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Financing Entrepreneurial Ventures in Europe : Impact on innovation, employment growth, and competitiveness

Objective

The aim of the VICO project is to assess the impact of Venture Capital and Private Equity (VC/PE) financing on the economic performance of European innovative entrepreneurial ventures as they are reflected by their innovation output, employment, growth, and competitiveness, and the role VC/PE investors play in helping these firms bridge their resource and competence gap beyond the provision of financing. Particular attention will be devoted to the institutional variety of VC/PE investors in Europe. We will consider factors affecting both the demand for and the supply of VC/PE financing, at micro and macro level. In particular, we will analyze how the effects of VC/PE financing on the economic performance of portfolio companies are moderated by i) the characteristics of the investor, ii) the characteristics of invested firms, and iii) the characteristics of the business and institutional environment in which firms operate. In addition, we will examine specific open issues that play a crucial role for the development of the VC/PE sector in Europe, namely: i) the design of a mix of multi-level policy schemes targeting seed and pre-seed capital; ii) exit mechanisms for VC/PE investors; and iii) the European integration of the VC/PE sector and the internationalization of VC/PE investors. The project will benefit from a unique combination of qualitative (survey analyses and case studies) and quantitative empirical methodologies. As to these latter, the project will build and use a micro¯o cross-country panel type dataset with a rather long longitudinal dimension and wide coverage of EU countries so as to overcome some of the key weaknesses of the extant empirical literature. The consortium is a blend of well known scientists from different disciplines (i.e. finance, innovation economics, entrepreneurship, management, policy science). Several of them have already collaborated in EU promoted research projects (such as the VCFUN project promoted by the PRIME NoE).

Field of science

  • /social sciences/economics and business/business and management/employment

Call for proposal

FP7-SSH-2007-1
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Funding Scheme

CP-FP - Small or medium-scale focused research project

Coordinator

ASSOCIATION POUR LA RECHERCHE ET LE DEVELOPPEMENT DES METHODES ET PROCESSUS INDUSTRIELS
Address
Boulevard Saint Michel 60
75272 Paris
France
Activity type
Research Organisations
EU contribution
€ 236 766
Administrative Contact
Pauline Borgniet (Ms.)

Participants (8)

POLITECNICO DI MILANO
Italy
EU contribution
€ 313 400
Address
Piazza Leonardo Da Vinci 32
20133 Milano
Activity type
Higher or Secondary Education Establishments
Administrative Contact
Massimo Gaetano Colombo (Prof.)
UNIVERSITA' CARLO CATTANEO - LIUC
Italy
EU contribution
€ 98 000
Address
Corso Matteotti 22
21053 Castellanza
Activity type
Higher or Secondary Education Establishments
Administrative Contact
Giorgio Rapizzi (Dr.)
ELINKEINOELAMAN TUTKIMUSLAITOKSEN KANNATUSYHDISTYS RY
Finland
EU contribution
€ 182 060
Address
Arkadiankatu 23B
00100 Helsinki
Activity type
Research Organisations
Administrative Contact
Markku Lammi (Mr.)
ZEW - LEIBNIZ-ZENTRUM FUR EUROPAISCHE WIRTSCHAFTSFORSCHUNG GMBH MANNHEIM
Germany
EU contribution
€ 143 412
Address
L 71, 1
68161 Mannheim
Activity type
Research Organisations
Administrative Contact
Shalini Saxena
UNIVERSIDAD COMPLUTENSE DE MADRID
Spain
EU contribution
€ 174 983
Address
Avenida De Seneca 2
28040 Madrid
Activity type
Higher or Secondary Education Establishments
Administrative Contact
Maribel Rodríguez (Ms.)
University College London
United Kingdom
EU contribution
€ 46 618
Address
Gower Street
WC1E 6BT London
Activity type
Higher or Secondary Education Establishments
Administrative Contact
Jennie Hughes (Ms.)
VLERICK BUSINESS SCHOOL
Belgium
EU contribution
€ 132 150
Address
Reep 1
9000 Gent
Activity type
Higher or Secondary Education Establishments
Administrative Contact
Troyka Vervaeke (Ms.)
UNIVERSITEIT GENT
Belgium
EU contribution
€ 147 968
Address
Sint Pietersnieuwstraat 25
9000 Gent
Activity type
Higher or Secondary Education Establishments
Administrative Contact
Saskia Vanden Broeck (Ms.)