Abstract
Chapter Three provides VC policy conceptualizations and histories that are essential to understanding what is being diffused. Knowing what the policy model is allows us to specify “what” and “how much” adaptation occurs. Venture capital is first depicted as an asset class that provides financial capital (as well as operational expertise and access to professional networks) in exchange for equity in high-growth, start-up companies. The chapter details the rise of the VC industry since its institutionalization in the World War II era and the asset class’s macroeconomic importance, in light of its ability to act as a driver of innovation, employment and economic growth. The chapter defines the categories by which public policymakers have supported VC as: regulation, taxation and funding, and depicts the Silicon Valley model as well as subsequent policy innovations by Israel and Taiwan.
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