Aalto University
University of Helsinki
Stanford University

Anne-Sisko Patana, Tamara Carleton, Kirsi Polvinen, Laura Kanto, Hanna Nordlund, Jussi Pihlajamaa, Pekka Berg


This study provides several benefits to practitioners and researchers in the biotech field, as well as others looking for greater insight into Finnish biotech innovation. These benefits are explained below.

ETLA publication no 1030, 2006

Mari Maunula


This study focuses on the non-financial value-added of venture capital investors (VCs) as perceived by the CEOs of Finnish biotechnology companies. It pays attention to differences in the value-added between informal venture capitalists, private sector venture capitalists and public sector venture capital organizations. In addition, this study pays attention to value-adding mechanisms which venture capitalists use in developing their portfolio companies and factors which influence the perceived value-added.

ETLA publication no 1032, 2006

Terttu Luukkonen
Mari Maunula


The paper reports an empirical study on the non-financial value-added provided by Venture Capital investors to their investee firms. This study will use a four-class grouping of the various non-financial value-adding capabilities provided by VC firms, namely, scouting, monitoring, signalling and value-adding services. The study examines biotechnology industry in Finland.