风险投资公司在硅谷创新网络中的角色

Theroleofventurecapital

firmsinSiliconValley’s

complexinnovationnetworkMichelFerraryandMarkGranovetterIntroductionAnanalysisofinnovativeclustersbasedoncomplexnetworktheoryComplexnetworktheorySiliconValley:aninnovativeclustersupportedbycomplexsocialVCfirmsasasourceofrobustnessinSiliconValley’scomplexinnovationnetworkThecontributionofVCfirmstoSiliconValleyConclusionContent3SiliconValleyisaprivilegedobjectofresearchintheefforttoUnderstandindustrialclustersandinnovation.Inspiteofhugejournalisticcoverageandnumerousbooks,westillpoorlyunderstandwhySiliconValleyhasoriginatedsomanybreakthroughinnovationsandlargecompanies.ThedurabilityofSiliconValley’sinnovativecompetenceoverthelastseventyyearsalsoneedsmoreexplanation.Thefailureofseveralpolicy-makersaroundtheworldtoreproducetheSiliconValleyclusterrevealsthemisunderstandingoftheinnovativedynamicinSiliconValley.1.Introduction3ThisstudyanalysesSiliconValleyasaninnovativecluster,notasanindustrialone.RegardingSiliconValleyasadurableinnovativeclusterinsteadofanindustrialclusterraisesthequestionofthedurabilityofitsinnovativecapability.◆Whatexplainsitsdurableinnovativeness?◆HowdidSiliconValleycopewitheconomiccrisesandnewcompetitorsinthelastdecades?◆Whatarethestructureandthedynamicofaninnovativecluster?1.Introduction3Thisstudyusescomplexnetworktheory—CNTtoanalysethecomplexinnovativecapabilityofSiliconValleyandtounderstandtheheterogeneityofagentsandthemultiplexityoftiesthatsupportcreationanddevelopmentofhigh-techstart-ups.AsproposedbyBaraba´si(2002,p.200),weviewtheeconomyasacomplexnetwork,whosenodesarecompaniesandwhoselinksrepresentthevariouseconomicandfinancialtiesconnectingthem.Innovationandentrepreneurshipareunderstoodasresultingfromtheinteractionsofnumerouseconomicagents.1.Introduction3CNTemphasizestherobustness(orresilience)ofsystemsmorethantheirstabilitytoexplainhowasystemcanorcannotcopewithexternalradicalchangesandcompetitiveshocks.Asacomplexsystem,SiliconValleyismadeupofnetworksofheterogeneous,complementaryandinterdependentagents.Innovationresultsfromacompletenetworkandtheentiresystemislessefficientonlyoneagentismissing.1.Introduction3Butsomeagentscontributemorethanotherstotherobustnessofacomplexnetworkofinnovation.Wearguethatventurecapitalistsareamajor(andunderestimated)sourceofrobustnessoftheinnovativecomplexnetworkofSiliconValley.ThepresenceofVCfirmsinaninnovativeclustercreatespotentialspecificinteractionswithotheragentsinthenetwork(universities,largecompanies,laboratories)thatdetermineaparticulardynamicofinnovation.WeexaminefivedifferentcontributionsofVCfirmstoSiliconValley’scomplexInnovationnetwork:financing,selection,collectivelearning,embeddingandsignalling.1.Introduction31.Introduction3Asetofverticesjoinedbyanedgeisonlythesimplesttypeofnetwork;therearemanywaysinwhichnetworksmaybemorecomplex.Forinstance,theremaybemorethanonedifferenttypeofvertexinanetwork,ormorethanonedifferenttypeofedgeandverticesoredgesmayhaveavarietyofproperties.Takingtheexampleofasocialnetworkofpeople.2.Ananalysisofinnovativeclustersbasedoncomplexnetworktheory3Networkagentsareheterogeneousandmultiplex—Anetworkiscomplexifitismadeupofnumerousinteractingagents，whomaybeheterogeneous,i.e.withdifferentcompetencesanddifferentfunctionsinthenetwork.—Agentsofacomplexnetworkarealsomultiplex,i.e.thesameagentcanfulfildifferentfunctionsandoptimizedifferentkindsofinterest.3.Complexnetworktheory3Interactionsofthenetworkaremultiplexandself-organized—Agroupofagentsbecomesasystemwhentheseagentsinteract.Interactionbetweenheterogeneousactorsisthesecondfeatureofcomplexnetworks.—CNTemphasizesthesystemicdimensionoftheagent’sefficiency.Resultsofagentsdependontheirintrinsiccompetenciesbutalsoontheirinteractionswiththeirenvironment.Thereisasystemicinterdependencebetweentheagentsofthenetwork.Theviabilityoftheentiresystemandtheviabilityofeachagentdependonthediversityofagentsandthedegreeoftheirconnectedness.3.Complexnetworktheory3Therobustnessofcomplexnetworks—Jen(2006)definesrobustnessastheabilityofasystemtomaintaincertainfeatureswhensubjecttointernalorexternalperturbations.—Theorganizationalarchitectureofthenetworkplaysaroleinitsrobustness.Outcomesofnetworksdependonresourcesbyagentsandonthewaytheseagentstransformandexchangetheirresources.—Robustnesssupposesacompletesetofheterogeneousandcomplementaryagentsandadensenetwork.Asystemisrobustwhenitisabletoreconfigureitselftofaceexternalshocks.3.Complexnetworktheory3Capabilitiesofanticipation,learningandinnovationassourcesofrobustness—Robustnessisoftenthoughtofasreflectingtheabilityofasystemtowithstandperturbationsinstructurewithoutchangeinfunction(Jen,2006).—Therobustnessisduetothecapabilitiesofthecomplexnetworktoanticipate,learnandinnovateinordertoreacttomajorinternalorexternalchanges.3.Complexnetworktheory3◆Thecomplexityofthesenetworksisduetotheheterogeneityofagentsandtotheinterplayoftheirorganizationalandhumandimensions.◆Socialtiesandorganizationaltiesareintertwined.TheclusteringdensityisanimportantpropertyofcomplexnetworksandSiliconValleyischaracterizedbyhighclusteringdensityinwhichethnicties,universityties,friendshipties,pastprofessionaltiesandcurrentprofessionaltiesareintertwinedtosustaininnovationandentrepreneurship.4.SiliconValley:aninnovativeclustersupportedbycomplexsocialnetworks3—SiliconValleyisacomplexnetworkofinnovationmadeupofheterogeneousandmultiplexagentsthatinteractatdifferentlevels.Eachofthesetwelveagentscontributesindifferentwaystothelife-cycleofstart-upsthatcreateinnovation.Theyinteractwitheachotherduringthestart-uplife-cycle.4.SiliconValley:aninnovativeclustersupportedbycomplexsocialnetworks3◆AccordingtoCNT,theseagentsmayplaydifferentrolesandcontributeinseveralwaystotheinnovativecluster.Theycancontributedirectlyorindirectlytothecreationandtothedevelopmentofhigh-techstartups.Forthesereasons,innovationinSiliconValleyresultsfromacomplexnetwork.Theinnovativenessisaby-productofthiscomplexnetwork.TherobustnessofSiliconValley(i.e.itssustainableinnovativeness)liesinthecompletenessofitsnetworks.4.SiliconValley:aninnovativeclustersupportedbycomplexsocialnetworks3◆Theeconomicsuccessofastart-updoesnotresultonlyfromthequalityoftheentrepreneuranditsinnovation,butalsofromitsembeddednessincomplexsocialnetworks.◆

AccordingtoCNT,thequalityofinteractionsbetweenagentsdeterminesthesuccessofeachagentand,finally,theachievementoftheentiresystem.4.SiliconValley:aninnovativeclustersupportedbycomplexsocialnetworks3◆SiliconValleycanbecharacterizedasarobustsystembecauseofitscapacitytogenerateradicalinnovationsinthelongrun,tosupportnewindustriesandtofacemajorindustrialdisruptions.4.SiliconValley:aninnovativeclustersupportedbycomplexsocialnetworks3ThefoundingdateofSiliconValleyisamatterofdebate.Alongitudinalandhistoricalanalysis(Pettigrew,1990)oftheInnovativecomplexnetworkofSiliconValleypointsoutthatitwasnotbuiltallatonce,butoverdecadesbyaprogressiveaggregationofheterogeneousandcomplementaryagents.5.VCfirmsasasourceofrobustnessinSiliconValley’scomplexinnovationnetwork3StanfordUniversitywasthefirstagentinthesystemofinnovation.In1968,aninvestmentbank,wasestablishedinSanFrancisco.Inthe1930s,numerousnon-CalifornianfirmsestablishedbranchesinPaloAltoThe1980swerecharacterizedbythedevelopmentoflegalfirmsIn1958,Draper,GaitherandAndersoncreatedthefirstCalifornianVCfirm.◆Financingfunction—VCfirmsgetequitysharesinthestart-upsinreturnfortheirFunding.—VCfirmsfundstart-upsdirectlyandotheragentsofaninnovativeclusterindirectly.6.ThecontributionofVCfirmstoSiliconValley3◆Selectionfunction

—Venturecapitalistevaluates

threekindsofriskbefore

investment:●

theriskrelatedtothetechnology●theriskrelatedtothemarket●theriskrelatedtotheentrepreneur

—Theytrytopickthemostpromising

projectsbecausetheirearnings

dependontheperformanceof

theirinvestments.6.ThecontributionofVCfirmstoSiliconValley3◆Signallingfunction

—FundingbyaVCfirm,especiallyaprominentone,givesapositivesignaltootheragentsofSiliconValley,whereitiscommonknowledgethatthemaincompetenceofVCsistoevaluatestart-ups.—Conversely,anegativesignalissentifastart-upraisesfundingfromanunknownVCfirmor,evenworse,doesnotraiseanyventurecapital.

6.ThecontributionofVCfirmstoSiliconValley3◆Signallingfunction

—FundingbyVCfirmssignalsthequalityofstart-upstootheragents.Byinvestingorrefusingtodosotheysignalthelevelofriskforeachstart-upandindirectlymodifytheriskevaluationandthebehaviouroftheotheragentsofthesystem.

6.ThecontributionofVCfirmstoSiliconValley3◆Collectivelearningfunction—Byfinancingstart-ups,venturecapitalistsaccumulateentrepreneurialknowledge.Theysharewiththeentrepreneursthebestandtheworstentrepreneurialpracticestheyknow.—Byaccumulatingknowledgeduringthematurationofanindustry，andbytransferringittoanemergingone,theVCfirmssustainthereconfigurationthatensuresthesurvivalofthecomplexnetworkwhenanindustrydeclines.6.ThecontributionofVCfirmstoSiliconValley3◆Embeddingfunction—VenturecapitalistsaredeeplyembeddedinthesocialnetworksofSiliconValley.Thedeeplyembeddedventureareembeddingagentsfortheisolatedentrepreneurstheyback.VCfirmsarethemainhubsbetweenentrepreneursandthecomplexnetworksofSiliconValley.Entrepreneurshaveaccesstoinformation,resources,serviceprovidersandbusinesspartnersthroughtheirinvestors.6.ThecontributionofVCfirmstoSiliconValley3◆Embeddingfunction—TheembeddednessofentrepreneursinthecomplexnetworksofSiliconValleyisamajorfactordeterminingthesuccessofstart-ups.AllagentsoftheinnovativeclusterwanttobeconnectedwithVCfirmsbecauseventurecapitalistsnurturestrongtieswiththeirentrepreneursandgetinsideinformation.—Byembeddingentrepreneurs,theVCfirmsbuildthemultiplicitythatsustainstheSiliconValley’scomplexinnovationnetwork.Asoneofthemainhubsbetweenstart-upsandcomplexnetworksofinnovation,theVCfirmsareoneoftheagents(ornodes)thatsupportstherobustnessofthecomplexnetwork.6.ThecontributionofVCfirmstoSiliconValley3◆innovationandentrepreneurshiphavebeenunderstoodasresulting