EVCA response to the European Commission on its future EU 2020 Strategy
20 January 2010
EVCA calls, among other things, for the Commission to rethink its policy strategy on venture capital. The aim should be to develop a self- sustaining and significantly larger European venture capital industry which can compete globally, both for investors and for new innovative investments.
The European Private Equity and Venture Capital Association (EVCA) welcomes the opportunity to contribute to this consultation. EVCA shares the overall approach taken by the European Commission on its vision for 2020 and, in particular, welcomes the Commission’s objectives on enhancing innovation, entrepreneurship, education and skills while fully exploiting the single market.
After more than ten years since the adoption of the Risk Capital Action Plan, RCAP, EVCA calls on the European Commission and the other EU institutions, among other things, to:
1. Rethink its policy strategy on venture capital. A thriving European Venture capital industry can clearly be one very important driver for EU innovation policy, by supporting Europe’s high potential small and medium-sized enterprises. The aim should be to develop a self-sustaining and significantly larger European venture capital industry which can compete globally, both for investors and for new innovative investments. At the same time, the industry’s dependence on public finances should be reduced over the medium to long term by increasing private investors’ share.
2. Convene an expert group to analyse the existing barriers to the further expansion of the Europe’s venture capital industry.
3. Lighten the burden of social charges, taxation and red tape for young innovative companies.
© EVCA - The European Private Equity & Venture Capital Association
