benchmark them with non-European poles, observe their dynamics and offer a thorough analysis of their characteristics.
and a large and integrated market (including venture capital). The Amazon case shows the importance of the business environment, the existence of a single market and the efficiency of services.
The availability of venture capital and experienced venture capitalists continues to be a problem in the EU. Moreover
in 2007 its US venture capital investors became aware that considerably more capital investment was likely to be needed,
The US Small Business Innovation Research (SBIR) programme provided significant funds for the company in its early stages rather than business angel or venture capital.
This was because the venture was considered too risky for venture capital investors. What we were trying to do was so risky that no rational investor would give us money, recalls Colin Angle
Thus private venture capital is not suitable for funding because of its demand for rapid returns from medium/low risk ventures.
Financial capital Venture capital The traditional sources for company financing of long term innovative investment are: Retained earnings;
Venture capital. Government subsidies: grants, loans, guarantees, tax concessions, VC ownership, 100%or less. In this section we mostly discuss the role of venture capital in funding web applications in the USA
and in EU. As we see in our case study, Apple computer was seeded by Mike Markkula, an ex-marketing manager for Intel,
small and new innovative firms experience high costs of capital that are mitigated only partly by the presence of venture capital;
there are limits to venture capital as a solution to the funding gap, especially in countries where public equity markets are developed not highly.
Why Public Efforts to Boost Entrepreneurship and Venture capital Have failed--and What To do About It (pp. 59-60.
and also the key funding for the various stages of start-up, perhaps with the formation of venture capital firms.
venture capital may be less likely to have the scale in time and magnitude of investment for complex technological innovation
however, venture capital may be less likely to have the scale in time and magnitude for complex technologies that require longer-term investment.
and a large and integrated market (including for venture capital). The Amazon case shows the importance of the business environment, the existence of a single market and efficiency of services.
the design of effective‘public venture capital'programmes, The Economic Journal, 112 (477. Lerner, J. 2009), Boulevard of Broken Dreams, Princeton university Press, NJ.
Venture capital Performance in the UK and the US, Research report, NESTA, June, http://www. nesta. org. uk/library/documents/Atlanticdrift9. pdf Mason, C. and Harrison
: UK Government Support for Early-stage Venture capital, September, http://www. nesta. org. uk/library/documents/Thin-Markets-v9. pdf OECD (2011
A.,Pukthuanthong, K.,Rummer, M. and Walker, T. 2007), Venture capital in Europe: closing the gap to the US.
In Gregoriou, G.,Kooli, M. and Kraeussl, R. eds), Venture capital in Europe, Butterworth-Heinemann, Burlington, MA.
http://www. pwc. lu/en lu/lu/doing-business-in-luxembourg/docs/pwc-luxloc. pdf Rayna, T. and Striukova, L. 2009) Public venture capital:
with major investors including the venture capital firms Kleiner Perkins Caufield & Byers and Sequoia Capital.
Bessemer, the oldest venture capital practice in the United states invested $1 to $2 million in August 2003.
A second investment round in March 2004, led by venture capital firms Draper Fisher Jurvetson and Index Ventures, resulted in $18. 8 million in new funding to expand global operations
Zennström said he started his new venture capital business Atomico because the venture capital market outside of Silicon valley lags
when it comes to funding innovative technologies. As he saw from his own days as an entrepreneur,"In Europe,
Investment tax credits of 10%of the acquisition value of investments New business tax credits-a 25%exemption on corporate income tax and municipal business tax for 8 years Venture capital certificates
In 1992, Friend founded CDT Ltd, with support from the university and funding from local seed venture capital fund
This was one of the biggest venture capital rounds ever in Europe. Led by Oak Investment Partners and Tudor Investment, the existing investors Amadeus (seed funding) Intel Capital, Bank of america,
BASF Venture capital, Quest for Growth and Merifin Capital also participated. While R&d remained in Cambridge, product development moved to Mountain view, CA, with the corporate headquarters.
through the venture capital arm of the Samsung Group, Samsung Venture Investment Corporation (SVIC). Previously, in a second round of funding, Novaled Gmbh had secured €15 Million, on 01 december 2005,
On 14 may 2003, Novaled Gmbh secured €5. 75 million in first round financing from a consortium of international investors led by venture capital firms Technostart and Techfund 83 Capital Europe.
Funding for their vision didn't come from venture capital but rather from the SBIR Program
72 5. 2. 2 Venture capital Financing of ICT Firms...74 5. 2. 3 ICT Patents...
134 8. 8 Venture capital: Venturesource by Dow jones...135 References...136 7 1. Introduction This is the third EIPE Report.
48 Venture capital financing to ICT firms Agin 2 14 ICT patents Agin 3 9 Internationalisation International co-inventions Intin 1 45
15 Venture capital financing to ICT firms Agin 2 1 ICT patents Agin 3 372 Internationalisation International co-inventions Intin 1 561
Venture capital financing to ICT firms Agin 2 2 ICT patents Agin 3 49 Internationalisation International co-inventions Intin 1 121 Networking Degree
1 19 Venture capital financing to ICT firms Agin 2 20 ICT patents Agin 3 21 Internationalisation International co-inventions Intin 1
. 2. 2 Venture capital Financing of ICT Firms Table 51: Top ranking regions according to Venture capital financing of ICT firms indicator Rank NUTS3 Code Region name Indicator Value EIPE Rank 1 UKI12 Inner
London-East 100 2 2 FR101 Paris 80 3 3 UKH12 Cambridgeshire CC 79 5 4 DK011 Byen Kobenhavn 70
Stadtkreis 22 21 Indicator description Indicator ID Agin 2 Name of indicator Venture capital financing to ICT firms What does it measure?
Measures the amount of venture capital invested in the ICT sector Unit of measurement Region's share in the total VC funding in to ICT firms in the EU to a region's share in the EU population Definition of ICT dimension Based on
the Dow jones classification of industry segments Unit of observation NUTS 3 Source Venture capital: Venturesource by Dow jones (Section 8. 8) Reference year (s) considered 2000-2012 75 Figure 41:
Frequency of the Venture capital financing of ICT firms indicator values 1130 73 47 20 7 9 1 3 1 3 3 2 1
1 1 1 0 500 1000 Frequency 0 20 40 60 80 100 Venture capital financing of ICT firms Table 52:
Descriptive statistics of Venture capital financing of ICT firms indicator Number of observations Mean value Standard deviation Variance 1303 2. 43 7. 73 59.71 76 5. 2
ICT Innovation Agglomeration indicators (Agin) Indicator ID Agin 1 Agin 2 Agin 3 Name of indicator Investment in intangibles by ICT firms Venture capital
Orbis by Bureau Van dijk (Section 8. 7) Venture capital: Venturesource by Dow jones (Section 8. 8) Patent data:
It is a benchmark for government and private sector organizations wishing to identify trends in jobs and industries, business and investment.
Benchmark regions and develop location strategies, Undertake in depth, wide-ranging data analysis; for example: Which is Europe's most popular location for headquarters investments?
Time coverage between and 2011, the last available date. 8. 8 Venture capital: Venturesource by Dow jones Dow jones Venturesource provides comprehensive data on venture-backed and private equity-backed companies including their investors and executives in every region, industry sector and stage of development
This database contains information on venture capital transactions, the financed companies and the financing firms. The data are reported largely self y VC firms,
'How Well do Venture capital Databases Reflect Actual Investments?''In SSRN (Ed.).Nepelski, D. & De Prato, G. 2013a.'
36 5. 8 Venture capital: Venturesource by Dow jones...37 6 Annex: Technical issues...39 6. 1 Definition and characteristics of a network structure...
which new enterprises receive, e g. venture capital. Venture capital funds may invest in the later stages of product development
or market launch and, hence, offer a way of measuring the outcome of the innovation process in its final stage.
overall investments in intangibles by ICT companies and venture capital financing of ICT start-ups. Business activities These activities relate to the production of tangible and intangible goods
R&d expenditures, venture capital funding, company location investment or the number of ICT companies, the NACE Rev 2 definition of the ICT sector is used (OECD, 2007.
a range of the most reliable and recognized data providers were tested carefully and selected, such as Thomson Reuters for bibliometrics, Bureau Van dijk for company-level information, Dow jones for venture capital data, etc.
3 17 Eigenvector centrality in ICT R&d network Netrd 4 18 Innovation Agglomeration Investment in intangibles by ICT firms Agin 1 19 Venture capital
and venture capital investments) and outputs (patenting activity) of innovation activities. With venture capital data we aim to capture indirectly the dynamics of emerging new innovative companies:
at the time of publication of this report, there was no serious European-wide collection of data on these dynamics.
ICT Innovation Agglomeration indicators (Agin) Indicator ID Agin 1 Agin 2 Agin 3 Name of indicator Investment in intangibles by ICT firms Venture capital
Measures the average annual amount spent on intangibles in the ICT sector Measures the amount of venture capital invested in the ICT sector It measures the amount of ICT patent applications with inventors residing in the region Unit of measurement Region
ORBIS by Bureau Van dijk (see Section 5. 7) Venture capital: Venturesource by Dow jones (Section 5. 8) Patent data:
see Section 5. 7. Over 26,000 venture capital deals executed in Europe in the ICT sector between 2000 and 2012,
ORBIS by Bureau Van dijk, 8. Venture capital: Venture Source by Dow jones. In the following sections, each of the data source is described. 5. 1 QS WORLD UNIVERSITY RANKINGS by QS The rankings of Universities
It is a benchmark for government and private sector organizations wishing to identify trends in jobs and industries, business and investment.
Benchmark regions and develop location strategies, Undertake in depth, wide-ranging data analysis; for example: Which is Europe's most popular location for headquarters investments?
This dataset serves for the following analysis that aims to benchmark R&d investments of EU ICT companies against those of non-EU companies.
In addition, there are significant problems concerning the extraction of detailed information, e g. on a firm's ownership structure. 5. 8 Venture capital:
Venturesource by Dow jones Dow jones Venturesource provides comprehensive data on venture capital-backed and private equity-backed companies including their investors and executives in every region, industry sector and stage of development
This database contains information on venture capital transactions, the financed companies and the financing firms. The data are reported largely self by venture capital firms,
but the database conducted several plausibility checks. The selection of ICT companies was based on Dow jones classifications
because it offers unique and standardized information on venture capital deals with all the detailed information concerning the financed
Venturesource relies on the voluntary information provision by Venture capital funds and companies. Thus despite being up-to-date,
there is no guarantee that it covers the entire universe of venture capital. 39 6 Annex: Technical issues 6. 1 Definition and characteristics of a network structure Design A straightforward way of representing the existing networks linking NUTS3 regions is by drawing a line connecting two different regions
How Well do Venture capital Databases Reflect Actual Investments? Kominers, S. 2013. Measuring agglomeration. Boston: Harvard university.
What is different with respect to venture capital funding? Or perhaps there is a lack of connectivity between the universities
On the other hand, new paradigm creation is driven by massive venture capital investments in long term R&d which necessitates a high level of knowledge privatization.
National Innovation Office RDI Observatory's survey, 20120%20%40%60%80%100%By promoting technology transfer By strengthening the protection of intellectual property rights By relying on venture capital
By providing education and training By relying on venture capital and JEREMIE funds By strengthening the protection of intellectual property rights By promoting technology transfer By comparing EU-27 countries individually,
in order to co-develop indicators and benchmarks for ICT-ELI. 122 55.7 48. Taking the initiative (e g. forming cross-sector working groups
in order to codevelop indicators and benchmarks for ICT-ELI. Following the Open Method of Coordination*for identifying common challenges and opportunities,
and benchmarks for ICT-ELI. 3. 3 4. 1 8. 2 5. 7 23.0 32.0 23.8 55.7 Taking the initiative (e g. forming cross-sector working groups
in order to codevelop indicators and benchmarks for ICTELI.**5. 57 53 5. 52 27 5. 4 25 4. 12 17 (1. 41)( 1. 42)( 1. 32)( 2. 12
These are useful benchmarks when looking at patient information systems. Capability Maturity Model The Capability Maturity Model (CMM)( 4) was defined originally for software development by Carnegie mellon University
The GOE's first objective was to undertake a global survey on ehealth to determine a series of benchmarks at national,
The aim was to provide governments with data that could be used as benchmarks for their own development as well as a way to compare their own progress with that of other Member States.
Access to Finance for SMES The Commission wants to make venture capital funds accessible to SMES providing them with more expertise
which provide venture capital for SME financing. The facility covers investment into venture capital funds which have an early stage focus (GIF1)
and funds with a focus on SMES with high growth potential in their expansion stage (GIF2).
This can be done via the means of loans/guarantees, equity, venture capital, Business Angel Matching funds and investments in Technology Transfer Funds under the umbrella of a Holding Fund.
The report aims to provide an objective international performance evaluation based on quantitative indicators and benchmarks,
. The ICT Development Index (IDI) 2. 1 Introduction to the IDI1 The ICT Development Index (IDI) is a composite index combining 11 indicators into one benchmark measure that serves to monitor
either side of an important benchmark, as only the CIS and The americas regional averages exceed the world average of 4. 77,
In response to the demand for global benchmarks on ICT prices, ITU has been collecting ICT price data following a harmonized methodology since 2008.
In seven African countries (20 per cent of those included in the price benchmark), fixed-broadband plans cost more than 100 per cent of GNI p. c. Chart 4. 10.
Half of the African countries included in the price benchmark have a GNI p. c. below USD 1 000,
For example, entry-level fixed-broadband prices cost less than USD 20 in 65 countries worldwide (39 per cent of the total included in the price benchmark),
of the African countries included in the price benchmark, mobile-broadband prices were more than USD 10 cheaper per month than fixed-broadband prices.
The Regulatory Tracker is an aggregate benchmark of each country's legal and regulatory frameworks using as a reference internationally recognized regulatory best practices.
and benchmark countries'ICT developments, monitor the evolution of the information society and identify digital divides.
The promotion of venture capital investments will bring along more successful products and companies from the ideas;
credit, leasing and venture capital programmes, as well as the introduction of guarantee products. Investment in the future National research and development and innovation strategy 2013-2020 The National S3 Strategy defines the territorial-technological-sectoral projection of the"Investment in the future, National Research & development and Innovation Strategy 2013-2020"(hereinafter,
and enable the companies engaged in research and development to obtain, among other things, seed or venture capital investments.
, by means of the accessible services of business incubators funded by the state in a structure compliant with the market, supported venture capital constructions and guarantee funds,
the ratio of business and public R&d spending improves. 32 Most of the domestic venture capital investments between 2010 and 2013 were given by the start-ups
or the so-called later-stage venture capital transactions Seed capital investments represented a negligible share, which can be problematic in the long run in terms of the sustainability of the development of the private
and venture capital markets. 82 The pilot projects above will have an impact on the problems of the domestic RDI system
adapted from Sestini, F (Digital) Innovation Venture capital Big data and cloud computing COMPETITION, ECONOMIC ENTERESTS Innovation and innovation policy are not new to the European union.
and service delivery performance is compared regularly with target performance and good practice benchmarks. The dependency of the legacy system on service performance is known,
in particular through venture capital. Venture capital markets are, however, not sufficiently developed in Europe as they encounter significant difficulties in raising capital abroad
and in operating across borders because of a multiplicity of national regulatory regimes and tax barriers.
On 7 december 2011, the Commission adopted an action plan on access to finance for SMES. 191 The action plan includes measures to facilitate the cross-border provision of venture capital services in view of the existing multitude of national regulatory regimes
or enable them to benchmark the products they intend to buy against the best in class on the market.
Another important factor was the growing availability of private venture capital, which has helped to finance new firms
In addition there are stronger opportunities to experiment with potentially risky technologies outside the company's boundaries using venture capital support and finances.
growth of venture capital markets This trend makes it possible for promising ideas and technologies to be developed further outside universities
which act as venture capital to spur innovation, entrepreneurship and economic growth. According to the Thomson One database there were 26 university funds established between 1973 and 2010 24.
(23) Croce A.,Grilli L.,Murtinu S.,Venture capital Enters Academia: An Analysis of University-Managed Funds, Journal of Technology Transfer, 2013.24) Thomson One database.
I shall take the Harvard Office of Technological Development (OTD) as a benchmark. OTD is an organisation specialising in technology transfer,
Usually venture capital providers or large companies that are clearly profit and yield-orientated businesses manage investor-driven labs S2.
since they can share resources without mobilising so much 23 venture capital; and share access to a broader base of ideas, especially for large companies.
financial support institutions for new technology-based firms (public and private venture capital firms, angel networks, seed capital funds, etc..
the provision of public venture capital a traditional task for the industrial sphere. Similarly, universities, in addition to their teaching
These strive, in the long term, to create trust from venture capital and other investors (6). In 2009, only one year after its setup,
industrial, venture capital and other networks. They are driven business towards financial self-sustainability so that when in the longterm, the EIT funding stops,
such as industrial demand and venture capital, and to open up the ecosystem for developer communities based on free access to developed technologies and know-how.
albeit intangible, can provide valuable insights for searching a national benchmark as well as for future risk control.
but also left legacies for people to remember and for other countries to benchmark. Although the two innovative governments successfully implemented their respective stimulus measures
Grantees who successfully graduate from the programme with a marketable application will receive support for access to finance (accelerator, business angel and venture capital investment) and access to international markets.
Many venture capital-backed high-tech ventures have been established to explore business opportunities that can be exploited based on a new applications of technologies.
Small (high-tech) companies, usually financed by venture capital funds, represent another interesting wellspring of external knowledge for large companies.
Classic venture capital funds (VCF) were somewhat reluctant to finance Isobionics at the time it was established,
The start-up was financed combining investments from VCFS, a regional venture capital investor in which DSM participated, bank loans,
venture capital is abundant nowadays and the acceleration of the product life cycle has turned intellectual property (IP) into an increasingly perishable asset.
but the use of venture capital, outsourcing of R&d and the licensing of other firms'IP are also becoming more common nowadays.
for instance through minority holdings or corporate venture capital investments (Chesbrough, 2002; Dushnitsky and Lenox, 2005a; Ernst et al.
) Prior studies have shown already that corporate venture capital investments have a positive effect on the innovative performance of firms (Dushnitsky and Lenox, 2005b;
the increasing technological complexity to produce new products, the short product life cycles, the mobility of engineers and the rise of the venture capital industry have forced these firms to open up their innovation processes.
and investors (e g. banks, venture capital firms). 20 Finally, we looked at the degree firms participate by equity investments in new or existing companies,
Making Sense of Corporate Venture capital. Harvard Business Review, March 2002,4-11 Chesbrough, H.,2003. Open Innovation:
Corporate venture capital and investing firm innovation rates. Research Policy 34,615-639. EIRMA, 2003. Innovation through Spinning In and Out.
Corporate Venture capital as a Strategy for External Innovation: An Exploratory Empirical Study. R&d Management 25,233-242.
Many venture capital-backed high-tech ventures have been established to explore business opportunities that can be exploited based on a new applications of technologies.
Small (high-tech) companies, usually financed by venture capital funds, represent another interesting wellspring of external knowledge for large companies.
Classic venture capital funds (VCF) were somewhat reluctant to finance Isobionics at the time it was established,
The start-up was financed combining investments from VCFS, a regional venture capital investor in which DSM participated, bank loans,
In Canada, combined SME support through R&d programmes and venture capital increased the number of high-growth companies considerably.
Improving access to venture capital (VC) may be a priority policy objective when supporting high-growth SMES.
aiming at establishing a European venture capital market. Section 4. 2. 2.)Internationalisation: Companies seeking to grow quickly need large international markets.
Canada provides insights about the combination of government-funded research and venture capital; Israel is of particular interest due to its current innovative and economic performance.
Since the high tech bubble burst there has been a drastic drop in capital financing, especially for venture capital (VC.
The Commission's main role could be to drive the further expansion and improvement of the Single Market, e g. for venture capital,
From a European perspective, this means e g. to realise a single market for venture capital. 10:
Data from various secondary sources is used here not only for exhibiting numbers of high-growth enterprises but also for other indicators such as venture capital provision.
One with OECD economist Jonathan Potter, one with US venture capital and innovation policy advisor Burton Lee,
High-growth finance includes primarily the availability of venture capital through business angels, specialised private companies, other corporations or public funds,
Venture capital should correlate with companies'growth stages. As regards real estate, innovative start-ups may benefit from business incubators as well as science and technology centres.
Dept, venture capital Real estate: science & technology parks Incentives Individual benefits Income: direct, e g. taxation, bankruptcy regulation;
%the European commission (30%)and financial institutions (8. 8%),is a specialist provider of SME risk finance across Europe and a major player in the European venture capital market.
EIF can usually invest 10 to 25%of the total equity of the intermediary venture capital fund or up to 50%in specific cases;
EIF can invest 7. 5 to 15%of the total equity of the intermediary venture capital fund or, exceptionally, up to 50%.
The programme seeks to bridge the gap between start-up and larger international venture capital funding. Accelerace's services are sponsored for free
Policies for high-growth innovative SMES v1. 6 34 omy together with Finland's most important R&d&i funding agency Tekes and Veraventure, a venture capital investment company
serving as the hub for public early-stage venture capital investments. VIGO is a type of incubator that focuses on young enterprises with high growth potential.
For example, the label of The swiss CTI Start-up coaching programme has become an important determinant in attracting venture capital, angels'investment and other financing partners
Companies with considerable growth perspectives may be looking for venture capital i e. professional equity co-invested with the entrepreneur to fund an early-stage (seed and start-up) or expansion venture. 92 Venture capital is a subset of private equity.
Other sources of finance include leasing, factoring, hire-purchasing and trade credits. Finally, companies may use public subsidies in the form of direct grants, reduced interest rates for bank loans or deficit guarantees.
Discussions and analyses about high growth of companies often focus on venture capital. There are empirical indications that a well-functioning venture capital market is conducive to growth not only of single companies but also of national economies:
Venture capital injects economic dynamism: An increase in VC investments of 1 of GDP is associated statistically with an increase in real GDP growth of 0. 30 pp.
Early-stage investments have an even bigger impact of 0. 96 pp. The direction of causality is not always easy to establish.
often reliable data are not even available at the country level. 96 92 Definition of the European Venture capital Association,
%and Italy (12%).97 The economic and financial crisis has had starkly deteriorating effects on the venture capital market.
it is still difficult for high-growth oriented companies seeking venture capital to find adequate funding.
EVCA (2011) The level of development of venture capital markets and thus the difficulties to obtain VC are very different among European countries see Exhibit 4-3. The UK is the single largest VC market in Europe;
or expansion phase under the Competitiveness and Innovation framework Programme (CIP) for the years 2007 to 2013.105 Single market for venture capital investment:
At present, there is no integrated European venture capital market-the regulatory situation varies widely from country to country(..
The EU is seeking to unify the venture capital market(..To achieve this, it is promoting cross-border venture capital investments. 106 However,
while there is a consensus among Member States on promoting mutual recognition of national frameworks, no significant measures have been taken yet that would make fundraising
and Venture capital Association (EVCA) suggests to adapt and refine the existing structures of public support for venture capital
in order to increase its competitiveness, attract private investment and also to lead to a phased reduction of its dependence on public money. 109 The EVCA suggests a Venture capital Action Plan 2010-2020 for the EU,
following the EU's Risk capital Action Plan of 1998. According to the EVCA, the European VC market is fragmented highly
The government also plans to encourage venture capital investment from overseas funds, oil money, and other sources.
the Canadian experience suggests that a government focus on high-tech SMES combined with adequate levels of venture capital financing holds the greatest potential for creating gazelles and that these firms show unusual resiliency.
The Canadian experience (see section 5. 3) of linking governmental R&d funding with venture capital investment suggests to focus high-growth policies on technology-based industries
This may for example mean to focus policies on improving access to venture capital instead of access to micro credits. 142 How are policies for innovative high-growth SMES distinct from general SME policy?
Inno-biz and measures to strengthen venture capital investment The Korean government intensively fosters the programme inno-biz (acronym for innovative business.
which venture capital is invested, which invest in R&d and which commercialise new technology. 147 SMBA continues to promote the venture sector as a new growth engine.
The government also plans to encourage venture capital investment from overseas funds oil money, and other sources.
established by professor or researcher 582 1, 555 Number of graduate schools for venture business 0 5 Venture capital (in 100 mio.
policies to back venture finance Summary The Canadian experience suggests strongly that a concentrated focus by governments on high-tech based SMES combined with adequate levels of venture capital (VC) financing holds by far the greatest potential
Recently, the US venture capital sector has been lobbying hard to change the access rules to SBIR funding for SMES controlled by venture capital firms.
when a combination of venture capital 150 See Cooper (2009). Policies for high-growth innovative SMES v1. 6 69 and IRAP assistance is available,
firms at the development stage with high burn rates have had to cut back activities. Even with these cutbacks, many of these firms have only one year or less left of funds available to them from earlier financing rounds,
According to the Canadian Angel Investment Network their members are currently investing over CAD 3 billion in Canadian businesses each year. 155 Venture capital:
USA Venture capital: The US experience is similar to that of Canada, in terms of the collapse of financing since the bubble burst in 2000 where VC dropped from a peak of 100 billion USD to just 18 billion USD in 2009.
However, a study by Cooper of 2, 240 firms which had received venture capital (CAD 18 billion dollars) between 1995 and 2005 showed much higher levels of gazelles creation at 12%in the 1, 500 technology based firms,
The Effects of Government-Sponsored Venture capital: International Evidence. 162 See Government involvement in the venture capital industry International comparisons,
http://www. cvca. ca/files/Downloads/Government involvement in the vc industry intl comparisons may 2010. pdf. 163 See Hellmann 2005 study. Policies for high-growth innovative SMES v1. 6 73 ticular interest in the richest program.
The Effects of Government-Sponsored Venture capital: International Evidence. CVCA, Canadian Venture capital Association (2009: Why Venture capital is Essential to the Canadian Economy-The Impact of Venture capital on the Canadian Economy.
Available at: http://www. cvca. ca/files/Downloads/CVCA VC IMPACT STUDY JAN 2009 FINAL ENGLISH. pdf 2010 October. CVCA (2010) and Kirk Falconer (2010) Thompson-Reuters. See http://www. cvca. ca/files/News/CVCA Q4 2010 VC PRESS RELEASE FINAL FEB 16 2011. pdf and http://www. canadavc. com/files
/public/Reseau%20capital 02-11 %20english. pdf Cooper, Denys (2009: High Growth and Survival of Government Funded SMES with Venture capital in Canada.
APEC SME Innovation conference 2009, Seoul. Duruflé, G, Government involvement in the venture capital industry International comparisons. http://www. cvca. ca/files/Downloads/Government involvement in the vc industry intl comparisons may 20 10. pdf. Gompers/Lerner (2004:
The Venture capital Cycle, Chapter 13, http://www. google. ca/#hl=en&biw=958&bih=444&q=lerner+impact+sbir&aq=f&aqi=&aql=&oq=&gs rfai=&fp
=23e 9afdc1c4696ce, Hellmann, Ilyaszade and Lee, 2010 An Evaluation of the Venture capital Program in British columbia, http://strategy. sauder. ubc. ca/hellmann/pdfs/Hellmann%20schure%202010
%20venture%20capital%20report. p df. Hellmann, Egan, and Brander, A Comparison of Exit Values across Canadian provinces and US States October 2005.
Ten Years'Lessons from the Canadian Labour-Sponsored Venture capital Corporations. NAS 2009: Awards-U s. Small Business Administration Tech-Net Database;
The Economic Importance of Venture capital Backed Companies to the U s. Economy, 2008, June at http://www. asiaing. com/venture-impact-the-economic-importance-of-venture-capital-backedcompanies-to-the-u-s-ec
and then in the later commercialisation stages they prefer bank loans over equity finance, venture capital,
and acts as a venture capital fund in the early stages. An incubator company receives a development grant of up to 500,000 US dollar for a period of two years.
-growth innovative SMES v1. 6 90 Enhanced access to finance Enhancing the European venture capital market The European venture capital market is fragmented highly
and venture capital Case studies conducted for this report indicate that governmental policies may support access to finance for high growth SMES indirectly.
see also EVCA (2010), p. 13.181 The EC launched a consultation on a new European regime for venture capital in June 2011.182 Statement from Allan Martel, member of the advisory board for this Policy Brief.
e g. for venture capital. 8. Enhance coaching opportunities: Qualified coaching may help grow SMES and cross the chasm between pilot markets and mass markets.
EVCA, European Private Equity and Venture capital Association (2011: Creating lasting value: Yearbook 2011. Harms, Rainer;
Venture capital adds economic spice. Author: Thomas Meyer. Economics and politics research briefing. 14 september. Ministry of Employment and the Economy (2011:
and Entrepreneurship 3 International Journal of Entrepreneurship and Innovation Management 4 International Small Business Journal 5 Journal of Developmental Entrepreneurship 6 Venture capital 7 International
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