The Organization of the Innovation Industry: Entrepreneurs, Venture Capitalists, and Oligopolists
指出风险投资支持的企业常通过出售给大公司退出，并证明这种环境下风险投资企业比大公司更有动力将基础创新转化为商业化创新，从而激励更多基础创新。
The starting point of this paper is that the exit of venture-backed firms often takes place through sales to large incumbent firms. We show that in such an environment, venture-backed firms have a stronger incentive to develop basic innovations into commercialized innovations than incumbent firms, due to strategic product market effects. In turn, this will increase the price for basic innovations, thereby triggering more basic innovations by entrepreneurs. Consequently, the presence of a venture capital market implies that more basic innovations are created and that these become better developed.