The role of venture capitalists in an organised innovation ecosystem: evidence from the USA

In the knowledge-based economy (KBE), knowledge and innovation are key drivers of economic growth. However, they have become increasingly complex. In this context, some scholars underlined the importance of the financial system in KBE. This paper has a dual aim: to understand the specific support of informal investors in the USA and to analyse the different behaviour of informal investors in this innovation ecosystem. The first part is a descriptive analysis of the investment characteristics of these operators. In the second part, we discuss the empirical sense in which possible associations of the US actions are best understood. The main results are: 1) venture capitalists activity in the US are focused in few states; 2) venture capitalists present a positive correlation between number of deals and amount invested; 3) small venture capitalists (thinkers) have a strategic approach to innovative firms more defined in comparison with the big VCs (gamblers).