Dear [MEP personalised], Europe’s SMEs deserve fair treatment and stable investment I write on behalf of my peers and

co-signatories, who are the owners and managers of small and medium sized enterprises from across the EU. SMEs form the bedrock of economic activity across Europe and their ability to generate jobs and contribute to wider growth and prosperity is critical in meeting the goals of the EU’s 2020 Strategy. It is from this fertile breeding ground of innovation that the European and international leaders of tomorrow will emerge. Growth businesses require access to long term sources of finance. In the present climate, such finance is scarce, but one important source is private equity and venture capital. These long-term investors provide the capital and expertise necessary to nurture businesses and to propel them on to the next stage in their development. We represent a slice of the 25,000-plus population of European businesses that currently benefit from private equity and venture capital support. We are therefore increasingly alarmed by proposals within the EU’s draft Alternative Investment Fund Management Directive that would prejudice private equity and venture capital-backed companies such as ours, and ultimately restrict access to finance for Europe’s growth companies. We can see no justification to prejudice our companies or to include them in a Directive targeting fund managers. Efforts to do so would distort the market, harm finance for innovation and company growth and ultimately inhibit Europe’s economic recovery. Of particular concern are proposed disclosure obligations for private equity and venturebacked businesses. We do not oppose increased transparency across Europe whatever the type of company or sector it operates within. At the same time, we believe there should be a level playing field for all. We do not see why the law should discriminate against different types of privately owned companies. We do not see why there should be one set of rules for private equity and venture-backed businesses and a different set of rules for their competitors just because of other types of ownership – whether owned by families, oligarchs or large conglomerates. If protections are necessary, they should be afforded to stakeholders of all private businesses, and dealt with through horizontal company law. Compounding this are proposals to disclose matters which are for the board of a company to determine, such as information related to the development or research policy of a company. Measures which call for unequal levels of disclosure would be

particularly damaging to venture-backed companies that have invested heavily in product development and whose ideas may be exploited by much larger rivals, stifling competition. Finally, we are very concerned that the initial Commission proposal to exclude smaller businesses from these provisions (below 250 employees) has been watered down in some proposals to companies with less than 50 employees (Articles 26 to 30). This shows no understanding of the resource requirements of very early-stage companies at a vulnerable stage in their corporate development. Rather than protecting them, such new administrative burden would weaken SMEs. The cost of complying with the proposed disclosure would be around €30,000 per year – a very significant outlay for SMEs. The compliance costs and excessive capital requirements of this Directive will also have a major impact on venture capital firms themselves, and will radically reduce their ability to back SMEs in the future, while increasing the barriers to entry for new venture capital funders to emerge. This is an outcome at direct odds with numerous Commission financed initiatives to promote venture capital. Much of the chatter around this Directive has focused on the impact on hedge funds, but it is a big mistake to think that the AIFMD’s impact will be restricted to companies trading in arcane financial instruments. This is about the real economy, and these proposals will directly affect tens of thousands of companies across every sector, from fashion to photovoltaics, and from sandwich making to waste recycling. Innovative businesses will be central to Europe’s recovery and sustainable economic growth. We urge policymakers to ensure all companies are treated fairly, to recognise the fragility of high potential businesses during certain phases of their development, and to ensure that the AIFMD proposals take into account the vital role played by private equity and venture capital in this process. Yours sincerely,

Tom B. van Aken, Avantium Technologies B.V., The Netherlands Co-signatories: 1. Altin Saliasi, Landeslease Sh.A, Albania

2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30.

Franz Beranek, UC4 Software GmbH, Austria Jon Hoem, Miracor Medical Systems GmbH, Austria Christopher Maier, Ernst Glogar GmbH, Austria Wolfgang WS. Senne, Oridis Biomed, Austria Gabe Gotthard, SmApper Technologies GmbH, Austria Walter Altmann, Winterheller Software GmbH, Austria Wolf Haidinger, Hyperwave AG, Austria Rudolf Schütz, Powerlines Group, Austria Patrick Lecluyse, Betafence, Belgium B. Tas, Sovitec, Belgium Rudy Polfliet, Winsol International NV, Belgium Steve Husk, FRSGlobal, Belgium Board of directors, Biofer NV, Belgium Eddy van Arwegen, Verelst Aannemingen NV, Belgium David Stanks, 3si Security Systems, Belgium and USA Denis Payre, Kiala N.V. and Kiala SAS, Belgium and France Stuart Till,, Bulgaria Ianko Krandarov, Ice Line AD, Bulgaria Bistra Kirova, BM Leasing, Bulgaria José García Hermoso, Fama Serdika EAD, Bulgaria Dragica Pilipovic Chaffey, Interactivni Tecnologii AD, Bulgaria Gilles Bonaert, Calucem, Croatia Jiri Sejnoha, Roltecnik a.s., Czech Republic Pavel Bernát, Termizo a.s., Czech Republic Mojmir Balous, CPRESS, a.s., Czech Republic Preben Tolstrup, Logstor, Denmark Jesper Kristensen, Unifeeder, Denmark Christian Tang-Jespersen, Hymite A/S, Denmark Søren Nielsen, Action Pharma A/S, Denmark

31. 32.

Ann-Dorthea Larsen, Rovsing Dynamics, Denmark René Løfberg, Agillic, Denmark Henrik Poulsen, TDC A/S, Denmark Fredrik Abildtrup, TeleFaction A/S, Denmark Karsten Lindved, Upfront Chromatography A/S, Denmark Niels Finseth, IPtronics A/S, Denmark Wolfgang Ressler, crystalsol OÜ, Estonia and Austria Hardi Sui, Energate, Estonia Lars-Olaf Bolinder, Air Maintenance Estonia, Estonia Erki Mölder, Quattromed HTI, Estonia Mati Vann, NeoQi, Estonia Heiki Kollo, Tallinna Pesumaja, Estonia Raul Rand, Intrac Eesti AS, Estonia Sten Soosaar, Koolitööde AS, Estonia Anssi Tauriainen, Aito Technologies Oy, Finland Jeff Baloun, Imbera Inc, Finland Philip Padfield, Eniram Oy, Finland Juhana Rauramo, Plexpress Oy, Finland Chris Buckley, Supponor, Finland and the United Kingdom Tommi Lehtonen, Whitevector Oy, Finland Tero Hämäläinen, Conmio Oy, Finland Tero Sarkkinen, Rightware Oy, Finland Mikael Nuotio, Protie Oy, Finland Harry Erik Nyroos, Profit Software Ltd, Finland Michele Campriani, Accanto Systems, Finland Antti Lehtonen, Keycast, Finland Victorinus Robertes Donselaar, Movial Applications Inc., Finland Joakim Tryggstad, NSS Group, Finland and Sweden Mika Lindholm and Klaus Rauhansalo, Xtract Oy, Finland

34. 35. 36. 37.

38. 39. 40. 41. 42.


46. 47. 48.
49. 50. 51. 52. 53. 54. 55. 56. 57. 58. 59.

60. 61. 62. 63. 64.

Nicolas Chartier, Aramis, France Michael Jais, Augure, France David Charles, Prixtel, France Thierry Pépin, CoachClub, France Sami Saad, RSI Video Technologies, France Julien Signes, Envivio, France and USA Bruno Moreau, ASK SA, France Nicolas Mendiharat, TravelHorizon, France Alain Fanet, Tagsys RFID, France Jacques Souquet, SuperSonic Imagine, France Philippe Ecran, Sitour Merchandising, France Pierre Jerome, SpineGuard SA, France Dominique Heber-Suffrin, Harlé Bickford, France David A Martin, Marie Laure PLV Merchandising, France Armand Carlier, Alkan, France Antoine Beaussant, Buffet Crampon, France Johannes Ulrich, Hofmann Menü-Manufaktur GmbH, Germany Klaus Haupt, Capol, Germany Thorsten Reuber, Teufel, Germany Francis Nedvidek, Cube OPtics AG, Germany Uwe Büscher, Maredo Restaurant Holding, Germany Torste Prelle, IN tIME Express Logistik GmbH, Germany Holger Schulze and Stefan Biaesch, CaloryCoach Holding, Germany Martin Wurzel, Firma Martin Wurzel, Germany Uwe Hornung, RT Holding GmbH, Germany Stephen Taylor, Qype, Germany Thomas J Goeke, Kloeckner Pentaplast, Germany Heinz Schwer, Sloning Biotechnology GmbH, Germany Florian Welsch, cadooz, Germany

67. 68.

69. 70. 71.
72. 73.

74. 75.
76. 77. 78. 79. 80. 81. 82. 83. 84. 85. 86. 87. 88.

89. 90. 91.

Steven Taylor, Qype GmbH, Germany Gregor Gröger, mdexx GmbH, Germany Dirk van Vinckenroye, Elliptec, Germany Michael Kaiser and Friedhelm Zawatzky-Stromberg, COMCO AG, Germany Roger Stehr, Automatik Plastics Machinery GmbH, Germany Christian Huber, Resorba Wundversorgung GmbH+Co., Germany Kai Bolik, GameDuell GmbH, Germany Carlo Koelzer, 360 Treasury Systems AG, Germany Stefan Jenzowsky, moreTV Broadcasting GmbH, Germany Knut Oppermann, recop Holding GmbH, Germany Markus Eibl, ATT Systems GmbH, Germany Dirk Martens, Nukem, Germany Christian Lindner, Retailo AG, Germany Christoph Balin, Torqueedo, Germany Ralf Kogeler, walter services Holding GmbH, Germany Wolfgang Schröder, Swyx Solutions AG, Germany Arnim Griese, fruitwork Handelsgesellschaft mbH, Germany Michael Kowalzik, Tyntec GMBH and Tyntec Ltd., Germany and the United Kingdom Fritz W. Senft, KOKI TECHNIK Transmission Systems GmbH, Germany Niko Hensler, Pyramid Computer GmbH, Germany Detlev Lux, Stark Verlagsgesellschaft, Germany Horst Leidner, Mimatec Zettl GmbH, Germany Kristian Raue, Jedox AG, Germany Stephan Herrlich, IntraWorlds GmbH, Germany Frank von der Bruggen, pitti Heimtierprodukte, Germany Frank Gouder, Passport Group, Germany Klaus Haupt, Capol, Germany Sven Bakkes, iOpener Media GmbH, Germany Robert Mirbaha, fg mircotec GmbH, Germany

93. 94. 95. 96. 97. 98. 99. 100. 101. 102. 103. 104. 105. 106. 107. 108. 109. 110.

112. 113. 114. 115. 116. 117.

118. 119. 120. 121. 122. 123. 124.

Hans-Peter Schnurr, ontoprise GmbH, Germany Frank Kroll, Triton Water AG, Germany Nikolaus Meyer, Sulfurcell Solartechnik GmbH, Germany Jens N. Albers, Nanotron, Germany Cornelius Patt, Zooplus, Germany Ralf Rohmert, KLASTECH-Karpushko Laser Technologies GmbH, Germany Ramin Mirbaha, TakWak GmbH, Germany Martin Bilger, PEPcom, Germany Josef Raith, RTS Elektronik Systeme GmbH, Germany Hans-Peter Opitz, GMC-I Messtechnik GmbH, Germany Norbert Gerling, CT Casting Technologies GmbH, Germany Peter Feist, OneSpin Solutions, Germany Holger Koch, svt Holding GmbH, Germany Alexander K. Althof, nora systems GmbH, Germany Alfred Steiof, Ensys AG, Germany Henning Nothdurft, Lahmeyer International GmbH, Germany Michael Mißlbeck, MT Misslbeck Technologies GmbH, Germany Peter Llewellyn-Davies, Wilex AG, Germany Peter Weger, Brainloop AG, Germany Andreas Gerber, xaitment GmbH and xaitment Inc, Germany and USA Aristides C. Fronistas, AirGo-Airlines, Greece Vaios Vaitsis, Validata, Greece and Bulgaria Jim Schepp, Diatron, Hungary Geoff Butcher, AMCS, Ireland Jane Farrar, Genable Ltd, Ireland Des Speed, Lagan, Ireland John Devane, AGI Therapeutics, Ireland Frank Bonadio, Advanced Surgical Concepts Ltd, Ireland Tim Fritzley and Ian Jenks, Intune Networks, Ireland

125. 126. 127. 128.


133. 134. 135. 136. 137.

138. 139.

141. 142.
143. 144. 145. 146.

147. 148.

Pierre Lasisz, Avip, Italy Antonio Iantosca, Farmafactoring, Italy Francesco Simonelli, Sicurglobal SpA, Italy Alberto Trondoli, Metroweb SpA, Italy Carlo Vanoli, Bellco, Italy Mario Padovani, SPII SpA, Italy Roberto Falchi, Boglioli Spa, Italy Raffaele Bortolussi, Mar-Ter Spedizioni SpA, Italy Massimo Sanson, Pitagora SpA, Italy Rosario Rasizza, Openjob SpA, Italy Francesco Marrara, Banca ITB SpA, Italy Aldo Soffientini, Eurodifarm Srl, Italy Mauro Ferrari, Germani SpA, Italy Sandijs Abolins-Abols, Papirfabrika Ligatne Ltd., Latvia Janis Turlajs, Karsu izdevnieciba Jana Seta Ltd., Latvia Pavils Mezals, VLT Ltd., Latvia Karlis Urbans, SIA Adam Auto, Latvia Peteris Treimanis, SIA Papirfabrika Ligatne, Latvia Ilmars Osmanis, SIA Hansa Electronics, Latvia SIA V.L.T., Latvia Andrei M Torriani, Melita, Malta Ruslan Dobos, Total Leasing SA, Moldova Kåre Opland, Nordic Vision Clinics, Norway Bjørn Frivik, Wema Holding AS, Norway Pål Vorkinn, Resman, Norway Ståle Svenning, Smartmotor, Norway Lasse Nergaard, Tordivel Solar, Norway Kevin Wright, Wright Trafikkskole, Norway Zbigniew Mendel, PPU Izoterm Sp. z o.o., Poland

149. 150. 151.
152. 153. 154. 155. 156. 157. 158. 159. 160. 161. 162. 163. 164. 165. 166. 167. 168. 169. 170. 171. 172. 173.


176. 177. 178. 179. 180. 181. 182. 183. 184. 185. 186. 187. 188. 189. 190. 191. 192. 193. 194.

Adam Gliszczyński and Piotr Chajderowski, Odratrans S.A., Poland Piotr Siudak, MK Sp. z o.o., Poland Grzegorz Bajek, PW Comfort Sp. z o.o., Poland Radosław Szubert, Polmed S.A., Poland Marek Maciejko, Wema SA, Poland Adam Małachowski, WSiP SA, Poland Dagmara Malczewska-Grzelak, INTYMNA.PL Sp. z o.o., Poland Raul Miguel Gonçalves and Morais dos Santos, Crioestaminal - Saúde e Tecnologia, SA, Portugal Rogerio Medeis, Soprattutto coffee, Portugal Paulo Neves, Serlima, Portugal Manuel Quinaz, Fase, Portugal Iulian Mangalagiu, Ceramica S.A., Romania Seceleanu Mircea-Mihail, Internet Corp SRL, Romania George Constantinescu, Noriel Impex SRL, Romania Cristian Constantinescu, Intertoy Zone SRL, Romania Nicolae Bara, Frigotehnica SA, Romania Stefan Ponea, Industrial Access SA, Romania Bogdan Merfea, Patria Credit IFN SA, Romania Vasileios Chrelias, Diamedix Impex SA, Romania Javier Garcia del Valle, HappyTour Corporate Travel Management SRL, Romania Miguel Angel Peralta, SC Fonomat SRL, Romania Serban Tiganas, SC Total Energy Business SA, Romania Lazorin Vitaly Vladimirovich, NovStream LLC, Russia Yuri Tokarev, OOO DataSpace Partners, Russia Mikhail Kamenetcky, OOO Gameplay TV, Russia Victor Shokin, OOO Contact Insurance, Russia Mark Stemberger, Tomplast, Slovenia Mark Stemberger, Unitplast, Slovenia Francisco Centeno, Cotinsa, Spain

195. 196. 197.
198. 199. 200. 201. 202. 203. 204.

205. 206. 207. 208. 209. 210. 211. 212. 213. 214. 215. 216. 217. 218. 219. 220. 221. 222. 223. 224. 225.

Fernando Campoy, Laboratorios Boniquet-Sparchim, SL, Spain Juan Fano, Grupo Aliser, SL, Spain Manuel No, Unitronics Comunicaciones, S.A., Spain Eduardo Bravo, Cellerix, S.A., Spain Daniel Martin, KA-International, Spain Enrique Abiega, Bodegas Lan, Spain Faustino Jiménez Carracedo, Arsys, Spain Jorge Guarner, Grupo SAR, Spain Jorge Martínez, Record Go, Spain Javier Fuente and Javier Cancela, Menorquín Yachts, Spain Antonio Sanchez de Leon, Redext, Spain Alfredo Díaz, Grupo Gestión Integral Novolux Internacional S.L., Spain Rafael Garcia, Alco Grupo Empresarial, S.L., Spain Jose María Villanueva, Rioglass SA, Spain Jose María Villanueva, Rioglass Laminar SA, Spain Salvador Huerta, Azulev SA, Spain Lorenzo Farré, Sendal SA, Spain Jesús Espada, Europromes SA, Spain Jorge Juliani, Celullem Block, Spain Francisco Olmedo, OTEP, Spain Antonio Barba, Nekicesa, Spain Johan A Åhlund, Artificial Solutions, Spain Martin Henricsson, EPiServer AB, Sweden Per Olofsson, Climatewell AB, Sweden Henrik Eskilsson, Tobii Technology AB, Sweden Morten Falch, Nordax Finans, Sweden Anders Leideman, Multicom Security, Sweden Marius Jerndahl, Almondy Group, Sweden Emil Eifrém, Networks Engine for Object in Lund Ab, Sweden

227. 228. 229. 230. 231. 232. 233.

234. 235.

Lars-Olov Liss, Åkerströms Björbo AB, Sweden Jonas Hedre, FlatFrog Laboratories AB, Sweden Peter Folin, Brand Factory, Sweden Mats Lundwall, Cellartis AB, Sweden Hermann Haraldsson, BZT Fashion AB, Sweden Tor Enander, Pocketstället, Sweden Gunnar Jacobsson, Kontanten, Sweden David Halldén, Smileco, Sweden Lars Gustafsson, Swedegas AB, Sweden Ole Oftedal, Lundhags Skomakarna AB, Sweden Magnus Palmstierna, Hexaformer AB, Sweden Hubert Schanne, PacketFront, Sweden Joachim Roos, Edgeware, Sweden Pär Nilsson, Scandbook, Sweden Per Nyström, Flextrus, Sweden Alf Larsson, INR, Sweden Nigel Pritchard, Petainer, Sweden Georg Möller, Crem International, Sweden Adriano Capoferro, Espresso House, Sweden Karl Thedéen and Kent Sander, Transmode, Sweden Arto Brushane, Caretech, Sweden Tomas Hallgren, Exotic Snacks AB, Sweden Fredrik Lindberg, BoneSupport AB, Sweden Mikael Kruhsberg, Portwise, Sweden Martin Schöttli, Mould Technologies Holding AG, Switzerland Bart Deconinck, Vistra Group Management S.A., Switzerland Steven G.S. Taylor, SIGG, Switzerland David de Buck, Intertrust, Switzerland Martin Steiner, ImVisioN Therapeutics AG, Switzerland

237. 238.

239. 240.
241. 242. 243. 244. 245. 246. 247. 248. 249.

251. 252.

254. 255. 256.

258. 259. 260. 261. 262.


Germano Taddio, EM Test, Switzerland Thomas Seiler, u-blox Holding AG, Switzerland Ing. M.E.A.M. Slangen, KISS Engineering BV, The Netherlands Kees de Waard, Resteel B.V., The Netherlands Gerard Schouten, Dutch Rainmaker B.V., The Netherlands Marcel Borsboom, Vetus NV, The Netherlands Joost de Vries, Lucas Bols, The Netherlands Henk de Jong, Fa-med, The Netherlands Gijs den Hartog, Optisport, The Netherlands Meindert van den Heuvel, Interbest, The Netherlands Martijn van Riet, Golden Bytes, The Netherlands Rob Voncken, BioMCN, The Netherlands Rene Moos, HealthCity, The Netherlands Harry Laeven, Aevitae, The Netherlands Eric Olders, JVH Gaming, The Netherlands Egbert Mulder, Golf Mangement Group, The Netherlands Nityen Lal, Biaqua B.V., The Netherlands Peter van Gelderen, AK Diagnostics Europe B.V., The Netherlands Dinant Veehof, Voice Data Bridge B.V., The Netherlands Patrick Herman, Hans Anders, The Netherlands Egbert Piëst, Royal Gazelle NV, The Netherlands Rik Dobbelaere, Synbra Holding bv, The Netherlands Lutgarde Liezenberg, Novagraaf Group B.V., The Netherlands David Main, Swets Information Services, The Netherlands Peter C. van Kleij, ArboNed B.V., The Netherlands Hans GCP Schikan, Prosensa Therapeutics BV, The Netherlands W. Wolfers, A-film, The Netherlands E. Nijhof, Scholtus, The Netherlands C. de Weers, Rigida, The Netherlands

265. 266. 267. 268. 269. 270.

271. 272.

275. 276. 277. 278. 279. 280. 281. 282. 283. 284. 285. 286. 287. 288. 289.

290. 291.

292. 293.

C. de Weers, European Partition Group/Interwand, The Netherlands W.C. Mezger, Nedfast Holding B.V., The Netherlands Bernhard Sixt, Agendia B.V., The Netherlands Rob vanderMeij, Fluxxion, The Netherlands Gunnar Staaf, Avantium Pharma BV, The Netherlands Guus Scheefhals, Crossbeta Biosciences B.V., The Netherlands John Regout, Quaron NV, The Netherlands Eric Houben, Walkro International BV, The Netherlands Huib Knust, Neroc Group BV, The Netherlands Eelko Hoekstra, Meneba Holding BV, The Netherlands Winfried Falk, Florimex Group BV, The Netherlands Pim Peters, Catalpa BV, The Netherlands Richard Brinkman, European Fashion Group BV, The Netherlands Peter van Vlijmen, Axa Stenman Group BV, The Netherlands Bart Romeijn, Daalderop Holding BV, The Netherlands Maurice Horsten, Sierra Nova BV, The Netherlands Hereward Burgers, MCH+ BV, The Netherlands Paul Dankers, Bhold Company BV, The Netherlands Wim van den Bogerd, Itho Group BV, The Netherlands Dick Joustra, Stork Prints Group BV, The Netherlands Edwin Waijenberg, Van Dijk Food BV, The Netherlands D. Braun, Ipko-Amcor, The Netherlands B.F. Hovenga, Pan-Oston Group B.V., The Netherlands P.M.H. Rutten, Vialle Alternative Fuel Systems B.V., The Netherlands W. van Weperen, To-BBB Technologies B.V., The Netherlands J.B.M. Franken, Life Safety Products B.V., The Netherlands W.F.J. Sampers, Cumulus Nederland B.V., The Netherlands Th.J.W.A. Ploegmakers, Gropeco Group B.V., The Netherlands R.V. den Admirant, Juicy Details B.V., The Netherlands

294. 295. 296.
297. 298. 299. 300. 301. 302. 303. 304. 305. 306. 307. 308. 309. 310. 311. 312. 313. 314.

316. 317. 318. 319. 320.

321. 322. 323. 324. 325. 326.

R. Egas, Arvo Group B.V., The Netherlands Gerhard Dersjant, Movacolor BV, The Netherlands Leo Koster, AllSolutions BV, The Netherlands Vik Kimpe, Saval BV, The Netherlands Pieter Poortinga, Plukon Royale BV, The Netherlands Albert Smulders, European Steel Works BV, The Netherlands A.J.P. Jansen, Locamation, The Netherlands Björn Crüts, Biometrisch Centrum BV, The Netherlands Michiel Mensink, i-Optics BV, The Netherlands Arno Wendrich, Habets BV, The Netherlands Etienne Hendrickx, MosquitNo BV, The Netherlands Toine Janssen, Isobionics, The Netherlands Archi Leenaers, Anatech BV, The Netherlands Nicholaas Peereboom, Adsente BV (Trectis), The Netherlands G. Boxhoorn, FOS Invest, The Netherlands Bart Wijers and Mario Smit, Terra Sports Technology BV, The Netherlands G.A. in 't Veld, Nedinsco B.V., The Netherlands H.G.P. Philipsen, Excellence Fish BV, The Netherlands Paul Snakkers, Elektor Int. Media BV, The Netherlands M. Boots, MGG Holding BV, The Netherlands Guus Simons, PathoFinder BV, The Netherlands F. Tugba Unkan, Hardy Amies London Limited, The United Kingdom Christopher Smedley, Geo Networks Ltd, The United Kingdom Terry Williams, Everyday Loans Ltd, The United Kingdom Roger Turner, Capula Group Ltd, The United Kingdom Bob Blunden, CET Group Ltd, The United Kingdom Christophe Guillot, CGI Group Ltd, The United Kingdom Sean Fay, Enrich Reward Ltd, The United Kingdom Alastair Stewart, etc Venues Ltd, The United Kingdom

328. 329. 330. 331. 332. 333. 334. 335. 336. 337. 338.

340. 341. 342.

344. 345. 346. 347. 348. 349.

350. 351. 352. 353. 354. 355. 356. 357. 358. 359. 360. 361. 362. 363. 364. 365. 366. 367.

Ben Pearson, Aktrion Group Limited, The United Kingdom Bostjan Spetic, Zemanta Ltd, The United Kingdom Dave Shooter, Formaplex Ltd, The United Kingdom Peter Townley, Steritrox, The United Kingdom Nigel Bentley, Hawksford International, The United Kingdom Andy McNair, OSS Group Ltd, The United Kingdom Nick Dilworth, Practice Plan Ltd, The United Kingdom Gary Sheard, RSL Steeper Ltd, The United Kingdom Tony Roestenburg, Simply Smart Group, The United Kingdom Mike Johns, TIS Software, The United Kingdom Rick Mace, PacketExchange, The United Kingdom Simon Derry, Snell Ltd, The United Kingdom Rob Keve, Fizzback Ltd, The United Kingdom Ian Wilson, WFEL Ltd, The United Kingdom Naren Patel, Primesight, The United Kingdom Graham Turner, Tragus Group Limited, The United Kingdom Roy Darren Cunningham, Sure Maintenance Ltd., The United Kingdom Paul Taylor, Phonetic Arts Ltd, The United Kingdom Philippe Dewost, imsense, The United Kingdom John Snyder, Grapeshot Limited, The United Kingdom Alexander Berté and Marie Burak, Talk24 Limited, The United Kingdom Patrick Healy,, The United Kingdom Charles Clark, Rosslyn Analytics Ltd., The United Kingdom Eric Dunmore, The Third Space, The United Kingdom David John Fish, United Biscuits, The United Kingdom Giles Andrews, Zopa, The United Kingdom Colin Stuart, Blackwater Bars Ltd, The United Kingdom Ajay Chowdhury, EnQii, The United Kingdom Paul Engle, Enecsys Ltd., The United Kingdom

369. 370. 371.

373. 374. 375. 376. 377. 378.

379. 380. 381. 382. 383. 384. 385. 386. 387. 388. 389. 390. 391. 392. 393. 394. 395. 396. 397. 398. 399. 400. 401. 402. 403. 404. 405. 406.

Peter Ashley Boddy, Maximuscle Ltd, The United Kingdom Frank Sagnier, Power Challenge Holding Ltd, The United Kingdom Martin Dalby, Center Parcs Ltd, The United Kingdom Mike Dormer, Neoss Ltd, The United Kingdom Paul Henrik Ostergaard, ShipServ Inc, The United Kingdom Niklas Eklund, Livebookings Holdings Ltd, The United Kingdom David Smith, Public Safety Equipment (Intl) Ltd, The United Kingdom Andrew Butler, Whittan Storage Systems, The United Kingdom and Spain Kevin Grant, IT2 Treasury Solutions Ltd, The United Kingdom Jason M J Bailey, Five Valleys Aerospace Ltd, The United Kingdom Mark Evans, Secerno, The United Kingdom Alastair Mitchell and Andy McLoughlin, Huddle, The United Kingdom Roger Nolan, Ambient Industries Ltd, The United Kingdom Benedict Enweani and Leo Zancani, Ontology Systems, The United Kingdom Juan Lobato, Basekit, The United Kingdom Michael Comish, Blinkbox Entertainment, The United Kingdom Steve Purdham, We7, The United Kingdom Mary Turner, Alertme Ltd, The United Kingdom Alexander Hoye, Latitude Digital Marketing, The United Kingdom Jeff Gordon, Open Cloud Ltd, The United Kingdom Geoff McMillan, Speciality European Pharma Ltd, The United Kingdom Steve Bolton, echo Limited, The United Kingdom Melanie Lee, Syntaxin Ltd, The United Kingdom Harren Jhoti, Astex Therapeutics Ltd, The United Kingdom Ian Nicholson, Chroma Therapetics Ltd, The United Kingdom Barry Clare, Healthcare Brands International Ltd, The United Kingdom Tony Davies, Bowman, The United Kingdom Peter Ibbotson, Evap Environmentals Ltd, The United Kingdom Martin Brown, Exosect Ltd, The United Kingdom


408. 409. 410. 411. 412. 413. 414. 415. 416. 417. 418. 419. 420. 421. 422. 423. 424. 425. 426. 427. 428. 429. 430. 431. 432. 433. 434. 435. 436.

Colin Calder, Passiv Systems, The United Kingdom David Brown, Watson Brown, The United Kingdom Sam Ferguson, EDM, The United Kingdom Alan Evans, HLC, The United Kingdom Peter Selkirk, Taylor, The United Kingdom Allan Wood, WCI Group, The United Kingdom Stephen Critchlow, Ascribe, The United Kingdom Ian Brown, Axell Wireless, The United Kingdom Matthew Hughes, Bargain Booze, The United Kingdom Fiona Pearson, Clinisys, The United Kingdom Nick Parsons, DLP, The United Kingdom Russell Gould, Kelvin Hughes, The United Kingdom John Taylor, M2, The United Kingdom Iain Whyte, Premier Bathrooms, The United Kingdom David Wiseman, PRG, The United Kingdom Tyler Moebius, Adconion Media Group, The United Kingdom Jeremy Deaner, Amberfin Ltd, The United Kingdom Jesse Guy Watts, Right4Staff Holdings Ltd, The United Kingdom Andrew Cope, Zenith Vehicle Contracts Limited, The United Kingdom Graham Worsfold, DigiPos Store Solutions Limited, The United Kingdom Andy Roberts, ARM, The United Kingdom Bimal Shah, Nomad Rail, The United Kingdom Brent Hoberman and David Kelly (former CEO), MyDeco, The United Kingdom Carl Symon, Richard Turner and Terry Davies, Clearswift Ltd, The United Kingdom Chris Jones, Glysure Ltd, The United Kingdom Eva Lindqvist, Transmode Holdings, The United Kingdom Gavin Starks, AMEE, The United Kingdom Greg Trueman, Forth Dimension Displays, The United Kingdom Jens Lapinski, aiHit, The United Kingdom

437. 438. 439. 440. 441. 442. 443. 444. 445. 446.

John Boyle, Quolos, The United Kingdom Michael Black, AEPONA, The United Kingdom Graham Mackie, Road Angel Group Limited, The United Kingdom Richard Turner, Clearswift, The United Kingdom David Baillie, CamSemi, The United Kingdom Anthony Finbow, Psytechnics, The United Kingdom Steve Page, Mobile Commerce, The United Kingdom Steve Ives, Taptu, The United Kingdom Rachael King, CRF Health, The United Kingdom Paul Brennan, Zeus, The United Kingdom Niel Niljoen, Netronome, The United Kingdom Chris Hart, SRC, The United Kingdom Ebrahim Bushehri, Lime Microsystems, The United Kingdom Fergus Brownlee, Cambridge Education Group, The United Kingdom James Corcoran, SAV Credit, The United Kingdom Andrew Fisher, Towry Law, The United Kingdom Alan McPherson, Tensator Group Ltd, The United Kingdom Frank Collins, Summit Medical Ltd., The United Kingdom John Corker, OmniBus, The United Kingdom Steve Hurn, Secerno, The United Kingdom Gary Roebuck, Sentinel, The United Kingdom George Pohle, Allied International, The United Kingdom Martin Keighley, Arvia Technology Ltd, The United Kingdom Paul White, Message Pad, The United Kingdom Geraldine Wilson and Coen van Breda, Software Cellular Network Limited (Truphone), The United Kingdom Stewart Holness, Integrity Software, The United Kingdom Arthur C Vonchek, Bolero International Ltd, The United Kingdom Gordon Peter Christiansen, Colway Limited, The United Kingdom

448. 449. 450. 451. 452. 453. 454. 455. 456. 457. 458. 459. 460. 461. 462. 463. 464.

465. 466. 467. 468. 469. 470. 471.

Mike Smith, Bromford Industries, The United Kingdom John A. Cunningham, Georgina Goodman Limited, The United Kingdom Stephen Killeen, The CarbonNeutral Company, The United Kingdom Simon Paul Osborne, Purleaf Limited, The United Kingdom Mark Andrew Hogg, IFE Services Limited, The United Kingdom Malcolm Andrew Peden, Intelliq Limited, The United Kingdom Geoffrey Butcher, Cablesense, The United Kingdom Scott White, Nano ePrint Ltd, The United Kingdom Dan Daly, Lein Applied Diagnostics Ltd, The United Kingdom Stewart McGuffie, Allied Textiles Ltd, The United Kingdom Paul Beaumont, FST Technologies Holdings Ltd, The United Kingdom Martin Wood, HTG Holdings Ltd, The United Kingdom John House, Shorterm Group Ltd, The United Kingdom Mark Lilley, Abokado, The United Kingdom Kalev Kask, Egeen International Corp, USA Martin Jackson, Plastic Logic, USA Rikki Tahta, Covestor, USA Loic Le Meur, Seesmic, USA David McGlade, Intelsat, USA

472. 473. 474. 475. 476. 477.
478. 479. 480. 481.

482. 483.