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
to fi nance venture and social innovation funds, to incentivise large scale community level innovations to transform the public sector
grants, seed, venture capital, loan guarantees) is fragmented and fails to mobilise private sector investment effi ciently or consistently.
Venture capital Association â€oeimproving the access to public fi nancing for innovation by business should be a
venture capital funds is a positive development, however it is important that SMES have equal access as is the case for
Current venture capital and stock market models have shown their limitations, and investments made using these models in Europe risk being lost unless these
•Accelerate pan-European venture capital funds as a new role for the expanded EIF to create and
venture funds, and must be managed professionally avoiding political interference or micromanagement from governments or the European commission
venture capital market We believe similar leadership from the European Commission and EIB Group is needed now to catalyse
BAK Basel to benchmark and map out their economic strengths. The research resulted in an analysis and international benchmark of the region†s strengths and weaknesses.
It indicates how the Top Technology Region relates on an international level playing field to similar
technology transfer, knowledge exchange, venture funding, regional economic development business services, and management consultancy, all of which afford an overview of the regional
Seed and venture capital funds R&d subsidies or tax incentives Management advice Incubators with'soft'support
regional seed and venture capital funds •Regional high-tech clusters, S&t Parks incubators •Global talent attraction in targeted new sectors
plans competitions, regional venture capital funds •Incentives for regionally-relevant public research •Entrepreneurship support (networks of
venture capital funds •Densification and internationalisation of regional production clusters •Regional public procurement oriented towards
in the context of open innovation and public-private partnerships (including benchmarks. 59 For the 2014-2020 programming period, the European commission has proposed
Regions have thus to benchmark themselves with any other regions to assess where the real or believed competitive advantages are challenged in order to permanently
such as loan funds, guarantee funds and venture capital funds. These funds, the setting-up of which depends on the choice of the Member States
private venture capital for their further growth Also in Europe public procurement holds an enormous †so far largely unused †potential for
•Higher mobilisation effect on private investors/venture capital, thanks to the faster market access and return-on-investment for innovative firms
venture capital 5. Is the strategy outward looking and how does it promote critical mass/potential
fundamental to commercially relevant and how does it the area benchmark internationally ï¿Do we have critical mass in this area
entrepreneurs, venture capital, industry representative bodies, public sector bodies, advisory bodies, representatives of civil society and research users and beneficiaries, regulators, etc
fundamental to commercially relevant and how does it the area benchmark internationally ï¿Do we have critical mass in this area
entrepreneurs, venture capital, industry representative bodies, public sector bodies, advisory bodies, representatives of civil society and research users and beneficiaries, regulators, etc
Venture capital as%of GDP 0. 033 0. 06 0. 09 Spill over in the private sector
accumulation of societal know-how makes it easier for new ventures to arise and for new ideas to
easier for new ventures to arise and for new ideas to be put in place. The shift in the positioning of
venture capital programmes •The Innovation Fund Ireland Committee considers and recommends to the Board applications
or even reimbursement finance (loans, micro credits, venture capital, etc The most repeated instruments in the RIS3 analysis are grants (a traditional
for research on Venture capital (VC. It is established well that Venture capital (VC) is crucial for small and young ï rms perfor
-mance (Bottazzi and Da Rin, 2002; Samila and Sorenson, 2011 The results of this study would suggest that the VC role could be
the value of resources for entrepreneurial ventures. Strateg. Manag. J. 33 (3 221†251 Arrow, K. J.,1983.
Venture capital in Europe and the ï nancing of innovative companies. Econ. Policy 17, 229†270
Venture capital, entrepreneurship, and economic growth. Rev. Econ. Stat. 93, 338†349 Shane, S.,2002. Selling university technology:
entrepreneurs with skills for successfully setting up ventures is only now becoming clear In addition to presenting the data,
increasing the contribution of new entrepreneurial ventures and small and medium-sized enterprises (SMES) to innovation
and entrepreneurship in new ventures is itself an important development. Whereas in the past innovation policy worked through investments in research
New business ventures and SMES have a number of critical roles to play in supporting
New spin-off ventures enable the commercialisation of knowledge that would otherwise remain un-commercialised in large firms, universities and
direct investment ventures; and to attract highly-skilled labour from abroad SMES, ENTREPRENEURSHIP AND INNOVATION Â OECD 2010 17
alliances, securing better local embedding of foreign direct investment ventures, and attracting highly-skilled labour from abroad
â Embedding of foreign direct investment ventures should be promoted through integration of inward investment policies and cluster policies;
and social enterprise ventures â Undertake research into social entrepreneurship and social innovation and their main
SMES and new business ventures are important players in this new environment They have a key role in processes of creative destruction, knowledge exploitation
The creation of new business ventures and innovation in existing small and medium-sized enterprises (SMES) are critical parts of today†s innovation process,
capital firms can now provide capital quickly to the most promising ventures whether or not they are in a large firm context.
their areas, hence providing an exit to the original innovators and venture capital investors. They may also be involved even more closely for example in venture investing
provision of complementary assets and technologies, and even the provision of key people including the would-be innovating entrepreneur.
or independent of business ventures Social entrepreneurship and social innovation are of fundamental importance today
venture (which is generally but not always of small size) and the small and medium-sized
New venture creation and knowledge exchanges between knowledge-generating organisations and SMES also enable the commercialisation of knowledge that would
In Canada, the University of British columbia has a venture fund, the University of Guelph has raised money for commercialisation by listing its intellectual property portfolio on the
Considering entrepreneurship as all venture start-ups, Audretsch et al. 2006) and Acs et al. 2004,2005, 2009) suggest that commercialisation of knowledge by new start-ups
and new ventures are active in breakthrough innovation in sectors such as biotechnology and information and
such as grants, loans, loan guarantees, mezzanine finance, seed capital, venture capital business angel finance and investor readiness programmes need to be explored (OECD
business development, industry support and venture capital †worth AUD 2 billion to more than 12 000 businesses and about 85 000 individuals every year
benchmark against best practices, and furnish access to world-class business tools, processes and technology.
start-up coaching and early links with private venture capital funds A 2004 evaluation showed that approximately half of the firms selected for the programme fail.
venture capital funds feature a similar failure rate. Given the earlier stage of the firms financed by the
traditional bank financing and even access to private venture capital funds. Participation in the programme acts as a signal to private investors, â€oecrowding†them â€oein†rather than â€oeoutâ€.
venture capital funds can be co-owners. In biyearly meetings of the centres, knowledge and best practice
works to boost the innovativeness of regional SMES, by leveraging additional risk capital for new ventures
policy that seeks to create first-rate conditions for Finnish growth ventures. To that end, two initiatives
new ventures. Such experts are positioned well to offer high-quality advice and contacts for start-ups to
venture capital placements. The first three start-up accelerators were selected by a steering committee in June 2009. These accelerators are focusing on growth enterprise development in different industries that
The fund invests venture capital in young, high-opportunity technological companies implementing promising research results in an
stimulating the early-stage venture capital market Exist EXIST is a support programme of the Federal Ministry of Economy and Technology.
set up of incentives for venture capital funds and of grant schemes for special categories of entrepreneurs
venture capital funds and financial instruments, e g. the New Hungary Venture capital Programme HUF 40.5 billion; improving SMES€ knowledge of intellectual property protection and industrial law
New Business Venture Fund The government launched a programme in 1998 entitled the New Business Venture Fund,
which became an important source of funding for SMES. This Fund, which is owned by the government and operates
Third, it has promoted the creation of business angel and venture capital funds, which had been virtually absent in the country.
aims to promote and mobilise the Dutch venture capital market to the benefit of high-tech starters
2006, provides a network of regional platforms that brings together the demand and supply of venture
partners, while the supply side comprises venture capital companies. FINCRESCE, also launched in the second half of 2006, provides solutions to optimise financing conditions for companies pursuing
increase the amount of venture capital investment for SMES in the Slovak economy. The company looks for
firms and the venture capital market by facilitating loans to risk-capital societies interested in sharing the
per cent of the participants attended courses on Venture Training, 11%participated in the Venture Plan
module, 15%attended courses on Venture Challenge and 70%courses on Venture Ideas. Venturelab organised 237 courses (modules) and 1 390 workshops between 2004 and 2008
Venture capital programmes has addressed the problem of lack of risk capital, particularly in more peripheral areas. These programmes have yet to be evaluated rigorously
to the market by providing scarce pre-venture capital funding on a competitive basis. Further, by creating
which virtually established the thriving Israeli venture capital industry. The lessons from Yozma are being studied closely now as the government plans direct
involvement in a new biotechnology venture capital fund, the first government policy involving direct intervention in the private equity market for innovation since the 1990s
USD 20-25 million venture capital funds, and 15 direct investments in technology start-ups. Yozma contributed towards 40%of the ten funds†total investment
eight of the ten new venture capital funds both general and limited partners exercised this option
which allowed the fledgling Israeli venture capitalists to make companies public at a size that would be impossible today
commercialisation support, venture financing, and infrastructure development. As concerns support to commercialisation, the bulk of government funds is distributed through two
and to develop co-operation with venture capital funds RUSNANO RUSNANO was organised by the federal government in 2007,
Venture Funds In 2006 the Ministry for Economic Development launched a programme for regional venture funds in
19 Russian regions. The regional and federal budgets for these funds amount to USD 150 million, in equal
These are closed-end investment funds in high-risk ventures on condition that private investors match the sums.
Overall capitalisation of venture funds in Russian regions totals about USD 300 million. Meanwhile the Russian Venture Company (RVC) was established also in 2006 and financed
by the federal budget; its current capitalisation is about USD 900 million. RVC plays the role of the Federal
Fund of venture fund (fund-of-funds model), stimulating venture investment and financial support of the
frequency of the multi-venture process, i e. the creation of more than one firm by the same
critical input to the entrepreneurial venture and can be acquired through the participation of entrepreneurs and SMES in local and global knowledge flows.
as demonstrated by the multi-venture process. It is also critical to the innovation performance of SMES.
linkages between FDI ventures and local firms and research organisations. A third way of triggering global knowledge connections is to promote the attraction and exchange
creating and running new business ventures or innovative projects in existing firms. They involve risk assessment
others and the desire to implement innovation (e g. starting a new venture, finding new markets, introducing new organisational models)
and running new business ventures and innovative projects in existing firms, such as risk assessment and warranting, strategic thinking, self-confidence,
incubators, alumni networks, access to experienced practitioners, access to venture capital) and evaluation (degree of monitoring and assessment of entrepreneurship
the creation of new growth potential ventures out of universities The study identified the important role of public policy in initiating and enhancing
make a first step towards the creation of a venture. Yet, in order to avoid â€oeover protectionâ€, early exposure to market conditions is advisable
trends, balance sheet and ratio analysis, venture capital finance, product life cycles and so on SMES, ENTREPRENEURSHIP AND INNOVATION Â OECD 2010172
their full potential and will give the economy of Scotland the skills, new ventures and
social entrepreneurship to suggest a typology of entrepreneurial ventures in order to identify those that could be included in the social entrepreneurship field (Neck et al
would be the increasing amount of venture philanthropy made available in Europe North american and Japan to support local social entrepreneurship initiatives (Mair and
There is also GPS Santã, a commercial venture created to help companies prevent accidents and muscular-skeletal disorders among its
venture business, nonprofit organisations, etc. in order to assess the different needs of the entities belonging to the sector
social purpose ventures traditional ventures; social consequences ventures; and enterprising nonprofits. Each of these has its own characteristics.
They argue that only social purpose ventures (for-profit) and enterprising nonprofits belong to the landscape of social entrepreneurship. â€oeregardless of profit
orientation, social entrepreneurs identify opportunities to solve social problems: both people and planet problems†(p. 18
5. Brouard and Larivet (2009) analyse most of the existing definitions of social entrepreneurship and
Haugh, H. 2007), â€oecommunity-Led Social Venture Creationâ€, Entrepreneurship: Theory & Practice, Vol. 31 No. 2, pp. 161-182
What Awaits Social Entrepreneurship Ventures Edward Elgar Publishing, Cheltenham Phills, J.,K. Deiglmeier and D. Miller (2008), â€oerediscovering Social Innovationâ€, Social Innovation Review
or licensing ventures undertaken by individual social entrepreneurs, non profit organisations, or nonprofits in association with for-profits. †(p. 25
or venture itself rather than returned to investors. †(p. 5 Leadbeater 2006 â€oeone way to define social entrepreneurship would be through
relatively undaunted by scarce assets in pursuing their social venture. †(p. 64 Perrini 2006 â€oeentailing innovation designed to explicitly improve societal wellbeing,
enterprising ventures †Social entrepreneurship is first and foremost a practical response to unmet individual and societal needs. †(p. 743
and exploit opportunities in order to enhance social wealth by creating new ventures or managing existing organisations in an innovative manner. †(p. 118
between SMES and foreign direct investment ventures and attracting highly-skilled labour from abroad 3. Strengthen entrepreneurial human capital
ventures â Undertake research into social entrepreneurship and social innovation and their main components order to create clear definitions
organise, create and manage a venture to make social changes. Social entrepreneurs are change-makers and move ideas
New Business Venture Fund Ireland Italy Industria 2015 Japan Small Business Innovation Research Support for Development of Networks between Upstream and Downstream Companies
Venture Funds Slovenia South africa Support Programme for Industrial Innovation Technology and Human resources for Industry Programme
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