Enabling or accelerating? The timing of innovation and the different roles of venture capitalists
研究风险投资家对投资组合公司专利活动的影响，发现其对无专利经验的公司有持久的赋能效应，推动快速商业化；对已有专利的公司，高参与度和高声誉风投能加速创新。
Venture capitalists (VCs) shape innovative activities, moving beyond the role of providing financial resources. This paper investigates the role of VCs in firms’ innovative performance regarding two mutually exclusive concepts in which they enable or accelerate the patenting activities, distinguishing previously patenting and non-patenting portfolio firms, respectively. To reveal underlying mechanisms, the analyses explore differences in the timing of patenting activities and the level of VC involvement using large-scale VC and firm-level data. We find a positive and persistent enabling effect, suggesting that VCs push for rapid commercialization of inventive ideas by previously non-patenting firms. While we find no accelerating effect on average, high investor involvement and reputable VCs can accelerate the innovative activity of patenting firms by fostering new ideas. Examining firm-level differences in prior patenting experience shows that some target firms only obtain financial support, while others additionally seek active investor involvement that compensates for their need for expert knowledge. Overall, these findings disclose new and differentiated perspectives on the role of VCs in stimulating the inventive capabilities of their portfolio firms.