and adopters of ebusiness in some cases perceived as the worldwide benchmark the situation is entirely different in regions with less developed economies, particularly in Southern Europe.
and e-business practice, benchmark implementation of digital business ecosystems Lack of technological solutions and of interoperability Actions:
support for venture capital, investment forum Stafford Beer, Platform for Change,, John Wiley & Sons Ltd, 1995 23 Stafford Beer, Fanfare for Effective Freedom, Cybernetic Praxis in Government, The 3 rd Richard Goodman Memorial Lecture
firms and government research labs, industrial liaison offices, business support institutions (science parks, business and technology incubators), financial support institutions (public and private venture capital firms
in addition to their traditional function of regulation and control, investment and provision of public venture capital, which is a traditional task for the Industry sphere (e g.
and even funding to encourage entrepreneurial ventures, thus enacting some of the traditional role of industry.
and government in creating a venture capital industry to support new firm formation and growth (Etzkowitz, 2002).
which invented the contemporary format for the venture capital firm, building upon family investment firms with a professional staff.
They worked out a political strategy to make the venture capital firm a viable entity by lobbying to 22 change laws that prevented large financial institutions from investing in risky ventures. o Providing solutions to conflict or crisis situations
and Harvard in scientific instruments from the turn of the century and in the newly-emerging radio industry in the 1920's and invented the venture capital firm to expand
A venture capital approach was taken with a few promising ideas, like computer networking, winnowed from a larger collection (Miller, 1997).
In the past, the venture capital model was created from such an analysis (Etzkowitz, 2002; what form would such analysis take in our days?
national and regional programmes to promote venture 35 capital funds and loans, improve access to debt
Littunen, H. and Virtanen, M. 2009), Differentiating factors of venture growth: from statics to dynamics, International Journal of Entrepreneurial Behaviour & Research, Vol. 15 No. 6, pp. 535-54.
There are however clear signals that there would be significant continuing interest from outside Europe from institutions wishing to benchmark themselves against European institutions.
While this provides a unique opportunity to compare and benchmark with over 100 other institutions worldwide,
We also expect that there will be continuing interest from outside Europe from institutions wishing to benchmark themselves against European institutions.
204 10.11 Starbucks Digital Ventures...204 10.11.1 Developer...205 10.11.2 Applications...206 10.12 Summary...206 References...
10.1007/978-3-319-04307-4 3, Springer International Publishing Switzerland 2014 47 by Mary Meeker2 and Liang Wu in the annual‘‘Internettrends''report by venture capital
, on the basis of historic or benchmark data; while for the security/risk/and compliance perspective they can be the mapping of users
and benchmarks to track and demonstrate success Adapted from 11 8. 4 Digital Governance Success Factors 153‘‘filter''the adoption of other standards such as,
which, after collecting substantial funding through venture capital operations in the startup phase, went from IPO (Initial public offering:
and simplification. 10.11 Starbucks Digital Ventures It appears, looking at the case of Starbucks 12,
Ventures'initiation dates back to 2008 when the CIO Stephen Gillett decided to promote the development of an internal venture-capital-style incubator for digital technology initiatives.
Ventures 205 10.11.2 Applications Starbucks Digital Ventures'strategy aims at developing a digital media company business model dedicated to all Starbucks customers.
The fact that Starbucks Digital Ventures is independent from the IT function and Marketing function, reporting directly to the CEO,
the perceived value of Table 10.19 Company competitiveness indicators for time-to-market Company Starbucks digital ventures Funded 2008 NPRODUCTS A few Clients Many Partners
In particular, it is worth noting a prevalence of digital innovations focusing on the converge of mobile services (Instabank, Truelink, Acceptemail, Starbucks Digital Ventures), social listening (Billguard, Starbucks Digital Ventures),
Starbucks Digital Ventures (2013) http://www. starbucks. com/coffeehouse/mobile-apps/mystarbucks. Accessed 18 nov 2013 10.12 Summary 207 Chapter 11 Conclusion Abstract The book has discussed
Life Stages of Entrepreneurial Ventures A general-purpose framework Applied to the Eoy universe Chapter 4:
Only by considering all those dimensions together can high-impact entrepreneurial ventures develop their full potential.
the entrepreneurial ventures in this sample outperformed comparable equity indices comfortably by a factor of two.
and bandwidth that Endeavor Global and Purpose provided both high-impact entrepreneurial ventures in their own right,
Twenty years ago, many of today's world-leading ventures were born not yet. It is a safe bet to think that many of the most impactful companies of 2034 are still a dream in someone's head.
its latest venture is a new cable channel aimed at a community few thought to consider profitable until Johnson pointed the way.
and is often largely external to the entrepreneurial venture. This value creation, in economic terms, can be viewed as a positive externality to the economics of the enterprise itself,
Life Stages of Entrepreneurial Ventures When thinking about the evolution of high-impact ventures, it is helpful to consider a generic life cycle framework.
And while this applies universally to all entrepreneurial ventures that pass the test of time,
outlining specific dynamics where possible and seeking benchmarks while at times also observing the limits of a pure analytical approach in an area as complex as highimpact entrepreneurship.
Healthcare-18.1 Figure 4. 2 Entrepreneur Of The Year companies outperform US benchmark. Source: Capital IQ, July 2014, EY.
Heavy investment in human capital, particularly the early team Upfront investment in technology Raise money from venture capital funds, angels, friends and family and where possible reinvest earnings as sources
as well as a strong outreach through captive venture capital arms (while Google's efforts look very promising,
which includes hedge funds, private equity and venture capital firms. She joined the Forum from Empire state Development,
and led several entrepreneurial ventures including Bragstats; Best of Our Town, USA; and Velocity Sports Performance.
and Initial Expansion of Innovation-driven Ventures 24 Scale up: The Collaborative Road to Sustainable Growth 32 Section Three:
and innovation capabilities by expanding the number and quality of serial entrepreneurs and fast-growing, scalable ventures.
and partner to improve conditions for innovative ventures at all stages of the entrepreneurial life cycle. As such, this report will be a useful contribution to policy-makers at the European and national levels,
create and scale innovation-driven ventures. In addition to extensive inputs from the Forum's Members, Global Shapers, Young Global Leaders, Network of Global Agenda Councils and leading policy-makers across Europe, the findings in the report have benefitted from data gathered from over 60 structured interviews
Fostering innovation-driven entrepreneurship in Europe requires a comprehensive view of the entire entrepreneurial life cycle. 1 Section two describes how the life cycle of an innovationdriven entrepreneurial venture can be divided into three phases stand up,
and the ability to create scalable entrepreneurial ventures Start up Gathering the resources to start a business,
with a particular focus on access to capital for entrepreneurs across the European union Scale up Enabling ventures to scale,
in order to harness the innovation capabilities of new ventures and to engage with local communities in new ways.
organization types and sectors to achieve scale and momentum for new ventures and ideas. Supporting the innovations of today in isolated sectors is not enough Europe needs to create ecosystems that will support innovations emerging in unconventional ways across government and business.
which indicates that Europe has the greatest gap with benchmark economies and the greatest divergence between its member states with regard to measures of smart growth, particularly with reference to the digital agenda and innovation.
This report aims to show how to further improve innovation capabilities in Europe by fostering innovative new ventures.
or join a market innovator start-up or SME as an employee Start up Assessing the success factors for an entrepreneur in establishing an innovative organization and making it a viable venture,
and develop a venture. Network access refers to the availability of supporting partners, advisers and enablers who transfer know-how
However, the entrepreneurial life cycle is designed not to end at the successful scaling of a venture. The goal of a healthy and robust entrepreneurial ecosystem is to foster serial entrepreneurs who persevere over multiple ventures and
upon achieving success, continue to support entrepreneurial activities as investors, mentors and role models. 11.2013/45764d 5 Promote starting a venture
or join entrepreneurs Improve access to capital for business foundation Identify and realize mutually beneficial partnerships Stand up Start up Scale up Serial entrepreneurship Individual factors Ecosystem factors 4 Regulatory 5 6 framework Market framework Network access 1 Attitude
and 30%had considered starting a venture but not done it yet (see Figure 6). 20 25 17 14 12 12 Western europe (WE) Germany, Austria, Switzerland (DACH) Southern Europe (SE) Other Central and Eastern europe,
-60 2>60 33 19 30 5 13 I am currently running my own venture
and scaling a venture. Overall across Europe, conditions were perceived most positively for the stand up phase,
and labour costs when starting or scaling a venture. A country-wise split of results is given in Figure 9. Perceived conditions for stand up
or join an innovation-driven venture. Three core factors to foster entrepreneurial culture The decision to become an entrepreneur
or join an innovative entrepreneurial venture is complex. 13 This analysis focuses on three categories of individual factors that were highlighted in interviews and workshops:
%Concern about financial benefits is greater among respondents potentially joining an entrepreneurial venture as an employee (37%)than those starting their own venture (29%.
or joining a new venture. Challenges for promoting entrepreneurship Attitude: People are risk-averse and aim less for radical innovation Fear of failure is a key dimension frequently shown to be a roadblock for entrepreneurship,
meaningful experience that encouraged them to start their own venture. Early exposure to entrepreneurship, entrepreneurial thinking and peer-level success stories is
and Initial Expansion of Innovation-driven Ventures 18 Enhancing Europe's Competitiveness Fostering Innovation-driven Entrepreneurship in Europe 19 Figure 12:
Venture capital Loans Loss zone Profit zone Start up: Supporting the Establishment and Initial Expansion of Innovation-driven Ventures In the second, start up phase of the entrepreneurship life cycle ecosystem factors play a crucial role.
This section focuses on access to capital as a key bottleneck in starting a company:
finance comes in a number of forms that differ in relevance and accessibility at different stages of a venture's growth.
Venture capital is primarily available in Europe to ventures that are past the proof of concept stage,
venture capital supply has decreased by 56 %since 2007 The EU is home to 19.0 million micro companies (those with less than 10 employees),
venture capital fundraising in the early and expansion stages amounted to only €3. 6 billion in 2012,
venture capital and banks. 20 Enhancing Europe's Competitiveness The challenge of access to capital Mediocre long-term performance dampens capital supply
despite a number of recent success stories The quality of ventures demanding capital and the return expected of them in prevailing market conditions play a key role in determining access to capital.
but there is a lack of appetite to invest in entrepreneurial ventures as an asset class, partly due to a perception of low returns for investors.
venture funds reported an average internal rate of return of only 1. 27, %with the top quartile earning 18.49%.34 However,
in recent years the European venture capital segment has seen a number of notable successes such as Supercell and Spotify.
Many European venture capital experts say the sector is stronger than the long-term data indicate. Today
Matthias Ummenhofer, Head, Venture capital, European Investment Fund Figure 13: New Venture Funds Raised in Europe by Investors,
2007-2013 (Incremental Amount Raised Per year in Billion Euro and as a Percentage of Total) Source:
European Private Equity and Venture capital Association (EVCA) New VC funds raised in EU-28 (in bn. €), thereof:
000) but smaller than the deal size typical of venture capital funds operating in Europe (from €3-5 million up).
39 In the aftermath of the crisis, government agencies provide a key share of venture capital As mentioned above
the supply of venture capital has seen a sharp decline in recent years. Part of it is linked to higher levels of risk aversion following the financial crisis as investors struggle with an increased regulatory burden. 39 This drop in private investment has seen the role of government agencies in venture capital raised from institutional investors increase from pre-crisis
activity of 14%in 2007 to 38%in 2013. A reliance on public funds in this way is not a good sign of the health of the venture market government agencies'financing volumes are limited typically in the case of the German Gruenderfonds, for example, to €500, 000 for the first round and up to
€1, 500,000 for follow-up rounds which can create ceilings for subsequent financing, thereby exacerbating the challenge of accessing growth capital. 40 Fostering Innovation-driven Entrepreneurship in Europe 21 The sources of financing for European venture funds differ strongly between European regions,
as shown in Figure 14. While in Germany, Austria and Switzerland (DACH), as in the United kingdom and Ireland, less than 20%of venture funds have come from government agencies,
such agencies have accounted for over 40%of venture funding in Central and Eastern europe. Banks are particularly important for venture funds in Southern Europe (22%of financing) and Central and Eastern europe (CEE)( 26%
Sources of Funds European Venture Funds by Region41 (Percentage of Total Incremental Fundraising, 2007-2013) Source:
European Private Equity and Venture capital Association (EVCA) Figure 15: Imbalance between Seed and Follow-on Rounds by Number and Region Source:
European Private Equity and Venture capital Association (EVCA; National Venture capital Association/Thomson Reuters Europe's next challenge is to increase the number of highgrowth businesses receiving financing rounds Further financing challenges appear
when start-up businesses attempt to scale their activities. Comparing seed/start-up/early-stage rounds with follow-on rounds between the United states and Europe in Figure 15,
. 0 United states Sweden Finland Luxembourg United kingdom Netherlands India Access to venture capital Access to bank loans Belgium Slovenia Portugal Spain Croatia Romania Lithuania
such as the United kingdom, potential difficulty with access to bank loans is alleviated by easier access to venture capital.
and venture capital reflects Europe's competitiveness divide, with Northern European countries being among global leaders in access to venture capital and loans.
The growing number of legislative initiatives in the wake of the financial crisis has amplified the burden for longterm investors.
and insurance companies out of European long-term equity financing, impacting private equity and venture capital. André Loesekrug-Pietri
Access to Venture capital and Bank Loans in EU-28, the United states and BRIC Countries (Brazil, Russia, India, China), Average of Survey Respondent Scores per Country Survey questions:
Access to venture capital: In your country, how easy is it for entrepreneurs with innovative but risky projects to find venture capital?(
1=extremely difficult, 7=extremely easy; Access to bank loans: In your country, how easy is it to obtain bank credit with only a good business plan and no collateral?(
In venture capital, for example, the fund invests £0. 5-2. 0 million in deals of £2-10 million.
and 14%in the US. 48 We need to strengthen access to capital across the region beyond the early stage by creating a partnership between public and private investors in a new European fund-of-funds for venture capital Dörte Höppner, Chief executive,
The European Private Equity and Venture capital Association (EVCA) We need more of a pan-European mentality, both on the investor's and on the entrepreneur's side.
Chairman, Europe, Microsoft Corporation Benefit for large corporates Benefit for entrepreneurs Risk to one or both partners Company shares in high-potential entrepreneurial ventures Access
The Collaborative Road to Sustainable Growth For Europe to realize the potential of its innovative entrepreneurial ventures,
the ventures must scale well beyond simply being viable, local businesses employing a handful of people and serving a small customer base.
This section therefore examines the potential within Europe to foster collaborations that enable the scaling of innovative ventures to the benefit of all parties concerned.
respondents to the Forum's survey on innovation-driven entrepreneurship had partnered with a large corporation or organization in a former venture.
Miles Kirby, Managing director of Qualcomm Ventures, responsible for investments in Western and Eastern europe To systematically foster collaboration between large companies and entrepreneurs we have to start with specific topics e g. 3d printing around
Young Global Leader Building a database and evaluating data with a clearly defined process Google Ventures uses algorithms with data from academic literature or from due diligences.
Managing director, Global Affairs and New Ventures, Telefonica; Young Global Leader Getting to a draft contract needs to be a question of days,
In this context, a new regulation on venture capital funds has been approved recently: fund managers can now have a European passport and market their funds across the EU. Current and future challenges of high priority on the policy agenda:
and venture capital to SMES and will work in conjunction with Horizon 2020. In early 2013, the Commission launched a public consultation on how to foster the supply of long-term financing
Promoting the creation and growth of enterprises with global ambition Venture funds: Including a fund of funds of €120 million for business angel co-investment, venture capital and expansion capital (of this,
€60 million is public money). In addition, the Baltic Innovation Funds (for Estonia, Lithuania and Latvia) has a volume of €200 million for later stage and bigger investments
including loans, guarantees and venture investments, to help tackle the issue. Furthermore, the Danish regions are exploring the opportunity to include successful serial entrepreneurs and professionals from large, existing companies in networks for entrepreneurs with particular potential.
This should be supplemented by a highly developed market for venture capital, being the second cornerstone, and a strong link between knowledge institutions and the private sector as the third cornerstone.
This has been achieved with a new Dutch Venture Initiative for scaling up successful businesses and a new instrument aimed at the proof-of-concept phase.
The improvement of commercialization activities by academic spinoffs or of the situation for seed and early-stage financing for technology-intensive ventures,
and growth of entrepreneurial ventures of different groups of entrepreneurs within the country and offers targeted support for each of these groups,
Any beneficiary should commit to giving something to a new venture so as to pass on the momentum
compared with 56%of those who currently run their own ventures. While 55%of respondents say they would be willing to provide mentoring to new founders,
on how to partner between large businesses and entrepreneurial ventures Creating more transparency about what new ventures and established businesses are looking for in terms of potential partners Creating more opportunities for entrepreneurs
and large businesses to network Helping private investors"unlock"capital in Europe and direct it towards venture markets Supporting entrepreneurs to access skilled employees to join their ventures Providing mentoring to new founders Providing more opportunities for potential entrepreneurs to obtain practical experience in an innovative business
or start-up Tailoring the education curricula in schools and universities to focus on the skills that entrepreneurs require Raising awareness of entrepreneurial success stories
microfinance institutions, venture capital funds and innovation grants all linked to business mentoring and training of substantial scale and availability for women entrepreneurs who want to take their companies to European markets and beyonds.
the benchmarks for successful entrepreneurial ecosystems and innovation hubs tend to be Silicon valley and Tel aviv.
specialist challengers, yet found it increasingly hard to justify the cost or complexity of absorbing new ventures.
They would be able to minimize the three critical types of risk in any new venture:
and qualify new ventures for disruptive value creation, feasibility and scalability. To achieve this, organizations will need to configure themselves in nodal patterns of many smaller project or programme entities solving discrete problems with the help of external networks and communities of different types in different areas of the Coral reef
Policy-makers, business leaders and civil society actors can help support entrepreneurs by taking a nuanced approach to understanding the different phases of a new venture,
individuals and organizations across many sectors are motivated highly to do more to support innovation-driven ventures in Europe.
and the factors related to the successful growth of a venture. 2. It is important to note that both entrepreneurship
EVCA (2012), Pan-European Private Equity Performance Benchmarks Study, p. 4. 38. Interview with Luis Galveias, Director of Secretariat, EBAN;
New york times (2013), Google Ventures Stresses the Science of the Deal, not the Art of the Deal. 61.
Young Global Leader Kumardev Chatterjee, Founder and President, European Young Innovators Forum, Belgium Start up Supporting the establishment and initial expansion of Innovation-driven Ventures
European Private Equity and Venture capital Association Dörte Höppner Secretary-general Cornelius Müller, Head of Research Henkel Kasper Rorsted, Chief executive officer Thomas Müller-Kirschbaum, Corporate Senior vice-president, Research & development/Sustainability Marc-Steffen Schiedel, Senior
Center Telefonica José María Álvarez-Pallete López, Chief operating officer Javier Santiso, Director, Innovation Funds, Venture and Growth Capital 60 Enhancing Europe's Competitiveness The World
Kirby, Managing director, Qualcomm Ventures, United kingdom Karl-Ludwig Kley, Chairman of the Executive Board, Merck, Germany Neelie Kroes, Vice-president and Commissioner for the Digital Agenda, European commission, Brussels;
, Prime minister of the Czech republic Fridolin Stary, Head, Group R&d, Wacker Chemie, Germany Terence Tse, Associate professor, ESCP Europe, United kingdom Matthias Ummenhofer, Head, Venture capital
which other cities can benchmark themselves. Chicagoland: Institutional Coordination for Competitiveness3 With 9. 5 million people, Chicago is the eighth largest city in the world with a GDP of over $500 billion.
The Illinois Science and Technology Coalition focuses on supporting these firms by bringing venture capital to the region.
including venture capital. Few places offer the opportunity to make a greater impact on the productivity and competitiveness of more people.
And there are institutionalized performance benchmarks in the public sector. The rule of law is strong on commercial matters:
well-regulated securities exchanges, venture capital, and other financial products. In order to fulfill all those functions, the banking sector needs to be trustworthy and transparent,
in addition to high levels of competition and access to venture capital and financing that are analyzed in other pillars of the Index.
the Forum aims to remain at the forefront of the effort to provide policymakers and business and civil society leaders with a relevant tool that can measure and benchmark the drivers of competitiveness and prosperity in an economy,
or venture capital (101st) to support innovative projects. In addition, concerns about macroeconomic conditions (132nd) persist, as Barbados boasts one of the highest public deficits (140th) in the world, one of the lowest savings rates (136th),
and a favorable financial environment for start-ups (availability of venture capital is assessed at 9th place). Yet for the country's innovation-driven competitiveness strategy to be successful and viable going into the future,
Since its introduction in 2005, the GCI has been used by a growing number of countries and institutions to benchmark national competitiveness.
05 Venture capital availability B. Trustworthiness and confidence...50%8. 06 Soundness of banks 8. 07 Regulation of securities exchanges 8. 08 Legal rights index*9th pillar:
and benchmark themselves against peers persists. Without an improvement in the quality and availability of key data on social and environmental sustainability, countries will continue to face challenges
1. 9...128 8. 05 Venture capital availability...1. 9...128 8. 06 Soundness of banks...
1. 9...128 8. 05 Venture capital availability...1. 9...128 8. 06 Soundness of banks...
2. 8...72 8. 05 Venture capital availability...2. 2...108 8. 06 Soundness of banks...
2. 2...122 8. 05 Venture capital availability...2. 3...98 8. 06 Soundness of banks...
1. 7...134 8. 05 Venture capital availability...1. 8...138 8. 06 Soundness of banks...
2. 5...97 8. 05 Venture capital availability...2. 4...96 8. 06 Soundness of banks...
3. 3...38 8. 05 Venture capital availability...3. 4...29 8. 06 Soundness of banks...
2. 9...66 8. 05 Venture capital availability...2. 7...70 8. 06 Soundness of banks...
2. 7...79 8. 05 Venture capital availability...2. 7...64 8. 06 Soundness of banks...
4. 2...8 8. 05 Venture capital availability...3. 6...18 8. 06 Soundness of banks...
2. 4...103 8. 05 Venture capital availability...2. 1...119 8. 06 Soundness of banks...
2. 5...101 8. 05 Venture capital availability...2. 3...101 8. 06 Soundness of banks...
3. 3...35 8. 05 Venture capital availability...3. 3...33 8. 06 Soundness of banks...
2. 5...98 8. 05 Venture capital availability...2. 3...104 8. 06 Soundness of banks...
3. 6...24 8. 05 Venture capital availability...3. 4...30 8. 06 Soundness of banks...
3. 0...54 8. 05 Venture capital availability...2. 7...67 8. 06 Soundness of banks...
2. 7...85 8. 05 Venture capital availability...2. 6...80 8. 06 Soundness of banks...
3. 0...53 8. 05 Venture capital availability...2. 6...79 8. 06 Soundness of banks...
1. 6...138 8. 05 Venture capital availability...1. 5...144 8. 06 Soundness of banks...
1. 8...131 8. 05 Venture capital availability...1. 9...129 8. 06 Soundness of banks...
2. 7...80 8. 05 Venture capital availability...2. 7...60 8. 06 Soundness of banks...
2. 5...92 8. 05 Venture capital availability...2. 3...102 8. 06 Soundness of banks...
3. 8...18 8. 05 Venture capital availability...3. 6...17 8. 06 Soundness of banks...
2. 5...100 8. 05 Venture capital availability...2. 5...91 8. 06 Soundness of banks...
2. 1...124 8. 05 Venture capital availability...1. 9...136 8. 06 Soundness of banks...
3. 7...20 8. 05 Venture capital availability...3. 3...32 8. 06 Soundness of banks...
3. 7...21 8. 05 Venture capital availability...3. 9...13 8. 06 Soundness of banks...
2. 8...77 8. 05 Venture capital availability...2. 6...82 8. 06 Soundness of banks...
2. 2...118 8. 05 Venture capital availability...2. 2...111 8. 06 Soundness of banks...
3. 1...44 8. 05 Venture capital availability...2. 8...55 8. 06 Soundness of banks...
2. 4...106 8. 05 Venture capital availability...2. 2...114 8. 06 Soundness of banks...
2. 4...109 8. 05 Venture capital availability...2. 7...75 8. 06 Soundness of banks...
3. 3...36 8. 05 Venture capital availability...3. 1...42 8. 06 Soundness of banks...
2. 9...60 8. 05 Venture capital availability...2. 5...87 8. 06 Soundness of banks...
2. 8...75 8. 05 Venture capital availability...2. 6...83 8. 06 Soundness of banks...
1. 9...129 8. 05 Venture capital availability...2. 3...103 8. 06 Soundness of banks...
3. 0...52 8. 05 Venture capital availability...3. 0...45 8. 06 Soundness of banks...
3. 3...40 8. 05 Venture capital availability...3. 4...26 8. 06 Soundness of banks...
2. 1...123 8. 05 Venture capital availability...2. 2...110 8. 06 Soundness of banks...
4. 0...12 8. 05 Venture capital availability...4. 3...8 8. 06 Soundness of banks...
3. 8...17 8. 05 Venture capital availability...3. 3...35 8. 06 Soundness of banks...
2. 7...83 8. 05 Venture capital availability...2. 0...123 8. 06 Soundness of banks...
2. 5...95 8. 05 Venture capital availability...2. 4...93 8. 06 Soundness of banks...
2. 4...110 8. 05 Venture capital availability...2. 1...118 8. 06 Soundness of banks...
3. 3...34 8. 05 Venture capital availability...3. 4...28 8. 06 Soundness of banks...
2. 9...58 8. 05 Venture capital availability...3. 2...36 8. 06 Soundness of banks...
1. 7...136 8. 05 Venture capital availability...1. 9...135 8. 06 Soundness of banks...
3. 1...47 8. 05 Venture capital availability...2. 7...63 8. 06 Soundness of banks...
2. 4...105 8. 05 Venture capital availability...1. 9...130 8. 06 Soundness of banks...
3. 3...37 8. 05 Venture capital availability...3. 3...34 8. 06 Soundness of banks...
2. 3...112 8. 05 Venture capital availability...2. 0...124 8. 06 Soundness of banks...
2. 9...62 8. 05 Venture capital availability...2. 8...56 8. 06 Soundness of banks...
4. 5...5 8. 05 Venture capital availability...4. 3...5 8. 06 Soundness of banks...
2. 0...126 8. 05 Venture capital availability...2. 1...121 8. 06 Soundness of banks...
2. 8...74 8. 05 Venture capital availability...2. 8...58 8. 06 Soundness of banks...
3. 6...29 8. 05 Venture capital availability...3. 5...20 8. 06 Soundness of banks...
3. 9...15 8. 05 Venture capital availability...3. 9...14 8. 06 Soundness of banks...
1. 6...141 8. 05 Venture capital availability...1. 9...133 8. 06 Soundness of banks...
2. 2...117 8. 05 Venture capital availability...3. 0...46 8. 06 Soundness of banks...
3. 0...51 8. 05 Venture capital availability...4. 2...9 8. 06 Soundness of banks...
1. 6...139 8. 05 Venture capital availability...2. 0...127 8. 06 Soundness of banks...
2. 2...119 8. 05 Venture capital availability...2. 2...117 8. 06 Soundness of banks...
3. 7...19 8. 05 Venture capital availability...3. 4...24 8. 06 Soundness of banks...
3. 6...25 8. 05 Venture capital availability...3. 5...23 8. 06 Soundness of banks...
3. 2...43 8. 05 Venture capital availability...3. 0...47 8. 06 Soundness of banks...
3. 4...33 8. 05 Venture capital availability...3. 1...43 8. 06 Soundness of banks...
2. 2...120 8. 05 Venture capital availability...2. 2...107 8. 06 Soundness of banks...
3. 1...45 8. 05 Venture capital availability...2. 7...69 8. 06 Soundness of banks...
2. 3...115 8. 05 Venture capital availability...2. 2...115 8. 06 Soundness of banks...
2. 8...71 8. 05 Venture capital availability...2. 5...85 8. 06 Soundness of banks...
2. 5...96 8. 05 Venture capital availability...3. 0...48 8. 06 Soundness of banks...
2. 8...76 8. 05 Venture capital availability...2. 8...59 8. 06 Soundness of banks...
2. 9...63 8. 05 Venture capital availability...2. 7...72 8. 06 Soundness of banks...
1. 5...142 8. 05 Venture capital availability...1. 6...142 8. 06 Soundness of banks...
2. 6...91 8. 05 Venture capital availability...2. 7...73 8. 06 Soundness of banks...
4. 4...6 8. 05 Venture capital availability...4. 2...10 8. 06 Soundness of banks...
3. 0...55 8. 05 Venture capital availability...2. 9...52 8. 06 Soundness of banks...
2. 7...78 8. 05 Venture capital availability...2. 5...89 8. 06 Soundness of banks...
2. 3...114 8. 05 Venture capital availability...2. 2...112 8. 06 Soundness of banks...
4. 8...2 8. 05 Venture capital availability...4. 6...2 8. 06 Soundness of banks...
2. 7...84 8. 05 Venture capital availability...2. 4...94 8. 06 Soundness of banks...
3. 8...16 8. 05 Venture capital availability...3. 1...40 8. 06 Soundness of banks...
2. 0...125 8. 05 Venture capital availability...1. 9...134 8. 06 Soundness of banks...
3. 5...31 8. 05 Venture capital availability...3. 1...41 8. 06 Soundness of banks...
2. 4...107 8. 05 Venture capital availability...2. 5...86 8. 06 Soundness of banks...
2. 4...104 8. 05 Venture capital availability...2. 2...116 8. 06 Soundness of banks...
1. 5...143 8. 05 Venture capital availability...1. 6...141 8. 06 Soundness of banks...
3. 0...49 8. 05 Venture capital availability...2. 9...50 8. 06 Soundness of banks...
3. 1...46 8. 05 Venture capital availability...2. 9...49 8. 06 Soundness of banks...
1. 9...127 8. 05 Venture capital availability...2. 1...120 8. 06 Soundness of banks...
1. 4...144 8. 05 Venture capital availability...1. 6...143 8. 06 Soundness of banks...
2. 8...68 8. 05 Venture capital availability...2. 5...88 8. 06 Soundness of banks...
2. 3...116 8. 05 Venture capital availability...2. 2...105 8. 06 Soundness of banks...
3. 1...48 8. 05 Venture capital availability...3. 5...22 8. 06 Soundness of banks...
4. 0...11 8. 05 Venture capital availability...3. 9...12 8. 06 Soundness of banks...
2. 8...67 8. 05 Venture capital availability...2. 7...65 8. 06 Soundness of banks...
1. 6...137 8. 05 Venture capital availability...1. 9...131 8. 06 Soundness of banks...
4. 3...7 8. 05 Venture capital availability...4. 3...6 8. 06 Soundness of banks...
4. 1...9 8. 05 Venture capital availability...3. 5...21 8. 06 Soundness of banks...
2. 6...90 8. 05 Venture capital availability...2. 5...92 8. 06 Soundness of banks...
4. 0...13 8. 05 Venture capital availability...3. 6...16 8. 06 Soundness of banks...
3. 0...57 8. 05 Venture capital availability...2. 2...113 8. 06 Soundness of banks...
3. 2...42 8. 05 Venture capital availability...2. 9...54 8. 06 Soundness of banks...
3. 5...30 8. 05 Venture capital availability...3. 3...31 8. 06 Soundness of banks...
2. 6...89 8. 05 Venture capital availability...2. 3...99 8. 06 Soundness of banks...
2. 4...108 8. 05 Venture capital availability...2. 5...84 8. 06 Soundness of banks...
2. 8...73 8. 05 Venture capital availability...2. 9...51 8. 06 Soundness of banks...
5. 1...1 8. 05 Venture capital availability...4. 8...1 8. 06 Soundness of banks...
2. 9...59 8. 05 Venture capital availability...2. 6...78 8. 06 Soundness of banks...
3. 0...56 8. 05 Venture capital availability...2. 7...61 8. 06 Soundness of banks...
3. 2...41 8. 05 Venture capital availability...3. 1...39 8. 06 Soundness of banks...
3. 6...27 8. 05 Venture capital availability...3. 4...27 8. 06 Soundness of banks...
2. 9...61 8. 05 Venture capital availability...2. 9...53 8. 06 Soundness of banks...
2. 2...121 8. 05 Venture capital availability...1. 9...132 8. 06 Soundness of banks...
3. 0...50 8. 05 Venture capital availability...2. 7...62 8. 06 Soundness of banks...
1. 8...130 8. 05 Venture capital availability...1. 8...137 8. 06 Soundness of banks...
4. 5...4 8. 05 Venture capital availability...4. 3...7 8. 06 Soundness of banks...
3. 3...39 8. 05 Venture capital availability...2. 8...57 8. 06 Soundness of banks...
1. 6...140 8. 05 Venture capital availability...2. 0...125 8. 06 Soundness of banks...
3. 5...32 8. 05 Venture capital availability...3. 2...37 8. 06 Soundness of banks...
1. 7...132 8. 05 Venture capital availability...2. 3...100 8. 06 Soundness of banks...
2. 9...65 8. 05 Venture capital availability...2. 7...66 8. 06 Soundness of banks...
2. 4...111 8. 05 Venture capital availability...2. 0...126 8. 06 Soundness of banks...
2. 7...81 8. 05 Venture capital availability...2. 7...74 8. 06 Soundness of banks...
4. 1...10 8. 05 Venture capital availability...4. 2...11 8. 06 Soundness of banks...
3. 6...28 8. 05 Venture capital availability...3. 4...25 8. 06 Soundness of banks...
3. 6...26 8. 05 Venture capital availability...3. 9...15 8. 06 Soundness of banks...
3. 6...22 8. 05 Venture capital availability...3. 2...38 8. 06 Soundness of banks...
2. 7...86 8. 05 Venture capital availability...2. 6...81 8. 06 Soundness of banks...
3. 6...23 8. 05 Venture capital availability...3. 0...44 8. 06 Soundness of banks...
2. 5...94 8. 05 Venture capital availability...2. 6...76 8. 06 Soundness of banks...
2. 5...102 8. 05 Venture capital availability...2. 2...109 8. 06 Soundness of banks...
2. 8...70 8. 05 Venture capital availability...2. 7...68 8. 06 Soundness of banks...
2. 9...64 8. 05 Venture capital availability...2. 5...90 8. 06 Soundness of banks...
2. 5...93 8. 05 Venture capital availability...2. 2...106 8. 06 Soundness of banks...
2. 6...87 8. 05 Venture capital availability...2. 3...97 8. 06 Soundness of banks...
4. 7...3 8. 05 Venture capital availability...4. 4...4 8. 06 Soundness of banks...
2. 7...82 8. 05 Venture capital availability...3. 6...19 8. 06 Soundness of banks...
3. 9...14 8. 05 Venture capital availability...4. 4...3 8. 06 Soundness of banks...
2. 8...69 8. 05 Venture capital availability...2. 6...77 8. 06 Soundness of banks...
2. 3...113 8. 05 Venture capital availability...2. 1...122 8. 06 Soundness of banks...
2. 6...88 8. 05 Venture capital availability...2. 7...71 8. 06 Soundness of banks...
1. 7...133 8. 05 Venture capital availability...1. 7...139 8. 06 Soundness of banks...
2. 5...99 8. 05 Venture capital availability...2. 4...95 8. 06 Soundness of banks...
1. 7...135 8. 05 Venture capital availability...1. 6...140 8. 06 Soundness of banks...
499 8. 05 Venture capital availability...500 8. 06 Soundness of banks...501 8. 07 Regulation of securities exchanges...
1. 5 8. 05 Venture capital availability In your country, how easy is it for entrepreneurs with innovative
but risky projects to find venture capital? 1=extremely difficult; 7=extremely easy 2013 14 weighted average SOURCE:
World Economic Forum, Executive Opinion Survey 8. 05 Venture capital availability In your country, how easy is it for entrepreneurs with innovative
but risky projects to find venture capital? 1=extremely difficult; 7=extremely easy 2013 14 weighted average Source:
Overtext Web Module V3.0 Alpha
Copyright Semantic-Knowledge, 1994-2011