Up and to the Right: The Development, Diffusion, and Impact of the Casey Life Cycle Model on Venture Capital Policy and Practice
本文研究了1976年美国小企业管理局风险投资工作组及其1977年报告中的“生命周期模型”如何塑造了现代风险投资与高科技产业的关联，并追踪该模型在商业出版物、政府报告和国会证词中的传播与影响。
This article contributes an account of a key moment in the development of venture capital. I argue the US Small Business Administration’s Task Force on Venture and Equity Capital for Small Business, established in 1976 and headed by William J. Casey, had an outsized impact on the development of modern venture capital and its close associations with the high technology sector. The Task Force’s 1977 report was influential in establishing both the figure of the venture capitalist and the business model of institutionally supported, limited partnership venture capital in the minds of policymakers, businesspeople, and the general public. This article traces the influence of one part of the Report: a prominently featured schematic model, entitled “Life Cycle of a New Enterprise: Model of a Growing and Successful Company, 1975-1976 Financial Market Conditions.” I trace the influence of the LCM as it spread through the developing high technology sector, as shown by its appearances in business publications, governmental reports, and congressional testimonies offered by industry leaders. The LCM was genericized away from its original authors and intentions, becoming part of the economic imaginary of the technology and innovation sector.