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General Distribution OCDE/GD(96)168 General Distribution OCDE/GD(96)168 VENTURE CAPITAL AND INNOVATION ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT Paris 45312 Document complet disponible sur OLIS dans son format d'origine Complete document available on OLIS in its original format FOREWORD This document contains information on venture capital initiatives to promote innovation in the OECD Member countries. Industry access to finance is a crucial element in the innovation process, particularly for smaller firms. Venture capitalists are needed to support higher-risk investments in technology-based start-ups. This document broadly compares and contrasts the venture capital industries of the major OECD countries. It includes more in-depth analysis of venture capital in selected OECD countries. This is preceded by a summary of the major points and the identification of steps governments can take to foster venture capital markets. The analysis of venture capital provisions is part of the work of the Working Group on Innovation and Technology Policy (TIP) of the OECD Committee for Scientific and Technological Policy (CSTP) to identify "best practices" in innovation and technology policy in the OECD countries. Most of these papers were presented at an Ad Hoc Meeting of Experts on Venture Capital held in 1995. These have been supplemented by an overview and summary prepared by the Secretariat in conjunction with the rapporteur, Mr. Colin Mason of the University of Southampton, United Kingdom. This document is derestricted under the responsibility of the Secretary-General. Copyright OECD, 1996 Applications for permission to reproduce or translate all or part of this material should be made to: Head of Publications Service, OECD, 2 rue Andre-Pascal, 75775 Paris Cedex 16, France. 2 TABLE OF CONTENTS SUMMARY ..................................................................................................................................... 4 FINANCING INNOVATION AND THE ROLE OF VENTURE CAPITAL...................................19 A. INTRODUCTORY REMARKS OECD Secretariat........................................................................................................................19 B. EUROPEAN VENTURE CAPITAL MARKETS: TRENDS AND PROSPECTS William STEVENS, Secretary-General, European Venture Capital Association............................22 C. UNITED STATES VENTURE CAPITAL MARKETS: CHANGES AND CHALLENGES David BROPHY, University of Michigan Business School, Ann Arbor, Michigan.........................39 D. TECHNOLOGY RATINGS FOR INNOVATIVE FIRMS Frederick A. VON DEWALL, Chairman, Technology Rating Project Group, Netherlands............52 E. STIMULATING ‘BUSINESS ANGELS’ Colin MASON, Department of Geography, University of Southampton, United Kingdom and Richard HARRISON, Centre For Executive Development, Ulster Business School, Northern Ireland, United Kingdom ..............................................................................................54 COUNTRY CASE STUDIES OF VENTURE CAPITAL AND INNOVATION..............................80 A. VENTURE CAPITAL IN THE UNITED KINGDOM Bob BISHOP, Innovation Unit, Department of Trade and Industry, United Kingdom...................80 B. VENTURE CAPITAL IN THE NETHERLANDS Roland STARMANS, Ministry of Economic Affairs, The Netherlands ...........................................83 C. VENTURE CAPITAL IN GERMANY Wolfgang GERKE, Friedrich-Alexander-University, Nuremburg..................................................90 D. VENTURE CAPITAL IN THE UNITED STATES Adam SOLOMON, Chairman, Shaker Investments, Inc. ...............................................................94 E. VENTURE CAPITAL IN JAPAN Masaya YASUI, General Affairs Division, Industrial Policy Bureau, Ministry of International Trade and Industry.......................................................................................................................99 F. VENTURE CAPITAL IN CANADA William HORSMAN, Business Frameworks and Taxation Policy Directorate, Industry Canada.104 G. VENTURE CAPITAL IN KOREA Sun G. KIM, Science and Technology Policy Institute, Korea.....................................................116 3 SUMMARY Summary Industry access to finance is a crucial element in the innovation process for translating the results of research and development into commercial outcomes. Venture capital is a specific type of finance provided by certain firms who invest alongside management in young companies that are not quoted on the stock market. Venture capital investments generally involve a long time-frame, an element of risk, a partnership with management and returns in the form of capital gains rather than dividends. Venture capitalists are needed to support high-risk investments in small, technology-based firms, which are often passed over by large companies and traditional financial institutions. Most venture capital schemes are independent funds which raise capital from financial institutions. However, some financial institutions have their own venture capital funds (“captives”), and, in some countries, there is an informal venture capital market of private individuals (“business angels”) and large companies (“corporate venturing”). The venture capital industry is well established in the United States, where it is oriented to technology-based sectors and consists of a range of investors, including pension funds, insurance companies and private individuals. The European venture capital industry is younger, oriented to mainstream sectors and dominated by banks. Japanese venture capital firms are mostly subsidiaries of financial institutions, which invest in established firms and provide mainly loan finance. Although policies and programmes will vary with the economic and institutional characteristics of countries, the following are actions which governments can undertake to foster venture capital markets: Creating an investment environment -- Governments can create a fiscal and legal environment for stimulating the supply of venture capital, including measures to encourage longer-term venture capital investments by pension and insurance funds and tax incentives for venture capital investments by individuals or business angels. Reducing risks for investors -- Governments can stimulate the creation of venture capital funds oriented to technology investments through appropriate tax incentives, seed financing schemes, coverage of a proportion of investment losses, and funding pre-finance technology appraisals and audits. Increasing liquidity -- Governments can take steps to ease exit by institutional investors in start-up ventures through, for example, facilitating reinvestment and encouraging the creation of active secondary stock markets favouring high-growth technology-based companies. Facilitating entrepreneurship -- Governments can implement initiatives to encourage new high-technology start-ups, including risk-bearing tax regimes, royalty-linked loan schemes, information and counselling services and support for “business angel networks”. 4 Background Definition In knowledge-based economies, economic growth and job creation increasingly depend upon successful innovation, meaning that the results of research and development (R&D) must be effectively translated into commercial outcomes. Access to finance is seen as a key factor in this process of innovation. Venture capital, as a specific type of finance that has been developed to fund high-risk projects, has an important role to play in this connection. Venture capital is crucial to the innovation process. For a variety of reasons, it is very difficult for large companies to undertake high-risk innovative projects. Such projects have the greatest chance of success if they are undertaken in small technology-based firms. Venture capitalists are willing and able, through their financial instruments, to invest in such high-risk innovative projects. This is confirmed by the evidence that technological revolutions which have resulted in the transformation of industries have been led by venture capital-backed firms; for example, the firms that have pioneered each new generation of computer technology (PCs, personal computers, software, etc.) have been financed by venture capital. Venture capital is here defined as capital provided by firms who invest alongside management in young companies that are not quoted on the stock market. The objective is high return from the investment. Value is created by the young company in partnership with the venture capitalist’s money and professional expertise. Venture capital investments normally have the following main characteristics: − long timeframe, being a 3- to 7-year investment; − hands-on investment involving a partnership with management to provide support and advice based on the expertise, experience and contacts of venture capitalists as a means of adding value to their investment; − returns are harvested primarily in the form of capital gains at the end of the investment rather than through on-going dividend returns. Venture capitalists are agents who mediate between the financial institutions who provide the capital and the unquoted company which uses the finance. Some financial institutions have their own venture capital funds (these funds are termed “captives” in Europe). However, in the United States and Europe, most venture capital funds are “independents” who have to raise capital from financial institutions before they are able to invest in small and medium-sized enterprises (SMEs). The role of the venture capitalist is to screen investment
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