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The Indian venture capital emergence, development, and boom: A southern contextualization
Growth and Change ( IF 2.9 ) Pub Date : 2021-05-13 , DOI: 10.1111/grow.12495
Manuel Gonzalo 1, 2 , Hugo Kantis 1
Affiliation  

Even during the current COVID-19 crisis, venture capital (VC) is booming in India. Indian-based VC funds grew from less than 10 at the start of the 1990s to more than 500 nowadays, with the amount of total investment continuously increasing since 2000. The aim of this paper is to contextualize the process of emergence, development, and boom of the Indian VC industry from the theoretical perspective of innovation and entrepreneurial systems, particularly incorporating contributions from Latin American and Indian authors. In doing so, we present a global, historical, and territorially grounded narrative of the Indian VC development stressing the relevance of: (a) the institutional and technological capabilities accumulated by the Indian National Innovation System (NIS) and the Indian Computer and Information Services Entrepreneurial Ecosystem (CISEE), particularly around Bangalore, (b) the role of the State (and the institutional entrepreneurs) and the timing of the STI policy oriented to the software industry, (c) the growing influence of global players such as the World Bank, the Indian American argonauts and multinational enterprises, and (d) the U.S. offshoring opportunities and the growing Indian domestic demand. We discuss these processes with a wider relevance for theoretical and policy advancement in Global South settings.

中文翻译:

印度风险投资的出现、发展和繁荣:南方背景

即使在当前的 COVID-19 危机期间,风险投资(VC)也在印度蓬勃发展。印度风险投资基金从 1990 年代初期的不到 10 家发展到如今的 500 多家,总投资额自 2000 年以来不断增加。从创新和创业系统的理论角度分析印度风险投资行业,特别是结合拉丁美洲和印度作者的贡献。在此过程中,我们提出了印度风险投资发展的全球性、历史性和地域性叙述,强调了以下方面的相关性:(a) 印度国家创新系统 (NIS) 和印度计算机和信息服务创业生态系统 (CISEE) 积累的制度和技术能力,特别是在班加罗尔周围,(b) 国家(和机构企业家)的作用和面向软件行业的 STI 政策的时机,(c) 世界银行、印裔美国人和跨国企业等全球参与者日益增长的影响力,以及 (d) 美国的离岸机会和不断增长的印度国内需求。我们讨论与全球南方背景下的理论和政策进步具有更广泛相关性的这些过程。(c) 世界银行、印裔美国人和跨国企业等全球参与者日益增长的影响力,以及 (d) 美国的离岸机会和不断增长的印度国内需求。我们讨论与全球南方背景下的理论和政策进步具有更广泛相关性的这些过程。(c) 世界银行、印裔美国人和跨国企业等全球参与者日益增长的影响力,以及 (d) 美国的离岸机会和不断增长的印度国内需求。我们讨论与全球南方背景下的理论和政策进步具有更广泛相关性的这些过程。
更新日期:2021-07-06
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