ABSTRACT
Venture capital, in its original conception as an engine of regional renewal, is much more than a fi nancial investment mechanism. Linking the fi nancial, academic, and public spheres, venture capital originated as funds and other assistance for the early stages of fi rm-formation in exchange for a share of ownership or equity in the new fi rm. It was part of a strategy for science-based regional economic development based upon academic research capacities and a range of university-industry interactions at MIT. This strategy built upon and extended this base, creating a new organization combining academic analytical and business development capabilities.
