: Discussion
12.15- 13.30: Lunch
13.30 - 14.45 SESSION IV: POLICY FRAMEWORK FOR VENTURE CAPITAL AND NEW TECHNOLOGY FIRMS, Chair: Nikos Kastrinos (EU, DG Research)
13.30-14.00: Génseli Baygan (OECD) A comparison of venture capital policies and programs in selected OECD countries
14.00-14.30: Lawrence M. Rausch, (National Science Foundation, USA): After the Bubble: Where Are U.S. Venture Capitalists Investing?
14.30-14.45: Discussion
14.45-15.00: Coffee
15. 00 - 16.30 ROUNDTABLE: MAIN FINDINGS AND POLICY IMPLICATIONS,
Anthony Bartzokas (UNU/INTECH, Chair), Ricardo Lago (former Deputy Chief Economist, European Bank for Reconstruction and Development), Charles Oman (OECD Development Centre), Isi Saragossi (DG RTD, European Commission).
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