which recently announced a â 7 million investment by international venture capital firms and the creation of an additional 100 jobs.
and benchmark innovation performance at regional level†(p. 6). The same report reiterated that â€oeinnovation is a key factor determining productivity growth (p. 9)
analysing the direct impact of MCES on the creation of new ventures in their host regions,
Ventures 24 Scale up: The Collaborative Road to Sustainable Growth 32 Section Three: Perspectives from Policy-makers
serial entrepreneurs and fast-growing, scalable ventures. It finds that, for a truly innovative Europe to compete successfully on
partner to improve conditions for innovative ventures at all stages of the entrepreneurial life cycle. As such, this report will be a
scale innovation-driven ventures In addition to extensive inputs from the Forum†s Members Global Shapers, Young Global Leaders, Network of Global
-driven entrepreneurial venture can be divided into three phases †stand up, start up and scale up (see Figure 1). The
create scalable entrepreneurial ventures †Start up †Gathering the resources to start a business with a particular focus on access to capital for
†Scale up †Enabling ventures to scale, with a particular focus on collaborations that simultaneously improve the
capabilities of new ventures and to engage with local communities in new ways To more effectively and efficiently support innovation
achieve scale and momentum for new ventures and ideas Supporting the innovations of today in isolated sectors
indicates that Europe has the greatest gap with benchmark economies and the greatest divergence between its
ventures. Countries that have developed less innovation capabilities must be aided in their efforts to catch up while leading innovators must be supported to continue
and making it a viable venture, in particular to be able to secure the required financial and human capital and
and develop a venture †Network access refers to the availability of supporting partners, advisers and enablers who transfer know-how
successful scaling of a venture. The goal of a healthy and robust entrepreneurial ecosystem is to foster serial
entrepreneurs who persevere over multiple ventures and upon achieving success, continue to support entrepreneurial activities as investors, mentors and role models
venture or join entrepreneurs Improve access to capital for business foundation Identify and realize mutually beneficial
starting a venture but not done it yet (see Figure 6 20 25 17 14
my own venture I started and ran my own business but now am doing something
business, and scaling a venture Overall across Europe, conditions were perceived most positively for the stand up phase,
and labour costs when starting or scaling a venture. A country-wise split of results is given in Figure 9. Perceived
innovation-driven venture Three core factors to foster entrepreneurial culture The decision to become an entrepreneur or join an
innovative entrepreneurial venture is complex. 13 This analysis focuses on three categories of individual factors that were
respondents potentially joining an entrepreneurial venture as an employee (37%)than those starting their own
creating or joining a new venture Challenges for promoting entrepreneurship Attitude: People are risk-averse
that encouraged them to start their own venture. Early exposure to entrepreneurship, entrepreneurial thinking and
Ventures 18 Enhancing Europe†s Competitiveness 19fostering Innovation-driven Entrepreneurship in Europe Figure 12: Overview of Start-up Phase
Venture capital Loans Loss zone Profit zone Start up: Supporting the Establishment and Initial Expansion of Innovation-driven
Ventures In the second, â€oestart up†phase of the entrepreneurship life cycle ecosystem factors play a crucial role.
Venture capital is primarily available in Europe to ventures that are past the â€oeproof of concept†stage,
while bank loans and other forms of growth capital require evidence of successful operation and profits that indicate future success at larger scales
Even though major cities are booming, venture capital supply has decreased by 56%since 2007 The EU is home to 19.0 million micro companies (those
from 36,700 to 44,200 per year. 33 Yet, venture capital fundraising in the early and expansion stages amounted to
with a focus on the role of business angels, venture capital and banks 20 Enhancing Europe†s Competitiveness
The quality of ventures demanding capital and the return expected of them in prevailing market conditions play a
entrepreneurial ventures as an asset class, partly due to a perception of low returns for investors.
2012 and including the years of the financial crisis, venture funds reported an average internal rate of return of only
venture capital segment has seen a number of notable successes such as Supercell and Spotify. Many European venture capital experts say the sector is stronger than the
long-term data indicate Today, non-European investors recognize Europe†s strong development. Take digital as an example.
Matthias Ummenhofer, Head, Venture capital, European Investment Fund Figure 13: New Venture Funds Raised in Europe by Investors,
2007-2013 (Incremental Amount Raised Per year in Billion Euro and as a Percentage of Total
European Private Equity and Venture capital Association (EVCA New VC funds raised in EU-28 (in bn. â
smaller than the deal size typical of venture capital funds operating in Europe (from â 3-5 million up.
a key share of venture capital As mentioned above and displayed in Figure 13, the supply
of venture capital has seen a sharp decline in recent years Part of it is linked to higher levels of risk aversion following
seen the role of government agencies in venture capital raised from institutional investors increase from pre-crisis activity of 14%in 2007 to 38%in 2013.
of the venture market †government agencies†financing volumes are limited typically †in the case of the German
The sources of financing for European venture funds differ strongly between European regions, as shown in Figure 14
the United kingdom and Ireland, less than 20%of venture funds have come from government agencies, such agencies
for venture funds in Southern Europe (22%of financing and Central and Eastern europe (CEE)( 26%),giving an
Sources of Funds †European Venture Funds by Region41 (Percentage of Total Incremental Fundraising, 2007
European Private Equity and Venture capital Association (EVCA Figure 15: Imbalance between Seed and Follow-on Rounds by Number and Region
European Private Equity and Venture capital Association (EVCA; National Venture capital Association/Thomson Reuters Europe†s next challenge is to increase the number of high
-growth businesses receiving financing rounds Further financing challenges appear when start-up businesses attempt to scale their activities.
venture capital Access to bank loans Belgium Slovenia Portugal Croatia Spain Romania Lithuania Russia Greece Ireland Brazil
access to venture capital. However, as Figure 16 indicates restricted access to bank loans and venture capital reflects
Europe†s competitiveness divide, with Northern European countries being among global leaders in access to venture
capital and loans The growing number of legislative initiatives in the wake of the financial
impacting private equity and venture capital Andrã Loesekrug-Pietri, Managing Partner, A CAPITAL Figure 16:
Access to Venture capital and Bank Loans in EU-28, the United states and BRIC Countries (Brazil, Russia
Access to venture capital: In your country, how easy is it for entrepreneurs with innovative but risky projects to find venture capital
1=extremely difficult, 7=extremely easy; Access to bank loans: In your country, how easy is it to obtain bank credit with only a good business plan and
In venture capital, for example, the fund invests £0. 5-2. 0 million in deals of £2
in a new European fund-of-funds for venture capital†Dà rte Hà ppner, Chief executive, The European Private Equity and
Venture capital Association (EVCA â€oewe need more of a pan-European mentality, both on the investor†s and on the entrepreneur†s side. â€
entrepreneurial ventures Access to finance Loss of reputation if collaboration fails, loss of investment/independence
entrepreneurial ventures, the ventures must scale well beyond simply being viable, local businesses employing a handful of people and serving a small customer base
that enable the scaling of innovative ventures to the benefit of all parties concerned Table 3:
with a large corporation or organization in a former venture Respondents report that a lack of transparency and visibility
Miles Kirby, Managing director of Qualcomm Ventures, responsible for investments in Western and Eastern Europe â€oeto systematically foster collaboration between large companies and entrepreneurs
Google Ventures uses algorithms with data from academic literature or from due diligences As summarized in The New york times:
Javier Santiso, Managing director, Global Affairs and New Ventures, Telefonica; Young Global Leader â€oegetting to a draft contract needs to be a question of days, not months †otherwise
In this context, a new regulation on venture capital funds has been approved recently: fund managers can now have a European passport and market their funds across the EU. â€
and venture capital to SMES and will work in conjunction with Horizon 2020 In early 2013, the Commission launched a public consultation on how to foster the supply of long-term financing and to
†Venture funds: Including a fund of funds of â 120 million for business angel co-investment, venture capital and
expansion capital (of this, â 60 million is public money. In addition, the Baltic Innovation Funds (for Estonia, Lithuania
including loans, guarantees and venture investments, to help tackle the issue. Furthermore, the Danish regions are
This should be supplemented by a highly developed market for venture capital, being the second cornerstone, and a
This has been achieved with a new Dutch Venture Initiative for scaling up successful businesses and a new instrument aimed at the proof-of-concept phase
spinoffs or of the situation for seed and early-stage financing for technology-intensive ventures,
foundation and growth of entrepreneurial ventures of different groups of entrepreneurs within the country and offers
those who currently run their own ventures. While 55%of respondents say they would be willing to provide mentoring
between large businesses and entrepreneurial ventures Creating more transparency about what new ventures and established businesses are looking for in terms of potential partners
Creating more opportunities for entrepreneurs and large businesses to network Helping private investors"unlock"capital in Europe
employees to join their ventures Providing mentoring to new founders Providing more opportunities for potential entrepreneurs to
women-friendly SME financing facilities, microfinance institutions, venture capital funds and innovation grants all linked to business mentoring and training of
Today, the benchmarks for successful entrepreneurial ecosystems and innovation hubs tend to be Silicon valley and Tel aviv.
absorbing new ventures In the second phase, a new set of challengers has emerged to disrupt this â€oegreat Wall†versus â€oespecialistâ€
venture: market risk, technology risk and team risk What does this mean for how organizations operate
reassemble and qualify new ventures for disruptive value creation, feasibility and scalability. To achieve this
to understanding the different phases of a new venture, and by influencing both individual and contextual factors that
do more to support innovation-driven ventures in Europe Stakeholders should tap into this motivation at scale to
and the factors related to the successful growth of a venture 2. It is important to note that both entrepreneurship
EVCA (2012), Pan-European Private Equity Performance Benchmarks Study, p. 4 38. Interview with Luis Galveias, Director of Secretariat, EBAN;
New york times (2013), Google Ventures Stresses the Science of the Deal, not the Art of the Deal
expansion of Innovation-driven Ventures Martin Bruncko, Cofounder and Chief executive officer Nubi, United kingdom; Young Global Leader
European Private Equity and Venture capital Association DÃ rte HÃ ppner, Secretary-general Cornelius MÃ ller, Head of Research
Javier Santiso, Director, Innovation Funds, Venture and Growth Capital 60 Enhancing Europe†s Competitiveness The World Economic Forum gratefully acknowledges
Miles Kirby, Managing director, Qualcomm Ventures, United Kingdom Karl-Ludwig Kley, Chairman of the Executive Board, Merck
Matthias Ummenhofer, Head, Venture capital, European Investment Fund, Luxembourg 61fostering Innovation-driven Entrepreneurship in Europe Jeroen Van der veer, Executive Member of the Governing
venture capital, and other financial products. In order to fulfill all those functions, the banking sector needs to be
levels of competition and access to venture capital and financing that are analyzed in other pillars of the Index
tool that can measure and benchmark the drivers of competitiveness and prosperity in an economy, and that
by raising new equity (91st), loans (101st), or venture capital (101st) to support innovative projects.
availability of venture capital is assessed at 9th place Yet for the country†s innovation-driven competitiveness
to benchmark national competitiveness. The clear and intuitive structure of the GCI framework is useful for
8. 05 Venture capital availability B. Trustworthiness and confidence...50 %8. 06 Soundness of banks 8. 07 Regulation of securities exchanges
these critical areas and benchmark themselves against peers persists. Without an improvement in the quality
8. 05 Venture capital availability...1. 9...128 8. 06 Soundness of banks...4. 3...98
8. 05 Venture capital availability...1. 9...128 8. 06 Soundness of banks...4. 3...98
8. 05 Venture capital availability...2. 2...108 8. 06 Soundness of banks...3. 4...133
8. 05 Venture capital availability...2. 3...98 8. 06 Soundness of banks...4. 1...115
8. 05 Venture capital availability...1. 8...138 8. 06 Soundness of banks...4. 6...86
8. 05 Venture capital availability...2. 4...96 8. 06 Soundness of banks...4. 9...66
8. 05 Venture capital availability...3. 4...29 8. 06 Soundness of banks...6. 6...3
8. 05 Venture capital availability...2. 7...70 8. 06 Soundness of banks...5. 0...61
8. 05 Venture capital availability...2. 7...64 8. 06 Soundness of banks...4. 3...100
8. 05 Venture capital availability...3. 6...18 8. 06 Soundness of banks...5. 8...28
8. 05 Venture capital availability...2. 1...119 8. 06 Soundness of banks...4. 2...104
8. 05 Venture capital availability...2. 3...101 8. 06 Soundness of banks...6. 1...14
8. 05 Venture capital availability...3. 3...33 8. 06 Soundness of banks...4. 6...85
8. 05 Venture capital availability...2. 3...104 8. 06 Soundness of banks...4. 4...95
8. 05 Venture capital availability...3. 4...30 8. 06 Soundness of banks...4. 0...120
8. 05 Venture capital availability...2. 7...67 8. 06 Soundness of banks...5. 6...43
8. 05 Venture capital availability...2. 6...80 8. 06 Soundness of banks...6. 1...13
8. 05 Venture capital availability...2. 6...79 8. 06 Soundness of banks...5. 0...62
8. 05 Venture capital availability...1. 5...144 8. 06 Soundness of banks...4. 1...116
8. 05 Venture capital availability...1. 9...129 8. 06 Soundness of banks...2. 9...140
8. 05 Venture capital availability...2. 7...60 8. 06 Soundness of banks...4. 5...88
8. 05 Venture capital availability...2. 3...102 8. 06 Soundness of banks...4. 5...92
8. 05 Venture capital availability...3. 6...17 8. 06 Soundness of banks...6. 7...1
8. 05 Venture capital availability...2. 5...91 8. 06 Soundness of banks...4. 4...96
8. 05 Venture capital availability...1. 9...136 8. 06 Soundness of banks...3. 2...134
8. 05 Venture capital availability...3. 3...32 8. 06 Soundness of banks...6. 3...11
8. 05 Venture capital availability...3. 9...13 8. 06 Soundness of banks...5. 0...63
8. 05 Venture capital availability...2. 6...82 8. 06 Soundness of banks...5. 8...30
8. 05 Venture capital availability...2. 2...111 8. 06 Soundness of banks...5. 8...31
8. 05 Venture capital availability...2. 8...55 8. 06 Soundness of banks...4. 8...77
8. 05 Venture capital availability...2. 2...114 8. 06 Soundness of banks...4. 9...69
8. 05 Venture capital availability...2. 7...75 8. 06 Soundness of banks...2. 4...143
8. 05 Venture capital availability...3. 1...42 8. 06 Soundness of banks...5. 9...24
8. 05 Venture capital availability...2. 5...87 8. 06 Soundness of banks...4. 7...81
8. 05 Venture capital availability...2. 6...83 8. 06 Soundness of banks...5. 6...45
8. 05 Venture capital availability...2. 3...103 8. 06 Soundness of banks...4. 2...110
8. 05 Venture capital availability...3. 0...45 8. 06 Soundness of banks...4. 1...114
8. 05 Venture capital availability...3. 4...26 8. 06 Soundness of banks...5. 7...39
8. 05 Venture capital availability...2. 2...110 8. 06 Soundness of banks...4. 3...102
8. 05 Venture capital availability...4. 3...8 8. 06 Soundness of banks...6. 5...5
8. 05 Venture capital availability...3. 3...35 8. 06 Soundness of banks...5. 4...47
8. 05 Venture capital availability...2. 0...123 8. 06 Soundness of banks...4. 9...70
8. 05 Venture capital availability...2. 4...93 8. 06 Soundness of banks...4. 9...68
8. 05 Venture capital availability...2. 1...118 8. 06 Soundness of banks...4. 9...67
8. 05 Venture capital availability...3. 4...28 8. 06 Soundness of banks...5. 3...55
8. 05 Venture capital availability...3. 2...36 8. 06 Soundness of banks...4. 4...97
8. 05 Venture capital availability...1. 9...135 8. 06 Soundness of banks...2. 8...141
8. 05 Venture capital availability...2. 7...63 8. 06 Soundness of banks...6. 0...19
8. 05 Venture capital availability...1. 9...130 8. 06 Soundness of banks...3. 6...127
8. 05 Venture capital availability...3. 3...34 8. 06 Soundness of banks...4. 8...75
8. 05 Venture capital availability...2. 0...124 8. 06 Soundness of banks...4. 2...105
8. 05 Venture capital availability...2. 8...56 8. 06 Soundness of banks...5. 7...34
8. 05 Venture capital availability...4. 3...5 8. 06 Soundness of banks...6. 5...7
8. 05 Venture capital availability...2. 1...121 8. 06 Soundness of banks...4. 8...73
8. 05 Venture capital availability...2. 8...58 8. 06 Soundness of banks...4. 0...121
8. 05 Venture capital availability...3. 5...20 8. 06 Soundness of banks...4. 3...101
8. 05 Venture capital availability...3. 9...14 8. 06 Soundness of banks...5. 1...60
8. 05 Venture capital availability...1. 9...133 8. 06 Soundness of banks...3. 8...125
8. 05 Venture capital availability...3. 0...46 8. 06 Soundness of banks...3. 0...139
8. 05 Venture capital availability...4. 2...9 8. 06 Soundness of banks...6. 0...18
8. 05 Venture capital availability...2. 0...127 8. 06 Soundness of banks...4. 4...93
8. 05 Venture capital availability...2. 2...117 8. 06 Soundness of banks...5. 3...53
8. 05 Venture capital availability...3. 4...24 8. 06 Soundness of banks...5. 7...33
8. 05 Venture capital availability...3. 5...23 8. 06 Soundness of banks...5. 2...57
8. 05 Venture capital availability...3. 0...47 8. 06 Soundness of banks...4. 2...108
8. 05 Venture capital availability...3. 1...43 8. 06 Soundness of banks...5. 3...54
8. 05 Venture capital availability...2. 2...107 8. 06 Soundness of banks...3. 9...122
8. 05 Venture capital availability...2. 7...69 8. 06 Soundness of banks...5. 4...50
8. 05 Venture capital availability...2. 2...115 8. 06 Soundness of banks...3. 7...126
8. 05 Venture capital availability...2. 5...85 8. 06 Soundness of banks...4. 8...76
8. 05 Venture capital availability...3. 0...48 8. 06 Soundness of banks...5. 2...56
8. 05 Venture capital availability...2. 8...59 8. 06 Soundness of banks...5. 8...27
8. 05 Venture capital availability...2. 7...72 8. 06 Soundness of banks...3. 5...130
8. 05 Venture capital availability...1. 6...142 8. 06 Soundness of banks...2. 7...142
8. 05 Venture capital availability...2. 7...73 8. 06 Soundness of banks...4. 2...113
8. 05 Venture capital availability...4. 2...10 8. 06 Soundness of banks...6. 0...16
8. 05 Venture capital availability...2. 9...52 8. 06 Soundness of banks...5. 3...52
8. 05 Venture capital availability...2. 5...89 8. 06 Soundness of banks...4. 0...119
8. 05 Venture capital availability...2. 2...112 8. 06 Soundness of banks...4. 8...74
8. 05 Venture capital availability...4. 6...2 8. 06 Soundness of banks...5. 7...35
8. 05 Venture capital availability...2. 4...94 8. 06 Soundness of banks...3. 9...123
8. 05 Venture capital availability...3. 1...40 8. 06 Soundness of banks...6. 3...10
8. 05 Venture capital availability...1. 9...134 8. 06 Soundness of banks...3. 1...135
8. 05 Venture capital availability...3. 1...41 8. 06 Soundness of banks...6. 1...15
8. 05 Venture capital availability...2. 5...86 8. 06 Soundness of banks...5. 6...41
8. 05 Venture capital availability...2. 2...116 8. 06 Soundness of banks...3. 8...124
8. 05 Venture capital availability...1. 6...141 8. 06 Soundness of banks...4. 3...99
8. 05 Venture capital availability...2. 9...50 8. 06 Soundness of banks...4. 2...109
8. 05 Venture capital availability...2. 9...49 8. 06 Soundness of banks...5. 6...42
8. 05 Venture capital availability...2. 1...120 8. 06 Soundness of banks...4. 6...84
8. 05 Venture capital availability...1. 6...143 8. 06 Soundness of banks...3. 5...131
8. 05 Venture capital availability...2. 5...88 8. 06 Soundness of banks...5. 7...36
8. 05 Venture capital availability...2. 2...105 8. 06 Soundness of banks...4. 2...103
8. 05 Venture capital availability...3. 5...22 8. 06 Soundness of banks...4. 7...80
8. 05 Venture capital availability...3. 9...12 8. 06 Soundness of banks...6. 7...2
8. 05 Venture capital availability...2. 7...65 8. 06 Soundness of banks...4. 8...72
8. 05 Venture capital availability...1. 9...131 8. 06 Soundness of banks...4. 8...78
8. 05 Venture capital availability...4. 3...6 8. 06 Soundness of banks...6. 4...8
8. 05 Venture capital availability...3. 5...21 8. 06 Soundness of banks...5. 9...22
8. 05 Venture capital availability...2. 5...92 8. 06 Soundness of banks...4. 8...71
8. 05 Venture capital availability...3. 6...16 8. 06 Soundness of banks...6. 2...12
8. 05 Venture capital availability...2. 2...113 8. 06 Soundness of banks...5. 6...44
8. 05 Venture capital availability...2. 9...54 8. 06 Soundness of banks...5. 8...29
8. 05 Venture capital availability...3. 3...31 8. 06 Soundness of banks...5. 5...46
8. 05 Venture capital availability...2. 3...99 8. 06 Soundness of banks...5. 4...51
8. 05 Venture capital availability...2. 5...84 8. 06 Soundness of banks...4. 2...111
8. 05 Venture capital availability...2. 9...51 8. 06 Soundness of banks...4. 9...64
8. 05 Venture capital availability...4. 8...1 8. 06 Soundness of banks...6. 3...9
8. 05 Venture capital availability...2. 6...78 8. 06 Soundness of banks...4. 5...91
8. 05 Venture capital availability...2. 7...61 8. 06 Soundness of banks...4. 0...118
8. 05 Venture capital availability...3. 1...39 8. 06 Soundness of banks...4. 7...82
8. 05 Venture capital availability...3. 4...27 8. 06 Soundness of banks...6. 0...17
8. 05 Venture capital availability...2. 9...53 8. 06 Soundness of banks...4. 8...79
8. 05 Venture capital availability...1. 9...132 8. 06 Soundness of banks...4. 2...106
8. 05 Venture capital availability...2. 7...62 8. 06 Soundness of banks...4. 5...87
8. 05 Venture capital availability...1. 8...137 8. 06 Soundness of banks...4. 1...117
8. 05 Venture capital availability...4. 3...7 8. 06 Soundness of banks...6. 6...4
8. 05 Venture capital availability...2. 8...57 8. 06 Soundness of banks...5. 9...20
8. 05 Venture capital availability...2. 0...125 8. 06 Soundness of banks...2. 2...144
8. 05 Venture capital availability...3. 2...37 8. 06 Soundness of banks...6. 5...6
8. 05 Venture capital availability...2. 3...100 8. 06 Soundness of banks...4. 2...112
8. 05 Venture capital availability...2. 7...66 8. 06 Soundness of banks...5. 8...25
8. 05 Venture capital availability...2. 0...126 8. 06 Soundness of banks...5. 1...58
8. 05 Venture capital availability...2. 7...74 8. 06 Soundness of banks...4. 9...65
8. 05 Venture capital availability...4. 2...11 8. 06 Soundness of banks...5. 8...26
8. 05 Venture capital availability...3. 4...25 8. 06 Soundness of banks...5. 9...21
8. 05 Venture capital availability...3. 9...15 8. 06 Soundness of banks...5. 7...32
8. 05 Venture capital availability...3. 2...38 8. 06 Soundness of banks...4. 4...94
8. 05 Venture capital availability...2. 6...81 8. 06 Soundness of banks...4. 2...107
8. 05 Venture capital availability...3. 0...44 8. 06 Soundness of banks...5. 7...37
8. 05 Venture capital availability...2. 6...76 8. 06 Soundness of banks...3. 5...129
8. 05 Venture capital availability...2. 2...109 8. 06 Soundness of banks...5. 7...40
8. 05 Venture capital availability...2. 7...68 8. 06 Soundness of banks...3. 5...128
8. 05 Venture capital availability...2. 5...90 8. 06 Soundness of banks...5. 7...38
8. 05 Venture capital availability...2. 2...106 8. 06 Soundness of banks...4. 6...83
8. 05 Venture capital availability...2. 3...97 8. 06 Soundness of banks...3. 0...138
8. 05 Venture capital availability...4. 4...4 8. 06 Soundness of banks...5. 9...23
8. 05 Venture capital availability...3. 6...19 8. 06 Soundness of banks...4. 5...89
8. 05 Venture capital availability...4. 4...3 8. 06 Soundness of banks...5. 4...49
8. 05 Venture capital availability...2. 6...77 8. 06 Soundness of banks...5. 4...48
8. 05 Venture capital availability...2. 1...122 8. 06 Soundness of banks...4. 5...90
8. 05 Venture capital availability...2. 7...71 8. 06 Soundness of banks...3. 5...132
8. 05 Venture capital availability...1. 7...139 8. 06 Soundness of banks...3. 0...137
8. 05 Venture capital availability...2. 4...95 8. 06 Soundness of banks...5. 1...59
8. 05 Venture capital availability...1. 6...140 8. 06 Soundness of banks...3. 1...136
8. 05 Venture capital availability...500 8. 06 Soundness of banks...501 8. 07 Regulation of securities exchanges...
8. 05 Venture capital availability In your country, how easy is it for entrepreneurs with innovative
but risky projects to find venture capital? 1=extremely difficult; 7=extremely easy 2013†14 weighted
8. 05 Venture capital availability In your country, how easy is it for entrepreneurs with innovative
but risky projects to find venture capital? 1=extremely difficult; 7=extremely easy 2013†14 weighted average
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