Community Research and Development Information Service - CORDIS

Abstract

The Venture Consort pilot system is aimed at encouraging the growth of European SMEs through the formation of cross-border syndicates of venture capitalists. This action has three thrusts: + to demonstrate that, despite financial, fiscal and legislative differences between EC Member States, it is possible to finance cross-border innovative projects; + to encourage cross-border development and cooperation between SMEs at a European level; + to stimulate systematic use of syndication, and the creation of syndicates between venture capital companies established in several countries of the EC. Up to now, only a minor number of Venture capital investments have been made on a cross-border basis. The pilot scheme was started in cooperation with the European Venture Capital Association (EVCA) which, according to its statutes, offers all the guarantees of moral and professional competence in the choice of its members. The procedure consists of the EVCA preparing investment contracts by which two or more of its members invest funds from their own resources, which are then topped up by a Community grant, so as to benefit SMEs with innovative projects established in the EC. EVCA is entitled to charge management expenses to the Community for handling different phases of the scheme. 18 projects representing 3.3 million ECU of investments are in the portfolio, having produced a "gearing" of almost 12.

Additional information

Authors: CEC CEC BRUXELLES (BELGIUM), CEC BRUXELLES (BELGIUM)
Bibliographic Reference: EUR 10927 EN/FR (1987) FS, 70 P., BFR 300, EUROFFICE, LUXEMBOURG, POB 1003
Availability: Can be ordered online
Record Number: 1989125040100 / Last updated on: 1987-07-01
Category: PUBLICATION
Available languages: en,fr