Beyond venture capital: an exploratory study of the finance-innovation-policy nexus in cleantech

Michael Migendt, Friedemann Polzin, Florian Schock, Florian A. Täube, Paschen von Flotow

Research output: Contribution to journalArticleAcademicpeer-review


In recent years, scholarly interest in financing for innovation has grown, particularly for mitigating cli-mate change. However, extant literature has neglected the interaction of actors along the equity financing value chain, and the indirect effects of innovation and financial policy on the supply and de-mand of private equity (PE) and venture capital (VC). In this article, we emphasize the importance of these understudied aspects through a comparative case study of equity finance for cleantech in the United States and Germany. We find that systemic interdependencies between institutional investors, VC/PE and policy makers influence the conditions for innovation—the " finance-innovation-policy nexus. " Adverse effects of policies affecting financial markets, in particular institutional investors, have to be taken into account to effectively mobilize private investments for (cleantech) innovation.
Original languageEnglish
Pages (from-to)973-996
Number of pages23
JournalIndustrial and Corporate Change
Issue number6
Publication statusPublished - 1 Dec 2017


  • G24 - Investment Banking
  • Venture Capital
  • Brokerage
  • Ratings and Ratings Agencies
  • Q48 - Government Policy
  • O31 - Innovation and Invention: Processes and Incentives
  • Q42 - Alternative Energy Sources
  • O32 - Management of Technological Innovation and R&D
  • G28 - Government Policy and Regulation


Dive into the research topics of 'Beyond venture capital: an exploratory study of the finance-innovation-policy nexus in cleantech'. Together they form a unique fingerprint.

Cite this