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  • 1
    Online Resource
    Online Resource
    Venture Capital Policies in Denmark (2003)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 21 p. , 21 x 29.7cm
    Series Statement: OECD Science, Technology and Industry Working Papers no.2003/10
    Keywords: Science and Technology ; Denmark
    Abstract: Denmark has one of the lowest levels of venture capital investment as a share of GDP among OECD countries. The Danish government tried a number of supply-side initiatives in the 1990s with varying degrees of success. Problems stem from a lack of equity investment culture, the high levels and complexity of taxes, a dominant role played by banks in venture financing, and few contributions from other institutional investors. A new strategy focuses on providing seed capital to start-ups through a reorganised government equity fund and technology incubators. The challenge is to build on this momentum to further diversify early-stage financing and deepen the entrepreneurial culture. This paper analyses trends in Danish venture capital markets and makes policy recommendations which have been developed through an OECD peer review process.
    DOI: 10.1787/467367203414
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  • 2
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    Venture Capital Policy Review : United Kingdom (2003)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 20 p. , 21 x 29.7cm
    Series Statement: OECD Science, Technology and Industry Working Papers no.2003/01
    Keywords: Science and Technology ; United Kingdom
    Abstract: Despite high levels of private equity financing in the United Kingdom, relatively little funding is reaching small, technology-based companies. Institutional investors, both domestic and foreign, remain focused on later-stage deals. The United Kingdom has implemented several policy initiatives to improve the access of small firms to equity financing, including generous tax incentives and support for business angel networks. However, problems persist in targeting financing to smaller enterprises, start-ups and outlying regions. A new policy approach, which follows the example of the United States, has recently been introduced. This combines government equity with private sector management to leverage private financing for small deal sizes and also eases rules on institutional investors. This paper analyses trends in UK venture capital markets and makes policy recommendations which have been developed through an OECD peer review process ...
    DOI: 10.1787/266158318353
    URL: Volltext
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  • 3
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    Online Resource
    Venture Capital Policies in Israel (2003)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 19 p. , 21 x 29.7cm
    Series Statement: OECD Science, Technology and Industry Working Papers no.2003/03
    Keywords: Science and Technology ; Israel
    Abstract: Israel has a higher level of venture capital as a share of GDP than any OECD country. Most Israeli venture capital is channelled to early-stage companies, particularly start-ups in sectors based on information and communications technology (ICT) and biotechnology. The Israeli venture capital industry was built through government funding, particularly through the YOZMA group, which leveraged financing from foreign corporations and institutions. There is now a need for a change in tactics to maintain private venture funding for both portfolio and seed firms. While new incentives are being given to foreign investors, domestic venture investments could be encouraged through tax breaks, expanded opportunities for institutional investors, and reforms to the Israeli stock exchange. Israel needs to sustain growth in the venture sector while reducing dependence on a limited number of capital sources. This paper analyses trends in Israeli venture capital markets and makes policy ...
    DOI: 10.1787/585780028400
    URL: Volltext
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  • 4
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    Venture Capital Policies in Korea (2003)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 21 p. , 21 x 29.7cm
    Series Statement: OECD Science, Technology and Industry Working Papers no.2003/02
    Keywords: Science and Technology ; Korea, Republic of
    Abstract: The Korean venture capital market has grown dramatically in recent years, starting from a negligible base in the early 1990s and almost tripling between 1998 and 2001. Korea now ranks among the leading OECD countries in venture capital investment as a share of GDP. Korea weathered the severe financial crisis of 1997-98 to face the challenge of reducing the influence of large corporations (the chaebol) and augmenting the role of technology-oriented small firms. The government jump-started the venture capital market in 1998 through direct infusion of equity capital, generous tax incentives and equity guarantees, and the designation of certain small firms as “venture businesses”. Concerns relate to the need to further privatise the venture capital system and to increase the supply of investment-ready small firms. This paper analyses trends in Korean venture capital markets and makes policy recommendations which have been developed through an OECD peer review process ...
    DOI: 10.1787/248000716362
    URL: Volltext
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  • 5
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    Venture Capital Policies in Sweden (2003)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 21 p. , 21 x 29.7cm
    Series Statement: OECD Science, Technology and Industry Working Papers no.2003/11
    Keywords: Science and Technology ; Sweden
    Abstract: Sweden has one of the highest levels of private equity investment as a share of GDP among OECD countries. However, its strength lies in later-stage investments, financed primarily by foreign investors. This reflects an industrial structure based on large manufacturing conglomerates. A lack of entrepreneurial demand and equity-related management expertise hinder the growth of the domestic venture capital industry. The Swedish government is now considering a set of changes to its regulatory and fiscal system to better target the needs of small, technology-based firms. Removing quantitative restrictions on institutional investors, lowering tax rates, and restructuring equity programmes are necessary steps. This paper analyses trends in Swedish venture capital markets and makes policy recommendations which have been developed through an OECD peer review process ...
    DOI: 10.1787/784213407652
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  • 6
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    Venture Capital Policy Review : Norway (2003)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 18 p. , 21 x 29.7cm
    Series Statement: OECD Science, Technology and Industry Working Papers no.2003/17
    Keywords: Science and Technology ; Norway
    Abstract: The Norwegian venture capital market is oriented towards expansion investments in traditional sectors and suffers from a lack of private risk capital as well as of entrepreneurial demand. Norway needs to increase the entry of innovative start-ups in order to diversify the economy beyond its resource-based sectors. In addition to reducing its dominant role in providing venture capital through privatisation of SND Invest, the government should further privatise industrial holdings, reduce quantitative restrictions on institutional investors, and remove the wealth tax which deters venture investing. This paper analyses trends in Norwegian venture capital markets and makes policy recommendations which have been developed through an OECD peer review process.
    DOI: 10.1787/331327816481
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  • 7
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    Venture Capital Policy Review : United States (2003)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 23 p. , 21 x 29.7cm
    Series Statement: OECD Science, Technology and Industry Working Papers no.2003/12
    Keywords: Science and Technology ; United States
    Abstract: The United States has the oldest and most developed venture capital industry in the OECD. Several successful high-technology companies in computers and communications, as well as in healthrelated sectors and services, were venture-backed. Young high-growth firms also benefit from a continuum of complementary finance from business angels, institutional investors and second-tier stock markets. The government played an active role in the early phases of the venture capital industry through the Small Business Investment Company (SBIC) program and various technology development schemes. A reduction in capital gains tax rates and liberalisation of rules for pension fund investments in risky assets in the late 1970s also unlocked new capital sources. Venture capital activity, however, has been quite cyclical. Periods of high fund-raising and investment in the 1980s and 1990s were followed by market downturns with negative effects on small firm survival and growth. Fundamental structural ...
    DOI: 10.1787/412177706602
    URL: Volltext
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  • 8
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    Venture Capital Policies in Canada (2003)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 19 p. , 21 x 29.7cm
    Series Statement: OECD Science, Technology and Industry Working Papers no.2003/04
    Keywords: Science and Technology ; Canada
    Abstract: Canada has one of the highest levels of venture capital investment as a share of GDP among OECD countries. Between 1995 and 2001, Canada realised phenomenal growth in venture capital supply and the creation of over 200 new venture capital funds. However, the largest share of Canadian venture capital goes to follow-on funding of smaller firms -- rather than to new deals involving start-ups -- and to traditional manufacturing sectors. In the late 1990s, the Canadian government began attempts to diversify the sources of venture funds through liberalising rules for institutional and foreign investors, modifying tax incentives and introducing government equity funds. Foreign investors, particularly from the United States, are now the major players and are targeting their funding to technology-based start-ups. This paper analyses trends in Canadian venture capital markets and makes policy recommendations which have been developed through an OECD peer review process ...
    DOI: 10.1787/767750000035
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  • 9
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    The Internationalisation of Venture Capital Activity in OECD Countries : Implications for Measurement and Policy (2000)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 55 p. , 21 x 29.7cm
    Series Statement: OECD Science, Technology and Industry Working Papers no.2000/07
    Keywords: Science and Technology
    Abstract: Venture capital has grown significantly in most OECD countries during the 1990s, and is increasingly associated with improved firm performance in terms of survival rates, innovation and growth. This paper compares venture capital activity across OECD countries by taking into account international venture capital flows. Most comparisons are based on data concerning investments made by venture capital funds located in a given country (“country of management”). In contrast, this paper also uses a more policy relevant measure that examines data on investments made in a country (“country of destination”), by subtracting cross-border outflows and including inflows. For countries such as Ireland, Denmark and Switzerland, inflows plus outflows largely outweigh investments by domestic venture capital funds. Some countries, especially Ireland and Denmark, have significant net inflows of venture capital, while net outflows appear for the United Kingdom and Switzerland. While such cross-border ...
    DOI: 10.1787/084236411045
    URL: Volltext
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