performance evaluation based on quantitative indicators and benchmarks, as an essential input to the ICT policy debate in ITU Member States
benchmark measure that serves to monitor and compare developments in information and communication technology (ICT) across
fall either side of an important benchmark, as only the CIS and The americas regional averages
In response to the demand for global benchmarks on ICT prices, ITU has been collecting ICT price
benchmark), fixed-broadband plans cost more than 100 per cent of GNI p. c. Chart 4. 10.
included in the price benchmark have a GNI p. c. below USD 1 000, which means that fixed
in the price benchmark), and most of these countries are in the developing world. In Africa
in the price benchmark, mobile-broadband prices were more than USD 10 cheaper per month than fixed-broadband prices.
benchmark of each country†s legal and regulatory frameworks using as a reference internationally recognized regulatory best practices
benchmark countries†ICT developments, monitor the evolution of the information society and identify digital divides The telecom industry†s use of big data
president of digital ventures, hiring Adam Brotman to fill the post. His first move was to offer free
their venture. The global study Good Incubation (2014) 12 explores how social venture incubation has grown as a set of techniques to help founders develop ventures that are
investable propositions, including a focus on incubators with a specific focus on sup -porting digital social innovators
Incubators typically support innovators in exchange for equity, at pre-seed or seed stage There are nearly 100 incubators/accelerators in Europe
Ventures, and the Waag society in Amsterdam, working on setting up and hosting one of Europe†s first Fab Labs, are two examples of this in Europe.
Bethnal Green Ventures in the UK, who support early-stage technology start-ups tackling a social or environmental problem with £15, 000 and 3
Ventures Tor Open Garden Guifi. net Confine Smart Santander DSI AREAS 37growing a Digital Social Innovation Ecosystem for Europe
Bethnal Green Ventures Citysdk Clearlyso Angels Communia Commons 4 Europe Confine Crisisnet Desis Network Everyaware
Bethnal Green Ventures Citysdk Clearlyso Angels Communia Commons 4 Europe Confine Crisisnet Desis Network Everyaware
Ventures Tor Guifi. net Confine Smart Santander Makerfaire The different methods by which these organisations are supporting DSI
Venture capital Big data and cloud computing Collective awareness platforms collective intelligence CENTRALISED TOP-DOWN GRASSROOTS DISTRIBUTED COMPETITION ECONOMIC ENTERESTS
Venture capital Big data and cloud computing Collective awareness platforms collective intelligence CENTRALISED TOP-DOWN GRASSROOTS DISTRIBUTED COMPETITION ECONOMIC ENTERESTS
more than 400 ventures were started among its members One of the most obvious measures is to crackdown on tax abuses by technology
mainly aimed at start-ups and ventures There are other elements such as prizes, competitions, events, knowledge sharing
venture incubation, with a focus on what can be learned by this sector from other pro -grammes around the world.
The Triple Helix outlines how social tech ventures, and investors, should focus on three types of value †Social Value, User
the venture intends to create i e positive impact health resilience and sustainability society. Social value is the
the venture to be sustainable and the venture has to be active in it. The generation
of sustainable income is understood as financial value which comes as the result of realising user or social value
accelerator programme run by Bethnal Green Ventures have demonstrated potential in how models developed to support early-stage businesses can be adapted to support
performance and good practice benchmarks. The dependency of the legacy system on service performance is known,
financing, 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
SMES. 191 The action plan includes measures to facilitate the cross-border provision of venture
benchmark the products they intend to buy against the best in class on the market The European commission supports the proposal,
private venture capital, which has helped to finance new firms and their efforts to commercialize ideas that have spilled outside the silos of corporate research labs (Chesbrough, 2003
-peans, including new ventures, products, services and processes Turkama and Schaffers elaborate in their article on
venture capital; and share access to a broader base of ideas, especially for large companies Since 2006, the LL approach was applied gradually
and private venture capital firms, angel net -works, seed capital funds, etc RELATIONSHIPS: Here we distinguish between two
-vision of public venture capital †a traditional task for the industrial sphere. Similarly, univer -sities, in addition to their teaching and research
ventures, thus enacting some of the traditional role of industry. Industry takes the role of the
entrepreneurial Europeans, new ventures, new products, and new processes Introduction Humankind is facing increasingly complex societal
Barriers to US venture investment in UK Internet and digital businesses, Nesta Report, June 2013
from venture capital and other investors (6 In 2009, only one year after its setup, the EIT was
EIT ICT Labs Entrepreneurial Talent and Venture Development Model Business Ideation Talent Identiï¿cation STRATEGIC COACHING ACCESS TO FINANCE
houses the ventures for a limited period of time dur -ing which it provides coaching and helps with market
-ness ventures but also democratic civil society institutions. This entrepreneurial talent should be integrated within the most advanced KICS to bring
Barriers to US venture investment in UK Internet and digital businesses, Nesta Report, June 2013
and venture capital, and to open up the ecosystem for developer communities based on free access to developed technologies and know-how.
benchmark as well as for future risk control This paper aims to report two innovative govern -ments †Australia and Chile, which the author
to remember and for other countries to benchmark Although the two innovative governments success -fully implemented their respective stimulus meas
Nature of New Venture Creation: Capitalising on Open Innovation 2. 0, Innovation, Technology, and Knowledge
business angel and venture capital investment) and access to international markets The Incubator network†s dual missions will be
the early-stage pre-seed ventures, by enabling young Europeans to technically skill-up and
customers) before the venture even goes to market and in some cases, before the product even goes
SMES that are engaged successfully in venture activities, external participation or effective in licensing intellectual property tend to be the
with the Open source Community and Innovation Performance of Software Entrepreneurial Ventures, Journal of Small Business Management, 50 (2), pp. 340-364
open innovation ventures of large manufacturing companies, such as Xerox, P&g, Philips, Lego, and IBM. The open innovation practices of these companies have been documented widely in the
relationship between the new venture and the company that developed the technology is instrumental in producing a commercially successful venture.
The second example illustrates the opposite case: A small engineering company licensed its technology to a large company to develop a new product for
before he decided to pursue the venture In other cases, it takes more time to articulate the customer value proposition of a new business model
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.
Isobionics is one of those start-ups that have the potential to change competitive dynamics in a traditional industry such as the flavour and fragrances
It is interesting to note that small ventures such as Isobionics need not have required all the technology in-house.
green technology projects is an interesting recipe for successful new ventures Jaga is certainly an extreme example of how a company can build a reputation over time.
Because Outlast was the engineering partner in this venture, its technical competencies were crucial in developing the microcapsules.
more value from the venture The most important take-away is that value cannot be extracted from the collaboration to the detriment
necessary in most collaborative ventures ï Patenting is expensive for small firms, especially when a company has to apply in many countries
-tech) companies, usually financed by venture capital funds, represent another interesting wellspring of external knowledge for large companies.
ventures. Established companies understand how to avoid conflicts and how to align their corporate strategic objectives to grow new businesses to meet the financial objectives of venture capitalists.
which allows them to attract the ventures with the best technology Open innovation also implies that large companies have to monetize their unused technology
selling it, spinning off a venture, or even divesting a new venture that is ready to sell its
first products. Several large companies succeeded in increasing the productivity of its knowledge base 78 by searching for different external paths to the market.
department, which among other activities spins off internal ventures. Alternately, an IP-department can cross-license technologies with other large companies or license them out to other, noncompeting
Isobionics, illustrates how an external entrepreneur can establish a successful venture by licensing technology from a large firm.
Classic venture capital funds (VCF) were somewhat reluctant to finance Isobionics at the time it was
established, because the venture needed considerable investments which were too big a risk for VCFS
VCFS, a regional venture capital investor in which DSM participated, bank loans, and subsidies from local and national governments.
collaboration and are eager to work with the venture Finally, Toine also had to license the technology from DSM.
In sum, Isobionics illustrates how a promising venture can be established by l icensing unused technology of a large company.
unused technology by licensing the technology or spinning off internal ventures Consequently, new opportunities exist for small companies,
The venture manager, therefore, must be experienced in finding the innovation champions in the company and contact the decision makers directly to keep the project on top of the pile
Business model innovations are high-risk ventures because a firm must search for new technologies and develop new products.
This, in turn, may endanger the open innovation venture Licensing deals can also be negotiated in a way that allows both partners to profit maximally from the
which emphasizes the role of experimenting in new venture management Finally, the cases point to the need to integrate different management disciplines to understand open
Technology Ventures Defense mechanisms and Corporate Relationships, Administrative Science Quarterly, 53: 295†332 36 See National Research Council (2004:
42 This is a common problem for biotech and pharma ventures 43 Two inspiring articles to understand how complementary assets play a role in the valu e appropriation of
venture capital is abundant nowadays and the acceleration of the product life cycle has turned intellectual property (IP) into an increasingly perishable
and spinning out new ventures, and the licensing of intellectual property to external parties (Chesbrough, 2003.
) several large high-tech companies spin off new ventures 8 because the business idea does not fit into the existing business model.
market value of 11 projects which turned into new ventures exceeded that of their parent company, Xerox, by a factor of two
but the use of venture capital, outsourcing of R&d and the licensing of other firms†IP are also becoming more common nowadays
corporate venture capital investments (Chesbrough, 2002; Dushnitsky and Lenox 2005a; Ernst et al. 2005). ) Through these kinds of equity investments, firms gain a
venture capital investments have a positive effect on the innovative performance of firms (Dushnitsky and Lenox, 2005b;
mobility of engineers and the rise of the venture capital industry have forced these firms to open up their innovation processes.
extent to which SME companies establish new ventures as a part of their open innovation strategy is likely to depend on firm size.
spinning out of new ventures requires a structured and well organized innovation 15 process. Moreover, participation in other firms also calls for a certain amount of
use variables measuring if firms had spun ever out new ventures, or licensed-out their own intellectual property in the period 2003-2005
banks, venture capital firms 20 Finally, we looked at the degree firms participate by equity investments in new
manufacturing firms service SMES spin out new ventures more often. Thus, although manufacturing firms are involved to a larger extent in outsourcing of R&d and the
outsourcing of R&d, setting up new ventures participation in new or existing firms, involvement of external partners in the
In this case, the new venture commercializes products that do not fit the corporate brand or strategy.
Making Sense of Corporate Venture capital. Harvard Business Review, March 2002,4-11 Chesbrough, H.,2003. Open Innovation:
new ventures? Strategic Management Journal 26,947-965 Dushnitsky, G.,Lenox, M. J.,2005b. When do incumbents learn from entrepreneurial
ventures? Corporate venture capital and investing firm innovation rates. Research Policy 34,615-639 EIRMA, 2003. Innovation through Spinning In and Out.
Working group Report WG60, Eirma: Paris EIRMA, 2004. Technology Access for open innovation. Working group Report WG63, Eirma:
Corporate Venture capital as a Strategy for External Innovation: An Exploratory Empirical Study. R&d Management 25
ventures: Toward time-based cultural management. Human Relations, 50: 211 -228 Milligan, G. W.,Cooper, M. C.,1987.
H200808 2-7-2008 Entrepreneurial Career Capital, Innovation and New Venture Export Orientation H200807 24-6-2008 Twee decennia ondernemerschapsbeleid in beeld:
H200723 21-12-2007 Overoptimism Among Entrepreneurs in New Ventures: The Role of Information and Motivation
H200721 21-12-2007 The Role of Export-Driven New Ventures in Economic growth A Cross-country Analysis
H200626 19-12-2006 Export Orientation among New Ventures and Economic growth H200625 18-12-2006 Institutionele voorwaarden voor zelfstandig ondernemerschap
abundant venture capital and widely dispersed knowledge across multiple public and private organizations, enter -prises can no longer afford to innovate on their own, but
market value of 11 projects which turned into new ventures exceeded that of their parent company, Xerox, by a factor
workers, abundant venture capital, widely distributed knowledge and reduced product life cycles, most enter -prises can no longer afford to innovate on their own.
Making sense of corporate venture capital Harvard Business Review, 4†11 march Chesbrough, H.,2003. Open Innovation:
abundant venture capital and widely dispersed knowledge across multiple public and private organizations, enter -prises can no longer afford to innovate on their own, but
market value of 11 projects which turned into new ventures exceeded that of their parent company, Xerox, by a factor
workers, abundant venture capital, widely distributed knowledge and reduced product life cycles, most enter -prises can no longer afford to innovate on their own.
Making sense of corporate venture capital Harvard Business Review, 4†11 march Chesbrough, H.,2003. Open Innovation:
open innovation ventures of large manufacturing companies, such as Xerox, P&g, Philips, Lego, and IBM. The open innovation practices of these companies have been documented widely in the
relationship between the new venture and the company that developed the technology is instrumental in producing a commercially successful venture.
The second example illustrates the opposite case: A small engineering company licensed its technology to a large company to develop a new product for
before he decided to pursue the venture In other cases, it takes more time to articulate the customer value proposition of a new business model
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.
Isobionics is one of those start-ups that have the potential to change competitive dynamics in a traditional industry such as the flavour and fragrances
It is interesting to note that small ventures such as Isobionics need not have required all the technology in-house.
green technology projects is an interesting recipe for successful new ventures Jaga is certainly an extreme example of how a company can build a reputation over time.
Because Outlast was the engineering partner in this venture, its technical competencies were crucial in developing the microcapsules.
more value from the venture The most important take-away is that value cannot be extracted from the collaboration to the detriment
necessary in most collaborative ventures ï Patenting is expensive for small firms, especially when a company has to apply in many countries
-tech) companies, usually financed by venture capital funds, represent another interesting wellspring of external knowledge for large companies.
ventures. Established companies understand how to avoid conflicts and how to align their corporate strategic objectives to grow new businesses to meet the financial objectives of venture capitalists.
which allows them to attract the ventures with the best technology Open innovation also implies that large companies have to monetize their unused technology
selling it, spinning off a venture, or even divesting a new venture that is ready to sell its
first products. Several large companies succeeded in increasing the productivity of its knowledge base 78 by searching for different external paths to the market.
department, which among other activities spins off internal ventures. Alternately, an IP-department can cross-license technologies with other large companies or license them out to other, noncompeting
Isobionics, illustrates how an external entrepreneur can establish a successful venture by licensing technology from a large firm.
Classic venture capital funds (VCF) were somewhat reluctant to finance Isobionics at the time it was
established, because the venture needed considerable investments which were too big a risk for VCFS
VCFS, a regional venture capital investor in which DSM participated, bank loans, and subsidies from local and national governments.
collaboration and are eager to work with the venture Finally, Toine also had to license the technology from DSM.
In sum, Isobionics illustrates how a promising venture can be established by l icensing unused technology of a large company.
unused technology by licensing the technology or spinning off internal ventures Consequently, new opportunities exist for small companies,
The venture manager, therefore, must be experienced in finding the innovation champions in the company and contact the decision makers directly to keep the project on top of the pile
Business model innovations are high-risk ventures because a firm must search for new technologies and develop new products.
This, in turn, may endanger the open innovation venture Licensing deals can also be negotiated in a way that allows both partners to profit maximally from the
which emphasizes the role of experimenting in new venture management Finally, the cases point to the need to integrate different management disciplines to understand open
Technology Ventures Defense mechanisms and Corporate Relationships, Administrative Science Quarterly, 53: 295†332 36 See National Research Council (2004:
42 This is a common problem for biotech and pharma ventures 43 Two inspiring articles to understand how complementary assets play a role in the valu e appropriation of
policies to back venture finance...68 5. 4 Japan: Diversification and clustering of SMES for future growth...
programmes and venture capital increased the number of high-growth companies considerably Lack of evaluation studies: There is a lack of
Improving access to venture capital (VC) may be a priority policy objective when supporting high-growth SMES.
European venture capital market. Section 4. 2. 2 Internationalisation: Companies seeking to grow quickly need large international markets.
-ment-funded research and venture capital; Israel is of particular interest due to its current innovative and economic performance.
for venture capital (VC. VC support to SMES has been shown to lead to more high growth SMES.
Market, e g. for venture capital, rather than launch -ing specific measures for high-growth SMES 8. Enhance coaching opportunities:
single market for venture capital 10: Improve internationalisation opportunities Since high growth requires tapping larger markets
but also for other indicators such as venture capital provision Primary data collection The description of examples of successful support of high-growth innovative companies is a key element of
one with US venture capital and innovation policy advisor Burton Lee, and one with business advisor Re
-ily 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
venture capital Real estate: science & technology parks Incentives Individual benefits Income: direct, e g taxation, bankruptcy regulation;
venture capital Real estate: science & technology parks Incentives Individual benefits Income: direct, e g taxation, bankruptcy regulation;
ventures, new product in new category ventures, new product in existing category ventures and idea trans
-fer/transplant ventures. 29 The â€oewave strategy†reflects the dynamic forces that can come out of early-stage
angel finance, venture finance, IPOS Dominant service Basic (standard) advice for firm creation business planning, small business
Experience-based advice for venture finance strategic planning, internationalisation organisational growth Resource distribution principle Ensure equal access for everyone (re
fall out of the financial crisis for venture funds in their fundraising efforts. It increased its commitments to high
total equity of the intermediary venture capital fund or up to 50%in specific cases ï GIF2 †risk capital for SMES with high growth potential in their expansion phase:
to 15%of the total equity of the intermediary venture capital fund or, exceptionally, up to 50
and larger international venture capital funding. Accelerace†s services are sponsored for free and by the state investment fund â€oevaekstfondenâ€, the Region Hovedstaden (Denmark†s capital region), Region Midtjyl
and whether the company may be a venture case. â€oetiming is essentialâ€, says Accelerace senior management consultant Rebecca Scheel †the applying companies need to be at the right develop
The Accelerace team has a wide network including for example venture capital -ists, entrepreneurship organisations, technology transfer offices,
after three months it may turn out that the company is not a venture case. After the programme it will be
know yet if our model is better than venture capitalistsâ€, says Rebecca Scheel, â€oebut we spend more time and
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
In January 2011 it organised the first Enterprise Finland Venture Forum, connecting 37 national and international financiers with 25 Finnish growth companies. 75
-lished a division for growth ventures. The rationale behind creating this division was that â€oethe needs of
which requires a special growth ventures policy†76 72 See http://www. vigo. fi 73 See Murray/Hyytinen/Maula (2009), p. 163
venture capital, angels†investment and other financing partners which are essential to further growth 81 Murray/Hyytinen/Maula (2009), p. 168.
growth perspectives may be looking for venture capital, i e. â€oeprofessional equity co-invested with the entre -preneur to fund an early-stage (seed and start-up) or expansion venture. †92 Venture capital is a subset of pri
-vate equity. Other sources of finance include leasing, factoring, hire-purchasing and trade credits. Finally
Discussions and analyses about high growth of companies often focus on venture capital. There are empiri -cal indications that a well-functioning venture capital market is conducive to growth not only of single compa
-nies but also of national economies: â€oeventure capital injects economic dynamism: An increase in VC invest
92 Definition of the European Venture capital Association, see http://www. evca. eu/toolbox/glossary. aspx?
The economic and financial crisis has had starkly deteriorating effects on the venture capital market. While private equity investments in Europe had been tripling from 24.3 Billion euros in 2001 to 72.9 Billion euros in
high-growth oriented companies seeking venture capital to find adequate funding Exhibit 4-1: Private equity investments in Europe 2000 †2010
The level of development of venture capital markets and thus the difficulties to obtain VC are very different
ï Single market for venture capital investment: â€oeat 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, â€oewhile 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 investing across borders easier. †107 ï Growth stock markets provide listing opportunities with simplified requirements.
The European Private Equity and Venture capital Association (EVCA) suggests to â€oeadapt and refine the ex
-isting structures of public support for venture capital†in order to â€oeincrease its competitiveness, attract private investment and also to lead to a phased reduction of its dependence on public moneyâ€. 109 The EVCA sug
-gests a Venture capital Action Plan 2010-2020 for the EU, following the EU€ s Risk capital Action Plan of
of business ventures through dedicated funds fuelled by domestic and overseas sources as well as by in
The government also plans to encourage venture capital investment from over -seas funds, oil money, and other sources.
-quate levels of venture capital financing holds the greatest potential for creating â€oegazelles†and that these
The Canadian experience (see section 5. 3) of linking governmental R&d funding with venture capital in
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?
policies have supported the growth of the venture business. However, some of the traditional SME policies have been criticised for inefficiency and ineffectiveness.
ï the venture businessmen†s special lecture programmes on entrepreneurship at universities ï the youth start-up education programme
Inno-biz and measures to strengthen venture capital investment The Korean government intensively fosters the programme â€oeinno-biz†(acronym for â€oeinnovative businessâ€.
innovative firms, ventures and firms with outstanding managerial innovations. The pro -gramme does not explicitly aspire to high growth
Ventures, according to the SMBA definition, are firms in 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 is supporting business ventures, through the support of a one trillion won
private fund, by investing in a â€oefund of Funds†in 2009 as well as through a two trillion won fund with in
-ducement of further funds from the fiscal administration, the Korea Development Bank and foreign and pri
The government also plans to encourage venture capital investment from overseas funds, oil money, and other sources.
%In addition, the government plans to facilitate venture investment by institutional investors, the post office insurance firms, universities,
Since the Korea Venture Fund has confirmed other investors, small investments of less than one billion won are allowed at any time
In April 2009, the government created a venture ecological system that integrates the capabilities of newborn
venture companies and of the leading venture companies in the market. Under this system, the government
intends to create a ten billion won fund and support joint R&d and overseas marketing for ventures
This programme is designed to promote the survival and growth of newly established venture com -panies.
They comprise an increase of SME€ s R&d activities, an expansion of venture business, and various impacts on different areas of SME performance.
Expanded venture business All related indicators confirm the high growth in the venture business from 1998 to 2008,
as Exhibit 5-4 indi -cates. For example, the number of certified ventures increased from 2, 042 firms in 1998 to 15,401 firms in
2008, and there are now five graduate schools specialising in the venture business. However, figures for 2009 may indicate a decline caused by the worldwide economic crisis
Exhibit 5-4: Development of the venture business in Korea 1998-2008 Indicator 1998 2008
Creation of venture firms Number of certified venture firms 2, 042 15,401 Thereof: established by professor or researcher 582 1, 555
Number of graduate schools for venture business 0 5 Venture capital in 100 mio KRW New venture investments 7, 870 12,041
Newly established venture funds 4, 929 11,954 Foreign venture funds 30 702 Source: SMBA Impacts on particular areas
Korea†s SME policies can be ascribed impacts in the following, particular areas †not accounting for potential
bandwagon effects and possible other negative effects of government support Export support: Since 2003 the Korean government supported exports in on average, more than 1, 000
SMES every year and the increase in exports was more than 200 million dollars every year Policies for high-growth innovative SMES v1. 6
59 Production improvement: Companies receiving support for production improvement in 2007 and 2008 ex -perienced an increase of their revenues by 21%and exports by 36%.
%While revenue increase is similar to that of all SMES during the period (23%),the export increase by far exceeded that of all SMES (15
property and new ventures, human resources headhunting, consulting and market research, and investment banking services for merger and acquisition activities.
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 for creation of â€oegazelles†and that these firms, once cre
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 The returns to VC providers in Canada and the US over the past ten years have been low
Current situation in venture funding The Canadian experience suggests strongly that a concentrated focus by governments on high-tech based
which data are available †when a combination of venture capital 150 See Cooper (2009 Policies for high-growth innovative SMES v1. 6
years. 151 Many technology-based firms at the development stage with high burn rates have had to cut back
Venture capital: VC investments by the VC community in Canada have decreased from a peak of CAD 5. 9
Venture capital: The US experience is similar to that of Canada, in terms of the collapse of financing since
As of 2007, there were state government sponsored VC funds in 22 states with 2. 3 billion USD in venture
venture capital (CAD 18 billion dollars) between 1995 and 2005 showed much higher levels of gazelles crea
The Effects of Government-Sponsored Venture capital: International Evi -dence 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
The Effects of Government-Sponsored Venture capital: International Evidence ï CVCA, Canadian Venture capital Association (2009: Why Venture capital is Essential to the Canadian Econ
-omy-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
ï 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 ï Cooper, Denys (2009:
High Growth and Survival of Government Funded SMES with Venture capital in Can -ada. APEC SME Innovation conference 2009, Seoul
ï Duruflã, 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
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
ï 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
-bour-Sponsored Venture capital Corporations ï NAS 2009: Awards-U s. Small Business Administration Tech-Net Database;
ï Venture Impact: 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-backed -companies-to-the-u-s-ec. html
-mercialisation stages they prefer bank loans over equity finance, venture capital, and other financial prod -ucts.
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.
joint Israeli-EU R&d ventures within the EU€ s R&d Framework Programme Sources This innovation policy summary has been authored by Reut Marciano, Jerusalem Institute for Israel Studies
Enhancing the European venture capital market The European venture capital market is fragmented highly and lacking intermediaries (see section 4. 2. 2
Opportunities for companies with high growth aspirations to find venture investors are thus suboptimal. In or
-der to overcome these shortcomings, the European commission may be advised well to continue and strengthen its efforts to establish a Single European Market for VC †which is a natural task of the European
Linking research funding and venture capital Case studies conducted for this report indicate that governmental policies may support access to finance for
181 The EC launched a â€oeconsultation on a new European regime for venture capital†in June 2011
Furthermore, governments should also not aspire to eliminate new venture failures. 192 3. Policies for general SMES and for high-growth SMES may coexist:
is European Single Markets, e g. for venture capital 8. Enhance coaching opportunities: Qualified coaching may help grow SMES
EVCA, European Private Equity and Venture capital Association (2011: Creating lasting value: Yearbook 2011 Harms, Rainer;
Venture growth †new findings from a multilevel perspective †Guest Editors†Introduction to the focus issue on growth.
Venture capital adds economic spice. Author: Thomas Meyer. Economics and politics research briefing. 14 september Ministry of Employment and the Economy (2011:
Enterprise Finland Venture Forum: https://www. efvf2011. b2bmatchmaking. com/p index. php, last accessed May 2011
Burton Lee, Innovarium Ventures, 17 august 2010 Rebecca Scheel, Accelerace programme, Business Advisor, 5 january 2011 Policies for high-growth innovative SMES v1. 6
6 Venture capital 7 International Journal of Entrepreneurship 8 Journal of Enterprising Culture 9 Small Business and Enterprise Development
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