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Full Description
Given the importance that entrepreneurship and start-up businesses in technology-intensive sectors like life sciences, renewable energy, artificial intelligence, financial technologies, software and others have come to assume in economic development, the access of entrepreneurs to appropriate levels of finance has become a major focus of policymakers in recent decades. Yet, this prominence has led to a variety of policy models across countries and even within countries, as different levels of government have adapted to new challenges by refining or transforming pre-existing institutions and crafting new policy tools. Small Nations, High Ambitions investigates the roots of such policy diversity at the "subnational" level, offering in-depth accounts of the evolution of Quebec's and Scotland's policy strategies in the entrepreneurial finance sector and venture capital more specifically.
As compared to other regions and provinces in the United Kingdom and Canada, Quebec and Scottish venture capital ecosystems rely on a high degree of state intervention, either direct (through public investment funds) or indirect (through government-backed, hybrid, or tax-advantaged funds). These two regions can thus be described as "sponsor states," heavily involved in the strategic backing of innovative businesses. Whereas most of the literature on venture capital has focused on economic variables to explain variations in policy models, this book seeks to explain policy divergence in Quebec and Scotland through political and ideological lenses. Its main argument is that the development of venture capital ecosystems in these regions was underpinned by Québécois and Scottish nationalisms, which induced preferences for policy asymmetry and state intervention.
Contents
Graphs, Tables, and Figures
Acronyms and Abbreviations
Introduction: Hidden Developmental States
1. Minority Nationalism and Economic Policymaking
Minority Nationalism and Policy Asymmetry
Comparative Political Economy
Economic Nationalism
Scope and Case Selection
Methodology
Outline of the Book
2. Explaining Public Involvement in Venture Capital: Theoretical and Historical Overviews
Explaining Public Sector Involvement in Venture Capital
The Evolution of Public Sector Involvement in Quebec, 1960s-1990s
The Evolution of Public Sector Involvement in Scotland, 1960s-1990s
3. Quebec, 1990-2003
The Bourassa II and Johnson Administrations (1989-1994)
The Parizeau and Bouchard Governments (1994-1998)
The Bouchard and Landry Governments (1998-2003)
Concluding Remarks
4. Scotland, 1990-2003
Strategic Policymaking in Pre-Devolution Scotland (1990-1997)
The "Statecraft Phase" (1997-2003)
Concluding Remarks
5. Quebec, 2003-2018
The First Charest Administration (2003-2007)
The Second and Third Charest Administrations (2007-2012)
The Marois (2012-2014) and Couillard (2014-2018) Governments
Concluding Remarks
6. Scotland, 2003-2018
The Second SLP-SLD Administration (2003-2007)
The First SNP Government (2007-2011)
The Second and Third SNP Governments (2011-2018)
Concluding Remarks
7. Discussion and Conclusions
General Overview
Evaluation of Findings
Final Remarks: Contributions and Avenues for Further Research
Bibliography
Appendix: List of Interviews
