Abstract
Entrepreneurship involves mobilising resources in pursuit of opportunities in the founding of new businesses. During the entrepreneurial process, resource acquisition, especially financial resources, are crucial for bringing innovative ideas into reality. As professional investors and important financial intermediary, venture capitalists are recognised for financing innovative entrepreneurial companies and providing a significant share of the total pool of risk capital for new firms with high growth potential. While there is a growing sense among academic researchers that the US economy especially benefits from a strong and prosperous venture capital industry, empirical evidence, however, of such benefits are still scant. This paper, therefore, provides empirical examination of the real effect of venture capital investments. It finds supportive and robust evidence of significant effect of such investments on US regional economic development.
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