Taking Risks in the Geographical Anatomy of Europe's Emerging Venture Capital Market

Ronald Martin, P.Sunley and D.Turner

Working Papers from Centre for Business Research, University of Cambridge

Abstract: Over the past 25 years, the USA has pioneered a new technological revolution based on large numbers of new small enterprises, financed by a dynamic venture (risk) capital market. The European Union, meanwhile, has lagged behind in this sector of economic activity. The European Commission considers the development of a substantial risk capital market to be the key condition for closing the 'enterprise gap' with the US. But whereas the Commission argues that venture capital activity needs to be much more regionally clustered if it is to emulate the US experience, some member states, together with the OECD, have argued for a more even regional distribution. The aim of this paper is to chart the growth and geographical anatomy of the emerging European venture capital market and examine its spatial development and its regional implications in the context of these somewhat opposing views.

Keywords: Venture capital; European; regional development; high technology clusters; policy (search for similar items in EconPapers)
JEL-codes: G2 G24 O52 R12 R58 (search for similar items in EconPapers)
Date: 2001-06
Note: PRO-1
References: Add references at CitEc
Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:cbr:cbrwps:wp202

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