ABSTRACT
Venture capital (VC) is a financial industry that plays a key role in the renewal of the business sector in all developed and emerging countries. In most countries, venture capital supports high-technology start-ups (Avnimelech, Schwartz and Teubal, 2008; Florida and Kenney, 1988, Gompers and Lerner, 1999; Niosi, 2000). Thus, a strong VC industry is a major factor behind the rise of new industries and the development of new technologies. It contributes not only to the financial and managerial support of new industries but also to the development of linkages between research universities, large corporations, business angels, and clients or users of the new products.
