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1、ReporttotheWorldBankontheMalaysianVentureCapitalIndustry^byDecember15,2007KaleyLyonsDepartmentofHumanandCommunityDevelopmentUniversityofCalifornia,DavisDavis,California95616&MartinKenney#ProfessorDepartmentofHumanandCommunityDevelopmentUniversityofCaliforni
2、a,DavisDavis,California95616&BerkeleyRoundtableontheInternationalEconomymfkenney@ucdavis.edu^PreparedforShahidYusufandKaoruNabeshimaoftheWorldBankbyKaleyLyonsandMartinKenney#CorrespondingauthorVenturecapitalisincreasinglyrecognizedasanimportantcomponentofan
3、umberofentrepreneurialecosystemsaroundtheworld.Moreover,venturecapitalindustriesfundingentrepreneurialfirmshaveappearedinanumberofnations,developedanddeveloping,aroundtheworld.ThisreportexaminesthehistoryandcurrentstateoftheMalaysianventurecapitalindustryan
4、dcomparesitwiththeventurecapitalindustriesoftwoneighbornations,SingaporeandThailand.Ourassessmentisbothquantitativeandqualitative,asweexaminethehistoryoftheMalaysianVCindustrysoastounderstandthecontextforcurrentperformanceandfuturepossibilities.Thereare,rou
5、ghlyspeaking,twotypesofventurecapitalclusters.Thefirstandmostcommonlyperceivedclustersofventurecapitalistsarethosethatareintimatelyintertwinedwithclustersoftechnologyfirms,asisthecaseinSiliconValley,Boston,Israel,andBeijing,whichweterm“technology”clusters.T
6、hereis,however,anotherclusterthatRichardFloridaandMartinKenney(1988)termed“financial”VCclusterssuchasNewYork,London,HongKong,and,toasignificantdegree,Singapore.Thesefinancialclustershaveonlyalimitednumberoflocalportfoliofirms,buthavemanyVCfirmsmanaginglarge
7、poolsofcapital.Generallyspeaking,thegoalofpolicymakershasbeentolaunchventurecapitalinitiativesaspartofamorecomprehensivestrategyofencouragingthedevelopmentoftechnologyclusters,thoughinthecaseofSingaporeandHongKong,whatthey,infact,havedevelopedhasagreaterres
8、emblancetofinancialclustersthanaSiliconValley-likeclusterwithamyriadofsmallstartupsexploitingnewtechnologies.Unfortunately,inhistoricalterms,technologyclustershaveNOTbeensparkedbypoolsofventurecapital,