Past Event

Seed and Early Stage Finance and the Role of Policy

Finance Focus

Date: September 16, 2014, 7:15 am Topic: Finance & Financial Regulation

Young innovative firms face many difficulties accessing seed and early stage finance, and these difficulties have increased over the past several years. Banks have been reluctant to provide loans to startups as a result of the financial crisis. Meanwhile venture capital firms have become more risk averse and, in many cases, have focused on later stage investments. Angel investors have become more visible and active through groups, syndicates and networks, and increasingly are playing an important role in seed and early stage finance. Crowdfunding platforms in Europe are also engaging in equity financing.

There has been increasing concern from policymakers around the world about the growing financing gap for high growth firms, particularly in the seed and early stage. As a result, governments in many countries have sought to address the financing gap and perceived market failures by supporting the seed and early stage market. However, the objectives behind these interventions often go beyond addressing financing gaps. Many countries recognize the critical role that young innovative firms play in creating jobs and economic growth and are seeking ways to facilitate the creation and growth of these firms.

This event will highlight the gaps that exist in the seed and early stage market and the policies that governments have put in place, in Europe as well as other countries around the world, to address those gaps.

Speakers

  • Thomas Hellman, Professor of Entrepreneurship and Innovation, Saïd School of Business. Oxford University, United Kingdom
  • Anne Glover, Chief Executive and Co-founder of Amadeus Capital Partners and Chair of EVCA
  • Chair: Karen Wilson, Senior Fellow at Bruegel

About the speakers

Dr. Thomas Hellmann is a Professor of Entrepreneurship and Innovation at the Saïd School of Business at Oxford University. He holds a BA from the London School of Economics and a PhD from Stanford University. He previously was a member of faculty at the Graduate School of Business, Stanford University, and the Sauder School of Business, University of British Columbia. He also held visiting positions at Harvard Business School, the Wharton School (University of Philadelphia), Hoover Institution (Stanford), INSEAD (France) and the University of New South Wales (Sydney, Australia). Professor Hellmann has taught executive, MBA and undergraduate courses, mostly in the areas of entrepreneurship and entrepreneurial finance. Professor Hellmann’s research interests include entrepreneurial finance, entrepreneurship, innovation, strategic management and public policy. He is also the founder of the NBER Entrepreneurship Research Boot Camp, which teaches the frontiers of entrepreneurship economics and entrepreneurial finance to PhD students.

Anne Glover is Chief Executive and Co-founder of Amadeus Capital Partners, the international technology investor, which has raised £600m for investment in high growth technology companies since 1998. There she brings together her many threads of her experience — as a scientist, operating manager, and venture capitalist. Early in her career, she worked in the US, in manufacturing before moving into strategy consulting. In 1989, she joined Apax Partners (& Co) in the UK to invest in early stage companies, before becoming a business angel and then Chief Operating Officer of Virtuality Group. Anne was Chairman of the British Venture Capital Association (BVCA) from 2004 to 2005 and is currently Chairman of the European Venture Capital Association (EVCA). She is a member of the UK Government’s Council for Science and Technology, a member of the London Business School’s Private Equity Institute Advisory Board and serves on the boards of Glysure, Covestor Inc, Nomad plc and the Royal Society Enterprise Fund. Anne holds an MA in Metallurgy & Materials Science from Clare College, Cambridge, and a Masters in Public and Private Management from Yale School of Management. In June 2006 she was awarded a CBE for services to business, and in July 2008 was elected an honorary fellow of the Royal Academy of Engineering.

Event materials

Event summary Download

Presentation by Thomas Helmann Download

Improving the role of equity crowdfunding in Europe’s capital markets by Karen Wilson and Marco Testoni Download

OECD flyer on Policies for Seed and Early Stage Financing Download

Overview of OECD publication on Angel investors Download

Practical details

  • Venue: Bruegel, Rue de la Charité 33, 1210 Brussels
  • Time: Tuesday, 16 September 2014, 8.15-10.00. Breakfast will be served at 8.15 after which the event begins at 8.30.
  • Contact: Matilda Sevón, Events Manager – registrations@bruegel.org
Read about event More on this topic

Past Event

Past Event

The implications of Blockchain platforms

The disruptive forces of block chain technologies in markets and industries: a European perspective

Speakers: Anna Dimitrova, Julio Faura, Georgios Petropoulos, Johan Pouwelse and Pēteris Zilgalvis Topic: Innovation & Competition Policy Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: February 6, 2018
Read article More by this author

Opinion

South Korea needs to watch the BOJ rather than the Fed

Due its actual economic structure, South Korea should be more worried about BOJ's extremely lax stance than about monetary policy normalization by the Fed.

By: Alicia García-Herrero Topic: Finance & Financial Regulation, Global Economics & Governance Date: December 14, 2017
Read about event More on this topic

Past Event

Past Event

Start-ups' scale-up and innovation

What role is there for policy to address the funding barrier for scaling-up? Do we need a reorientation of the currently pursued policies in European countries?

Speakers: Rudy Aernoudt, Johan Cardoen, François Véron, Reinhilde Veugelers and Louis Papaemmanuel Topic: Innovation & Competition Policy Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: November 21, 2017
Read article Download PDF More on this topic

Working Paper

From start-up to scale-up: examining public policies for the financing of high-growth ventures

What are the challenges of financing scale-ups, and how can long-term public policies support the creation of a better scale-up environment?

By: Gilles Duruflé, Thomas Hellmann and Karen E. Wilson Topic: Innovation & Competition Policy Date: April 10, 2017
Read article More on this topic

Blog Post

Services in European manufacturing: servinomics explained

Making the manufacturing sector more competitive is vital to restore economic growth in Europe. Changing business models to sell services as well as products can provide useful revenue to manufacturers.

By: Tommaso Aquilante, Oscar F. Bustinza and Ferran Vendrell-Herrero Topic: Innovation & Competition Policy Date: March 1, 2016
Read about event More on this topic

Past Event

Past Event

Capital Markets Union: what’s the vision for European debt capital markets?

After the launch of the Commission's Capital Markets Union action plan on September 30, what changes can be realistically expected in Europe’s debt capital markets over the next five to ten years?

Speakers: Harriett Baldwin MP, Nicolas Véron, Katharine Braddick, Colin Ellis, Martin Merlin, Stuart Anderson, Matt Cavanagh and Bruegel Topic: Finance & Financial Regulation Location: 100 Parliament Street, SW1A 2BQ Date: October 21, 2015
Read about event

Past Event

Past Event

From start-up to scale-up: fueling growth firms in Europe

While there has been an increased policy focus on start-ups, few of these firms are able to survive and grow longer term. It is the high-growth businesses, ones that are able to scale-up, which create jobs and economic growth, drive innovation and improve societies. What are the barriers for young innovative firms to scale up and how can they be addressed?

Speakers: Sherry Coutu, Thomas Hellmann, Dörte Höppner and Karen E. Wilson Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: September 29, 2015
Read article Download PDF

Working Paper

The globalisation of angel investments

Nature and consequences of angel investments across a variety of geographies with varying levels of venture capital markets and other forms of risk capital.

By: Josh Lerner, Antoinette Schoar, Stanislav Sokolinski and Karen E. Wilson Topic: Finance & Financial Regulation, Innovation & Competition Policy Date: September 1, 2015
Read article More on this topic

Blog Post

Delhi’s children deserve quality education

Money has not held up educational advancement in Delhi or in India more generally. Delhi’s education budget has risen steadily. And the worry is that the increased budget will once again be hijacked by glamorous but wasteful projects, including in higher education.

By: Ashoka Mody and Ritika Katyal Topic: Global Economics & Governance Date: August 4, 2015
Read article More on this topic More by this author

Blog Post

Günther H. Oettinger's speech at Bruegel's event "What Digital Union for Europe?"

Günther H. Oettinger's speech at Bruegel's anniversary event "What Digital Union for Europe?", which took place in Warsaw on 15 June 2015.

By: Bruegel Topic: Innovation & Competition Policy Date: June 15, 2015
Read about event More on this topic

Past Event

Past Event

What digital union?

The conference in Warsaw focused on the digital economy, a topic which is often at the heart of discussions on how Europe can emerge from the economic crisis of recent years.

Topic: Innovation & Competition Policy Date: June 15, 2015
Read about event More on this topic

Past Event

Past Event

Towards a digital single market: the European Commission strategy

We are sorry to announce that this event has been cancelled, owing to unavoidable changes in Vice-President Ansip's schedule

Topic: Innovation & Competition Policy Date: June 8, 2015
Load more posts