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RISIS policymakers sessions: Exploring Venture Capital concentration London's sovereignty

Guerini, Massimiliano; Colombo, Massimo G.; Tenca, Francesca; Kraemer-Eis, Helmut; Signore, Simone


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    <subfield code="a">&lt;p&gt;The&lt;strong&gt; 7th RISIS Policymakers Session&lt;/strong&gt; took place on the 30th April in an online format (2 pm &amp;ndash; 4 pm) with a presentation of &lt;strong&gt;Massimiliano Guerini, Massimo Colombo, and Francesca Enrica Tenca (POLIMI)&lt;/strong&gt;, entitled &lt;strong&gt;Democratising access to smart money in EU, evidence form the VICO-DATASET &lt;/strong&gt;aiming to illustrate the geographical distribution of VC activity in Europe and Israel over the 2010-2018 period.&lt;br&gt;
&amp;nbsp;&lt;br&gt;
&lt;strong&gt;Venture Capital&lt;/strong&gt; (VC)&amp;nbsp;is an important source of finance for the growth of innovative startups, which contribute significantly to a &lt;strong&gt;country&amp;rsquo;s international competitiveness&lt;/strong&gt;, as they are essential drivers of innovation, job creation, and economic development. Using the &lt;strong&gt;RISIS VICO-DATASET&lt;/strong&gt; the research describes the agglomeration &lt;strong&gt;patterns of VC activity at the regional, metropolitan, and industry level&lt;/strong&gt;.&lt;br&gt;
&amp;nbsp;&lt;br&gt;
The study illustrated some crucial evidence: &lt;strong&gt;the UK and France are the most relevant VC markets&lt;/strong&gt; in terms of the number of VC deals, while Eastern European countries and Israel show the highest incidence rates (VC deals / GDP). Moreover, &lt;strong&gt;VC activity is mostly concentrated in large metropolitan areas&lt;/strong&gt;, with increased concentration levels from 2010 to 2018. However, there is a non-negligible share of VC activity in more peripheral areas. In details, &lt;strong&gt;London&lt;/strong&gt;, which represents by far the top VC hub, &lt;strong&gt;experienced a +50% in VC activity growth from 2010 to 2018&lt;/strong&gt;, compared to a modest +6% of Paris (the 2nd VC hub) and Tel Aviv (+23%), ranked 3rd in terms of VC activity. &amp;nbsp;Some smaller areas in terms of VC activities registered remarkable growth rates from 2010 to 2018, such as Budapest (+167%), Milan (+62%), and Tallinn (+124%).&lt;br&gt;
&amp;nbsp;&lt;br&gt;
Last but not least, &lt;strong&gt;important differences emerged across sectors&lt;/strong&gt;. The life science sector exhibits higher dispersion of VC deals outside the main VC hubs, mainly in areas with relevant knowledge creation activity. Conversely, &lt;strong&gt;VC activity in the Software, Internet &amp;amp; TLC, and R&amp;amp;D &amp;amp; engineering sectors is concentrating in large metropolitan areas&lt;/strong&gt;.&lt;/p&gt;

&lt;p&gt;The findings have important policy implications for democratizing access to VC in more peripheral areas and for the development of entrepreneurial ecosystems. &lt;strong&gt;Helmut Kraemer-Eis and Simone Signore (EIF, European Investment Fund) &lt;/strong&gt;provided their valuable contribution describing the &lt;strong&gt;European ecosystem in which start-up&amp;rsquo;s activities&lt;/strong&gt; &lt;strong&gt;are registering&lt;/strong&gt; - because of the complexity of the period mainly determined by the pandemic emergency &amp;nbsp;- &lt;strong&gt;ongoing and challenges transformation&lt;/strong&gt;s.&lt;/p&gt;</subfield>
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