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OECD Policy Paper on Seed and Early Stage Finance 1 01

OECD Policy Paper on Seed and Early Stage Finance 1 01

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Published by: Bruegel on Feb 04, 2014
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10/12/2014

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Please cite this paper as:
Wilson, K. and F. Silva (2013), “Policies for Seed and EarlyStage Finance: Findings from the 2012 OECD FinancingQuestionnaire”,
OECD Science, Technology and Industry Policy Papers
, No. 9, OECD Publishing.http://dx.doi.org/10.1787/5k3xqsf00j33-en
OECD Science, Technology and IndustryPolicy Papers No. 9
Policies for Seed and EarlyStage Finance
FINDINGS FROM THE 2012 OECD FINANCINGQUESTIONNAIRE
Karen Wilson, Filipe Silva
 
 
OECD
 
SCIENCE, TECHNOLOGY AND INDUSTRY (STI) POLICY PAPERS
 The OECD Directorate for Science, Technology and Industry (www.oecd.org/sti) develops evidence-based policy advice on the contribution of science, technology and industry to well-being and economic growth. STI Policy Papers cover a broad range of topics, including industry and globalisation, innovation and entrepreneurship, scientific R&D and emerging technologies. These reports are officially declassified by an OECD Committee.
Note to Delegations: This document is also available on OLIS under reference code: DSTI/IND(2013)5/FINAL
© OECD/OCDE, 2013 Statistical data on Israel is supplied by and under the responsibility of the relevant Israeli authorities. The use of such data by the OECD is without prejudice to the status of the Golan Heights, East Jerusalem and Israeli settlements in the West Bank under the terms of international law.  Applications for permission to reproduce or translate all or part of this material should be made to: OECD Publications, 2 rue André-Pascal, 75775 Paris, Cedex 16, France; e-mail:
rights@oecd.org
 
POLICIES FOR SEED AND EARLY STAGE FINANCE: FINDINGS FROM THE 2012 OECD FINANCING QUESTIONNAIRE OECD SCIENCE, TECHNOLOGY AND INDUSTRY POLICY PAPERS
3
 
FOREWORD
This paper highlights the findings from a research project to investigate the role of public support to  promote seed and early stage financing, including an OECD questionnaire sent to the 34 OECD member countries in 2012. The questionnaire focused on seed and early stage financing, looking at the supply side, regulatory challenges and demand side actions. The questionnaire was answered by 32 OECD countries as well by about 100 experts in those countries. The list of current financing instrument identified, along with links to the further information about them, can  be found in Annex I of this paper. The results of the questionnaire were supplemented by further research conducted by the OECD Secretariat as well as by the discussions from a series of financing policy workshops hosted by member countries. The report highlights the growth in support for financial instruments for seed and early stage firms across OECD member countries. These instruments include grants, loans and guarantee schemes, tax incentives and equity funds. This increased support is linked to the recent financial crisis and the growing concern about the young firms’ access to finance. The paper notes that framework conditions play an important role in access to finance and must be taken into consideration as a significant part of the policy mix. Demand side policies to develop entrepreneurial and investment talent and networks are also critical. The paper discusses the role of evaluation and the need to better link policy objectives and outcomes. The project was undertaken jointly between the Economics Department and the Directorate for Science, Technology and Industry as part of the OECD work on knowledge-based capital and in collaboration with the Working Party for SMEs and Entrepreneurship (WPSMEE) This project feeds into on-going work across the OECD on financing and knowledge-based capital as well as a range of projects in the Directorate for Science, Technology and Industry on innovation, entrepreneurship, high growth firms, productivity, firm dynamics and evaluation of industrial policy. It also contributes to the Innovation Policy Platform and on-going work of the WPSMEE. The authors of this paper would like to thank the OECD member country representatives and country experts who provided answers to the questionnaires as well as the delegates to the CIIE and WPSMEE for their comments on earlier drafts. The OECD would also like to thank Norway, Switzerland and the  Netherlands for hosting workshops that provided more in-depth insights into seed and early-stage financing  policies. The Committee for Industry, Innovation and Entrepreneurship (CIIE) agreed to the declassification of this report in September 2013.

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