Venture capital and Industry 4.0: The G7's versus BRICS' experience

Abstract

This article aims to set a framework on how venture capital could contribute comprehensively to supporting sustainable development goals employing Industry 4.0's digital entrepreneurship, filling a gap in the existing literature concerning the role of venture capital in Industry 4.0. This article advances a new venture capital model, which might play a significant role in OECD countries in supporting investment and innovative projects and allow for creative activity and high-powered global competitiveness. Likewise, venture capital will achieve a new purpose to better economic well-being and ensure higher effectiveness of venture capital management. The economic model here has shown that an increase of the share of venture capital in the structure of GDP by 1% leads to the growth of digital competitiveness by 60.0698 points and the development of global competitiveness by 2.3831 points. As per the article's findings, we should give venture capital a new role in supporting innovative projects, a digital modernization of entrepreneurship, and global competitiveness. These parts are connected to economic and public well-being.