To resume the main findings, industry data shows that, contrary to conventional belief, the European industry is not 'small' as compared to the US industry. Although the venture capital industry is clearly underdeveloped in continental Europe, it possesses the attributes of a mature industry in...

Financing constraints have been discussed as a major obstacle to innovation. Small and mediumsized enterprises and start-ups are particularly concerned by such impediments. Venture capital has emerged as a partial solution in some countries, but is only available for start-up firms with major...