publication-status: PublishedAuthor's draft isued as working paper 09/06 by University of Exeter Business School. Final version published in Venture capital: investment strategies, structures, and policies; ed. Douglas J. Cumming. Wiley, 2012. ISBN 9780470499146This paper reflects on the policy formation process in the burgeoning area of venture capital
finance. An important question is raised as to why so little extant academic research, of both rigor
and relevance, is employed in policy formation. The authors argue that the long term,
international and comparative perspective of the academic researcher is of increasing importance
in government. The gap between policy practice and academic empiricism is illustrated by
reference to contemporary policy interest in the creation of public/private (‘hybrid’) venture
capital funds. The rubric of 12 Meditations is employed as a device to communicate across the
academic/policy maker divide
