Understanding global flows of venture capital: Human networks as the "carrier wave" of globalization

Ravi Madhavan*, Akie Iriyama

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

83 Citations (Scopus)


Industry participants and observers view venture capital as fundamentally a local business. However, recent data show an increasing share of US venture capital investments flowing overseas. We suggest that cross-border venture capital flows are associated with the formation of transnational technical communities (TTCs), groups of immigrants active in both home- and host-country technical networks. Our results highlight the role of human networks as a mechanism of industry globalization, and support the view that TTCs are emerging economic actors in their own right.

Original languageEnglish
Pages (from-to)1241-1259
Number of pages19
JournalJournal of International Business Studies
Issue number8
Publication statusPublished - 2009 Oct
Externally publishedYes


  • Cross-border capital flows
  • Globalization
  • Immigration
  • Networks
  • Transnational technical communities
  • Venture capital

ASJC Scopus subject areas

  • Business and International Management
  • Business, Management and Accounting(all)
  • Economics and Econometrics
  • Strategy and Management
  • Management of Technology and Innovation


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