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European policy towards venture capital: Myth or reality?

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  • Rudy Aernoudt

Abstract

In reaction to the enormous lack of venture capital in Europe compared to the US, the European Union, until now relatively absent from the venture capital market, has launched new programmes focusing on direct financing of the setting up and development of venture capital funds (by capital participation or contribution to overheads) as well as on stimulating the general conditions for better access to finance. This paper highlights the different interventions in financial engineering and argues that these can give better value for public money than classical subsidy schemes.

Suggested Citation

  • Rudy Aernoudt, 1999. "European policy towards venture capital: Myth or reality?," Venture Capital, Taylor & Francis Journals, vol. 1(1), pages 47-58, January.
    • Handle: RePEc:taf:veecee:v:1:y:1999:i:1:p:47-58
    DOI: 10.1080/136910699295983
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    Cited by:

    1. Dimitris Christopoulos & Stefan Koeppl & Monika Köppl-Turyna, 2022. "Syndication networks and company survival: evidence from European venture capital deals," Venture Capital, Taylor & Francis Journals, vol. 24(2), pages 105-135, April.
    2. V. Collewaert & S. Manigart & R. Aernoudt, 2007. "An Assessment Of Government Funding Of Business Angel Networks: A Regional Study," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 07/455, Ghent University, Faculty of Economics and Business Administration.
    3. Karsai, Judit, 2002. "Mit keres az állam a kockázatitőke-piacon?. A kockázati tőke állami finanszírozása Magyarországon [What business does the state have on venture-capital markets?. State funding of risk capital in Hu," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(11), pages 928-942.
    4. Judit Karsai, 2004. "Can the state replace private capital investors? Public financing of venture capital in Hungary," CERS-IE WORKING PAPERS 0409, Institute of Economics, Centre for Economic and Regional Studies.
    5. Fabio Bertoni & Massimo G. Colombo & Anita Quas & Francesca Tenca, 2019. "The changing patterns of venture capital investments in Europe," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 46(2), pages 229-250, June.
    6. Popov, Alexander & Roosenboom, Peter, 2009. "On the real effects of private equity investment: evidence from new business creation," Working Paper Series 1078, European Central Bank.
    7. Mason, Colin M. & Harrison, Richard T., 2002. "Is it worth it? The rates of return from informal venture capital investments," Journal of Business Venturing, Elsevier, vol. 17(3), pages 211-236, May.
    8. Popov, Alexander & Roosenboom, Peter, 2013. "Venture capital and new business creation," Journal of Banking & Finance, Elsevier, vol. 37(12), pages 4695-4710.
    9. Veroniek Collewaert & Sophie Manigart & Rudy Aernoudt, 2010. "Assessment of Government Funding of Business Angel Networks in Flanders," Regional Studies, Taylor & Francis Journals, vol. 44(1), pages 119-130.
    10. Jesper Lindgaard Christensen, 2011. "Should government support business angel networks? The tale of Danish business angels network," Venture Capital, Taylor & Francis Journals, vol. 13(4), pages 337-356, April.
    11. Fabio Bertoni & Annalisa Croce, 2011. "Policy Reforms for Venture Capital in Europe," Chapters, in: Massimo G. Colombo & Luca Grilli & Lucia Piscitello & Cristina Rossi-Lamastra (ed.), Science and Innovation Policy for the New Knowledge Economy, chapter 6, Edward Elgar Publishing.

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