Organizing Venture Capital: The Rise and Demise of American Research & Development Corporation, 1946-1973

Topics:
Commercial Banking
Tags:
Evolution,
Finance,
Financing Startups,
Investment,
University Of Pennsylvania,
Venture Capital,
Venture-capital Company
Source:
University of Pennsylvania

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Overview: This paper analyzes the evolution of the early and influential VC firm, American Research & Development Corporation (ARD), in the period that it was independent from 1946-1973. The paper places the creation and subsequent evolution of ARD within its historical context and shows how it was an innovation by Boston-area civic elites. Using new historical data, we examine the evolution of ARD's practices over time. The paper further argues that ARD's funding model constrained its functioning as a venture capital firm and contributed to its demise.

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Format: PDF | Size: 321KB | Date: Dec 2004 | Pages: 51

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