Startup relocation and venture capital: policy lessons for improved startup performance




Inizio: Giu 21 | 12:15 pm

Fine : Giu 21 | 01:45 pm

Lunch Seminars
startup |
venture capital

Via Lambruschini, 4B 20156 Milano MI

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Lunch Seminar in presence

Building BL26/B – Room 0.19 (ground floor)
Department of Management, Economics and Industrial Engineering
Via R. Lambruschini, 4/B


Anita Quas – University of Milan
Stefan Weik – Technical University of Munich



The two papers use original hand-collected data on the relocation of European entrepreneurial ventures.
The first paper analyses the drivers of the venture’s relocation choices accross provinces, specifically focussing on the role of the local availability of venture capital and human capital. Results confirm that both of these factors are essential in explaining ventures’ relocation patterns, and that when relocation is driven by these factors, the start-up is subsequently more likely to prosper and grow. The second focuses on the migration of European startups to the United States and shows that U.S. migrants receive much more venture capital funding, produce more innovation, and reach much bigger scale by exit than startups staying in Europe. However, US migrants do not increase revenue for many years after migration, incur higher losses for longer time periods, and do not have a higher likelihood of successful exit than European stayers. Furthermore, a large part of the difference in innovation and scale can be explained by the US funding advantage.
Results of both papers are relevant from a policy perspective, especially aimed at reducing regional disparities within European countries and at shedding light on which European conditions hinder startups performance more with respect to the USA.


Anita Quas is Associate Professor of Corporate Finance at University of Milan. She obtained her PhD at Politecnico di Milano and has previously worked as Innovation and Policy consultant at Technopolis group and as an associate professor at emlyon business school. She had visiting research experiences at Harvard Business School and the SPRU department of University of Sussex. She conducts research in the field of entrepreneurial finance and her area of expertise is governmental intervention in the venture capital industry. She collaborates with the European Commission Joint Research Center on this subject. She published her research in international peer reviewed journals including Entrepreneurship: Theory and Practice, Journal of Business Venturing, Small Business Economics, Research Policy. 

Stefan Weik is a fifth-year Finance Ph.D. student at the Technical University of Munich (TUM) School of Management, specializing in the financing of entrepreneurial firms. His research focuses on how entrepreneurial firms finance their growth and how financing affects firm outcomes. In his first project titled “Follow the Money: How Venture Capital Facilitates Emigration of Firms and Entrepreneurs in Europe,” Stefan investigates the influence of foreign venture capital investment on startup exits and entrepreneur emigration. The research has attracted significant attention from both academics and practitioners, with key findings covered by prominent media outlets such as Handelsblatt and WirtschaftsWoche, as well as being cited in the recent startup strategies of the European Commission and German Government.



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