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Over the last two decades, many governments around the world have implemented programmes to mobilize venture capital (VC) in support of new and innovative firms. In this paper, we analyze whether and how the impact of publicly-supported VC funds varies between high-tech and low-tech regions, when compared to private VC funds. Our analyses on a sample of 898 VC-backed companies in the United Kingdom in the period 1998-2007 show for public VC funds: (a) a greater propensity to invest in early-stage and technology-based sectors, which is especially pronounced in low-tech regions; (b) a greater propensity toward staging and a greater ability to attract partners in syndication, especially in high-tech regions; (c) lower exit rates of investee companies, in terms of IPO/acquisition, as compared to private VC funds. Overall, our findings confirm that regional characteristics do matter if we want to more rigorously assess the effectiveness of public VC programmes.

This article studies the extent to which corporate entrepreneurial intentions are enacted differently by academic and non-academic entrepreneurs. Using constructs from cognitive research and exploiting the theory of institutional logics, we observe that academic entrepreneurs, notwithstanding their engagement in entrepreneurship, still implement their corporate entrepreneurial intentions acting in accordance with the academic institutional environment to which they belong. Using a matched-pairs research design, our results show that academic entrepreneurs (compared to non-academic ones) leverage their awareness of technical competencies significantly more and their entrepreneurial self-efficacy and awareness of managerial skills considerably less. We discuss the theoretical and managerial implications related to how cognitive and institutional factors interact to foster entrepreneurial value in newly established firms

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