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Publications
Publications
  • 2016
  • Chapter
  • Financial Market History

The Origins of High-Tech Venture Investing in America

By: Tom Nicholas
  • Format:Print
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Abstract

The United States has developed an unparalleled environment for the provision of high-tech investment finance. Today it is reflected in the strength of agglomeration economies in Silicon Valley, but historically its origins lay in the East Coast. Notably, immediate post-WWII efforts to establish the American Research and Development Corporation created a precedent for “long-tail” high-tech investing. This approach became institutionalized in America over subsequent decades in a way that has been difficult to replicate in other countries. The role of history helps to explain why.

Keywords

Venture Capital; Investment; Information Technology; History; Financial Services Industry; United States

Citation

Nicholas, Tom. "The Origins of High-Tech Venture Investing in America." In Financial Market History: Reflections on the Past for Investors Today, edited by David Chambers and Elroy Dimson, 227–241. CFA Institute Research Foundation, 2016.
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About The Author

Tom Nicholas

Entrepreneurial Management
→More Publications

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More from the Author
  • Human Capital and the Managerial Revolution in the United States By: Tom Nicholas
  • Air Wars: Deregulating the U.S. Airline Industry By: Tom Nicholas and James Weber
  • A Soul and a Service: North Carolina Mutual Life Insurance By: Tom Nicholas and John Masko
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