Divergent trajectories on frontier innovations: A comparison of international venture capital-invested ventures between China and the United States

IF 11.1 1区 管理学 Q1 ENGINEERING, INDUSTRIAL
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Abstract

How do international venture capital (IVC)-invested ventures (IIVs) between the U.S. and China generate new knowledge differently and follow distinct growth trajectories? Given that venture capital (VC) is critical for financing frontier innovations among new ventures, comparing U.S. and Chinese IIVs is essential for informing national innovation policy. Based on the organizational ecology perspective, we propose that U.S. and Chinese new ventures have divergent trajectories in frontier innovations. We identify 1782 first-round IVC investments in U.S. and Chinese new ventures operating in the computer software, e-commerce, biotechnology, semiconductors, and artificial intelligence sectors between 2010 and 2020 along with their 2825 patents (317 Chinese patents and 2508 U.S. patents). Our findings indicate that Chinese IIVs exhibit greater variation in terms of technological distance, search scope, and knowledge coupling, compared to U.S. IIVs. However, Chinese IIVs’ frontier innovations have more divergent technological trajectories and attract fewer followers than U.S. IIVs, based on patent citations. In a firm-level analysis, we find that Chinese IIVs are less likely to receive a subsequent financing round. Further, IIVs with greater technological distance and search scope, and with higher impact patents, have more opportunities to receive the next round of funding.

前沿创新的不同轨迹:中美国际风险投资企业比较
中美两国之间的国际风险资本(IVC)投资企业(IIVs)是如何以不同的方式产生新知识并遵循不同的成长轨迹的?鉴于风险资本(VC)对新创企业的前沿创新融资至关重要,因此比较中美两国的国际风险投资企业对于为国家创新政策提供信息至关重要。基于组织生态学的视角,我们提出美国和中国的新创企业在前沿创新方面有着不同的发展轨迹。我们识别了 2010 年至 2020 年间美国和中国新创企业在计算机软件、电子商务、生物技术、半导体和人工智能领域的 1782 项第一轮 IVC 投资及其 2825 项专利(317 项中国专利和 2508 项美国专利)。我们的研究结果表明,与美国的国际创新企业相比,中国的国际创新企业在技术距离、搜索范围和知识耦合方面表现出更大的差异。然而,根据专利引用情况,中国创新企业的前沿创新与美国创新企业相比,技术轨迹更加分散,吸引的追随者更少。在企业层面的分析中,我们发现中国 IIV 获得后续融资的可能性较低。此外,技术距离更远、搜索范围更大、影响力更高的国际创新企业有更多机会获得下一轮融资。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
Technovation
Technovation 管理科学-工程:工业
CiteScore
15.10
自引率
11.20%
发文量
208
审稿时长
91 days
期刊介绍: The interdisciplinary journal Technovation covers various aspects of technological innovation, exploring processes, products, and social impacts. It examines innovation in both process and product realms, including social innovations like regulatory frameworks and non-economic benefits. Topics range from emerging trends and capital for development to managing technology-intensive ventures and innovation in organizations of different sizes. It also discusses organizational structures, investment strategies for science and technology enterprises, and the roles of technological innovators. Additionally, it addresses technology transfer between developing countries and innovation across enterprise, political, and economic systems.
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