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Year 2014, Volume: 43 Issue: 2, 293 - 318, 14.11.2014

Hakan Ertürk Güven Sayılgan

Abstract

Bu çalışmada; kamunun girişim sermayesi finansman modelini geliştirmeye yönelik politikaları ve uyguladıkları programlar, bu politika ve programların başarısı ayrıntılı olarak incelenmiş ve iyi uygulama örneklerinin ana özellikleri çıkarılmıştır. Bunun yanı sıra Türkiye’deki girişim sermayesi finansman modelinin durumu fon yöneticileri ile yapılan saha araştırması ve bu alandaki çalışmalar taranarak ortaya konmuş ve iyi uygulama örneklerinden yola çıkarak girişim sermayesinin geliştirilmesi için politika önerileri geliştirilmiştir

Keywords

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References

  • OECD, “The SME Financing Gap”, http://www.oecd-ilibrary.org/finance-and- investment/the-sme-financing-gap-theory-and-evidence_fmt-v2006-art11-en, 3 Mayıs 2014.
  • National Venture Capital Association, “Recent Stats & Studies, 2011”, http://www.nvca.org/index.php?option=com_content&view=article&id=257&Itemid =103, 7 Mayıs 2014.
  • Groh, A., Liechtenstein, H. ve Lieser K., The European Venture Capital and Private Equity Country Attractiveness Indices, IESE Business School Working Paper, No: 773, 200 Groh, A., Liechtenstein, H. ve Lieser K., The Global Venture Capital and Private Equity Country Attractiveness Index, IESE Business School, 2011.
  • Duruflé, G., Government Involvement in The Venture Capital Industry International Comparisons. Canada’s Venture Capital & Private Equity Association (CVCA), 1-22 (2010).
  • FedDev Ontorio, “Basın Duyurusu”, http://www.feddevontario.gc.ca/eic/site/723.nsf /eng/00215.html, 5 Mayıs 2014.
  • Kanada Alberta Hükümeti, “Innovation and Advanced Education Program”, http://eae.alberta.ca/economic-development/technology/support/avac.aspx, 5 Mayıs 2014. MaRS, “Investment Accelerator Fund”, http://www.marsdd.com/funding
  • /investment-accelerator-fund/, 5 Mayıs 2014.
  • Covington Capital Corporation, “Ontario Emerging Technologies Fund”, http://www.covingtonfunds.com/funds/institutional/ontario-emerging-technologies- fund, 6 Mayıs 2014.
  • The B.C. Renaissance Capital Fund Ltd, B.C. “Renaissance Capital Fund”, http://www.bcrcf.ca/bcrcf/index.html, 6 Mayıs 2014.
  • Alberta Enterprise, “Alberta Enterprise Financial Resources”, http://www.alberta- enterprise.ca/?page_id=1192, 6 Mayıs 2014.
  • Government of Quebec-Canada, “Business Creation in the Technology Sector”, http://www.marketwired.com/press-release/canada-quebec-private-sector- partners-invest-100-million-business-creation-technology-622569.htm, 6 Mayıs 20
  • BDC Fund of Funds, “Tandem Expansion Fund”, http://www.techvibes.com/blog /tandem-expansion-fund-announces-first-closing-of-300-million, 6 Mayıs 2014.
  • Ontario Venture Capital Fund, “Investing in Innovation”, http://ovcf.com; 6 Mayıs Teralys http://montrealtechwatch.com/2009/04/27/the-caisse-de-depot-solidarity-fund-fql- and-qc-government-join-forces-for-teralys-825-m-fund/#, 6 Mayıs 2014. 2009
  • Cumming, D.J., MacInthosh, J. G., Canadian Labour-Sponsored Venture Capital Corporations: Bane or Boon?. Aktaran; A. Ginsberg ve I. Hasan, eds., New Venture Investment: Choices and Consequences (Elsevier Science Academic Press), 2003, 169-200.
  • Brander, J.A., Raphael A. and Werner A., Venture-Capital Syndication: Improved Venture Selection vs. the Value-Added Hypothesis. Journal of Economics & Management Strategy, 11, 3, 423–452 (2002).
  • Brander, James A., Egan, Edward J., Hellmann, Thomas F., Government Sponsored versus Private Venture Capital: Canadian Evidence, National Bureau of Economic Research Working Paper No: 14029, 2008.
  • New Zealand Venture Investment Fund Limited, “New Zealand Venture Investment Fund”, http://www.nzvif.com, 6 Mayıs 2014.
  • Bundesministerium für Wirtschaft und Energie, “ERP Start Fonds, June 2011”, http://www.bmwi.de/DE/Presse/pressemitteilungen,did=404746.html, 6 Mayıs 20 Bundesministerium für Wirtschaft und Energie, “ERP/EIF Dachfund”, http://www.foerderdatenbank.de/Foerder-DB/Navigation/Foerderrecherche/suche. html?get=views;document&doc=8933, 6 Mayıs 2014.
  • Bundesministerium für Wirtschaft und Energie, “High Tech Grüderfond”, http://www.foerderdatenbank.de/Foerder-DB/Navigation/Foerderrecherche/suche. html?get=views;document&doc=9241, 6 Mayıs 2014.
  • Schertler. A, Dynamic Efficiency and Path Dependencies in Venture Capital Markets, Springer Science & Business Media, 2003, 115.
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  • The Canadian Venture Capital and Private Equity Association, “Israeli Life Science Funds;, May 2010”, https://www.cvca.ca/files/Downloads/Government_Involvement
  • _in_the_VC_Industry_Intl_Comparisons_May_2010.pdf, 8 Mayıs 2014. Avnimelech, G., “VC Policy: Yozma http://www2.druid.dk/conferences/viewpaper.php?id=5606&cf=32, 20.05.2014. Program 15-Years Perspective”,
  • Özpınar, F. European Investment Fund - Istanbul Venture Capital Initiative (iVCi) - YOZMA Programı, 2011.
  • Korea Venture Investment Corp, “Korea Fund of Funds”, http://www.k- vic.co.kr/eng/contents.do?contentsNo=184&menuNo=450, 10 Mayıs 2014. Korea Credit Guarantee Fund (KODIT), “Capital Fund”, http://www.kodit.co.kr/html/english/about_kodit/intro/cap_fund.jsp#content, Mayıs 2014. 10
  • İstanbul Girişim Sermayesi İnisiyatifi, “Fonların Fonu”, http://www.ivci.com.tr /Default.aspx?lang=tr, 10 Mayıs 2014.
  • Gracey A.,D., Guarantee Mechanisms for Financing Innovative Technology – Survey and Analysis, European Commission: Luxembourg, 2001.
  • European Commission, Diirectorate General Enterprises ‘Innovation and SME’ Programme, European Trend Chart on Innovation: Innovation Policy in Europe March Nabarro LLP, http://www.nabarro.com/downloads/popular-property-investment-vehicles.pdf, 17 Investment Mayıs 2014. “Indirect quick reference guide”,
  • İMKB, “Verilerle İMKB, Aralık 2010”, http://borsaistanbul.com/data/kilavuzlar
  • /Borsa_Istanbul_For_Investors.pdf, 17 Mayıs 2014.
  • World Bank, “Sustaining High Growth: The Role of Domestic Savings Synthesis Report(2011)”, http://siteresources.worldbank.org/TURKEYEXTN/Resources/361711 - 1331638027014/CEM_DomesticSavings_fulltext.pdf, 17 Mayıs 2014.
  • Sönmez, A., Toksoy, A., Kurumsal Yönetim İlkelerinin Türkiye’deki Aile İşletmelerine Uygulanabilirliği. Maliye Finans Yazıları, 92, 51-90 (2011).
  • PwC, “Küresel Aile Şirketleri Araştırması 2012 Türkiye Sonuçları, Kasım 2012”, http://taider.org.tr/wp-content/uploads/2013/11/pwc-kuresel-aile-arastirmasi- 2012-turkiye-sonuclari-kasim-2012-fce8c.pdf, 18 Mayıs 2014.

Venture Capital Funds and the Role of Governments to Improve These Funds

Year 2014, Volume: 43 Issue: 2, 293 - 318, 14.11.2014

Hakan Ertürk Güven Sayılgan

Abstract

In this study; existing programs and the government’s policies for the improvement of venture capital financing model in addition to this, the success of these policies and programs are researched in detail, and main characteristics of best practices are drawn. Besides, doing field research with venture capital fund managers and looking the related research put the status of venture capital financing models in Turkey forth. And finally, the policy recommendations to improve venture capital are suggested based on best practices and the field research.

Keywords

Venture Capital Private Equity Funds Private Funds Fund of Funds Early Stage Business

References

  • OECD, “The SME Financing Gap”, http://www.oecd-ilibrary.org/finance-and- investment/the-sme-financing-gap-theory-and-evidence_fmt-v2006-art11-en, 3 Mayıs 2014.
  • National Venture Capital Association, “Recent Stats & Studies, 2011”, http://www.nvca.org/index.php?option=com_content&view=article&id=257&Itemid =103, 7 Mayıs 2014.
  • Groh, A., Liechtenstein, H. ve Lieser K., The European Venture Capital and Private Equity Country Attractiveness Indices, IESE Business School Working Paper, No: 773, 200 Groh, A., Liechtenstein, H. ve Lieser K., The Global Venture Capital and Private Equity Country Attractiveness Index, IESE Business School, 2011.
  • Duruflé, G., Government Involvement in The Venture Capital Industry International Comparisons. Canada’s Venture Capital & Private Equity Association (CVCA), 1-22 (2010).
  • FedDev Ontorio, “Basın Duyurusu”, http://www.feddevontario.gc.ca/eic/site/723.nsf /eng/00215.html, 5 Mayıs 2014.
  • Kanada Alberta Hükümeti, “Innovation and Advanced Education Program”, http://eae.alberta.ca/economic-development/technology/support/avac.aspx, 5 Mayıs 2014. MaRS, “Investment Accelerator Fund”, http://www.marsdd.com/funding
  • /investment-accelerator-fund/, 5 Mayıs 2014.
  • Covington Capital Corporation, “Ontario Emerging Technologies Fund”, http://www.covingtonfunds.com/funds/institutional/ontario-emerging-technologies- fund, 6 Mayıs 2014.
  • The B.C. Renaissance Capital Fund Ltd, B.C. “Renaissance Capital Fund”, http://www.bcrcf.ca/bcrcf/index.html, 6 Mayıs 2014.
  • Alberta Enterprise, “Alberta Enterprise Financial Resources”, http://www.alberta- enterprise.ca/?page_id=1192, 6 Mayıs 2014.
  • Government of Quebec-Canada, “Business Creation in the Technology Sector”, http://www.marketwired.com/press-release/canada-quebec-private-sector- partners-invest-100-million-business-creation-technology-622569.htm, 6 Mayıs 20
  • BDC Fund of Funds, “Tandem Expansion Fund”, http://www.techvibes.com/blog /tandem-expansion-fund-announces-first-closing-of-300-million, 6 Mayıs 2014.
  • Ontario Venture Capital Fund, “Investing in Innovation”, http://ovcf.com; 6 Mayıs Teralys http://montrealtechwatch.com/2009/04/27/the-caisse-de-depot-solidarity-fund-fql- and-qc-government-join-forces-for-teralys-825-m-fund/#, 6 Mayıs 2014. 2009
  • Cumming, D.J., MacInthosh, J. G., Canadian Labour-Sponsored Venture Capital Corporations: Bane or Boon?. Aktaran; A. Ginsberg ve I. Hasan, eds., New Venture Investment: Choices and Consequences (Elsevier Science Academic Press), 2003, 169-200.
  • Brander, J.A., Raphael A. and Werner A., Venture-Capital Syndication: Improved Venture Selection vs. the Value-Added Hypothesis. Journal of Economics & Management Strategy, 11, 3, 423–452 (2002).
  • Brander, James A., Egan, Edward J., Hellmann, Thomas F., Government Sponsored versus Private Venture Capital: Canadian Evidence, National Bureau of Economic Research Working Paper No: 14029, 2008.
  • New Zealand Venture Investment Fund Limited, “New Zealand Venture Investment Fund”, http://www.nzvif.com, 6 Mayıs 2014.
  • Bundesministerium für Wirtschaft und Energie, “ERP Start Fonds, June 2011”, http://www.bmwi.de/DE/Presse/pressemitteilungen,did=404746.html, 6 Mayıs 20 Bundesministerium für Wirtschaft und Energie, “ERP/EIF Dachfund”, http://www.foerderdatenbank.de/Foerder-DB/Navigation/Foerderrecherche/suche. html?get=views;document&doc=8933, 6 Mayıs 2014.
  • Bundesministerium für Wirtschaft und Energie, “High Tech Grüderfond”, http://www.foerderdatenbank.de/Foerder-DB/Navigation/Foerderrecherche/suche. html?get=views;document&doc=9241, 6 Mayıs 2014.
  • Schertler. A, Dynamic Efficiency and Path Dependencies in Venture Capital Markets, Springer Science & Business Media, 2003, 115.
  • The Canadian Venture Capital and Private Equity Association, “Government Involvement in the VC Industry International Comparisons, May 2010”, https://www.cvca.ca/files/Downloads/Government_Involvement_in_the_VC_Indust ry_Intl_Comparisons_May_2010.pdf, 8 Mayıs 2014.
  • The Canadian Venture Capital and Private Equity Association, “Israeli Life Science Funds;, May 2010”, https://www.cvca.ca/files/Downloads/Government_Involvement
  • _in_the_VC_Industry_Intl_Comparisons_May_2010.pdf, 8 Mayıs 2014. Avnimelech, G., “VC Policy: Yozma http://www2.druid.dk/conferences/viewpaper.php?id=5606&cf=32, 20.05.2014. Program 15-Years Perspective”,
  • Özpınar, F. European Investment Fund - Istanbul Venture Capital Initiative (iVCi) - YOZMA Programı, 2011.
  • Korea Venture Investment Corp, “Korea Fund of Funds”, http://www.k- vic.co.kr/eng/contents.do?contentsNo=184&menuNo=450, 10 Mayıs 2014. Korea Credit Guarantee Fund (KODIT), “Capital Fund”, http://www.kodit.co.kr/html/english/about_kodit/intro/cap_fund.jsp#content, Mayıs 2014. 10
  • İstanbul Girişim Sermayesi İnisiyatifi, “Fonların Fonu”, http://www.ivci.com.tr /Default.aspx?lang=tr, 10 Mayıs 2014.
  • Gracey A.,D., Guarantee Mechanisms for Financing Innovative Technology – Survey and Analysis, European Commission: Luxembourg, 2001.
  • European Commission, Diirectorate General Enterprises ‘Innovation and SME’ Programme, European Trend Chart on Innovation: Innovation Policy in Europe March Nabarro LLP, http://www.nabarro.com/downloads/popular-property-investment-vehicles.pdf, 17 Investment Mayıs 2014. “Indirect quick reference guide”,
  • İMKB, “Verilerle İMKB, Aralık 2010”, http://borsaistanbul.com/data/kilavuzlar
  • /Borsa_Istanbul_For_Investors.pdf, 17 Mayıs 2014.
  • World Bank, “Sustaining High Growth: The Role of Domestic Savings Synthesis Report(2011)”, http://siteresources.worldbank.org/TURKEYEXTN/Resources/361711 - 1331638027014/CEM_DomesticSavings_fulltext.pdf, 17 Mayıs 2014.
  • Sönmez, A., Toksoy, A., Kurumsal Yönetim İlkelerinin Türkiye’deki Aile İşletmelerine Uygulanabilirliği. Maliye Finans Yazıları, 92, 51-90 (2011).
  • PwC, “Küresel Aile Şirketleri Araştırması 2012 Türkiye Sonuçları, Kasım 2012”, http://taider.org.tr/wp-content/uploads/2013/11/pwc-kuresel-aile-arastirmasi- 2012-turkiye-sonuclari-kasim-2012-fce8c.pdf, 18 Mayıs 2014.
There are 33 citations in total.

Details

Primary Language English
Journal Section Finance
Authors

Hakan Ertürk This is me

Güven Sayılgan This is me

Publication Date November 14, 2014
Published in Issue Year 2014 Volume: 43 Issue: 2

Cite

APA Ertürk, H., & Sayılgan, G. (2014). Venture Capital Funds and the Role of Governments to Improve These Funds. İstanbul Üniversitesi İşletme Fakültesi Dergisi, 43(2), 293-318.
AMA Ertürk H, Sayılgan G. Venture Capital Funds and the Role of Governments to Improve These Funds. İstanbul Üniversitesi İşletme Fakültesi Dergisi. November 2014;43(2):293-318.
Chicago Ertürk, Hakan, and Güven Sayılgan. “Venture Capital Funds and the Role of Governments to Improve These Funds”. İstanbul Üniversitesi İşletme Fakültesi Dergisi 43, no. 2 (November 2014): 293-318.
EndNote Ertürk H, Sayılgan G (November 1, 2014) Venture Capital Funds and the Role of Governments to Improve These Funds. İstanbul Üniversitesi İşletme Fakültesi Dergisi 43 2 293–318.
IEEE H. Ertürk and G. Sayılgan, “Venture Capital Funds and the Role of Governments to Improve These Funds”, İstanbul Üniversitesi İşletme Fakültesi Dergisi, vol. 43, no. 2, pp. 293–318, 2014.
ISNAD Ertürk, Hakan - Sayılgan, Güven. “Venture Capital Funds and the Role of Governments to Improve These Funds”. İstanbul Üniversitesi İşletme Fakültesi Dergisi 43/2 (November 2014), 293-318.
JAMA Ertürk H, Sayılgan G. Venture Capital Funds and the Role of Governments to Improve These Funds. İstanbul Üniversitesi İşletme Fakültesi Dergisi. 2014;43:293–318.
MLA Ertürk, Hakan and Güven Sayılgan. “Venture Capital Funds and the Role of Governments to Improve These Funds”. İstanbul Üniversitesi İşletme Fakültesi Dergisi, vol. 43, no. 2, 2014, pp. 293-18.
Vancouver Ertürk H, Sayılgan G. Venture Capital Funds and the Role of Governments to Improve These Funds. İstanbul Üniversitesi İşletme Fakültesi Dergisi. 2014;43(2):293-318.