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
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 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
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
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
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:
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
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
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
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
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
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
and to develop co-operation with venture capital funds RUSNANO RUSNANO was organised by the federal government in 2007,
trends, balance sheet and ratio analysis, venture capital finance, product life cycles and so on SMES, ENTREPRENEURSHIP AND INNOVATION Â OECD 2010172
This limits the ability to adequately benchmark its performance A number of studies (including the High Level Review of the State Commercial Ports, 2003,
which is an international venture capital-driven programme that has been used in Dublin but which could be replicated in the Southeast
utility, as well as providing benchmarks like the price of anarchy ratio. Ideally a single metric should be used
2. 2 Today†s Datacenters as the Benchmark for the Cloud Using technology always constitutes a certain risk.
we believe that today†s datacenters are the benchmark for new cloud deploy -ments. Overall, the beneï ts need to outweigh the potential disadvantages and
like RUBIS benchmark 3, an auction site prototype modeled after ebay. com. It provides a virtualized distributed application that consists of three components, a web
Today's Datacenters as the Benchmark for the Cloud New Security and Privacy Risks and Emerging Security Controls
and attracting venture capital for promising projects 18 iii It is important to note that collecting sensitive information from SMES (i e. information about their innovation
a maturing venture capital scene as well as higher workforce mobility v Each participating SME€ s core area of operation was standardized using the Standard Industrial Classification
spin-offs and venture capital; local firms and universities to work collaboratively; and •ensuring the sustainability of Smart Specialisation Strategies beyond the structural funding timeframe
to use many of the tools of venture capital funding to promote start-up growth and risk-taking social ventures
foresight projects and venture capital investments. The fund focuses on initiatives with international potential. Innovation labs will support foresight
benchmarks This model is somewhat more complex, with more handovers and transaction costs, but opens up a radical new avenue for bringing in new sources of
venture capital firms, conferences and academic journals, consultancies which specialise in assessing companies†IP or R&d pipelines to spot patterns and
venture capital, loan guarantees) is fragmented and fails to mobilise private sector investment efficiently or consistently. cxxvi
Human Development Index (HDI) to benchmark countries based on combined measurement of GDP/capita, health and education.
venture capital funds, innovation awards and so on. However, there is currently no equivalent for social innovation. By building capacity within
foundations can learn from venture capital, Harvard Business Review, Cambridge, MA lxxxvii Emerson, J, Freundlich, T,
venture capital with those from tendering and grant giving. Others are combining ethnography, visualisation techniques from product design, user
Conversely, some NGOS are learning from venture capital not only how to finance emerging ideas, but also how to kill off ones that aren†t
methods from the field of venture capital, for example, provide a rigorous framework for paying attention to the many elements that together make
an advantage over venture capital funding in that they can tap investors who want to make social impact their primary incentive rather than
of tools in use in banking, venture capital and other fields of investment which assess current and future cash flows, asset values, etc
228) Outcome benchmarks, such as the local surveys now undertaken to measure answers to questions such as how well people get on with each
or any benchmarks to draw on. Instead, assessments need to include some judgement of the broader direction of change in the field as a
specialists in technology transfer, venture capital firms, conferences, and academic journals †which sit alongside consultants adept at looking at
cent of turnover as a rough benchmark (similar to the proportion of GDP now devoted to government support for technological and scientific
458) Social enterprise funds including the new venture capital fund, set up by Triodos Bank, which invests in high impact and commercially
-business †in some cases perceived as the worldwide benchmark †the situation is entirely different in regions with less developed economies, particularly in
knowledge basis including models and e-business practice, benchmark implementation of digital business ecosystems Lack of technological solutions and of interoperability
support for venture capital, investment forum Stafford Beer, Platform for Change,, John Wiley & Sons Ltd, 1995
control, investment and provision of public venture capital, which is a traditional task for the Industry sphere (e g.
which invented the contemporary format for the venture capital firm building upon family investment firms with a professional staff.
political strategy to make the venture capital firm a viable entity by lobbying to 22 change laws that prevented large financial institutions from investing in risky
newly-emerging radio industry in the 1920†s and invented the venture capital firm to expand
In the past, the venture capital model was created from such an analysis (Etzkowitz, 2002; what form would such analysis take in our days
, on the basis of historic or benchmark data; while for the security /risk/and compliance perspective they can be the mapping of users and accounts in
and benchmarks to track and demonstrate success Adapted from 11 8. 4 Digital Governance Success Factors 153
substantial funding through venture capital operations in the startup phase, went from IPO (Initial public offering: i e. the first offer of securities to the public by a
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)
indicates that Europe has the greatest gap with benchmark economies and the greatest divergence between its
Venture capital Loans Loss zone Profit zone Start up: Supporting the Establishment and Initial Expansion of Innovation-driven
Venture capital is primarily available in Europe to ventures that are past the â€oeproof of concept†stage,
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
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,
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.
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
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
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€
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
Including a fund of funds of â 120 million for business angel co-investment, venture capital and
This should be supplemented by a highly developed market for venture capital, being the second cornerstone, and a
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.
EVCA (2012), Pan-European Private Equity Performance Benchmarks Study, p. 4 38. Interview with Luis Galveias, Director of Secretariat, EBAN;
European Private Equity and Venture capital Association DÃ rte HÃ ppner, Secretary-general Cornelius MÃ ller, Head of Research
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
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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