Corporate venture capital Innovation policy 1. Introduction Nowadays, no single company, not even the manufacturing giants, can monopolise the knowledge landscape as it used to be
venture capital; state-of-the-art knowledge. Furthermore, the author concludes that the resulting changes in NSI stimulated and accelerated the emergence of OI in the US
benchmark and developing linked indicators 13 These approaches are developed separately and they emphasise different NSI characteristics.
corporate venture capital (CVC) 3, 23. In technology markets, ï rms purchase, sell, and use technologies developed by other ï rms
are ï rms, universities, venture capital organisations, and public agencies chargedwith innovation policy 29. Institutions embrace
venture capital firm, and an advisory board member of the David Eccles School of business Shorter tenures As a result of their greater willingness to pursue new
private venture capital. The availability of that capital does not depend only on financial issues but also on other factors as follows
available at regional/county level, the unadjusted national rate is used as the benchmark SOUTH EAST EMPLOYMENT ACTION PLAN †FORFà S
of companies, easier access to venture capital, and intensified collaboration between universities and the private sector would help the country to move toward a
97th), or venture capital (97th) for their investment projects. In addition, labor markets are considered too rigid (137th) and the level of local competition low
79th), or venture capital (94th. As a result, the business community continues to face important challenges in
to venture capital (3rd), has contributed to making Israel The Global Competitiveness Report 2012†2013: Country Profile Highlights 13
2. 2 Benchmark Objective The next project milestone was twofold •First, to assess the potential impact of green technologies to be applied on the
Table 1 Baseline corridor benchmark 2 Corridor Mode Cost â/tn. km Av speed km
To develop a green corridor benchmark with green technologies, the steps below were followed Step 1:
analysis) and development of a green corridor benchmark. This process required a) Quantitative data on the technology impact, validated against real-life per
Since such data were not available for all corridors, a limited set of benchmark scenarios was produced based on the baseline transport chains (Sect. 2) and the
3. 2 Benchmark Scenarios After an extended review on industry and academic works 8†11, the impact of
The development of the green corridor benchmark was based on the technol -ogy-specific analysis. The benchmark consisted of 20 scenarios;
each scenario corresponded to a baseline transport route, combined with a green technology that would improve the route performance.
Tables 2 and 3 present the green corridor benchmark. Uncertainty regarding the baseline calculations and the technology impact may have affected the results.
Also, the benchmark does not imply any endorsement on the routes and/or the green technologies, by the Supergreen consortium, or the EU
In this paper, the benchmark scenario for exhaust gas abatement systems on the Mare nostrum corridor is presented;
To develop a green corridor benchmark with ICTS, the steps below were followed Step 1: Conduction of a specialised expert ICT workshop (held in Genoa, Italy
4. 2 Benchmark Scenarios The next target was to develop the green corridor benchmark with ICTS.
A set of 15 benchmark scenarios was constructed (Table 4), aiming to reveal the impor -tance of ICT implementation on the corridors.
The importance level had 5 grades plus the ability to characterise the importance as ††unknown†â€.
The benchmark scenarios were compiled by individual experts or subgroups of experts, during the Genoa workshop.
-dor-specific ICT benchmark with respect to the KPIS. An example (only one among several) for the mean importance of the Congestion Charging ICT on the
Table 4 ICT benchmark scenarios Scenario no Corridor Mode ICT 1 Mare nostrum SCM Tracking units
Similar analyses were performed for the benchmark scenarios of Table 4, but are reported not here due to space limitations
The benchmark also shows the technology potential benefits and drawbacks compared to conventional practices 5. 1 Green Technologies and Corridors
benchmark scenarios, for which there was sufficient availability of data This work revealed the need for adequate and consistent statistical information on
2. 2 Benchmark Objective 3†Benchmarking of Green Corridors with Green Technologies 3. 1 Green Technology Survey and Qualitative Assessment
3. 2 Benchmark Scenarios 3. 3 Implementation of Exhaust Gas Abatement Systems in the Mare nostrum Corridor
4. 2 Benchmark Scenarios 4. 3 Implementation of Expert Charging ICT in the Brenner Corridor
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
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
Seed and venture capital funds R&d subsidies or tax incentives Management advice Incubators with'soft'support
innovation and public-private partnerships (including benchmarks. 59 For the 2014-2020 programming period, the European commission has proposed
thus to benchmark themselves with any other regions to assess where the real or believed competitive advantages are challenged in order to
access to private venture capital for their further growth Also in Europe public procurement holds an enormous †so far largely unused â€
•Higher mobilisation effect on private investors/venture capital, thanks to the faster market access and return-on-investment for innovative firms
financial engineering (venture capital 5. Is the strategy outward looking and how does it promote critical
financial instruments such as bankers, venture capital (VC) and other risk-capital fund managers, business angels, and individuals working in corporate VC, family offices
The availability of venture capital has been increasing in Austria in the recent past, but the major innovation support schemes have not yet adopted the
-sociations offering specialised services or financing institutions such as venture capital fonds and business angels. Cluster research differentiates between miscellaneous
such as science and technology commercialisation programmes, venture capital initia -tives, or consulting in intellectual property rights and internationalisation.
comparable indicators to benchmark ICT adoption and ensuring that systems for monitoring ICTS are sufficient to assist in meeting
than the Venture capital industry. This is also linked with the framework conditions and initiatives attracting serial entrepreneurs and
Venture capital Guarantee programme •Do not replace market actors, but try to foster better market players and market conditions
Australia compares well against a number of international economic benchmarks, but in recent years our competitiveness has weakened.
early-stage venture capital market (OECD, 2013. Australia was ranked recently 81st out of the 143 countries for the efficiency with which it turns its innovation inputs into outputs
August 2014, from http://www. austrade. gov. au/digital-benchmark/talent. html#anchor12 Australian Chamber of commerce and Industry.
benchmarks Member country technology and innovation policies and assesses their impact on eco -nomic performance.
type of benchmarking would take place when an organisation benchmarks with partners from different business sectors or areas in order to discover ways in which to improve similar func
ï Initially, it is important to identify what you want to benchmark. The objectives of the bench
benchmark process "Innosupport: Supporting Innovation in SMES "-5. 3. Benchmarking process page 103 of 271
but two companies agreed to participate after having had a number of amendments to the benchmark
The benchmarking plan provided a list of benchmarks which were to be analysed in the benchmarking
-mally, this is carried out against some benchmark of expected performance. Usability issues may be "Innosupport: Supporting Innovation in SMES
7. Benchmark changes in resource use to identifying savings in resource purchasing (energy water, materials),
ï acquiring venture capital and enhancing access to finance ï obtaining access to new markets "Innosupport:
ï Venture capital ï Banks ï Stock markets ï Business angels 8. 1. 1. Determining the Right Financing for You...
8. 1. 3. Venture capital...175 8. 1. 4. Banks...176 8. 1. 5. Stock markets...176
8. 1. 3. Venture capital Venture capital is one of the most commonly used sources of financing start-up companies or innova
-tive projects as venture capital often focuses on knowledge-based or innovative industry sectors Companies that receive venture capital are perceived generally to have a very good growth prospect
but lack access to the necessary funds to finance this growth Nevertheless, venture capital doesn†t come for free.
In exchange for the venture capital, the investor will expect some kind of compensation for the funds raised on the capital market.
This may take the shape of a partial ownership of the company, seats on the board of directors, preferred shares, royal
-ties or a combination of the above. The investment is made not with view to an immediate profit,
The advantages of venture capital are that no security needs to be given, so if the investment doesn†t
http://www. evca. com/-The website of the European Private Equity & Venture capital Association 8. 1. 4. Banks
8. 1. 3. Venture capital 8. 1. 4. Banks 8. 1. 5. Stock markets 8. 1. 6. Business Angels
Most respondents cited the lack of well-functioning venture capital or seed finance markets to support
recommended public programmes and support for venture capital and other types of risk financing through, for example, tax incentives.
What are the best ways to stimulate the development of venture capital, including business angels†financing and seed capital?
financial instruments such as bankers, venture capital (VC) and other risk-capital fund managers, business angels, and individuals working in corporate VC, family offices
the well-developed venture capital market in the United States has benefited from federal funding for many years
Figure 2. Venture capital investment, 1999-2002 Percentage of GDP Note: 1998-2001 for Australia, Japan, Korea and New zealand.
The definition of private equity/venture capital tends to vary by country Source: OECD Venture capital Database, 2003
0. 80 0. 70 0. 60 0. 50 0. 40 0. 30 0. 20 0. 10
venture capital they should be reviewed with a view to easing or eliminating them Key policy recommendations
investment community that has expertise in venture capital-backed initial public offerings avoids the need to create new institutions
investors to invest in risk capital or barriers to flows of foreign venture capital funds should be reviewed with a view to reducing,
Describes how firms can benchmark and scan their environment to find best practices Carland, J. W.,F. Hoy, W. R. Boulton, J. C. Carland (1984."
the total SME population, the most important goals are to promote the development of the private venture capital
relations and venture capital firms †provide technical, financial, and networking services which the region†s enterprises often cannot afford individually.
venture capital creation, and the rapid establishment of start-up firms. In many OECD countries improvements can be made to the financial sector
venture capital. Thus the government has a strong impact on innovative SMES. Significantly, the SBIR and
1. Closer collaboration with the Venture capital industry. In those countries such as Belgium France, and Germany where venture capital markets are booming,
there should be better collaboration between the R&d granting institutions and the private or semipublic VC
in The netherlands) are indeed cooperating with the local venture capital industry, and they do so for two main reasons.
Venture capital Finance & accounting Exports Sales & marketing General business advice Information technology Grant advice Direct access
Support regional Venture capital Funds ï¿How to address the lack of innovation management skills Innovation processes need to be managed from the generation of ideas to the generation of
in order to validate the benchmark of the knowledge from INTERREG IVC? What is their learning effect on the still running INTERREG IVC projects?
provided venture capital for SME financing. The GIF was funded by the CIP but was managed by the European Investment Fund (EIF) on behalf of the Commission.
Venture capital Seed/Start-up Emerging growth Debt financing Bank loans Guarantees Public loans Emerging growth Development
Venture capital funds In addition to innovation vouchers and public grants, which are popular GPS within the projects and
across Europe in general, INTERREG IVC projects have addressed also access to Venture capital VC) with •SMART+31
One of the most relevant Good Practices concerning access to Venture capital is •Financial Engineering (Veneto Region, Italy) in the MINI-EUROPE project:
-Launch a venture capital fund for start-ups and companies at an early stage A well-balanced mix of financial engineering tools, focused on research
-Venture capital and private equity fund In line with the operating programme strategy, the regional authority has launched tenders to
and moreover, the venture capital fund is based on a reinvestments system This GP was used to improve financing methodologies in the à szak-Alfã ld
which is the first venture capital company at regional level and is owned 100 by IDEA, and
Venture capital Funds MINI-EUROPE Financial Engineering Financial engineering involving guarantees, revolving funds and venture capital funds (§3. 2. 1
High Public Grants, Loans and Guaranties PERIA Young Innovative Enterprise Contract Public loans for young innovative enterprises and public grants for
which is useful for an initial benchmark, but it is not detailed to the extent of this report (and to the level of the other thematic reports.
but at regional level when dealing with financing (seed capital, venture capital, tax exemption, etc Therefore it seems relevant to have common tools between the two programmes and more links
project partners (INTERREG or URBACT) to stay abreast of the GP benchmark that they should do when there are several different programmes and several hundreds of projects.
however, it is somewhat difficult to conduct a benchmark when sources of knowledge are diverse and not known.
to require a benchmark analysis of the GPS that exist when considering transferring a GP.
guarantees schemes, seed capital and venture capital. We have seen that access to financing is one of the most important barriers impeding innovation in SMES.
•Support regional Venture capital Funds, either public, private (with regional support), or public-private, as addressed in SMART+(through the sub-project Innofin), INNOHUBS
benchmarks and criteria for success and failure are needed. Smart specialisation policies need to have measurable goals,
initiatives, strategic investment, venture capital, education and training. Nevertheless, in many countries and regions, there is no clear articulation of priorities (e g. stated in policy documents) and policy
assess the relevance and effectiveness of their policies. 18 Clear benchmarks and criteria for success and failure are needed
It contains trend analysis, benchmark with national average and, where possible other European Innovation Regions (Regional Innovation Scoreboard top 20.
benchmarks for innovation to ensure agriculture does not lag behind the national push to develop
the benchmark average. Moreover, the alignment of the knowledge base in Flanders is not too high and
publication activity in Flanders is not much above the average level of all OECD benchmark countries
venture capital) have replaced existing subsidy instruments. Moreover, in the runner-up to the new programming period 2014-2020 current available
Moreover there are venture capital funds managed by subsidiaries of the developments banks of both Berlin and Brandenburg,
The availability of venture capital in the region is limited rather. In order to attract international VC investors Berlin-Brandenburg has to present itself as the open, vibrant and
benchmark value for the MOCR on the basis of journal†s impact factors. The expected number of citations
the whole of patents in the USPTO system can serve as benchmark. However one can also chose to limit the benchmark group to a subset of countries or regions.
Benchmark data can be obtained by summing up sectoral data over all countries in these OECD database (or over a smaller group of
benchmark countries if desired. Also Eurostat publishes ample economic data on a sufficiently detailed sectoral level.
•Dedicated venture capital INNOVATION-DRIVEN GROWTH IN REGIONS: THE ROLE OF SMART SPECIALISATION  OECD 2013 187
•Dedicated venture capital (more important in Lower Austria •Dedicated education and training •Regulations adapted to the goals (e g. green building
but little dedicated venture capital and education and training programmes. A number of programmes set the membership of regional cluster as a
•Dedicated venture capital •Support to international platforms and collaboration And it is estimated that more than 50%of public funds is channelled to the priority areas, notably
contains trend analysis, benchmark with national average and, where possible other European Innovation Regions (Regional Innovation Scoreboard top 20.
SWOT analyses, benchmarks, etc..The enquiry showed that indeed both sources are used for the definition of the priorities.
Chapter14, Innovation, www. maxwell. af. mil/au/awc/awcgate/doe/benchmark/c h14. pdf Accessed 18 september 2012
criteria and benchmarks are being developed to enable authorities and transport operators to assess security levels and to apply the most efficient and
environment, venture capital and business development support. The research recommendation is to include the notion of absorptive capacity in studies of innovation systems
attention to macroeconomic stability, business environment, city attractiveness and venture capital. Despite significant improvements in these fields, improvements are needed still.
indicators and benchmarks for ICT-ELI 122 55.7 48. Taking the initiative (e g. forming cross-sector working groups and/or partnerships) to
-develop indicators and benchmarks for ICT-ELI Following the Open Method of Coordination*for identifying common challenges
order to co-develop indicators and benchmarks for ICT-ELI 3. 3 4. 1 8. 2 5. 7 23.0 32.0 23.8 55.7
-develop indicators and benchmarks for ICT -ELI *5. 57 53 5. 52 27 5. 4 25 4. 12 17
These are useful benchmarks when looking at patient information systems Capability Maturity Model The Capability Maturity Model (CMM)( 4) was defined originally for software development by Carnegie
The GOE€ s first objective was to undertake a global survey on ehealth to determine a series of benchmarks
The aim was to provide governments with data that could be used as benchmarks for their own development as well as a way to compare their own progress with that of other Member States
The Commission wants to make venture capital funds accessible to SMES providing them with more expertise and a capacity to apply for them.
The facility covers investment into venture capital funds which have an early stage focus (GIF1) and funds with a focus on SMES with high growth potential in their expansion stage
This can be done via the means of loans/guarantees, equity, venture capital, Business Angel Match -ing Funds and investments in Technology Transfer Funds under the umbrella of a Holding Fund.
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
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
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
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
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
from venture capital and other investors (6 In 2009, only one year after its setup, the EIT was
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
business angel and venture capital investment) and access to international markets The Incubator network†s dual missions will be
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.
-tech) companies, usually financed by venture capital funds, represent another interesting wellspring of external knowledge for large companies.
Classic venture capital funds (VCF) were somewhat reluctant to finance Isobionics at the time it was
VCFS, a regional venture capital investor in which DSM participated, bank loans, and subsidies from local and national governments.
venture capital is abundant nowadays and the acceleration of the product life cycle has turned intellectual property (IP) into an increasingly perishable
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.
banks, venture capital firms 20 Finally, we looked at the degree firms participate by equity investments in new
Making Sense of Corporate Venture capital. Harvard Business Review, March 2002,4-11 Chesbrough, H.,2003. Open Innovation:
Corporate venture capital and investing firm innovation rates. Research Policy 34,615-639 EIRMA, 2003. Innovation through Spinning In and Out.
Corporate Venture capital as a Strategy for External Innovation: An Exploratory Empirical Study. R&d Management 25
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
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
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:
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.
-tech) companies, usually financed by venture capital funds, represent another interesting wellspring of external knowledge for large companies.
Classic venture capital funds (VCF) were somewhat reluctant to finance Isobionics at the time it was
VCFS, a regional venture capital investor in which DSM participated, bank loans, and subsidies from local and national governments.
programmes and venture capital increased the number of high-growth companies considerably Lack of evaluation studies: There is a lack of
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;
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
The Accelerace team has a wide network including for example venture capital -ists, entrepreneurship organisations, technology transfer offices,
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
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(..
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
The European Private Equity and Venture capital Association (EVCA) suggests to â€oeadapt and refine the ex
-gests a Venture capital Action Plan 2010-2020 for the EU, following the EU€ s Risk capital Action Plan of
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?
Inno-biz and measures to strengthen venture capital investment The Korean government intensively fosters the programme â€oeinno-biz†(acronym for â€oeinnovative businessâ€.
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
The government also plans to encourage venture capital investment from overseas funds, oil money, and other sources.
Venture capital in 100 mio KRW New venture investments 7, 870 12,041 Newly established venture funds 4, 929 11,954
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
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
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;
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
-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.
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
Linking research funding and venture capital Case studies conducted for this report indicate that governmental policies may support access to finance for
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 capital adds economic spice. Author: Thomas Meyer. Economics and politics research briefing. 14 september Ministry of Employment and the Economy (2011:
6 Venture capital 7 International Journal of Entrepreneurship 8 Journal of Enterprising Culture 9 Small Business and Enterprise Development
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