SEP$Policy$Report$ Towards$the$EU$Capital$Markets$Union$ Venture$Capital,$Crowdfunding$and$Startups$ By!Alberto!Onetti!

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1 SEPPolicyReport TowardstheEUCapitalMarketsUnion VentureCapital,CrowdfundingandStartups ByAlbertoOnetti StartupEuropePartnership SEPPolicyReport March2015

2 2 SEPPOLICYREPORT TowardstheEUCapitalMarketsUnion VentureCapital,CrowdfundingandStartups ByAlbertoOnetti ThisReportincludestheoutcomesoftheSEPInvestorsForumWorkshop: EUCapital MarketsUnion organizedinbrusselsonmarch25,2015togetherwithdgfismaanddg CONNECT.ThebyOinvitationOonlyworkshopinvolvedtargetedventurecapitalinvestors,tech startups,andfinanceexpertsfromthestartupcommunitytodiscusstheobstaclesstartoups facetoaccessfinancefromeurope'scapitalmarkets,aswellaspossiblemeasuresto overcometheseobstaclesinthecontextofputtinginplacethebuildingblocksforacapital MarketsUnionby2019.Inthiscontext,SEPInvestorsForumWorkshopspecificallyfocused onthediscussionofactionsthatcouldfacilitatetheaccessofeuropeanstartupstocapital,and theimpactofsuchmeasuresonthetechstartupecosystem. Theconclusionsofthediscussionshavebeenreflectedinthisreport,whichwassubmittedto theeuropeancommissiononapril30 th. AlbertoOnettiisPresidentandChairmanofMindtheBridgeFoundationandCoordinatorof StartupEuropePartnership. SEPInvestorsForumisaStartupEuropeinitiativethatactsactasaninternalconversation channelfortheeuropeaninvestmentfundandeuropeancommissionwithalargegroupof investorsfromallovereurope,including50+topplayers(suchaspartechventures,higho TechGruenderfonds,360CapitalVentures,ConnectVentures,KiboVentures,EarlyBird,Moor Capital,PortugalVentures,Seedcamp,UnitedVentures,Lakestar,P101,AtticaVentures,HO Farm,FrontlineVentures,CredoVentures,Innogest,UOStart,DORaft,FranceDigital,EBAN, AngelList,Endeavor, ). SEPInvestorsForumispartofStartupEuropePartnershipprogramledbyMindtheBridge FoundationtogetherwithNesta,FactoryBerlinandBisite. Startup'Europe'Partnership SEP'Policy'Report' 'March'2015

3 3 TheEuropeanInvestmentLandscape: MainDriversandTrends Startup'Europe'Partnership SEP'Policy'Report' 'March'2015

4 Startup'Europe'Partnership SEP'Policy'Report' 'March' CrowdfundingisgrowingandchangingtheEuropeaninvestment landscape 1 Crowdfundinghasgrownto~50%ofthe venturecapital(vc)annualinvestment volumeineurope,andiscurrently changingtheinvestmentlandscape. CrowdfundingisnowdominatingtheseedO financingphase(refertochart#1)by cannibalizinginvestmentsfrombusiness angelsandfamily&founders(f&f).30% ofseedfinancingintheukischannelled throughcrowdfunding(estimatefor2015 isaround50%).crowdfundingisalso cannibalizingventurecapitalinvestments (refertochart#2):12%ofukvc investments(20%estimatedfor2015)are realizedthroughcrowdfunding. Datarevealthatthereisanextreme variationincrowdfundingadoptionall overeurope,withtheukhavingaclear leadingposition(refertochart#3forthe period2012o2014)andstrongergrowth rates(ukvolumeisgrowing40%faster thantherestofeurope).crowdfundingis notonlyequity(refertochart#4). Actually,debtcrowdfundingisnoweight timeslargerthanequitycrowdfunding. Chart1:SeeddealsbyinvestortypeinUK(2011Q2014) Source:(Robert(Wardrop((University(of(Cambridge(Centre(for(Alternative(Finance)(?(SEP(Investors(Forum(CMU( Workshop( (Brussels,(March(25,( ThissectionwaswrittenbasedondataandrecommendationsprovidedbyRobertWardrop,ExecutiveDirector, CambridgeCentreforAlternativeFinance,UniversityofCambridge,atSEPInvestorsForum TowardstheEU CapitalMarketsUnion heldinbrusselsonmarch25,2015.

5 5 Chart2:Crowdfundingiscannibalizingseedandangelfinancing Source:(Robert(Wardrop((University(of(Cambridge(Centre(for(Alternative(Finance)(?(SEP(Investors(Forum(CMU( Workshop( (Brussels,(March(25,(2015.( Chart3:CrowdfundingvolumeinEurope(2012Q2014)( Source:(Robert(Wardrop((University(of(Cambridge(Centre(for(Alternative(Finance)(?(SEP(Investors(Forum(CMU( Workshop( (Brussels,(March(25,(2015.( Startup'Europe'Partnership SEP'Policy'Report' 'March'2015

6 6 Chart4:Taxonomyofcrowdfunding( Source:(Robert(Wardrop((University(of(Cambridge(Centre(for(Alternative(Finance)(?(SEP(Investors(Forum(CMU( Workshop( (Brussels,(March(25,(2015.( Crowdfundingposesopportunitiesand challengesfortheventurecapitalindustry. Ontheonehand,crowdfundingcouldlead toanincreaseindealflowandaccessto bettercompanylevelinformationforvc funds(qualification/screeningof investments).however,crowdfundingmay leadtotheovervaluationofcompanies(as suggestedbyrecentdata),negatively affectingthereturnsforvcinvestments. Additionally,itmayreducetheneedfor investorstouseventurecapitalfundsas intermediaries. Thekeychallengeforregulatorsandpolicy makersistoensurethatadequateinvestor protectionisupheld,whilenotstifling innovation,reducingaccesstofinancing,andkillingthemarketforsmesand startups.butthereareconcernsaboutthe actualcapacityofinvestorstoreallyassess thereturnsandilliquidityoftheassetclass theyarefunding,aswellasthepotential forcreatingmoralhazardproblemsrelated toplatformincentives. Startup'Europe'Partnership SEP'Policy'Report' 'March'2015

7 Startup'Europe'Partnership SEP'Policy'Report' 'March' VenturecapitalinEuropeisnowpositionedtobecomeacompelling investmentopportunity,thoughithasnotyetdeliveredriskq commensuratereturns. 2 Europeisnowhometomanyglobal leadersandbilliondollarcompanies, leadingthewayinmanysegments(referto Chart#5andChart#6).Theoverall EuropeanecoOsystemisnowadaysmore vibrantandmature(refertochart#7), withsuccessfulentrepreneursbecoming VCinvestors.Thisprocesshasbeenheavily supportedbypublicfunds.theeif investedintheperiod2006o2010asan average 220Mperyear,and 400M/yr.in theperiod2011o2014(refertochart#8). Venturecapitalisnowpositionedto becomeaverycompellinginvestment opportunity.somedatafromeif investmentportfolioshowasignificant progress:intheeif sventurecapital portfolioin2014therewere15exitswith valuationsabove100m(generating ~10Bofexitvalue).VCinvestmentsare startingtoshowdoubleodigitirrsand performancessuperiortootherasset classes(refertochart#9). Ontheotherhand,theVCindustryhasnot yetdeliveredriskocommensuratereturns. ThisismostlybecausethestartupandVC ecosystemisnotmatureenough,andthere isstillalackofeuropeancorporate leadershipinhighotech(e.g.,apple,google, Facebook,Microsoft)thatreducestheexit opportunitiesforeuropeaninvestments. Additionally,thepropensityforearlyOstage entrepreneurialactivityineuropeisnot yetcomparabletotheu.s..thisactivityis lessthan6%ofthepopulationingermany, France,Italy,Spain,whileitranges10O17% intheu.s.andbrics. OtherobstaclesthatpreventtheVC industrytotakeofforiginatefrom regulatoryroadblocksthatneedtobe removed. Namely: BaselIII,SolvencyIIandAIFMare seenashostileregulationsfor equityinvestment. EuVECA,EuSEFandELTIFareseen asleadingtomarketfragmentation andcomplexity. LackofaDigitalSingleMarket preventsthepossibilitytoscaleoup foreuropeanstartups. 2ThissectionwaswrittenbasedondataandrecommendationsprovidedbyRobertWardrop,ExecutiveDirector, CambridgeCentreforAlternativeFinance,UniversityofCambridge,atSEPInvestorsForum TowardstheEU CapitalMarketsUnion heldinbrusselsonmarch25,2015.

8 8 Chart5:Europeantechbilliondollarcompanies Source:(Patric(Gresko((European(Investment(Fund)(?(SEP(Investors(Forum(CMU(Workshop( (Brussels,(March(25,( 2015.( Chart6:Europeantechleadersbysector Source:(Patric(Gresko((European(Investment(Fund)(?(SEP(Investors(Forum(CMU(Workshop( (Brussels,(March(25,( 2015.( Startup'Europe'Partnership SEP'Policy'Report' 'March'2015

9 9 Chart7:keyplayersinEuropeanstartupecosystem Source:(Patric(Gresko((European(Investment(Fund)(?(SEP(Investors(Forum(CMU(Workshop( (( Brussels,(March(25,(2015.( Chart8:EIF sinvestmentcommitment(2006q2015) Source:(Patric(Gresko((European(Investment(Fund)(?(SEP(Investors(Forum(CMU(Workshop( (Brussels,(March(25,( 2015.( Startup'Europe'Partnership SEP'Policy'Report' 'March'2015

10 10 Chart9:EIFPerformanceindex(2011Q2014)( Source:(Patric(Gresko((European(Investment(Fund)(?(SEP(Investors(Forum(CMU(Workshop( (Brussels,(March(25,( 2015.( Startup'Europe'Partnership SEP'Policy'Report' 'March'2015

11 Startup'Europe'Partnership SEP'Policy'Report' 'March' ThelimitedsizeoftheVCEuropeanmarketisakeymissingopportunity forgrowthandinnovationineurope 3 ThemainissuefortheEuropeanventure capitalindustryisthelimitednumberof fundsandthelimitedfundsize.infive years(2009o2014)only49funds(20%) haveraisedmorethan 100M the criticalsizeforinstitutionalinvestment (seechart#10).therearenoeuropean fundslargerthan 500M.Thislimitsthe possibilityofthebesteuropeanstartupsto completetheirfundingprocessineurope. Asaresult,theyareforcedtoemigrateto U.S.toraiselaterOstagefunding.Moreover, the dualocompany phenomena(i.e., EuropeanOborncompaniesrelocatedtothe US)isemphasizedbythelackofadequate financialsupport. Inparallel,asshowninChart11,nonO Europeaninvestmentfundshaveincreased theirshareinfundingofeuropean companies.ontheonehand,thesedata suggestthateuropeanstartupsare becomingmoreappealingforinternational investors.ontheotherhand,thesamedata maysuggestthateuropeaninvestorsare notabletobackthegrowthofthemost interestingemergingcompanies. TheEuropeanventurecapitalindustrystill failstoattractinvestmentsfromoverseas (refertochart#12).theshareofnono EuropeanLPsinvestinginEuropeanfunds was8o9%intheperiod2009o2014(refer tochart#13).oneofthereasonsforthis, beyondthealreadymentionedreturns issue,isthelimitedsizeofthevcsfunds. Datashowhowlargerfundswereableto raisealargerpercentageofcapitalfrom outsideeurope(refertochart#14). Europeanfundslargerthan 400Mraised about30%oftheircapitalfromnono EuropeanLPs,whilefundssmallerthan 100Mwereabletoraiselessthan5%of theircapitaloverseas. Thedatapresentedabovehelptoexplain thedominanceofgovernmentfundingin theeuropeanventurecapitalindustry(up to35%in2014)andthedecliningshareof privatesources(refertochart#15). 3ThissectionwaswrittenbasedondataandrecommendationsprovidedbyKickOoffinterventionofErika Blanckaert,SeniorPublicAffairsManager,EuropeanPrivateEquity&VentureCapitalAssociation(EVCA), atsep InvestorsForum TowardstheEUCapitalMarketsUnion heldinbrusselsonmarch25,2015.

12 12 Chart10:NumberofVCFundsandamountraisedbyfundsize(2009Q2014) Source:(Erika(Blanckaert((EVCA)(?(SEP(Investors(Forum(CMU(Workshop( (Brussels,(March(25,(2015.( ( ( Chart11:geographicinvestmentVCflowsinEuropeancompanies(2009Q2014) Source:(Erika(Blanckaert((EVCA)(?(SEP(Investors(Forum(CMU(Workshop( (Brussels,(March(25,(2015.( Startup'Europe'Partnership SEP'Policy'Report' 'March'2015

13 13 Chart12:SourceofnonQEuropeanLPsinvestinginEuropeanfunds(2013vs2012)( Source:(Erika(Blanckaert((EVCA)(?(SEP(Investors(Forum(CMU(Workshop(?(Brussels,(March(25,(2015.( ( Chart13:ShareofnonQEuropeanLPsinvestinginEuropeanfunds(2009Q2014) Source:(Erika(Blanckaert((EVCA)(?(SEP(Investors(Forum(CMU(Workshop( (Brussels,(March(25,(2015.( Startup'Europe'Partnership SEP'Policy'Report' 'March'2015

14 14 Chart14:EUVCFunds:PercentageofcapitalfromoutsideEuropebyfundsize( (2007Q2014)( Source:(Erika(Blanckaert((EVCA)(?(SEP(Investors(Forum(CMU(Workshop( (Brussels,(March(25,(2015.( Chart15:VCFundinginEuropebycapitalsources(2007Q2014) Source:(Erika(Blanckaert((EVCA)(?(SEP(Investors(Forum(CMU(Workshop( (Brussels,(March(25,(2015.( Startup'Europe'Partnership SEP'Policy'Report' 'March'2015

15 ThelimitedsizeoftheVCEuropeanmarket isakeymissingopportunityforgrowth andinnovationineurope.asjonathanhill pointsout: Ifourventurecapitalmarkets wereasdeepastheu.s.,asmuchas90 billioneuromoreinfundswouldhavebeen availabletocompaniesbetween2008and 2013.Thinkoftheinnovation,thenew services,thenewjobsthatcouldhavebeen createdifthatfundinghadbeenthere. Economistsliketocallthisa counterfactual.icallitamissed opportunity. Whatmeasurescouldboostthescaleof venturecapitalfundsandenhancetheexit opportunitiesforventurecapitalinvestors? AccordingtoEVCA: Creatingincentivestoattract privatecapitalbacktoventure capitalfundsthatcanbecomescale actors Prioritisingfocusandexcellence overregionaldevelopment Avoidingmarketfragmentation throughconsistentinterpretationof requirementsacrossmemberstates EasingconstraintstoaccessIPO markets DevelopprivatesectorOmanaged panoeuropeanfundsoofofundswitha highcommitmenttoventurecapital abletoattractprivatecapitalback toventurecapital,particularlyfrom nonoeusources. Inparallel,EuVECARegulationrequiresto bechangedtomakeiteasierforlarger Europeanfundmanagerstorunthese typesoffunds.specifically: Enlargingthescopeandbroadening theavailabilityofeuveca Easinginvestmentrestrictions applicabletoeuveca ConsistentapplicationofEuVECA anditsrequirementsacrosseu MemberStates

16 16 KeyAreastobeAddressedand RecommendedLinesofAction Startup'Europe'Partnership SEP'Policy'Report' 'March'2015

17 Startup'Europe'Partnership SEP'Policy'Report' 'March' Howtoincreasethescaleofventurecapitalmarkets,boostinstitutional andcorporateinvestmentinventurecapitalanddevelopthesemarkets EUQwide 4 ThelackoffundingfortheEuropean startupecosystemisrelatedtoan underdevelopedventurecapitalmarket. AdditionallytheDigitalSingleMarketand thecapitalmarketsunionarenotthere yet.crossoborderinvestmentsorscaling upsforstartupsremainanissue.the fragmentationoftheeuropeanmarket makesposesproblemsbothforstartups thatseekfundingandforinvestorsthat investcrossoborder.thisfragmentation alsodetersforeignventurecapitalfunds frominvestingintheeu.forexample,vc fundsfromasiaprefertoinvestintheus alsobecausetheyseeitasatruesingle marketasopposedtotheeurope.thisisa crucialproblemsincestartupsneedthe crossoborderdimensiontoscaleoup,and venturecapitalinvestorsneedtodiversify therisk. Currently,inEuropeitiscomplicatedfor investorstoinvestina foreign company, andforstartupstoreceivemoneyfrom foreign investors. Onthesideofthestartups,onesuggestion wastocreateanewtypeofeuowide corporation(aneustartupregime)with unifiedrequirementsacrosstheeuropean Union 5.Onthesideoftheinvestors, anothersuggestionwastogotowards moreharmonisationofthetaxtreatmentof VCfundsacrosstheEuropeanUnion.Itwas alsosuggestedthatcreatingnetworking platformsforvcinvestors,corporatesand startupscouldhelpincreasethecrosso borderdimensionofventurecapital industryineurope. Manyparticipantslinkedthesmallsizeof VCfundsinEuropetothelackofanequity investmentculture.itwasmentionedthat corporateventurecapitalinparticularis notlivinguptoitspotential,alsobecause corporatecultureisveryriskoaversein Europe.Somethingshouldbedoneto createtherightincentivesforcorporatesto investinhighoriskcompanies.arevisionof EIFCorIpregulationtoallowmatchingof investmentsfromcorporatescouldhelpto triggermoreinvestmentfromcorporate venturefunds.corporationscanalso provideananswerforvcexits.tax incentivescouldfosteracquisitionsof startupsbyestablishedcorporates.the lackofexitopportunitiesineuropeisone reasonthebeststartupsarerelocatingto theu.s. AnotherissuetobeaddressedisEurope s badimageintermsofregulatoryburdens anda businessounfriendly environment. Thispreventsinvestmentstoflowintothe Europeanmarket. 4 ThissectionwaswrittenbasedondiscussionanddebateinWorkingGroupAatSEPInvestorsForum Towards theeucapitalmarketsunion heldinbrusselsonmarch25,2015.theworkinggroupawasmoderatedby AndreaBeltramello(CapitalMarketsUnionUnit,DGFISMA)andMarieEkland(CoOPresident,FranceDigital). 5Morearticulatedcommentsonthistopicareavailablehere:

18 PainPoints Riskaversion:lackofrisktakingfromVCsideandlackofambitionfrom entrepreneurside Roleofeducation Roleofacquisitionbybiggercompanies Debtequitybias CrossOborder unoeasiness NeedofasingleinvestmentmarkettoincreasefundingfromoutsideEurope

19 Startup'Europe'Partnership SEP'Policy'Report' 'March' HowtodevelopprivatesourcesofVCfundingtobettercomplement existingsourcesofpublicfunding 5 Thelowinternalrateofreturnofthe venturecapitalassetclassintheeuisa constraintforinstitutionalinvestors,who preferotherassetclasses.however,it seemsthatirrsaregraduallyimproving. SomepublicventurecapitalcoOfinancing programmesaimedatattractingprivate venturecapitalhavebeenmentionedasa goodpractice.aleadingexampleisthe IsraeliYOZMA,agovernmentinitiative launchedin1993offeringattractivetax incentivestoforeignventureocapital investmentsinisraelbydoublingany investmentwithfundsfromthe government.yozmaledtoawello developedventurecapitalmarketinisrael. Also nonpariopassuprogrammes have beenmentionedasgoodexamples. Itwasnoted,whileitisimportanttotake measuresthatallowventurecapitalfunds toreachcertainscale,atthesametimeitis necessarytodevelopandsupportregional cooinvestmentfundsofadequatesize(e.g., nolessthan 20M)thatstimulateand leveragethelocalcommunityofinvestors. Smallregionsshouldjoinforcestoreach fundcriticalmassandavoidexcessive fragmentation:e.g.,fourfundsof 10M wouldnotreachthesamelevelofqualityof managementandresultsofonefundof 20M. Designingtherightincentivesiscrucial.In particular,thepropertaxationofequity investmentisveryrelevant.all stakeholdersneedtobeonanequalfooting whenitcomestotaxincentives/breaksfor investinginthesameassetclass.insome countriesonehasincentivesonlyifyou investinequitythroughventurecapital funds,ratherthanifyouinvestdirectlyin theshareofacompany. Thereisalsoaneedtoaligntaxincentives existinginsomememberstatesacrossthe wholeeu. Participantscriticizedthespeedof executionofeuregulation/programmes, asopposedtothefastdecisionomaking processofinvestors.thealternative InvestmentFundManagersDirective (AIFMD)isconsideredburdensome. Othersolutionsproposed: Bypassingtheupsideofthe investmentbythepublicinvestorin favouroftheprivateinvestor(there wassomedisagreementaboutthis option) PrioritypaymentsforprivateVC investorsincaseofinsolvency IntroductionofafirstOloss guarantee Corporateinvestmentsneedtobe increased.additionally,globalsavings allocationtowardsrealeconomyand innovativecompaniesshouldbeincreased. Familyofficescouldplayarelevantrole here. 5ThissectionwaswrittenbasedondiscussionanddebateinWorkingGroupBatSEPInvestorsForum Towards theeucapitalmarketsunion heldinbrusselsonmarch25,2015.theworkinggroupawasmoderatedby ArmandoMelone(AccesstoFinanceUnit,DGGROW)andJoséDaFranca(Chairman&CEO,PortugalVentures).

20 20 PainPoints LowIRRoftheventurecapitalassetclass Taxationandregulatoryframework RoleofpublicOprivatepartnership:strategicvalueofinnovativestartOups. Promotingdealbydealapproach Roleofpublicfunding,alsoinordertolowertherisk Involvefamilyofficesandmobilizesavings Startup'Europe'Partnership SEP'Policy'Report' 'March'2015

21 21 HowtoincreasethetakeQupofEUVentureCapitalFundscreatedbythe EuVECARegulation 6 CurrentlytheEuVECAshowedan asymmetricgeographicaldistribution:out of25euvecafunds,12areinuk;other mostrepresentedcountriesaregermany, TheNetherlands,andtheNordics.The issuesthatneedtobetackledtoincrease thetakeoupofeuvecamainlyfallunder oneofthesethreeareas:scope, implementationandevaluation. Althoughabitmoretimeisrequiredto fullyassesstheresultoftheeuveca regulation,therewasageneralconsensus ontheneedtoenlargethescopeand broadentheavailabilityofeuveca,andto easetheinvestmentrestrictionsapplicable toeuveca.complianceandreportingcost remainveryhigh.participantsalsoagreed thereisaproblemwiththe implementationoftheregulation,whose requirementsshouldbeapplied consistentlyacrossmemberstates.for example,theworkinggroupdiscussed additionalcapitalrequirementsimposedin certaincountries(i.e.,aifmdauthorisation forallfunds)orregulatoryfeesleviedby supervisoryauthoritiesinhostcountries. Atthesametimeparticipantsfeltthatit maybetooearlytoevaluatefullythetakeo upofeuveca,sincecurrentlymanyfunds maynotbeatthefundraisingstageoftheir lifecycle,orarestillrathersmallandmay notwanttogocrossoborder(andtherefore donotseevalueinaeuopassportoffered undertheeuvecadirective).participants suggestedthat,inadditiontopotential changesintheregulatoryregimes,national VCassociationsshouldputpressureon governmentstoensurethattheydonot createadditionalobstaclestocrossoborder movementofeuvecafunds. PainPoints LowtakeupofEuVECA,hugeconcentrationintheUK. Complianceandreportingcostisveryhigh ItshouldbeeasierforfundmanagerstomarkettheirfundsinEurope Hostsupervisoryfees NegativeroleofMemberStates. 6ThissectionwaswrittenbasedondiscussionanddebateinWorkingGroupCatSEPInvestorsForum Towards theeucapitalmarketsunion heldinbrusselsonmarch25,2015.theworkinggroupcwasmoderatedby JamesHopegood(AssetManagementUnit,DGFISMA)andValerieMocker(Nesta). Startup'Europe'Partnership SEP'Policy'Report' 'March'2015

22 Startup'Europe'Partnership SEP'Policy'Report' 'March' HowtodevelopexitopportunitiesforVCinvestorsandcreatebetter investmentecoqsystems(includingcrowdfundingorp2plending)forstartq upstoboostthesupplyofvcfundstostartqups 7 Moreshouldbedonetomakeiteasierfor startupstoraisecapitalthroughpublic markets;forexample,byreducingthe administrativeandregulatorycostsofipos andofotherexitopportunities.the possiblerevisionoftheprospectus Directiveisconsideredasagoodstepin thisdirection.intheus,largecorporations playakeyroleinexitsastheyaretaking overbothnewandmoreadvancedstartups thanineurope.thistranslatesintohigher valuations(approx.3xintheu.s.compared toeurope)forstartupsandscaleups, higherexitsandthushigherliquidityof secondarymarkets. CurrentlytheM&Amarketforstartupsin Europeisnotsufficientlydeveloped. Marketsarenotbigenough,notcrossO borderenough,andnotintegratedenough. TheacquisitionpropensityofEuropean companiesisquitelow.apparently, exiting isstilldrivenbybankers. Corporatedevelopmentlinksshouldbe developedandstartupocorporate interactionshouldbesupportedineurope. InitiativessuchasStartupEurope Partnership(SEP)aimedatmatching startupsandlargecorporates,and educatingestablishedcorporatestodeal withstartupsandopeninnovation,are consistentwiththisgoal. ManyEuropeanstartupsneedtopursue fundingoutsideofeurope(typicallyinthe U.S.).Whenfundingisraisedsuccessfully, startupsareinmostcasesrequiredto relocatetotheu.s.itisimportanttopoint outthatmanyofthemmaintainhighovalue activities(development,r&d,etc.)in EuropealsoaftertherelocationtotheU.S. Thissituation(definedasthe dual model 8 )warrantsfurtheranalysisbecause itcanrepresentaviable(although suboptimal)optiontoscaleoupthe Europeanstartupecosystem. InordertoimprovetheEuropean ecosystemforstartups,onesuggestionwas tointroducemoreincentives(e.g.,tax reliefsorothers)forprivateand institutionalinvestorsinvestinginhigho riskfirms.suchincentivesshouldbe coordinatedattheeulevel.another suggestionwastomakeitmoreattractive forsuccessfulentrepreneurstoinvest directlyorindirectlyinotherstartups. Thereareseveralsuccessfulmodelsfor doingsobothintheu.s.andisrael. Regulationplaysanimportantrole,alsoin thecontextofipos,asfundmanagersand founderslookatdifferentrequirements beforechoosingthe exitroute. Crowdfundingmaybeaphenomenal opportunityfortheacceleratingthe developmentofthestartupecosystemin Europe,butitisstillverymuchacountryO byocountryphenomenon.crowdfunding willbequickerandmoresizeablethan businessangelsandventurecapitalcan everbeineurope.specifically, crowdfundingmaybeatooltoincrease fundingfrombusinessangelsintheearly financingstage. 7ThissectionwaswrittenbasedondiscussionanddebateinWorkingGroupCatSEPInvestorsForum Towards theeucapitalmarketsunion heldinbrusselsonmarch25,2015.theworkinggroupdwasmoderated byluukborg(innovationunit,dgcnect)andandychung(venturehacker,angellist). 8For DualCompanies definitionrefertosepmappingwebsite:

23 ThekeyquestioniswhethertheEUshould alreadyharmonisethisfundinginstrument orbetterexplorethemarketstoavoidillo suitedpolicyintervention.participants acknowledgedthattheremaybeatradeooff betweenencouragingfinancingrisky innovationsandconsumerprotection (misleadingpromotionswillbeaproblem forthisindustryinthefuture).theoverall position(supportedbybusinessangelsin particular)isthatinthismomentthe formershouldbefavouredoverthelatter. Thereisalsoastrongneedtopromote bettereducation bothinfinancialand investmentliteracyandentrepreneurial skillsforyoungentrepreneurs.butthereis alsoaproblemofambitionofventure capitaliststhemselvesaimingatlower returnoninvestmentthanintheu.s. TheyshouldtargettomultiplytheirROIby 100ratherthanby10. PainPoints IPOs:administrativecostoflisting,regulatorybarriers StartupspursuingfundingoutsideofEurope Fragmentation Lackofacquisitionappetitefromestablishedcorporates AvoidillOsuitedpolicyintervention Lackoffinancialandinvestmentliteracyandentrepreneurialskills

24 24 TakeQAwayMessages Startup'Europe'Partnership SEP'Policy'Report' 'March'2015

25 Europeisriskaversecomparedto theunitedstates Thecultureofrisktakingisstillmissingin Europeandthatisanobstacletothe developmentofstartups.investors,banks, corporatesfocustoomuchon creditworthiness. Moreambition,moreexperienceandmore riskotakingattheentrepreneur/startup levelarerequiredaswell. Theroleofentrepreneurial education Thereisaneedforraisingbothfinancial andentrepreneurialeducation.thisshould targetdifferentaudiences:corporates, policymakers,investors,entrepreneurs, financialanalysts,etc. Someparticipantsfeelinvestorsonlybet onsurewinsandshorttermprofits, whereastheyshouldinvestmoreonideas andtalentsandgivestartupsmore opportunities. Thefundinggap Thevolumeoffundingisverylow comparedtotheu.s.,sostartupscannot scaleasmuchastheycouldandencounter problemstoexit.thisisultimatelya competitivenessissueandincreasesthe riskofseeing averagestartups emerge ratherthan scaleups and unicorns. DigitalSingleMarketandCapital MarketsUnionareneeded Taxregime,laborlawdifferences,or culturaldifferences,etc.,preventeuropean startupsandinvestorstoeasilydobusiness outsideoftheircountryoforigin. WillingnesstoconductbusinessintheEU stillmeansdealingwithmultiple regulations.thatalsopreventsforeign moneytoentertheeuropeanmarket. CrossOborderinvestmentsareseenbya participantasa nightmare,especially regardingcrowdfunding.regulationsnot creatingapassporttoinvestsmoothlyin differenteucountries.adigitalsingle MarketmighthelpEuropeancompaniesto scaleatthecontinentallevel,andacapital MarketsUnionmayattractforeign investmentsandhelpcrossoborder investments. EuropeshouldmakeiteasyforEuropean andforeignlpstoinvestineuropean funds(singletaxationscheme),butalsofor Europeanandforeigninvestorstoinvestin differentcountries. MoreEuropeandlessregional policies Nationalcountrieswiththeirlocal investment/incentivesschemesencourage localinvestmentsandmakeitdifficultto scaleoupattheeuropeanlevel.ultimately, regionalpoliciesandincentivesdonot favortheriseofeuropeanscaleups. Europeisopenforbusiness Inordertoattractforeignmoney, communicationcampaignsareneededto makeeuropelooklikeanintegratedwhole, andshowthatthesoocalledoldcontinent isopentobusiness.storytellingis complementarytoreducingtheregulatory burdenonstartupsandinvestors.

26 26 Agenda Startup'Europe'Partnership SEP'Policy'Report' 'March'2015

27 27 Participants Bart Becks Founder SonicAngel Andrea Beltramello Policy Officer Capital Markets Union Unit, DG FISMA Katja Bergman Caroline Bergaud Head of Partnerships Mind the Bridge Foundation Innovations Manager EIT ICT Labs Chief Investment Officer Moor Capital Oliver Bey Marco Bicocchi Pichi Erika Blanckaert Senior Public Affairs Manager EVCA Assistant Policy Officer Innovation Unit, DG CNECT Luuk Borg Drazen Budimir Bert Cattoor Andy Chung Philippe Collombel Xavier Corman José Da Franca Mihai Dragota Managing Director Symbid Italia - Italia Startup Venture Hacker Angelist Marie Ekeland Partner Partech Ventures Chairman & CEO Portugal Ventures Policy Assistant Financing of innovation, competitiveness and employment policies Unit, DG ECFIN Founder westartup.eu Head of Listed Companies Regulation Borsa Italiana Capital Market LSEG Head of Brussels Office Zernike META Ventures Emma Fau Eddy Fioretti Eric Forest Dr. Tobias D. Gantner Giovanni Garcea Barbara Gabor Katrin Geyskens Founder ishrine Paola Fico Co-Founder Geckomatics Co-President France Digital President Euronext Leo Exter CEO Edebex Policy Officer Access to Finance Unit, DG GROW Policy Officer Asset Management Unit, DG FISMA Policy Officer Securities Markets Unit, DG FISMA Startup'Europe'Partnership SEP'Policy'Report' 'March'2015 CEO ClouDesire Partner Capricorn Venture Partners

28 28 Claudio Giuliano Managing Director Innogest Philippe Gluntz President BAE Patrick Gresko Head of Unit VC European Investment Fund Stefano Guidotti Founder & CEO U-Start James Hopegood Policy Analyst Asset Management Unit, DG FISMA Jedrzej Iwaszkiewicz Co-founder D-RAFT Jan Jilek Serial Entrepreneur 1000 Startup Vladislav Jez Partner Credo Ventures Candace Johnson President EBAN Martin Koch Policy Officer Financial instruments and State Aid Unit, DG RTD Isidro Laso Ballesteros Head of Sector Web Entrepreneurs Net Futures Unit, DG CNECT Roberto Magnifico Partner Board Member LVenture Armando Melone Policy Officer Access to Finance Unit, DG GROW Martin Merlin Director for Financial Markets DG FISMA, EU Commission Iwona Mertin Advisor Project Manager Eurochambres Valerie Mocker Senior Researcher Nesta Cristian Olimid Scientific/Technical Project Officer Web Entrepreneurs Net Futures Unit, DG CNECT Alberto Onetti President Mind the Bridge Foundation Tanya Panova Policy Officer Capital Markets Union Unit, DG FISMA Giannis Papadopoulos Co-founder-CEO Attica Ventures Viorel Peca Head of Unit, Innovation Unit DG CONNECT, EU Commission Claudia Raber Head of Relationship Management High-Tech Gründerfonds Tarek Sadi Managing Director Endeavor Lebanon Eduardo Salido Public Affairs and Policy Manager Telefonica Open Future Mark Schmitz Partner Lakestar Joachim Schwerin Policy Officer Access to Finance Unit, DG GROW Peter Symons Founder OJOO Philip Tod Acting Head of Unit Capital Markets Union Unit, DG FISMA Startup'Europe'Partnership SEP'Policy'Report' 'March'2015 Christophe Verboomen Policy Officer EVCA Robert Wardrop Executive Director Cambridge Center for Alternative Finance (CCAF)

29 Startup'Europe'Partnership SEP'Policy'Report' 'March' StartupEuropePartnership SEPPolicyReport No.1OMarch2015 FirstpublishedinBelgiumbyMindtheBridgeFoundation Copyright bymindthebridgefoundation

30 Startup'Europe'Partnership SEP'Policy'Report' 'March' AboutMindtheBridgeFoundation MindtheBridgeisaFoundationthatrunsprogramstosupportallactorsinentrepreneurial ecosystems. MindtheBridgehasitsheadquarterinSanFrancisco(CA),whereitrunsa3OweekStartup SchoolPrograminitsincubatorMindtheBridgeGym,aweeklongschoolforAngel InvestorsandanIntraQpreneurshipprogramforexecutives.MindtheBridgehasalsobeen chosenbytheeuropeancommissiontodrive StartupEuropePartnership(SEP),thepanO Europeanopeninnovationplatformtoconnectstartupstolargecorporatesandinvestors.The FoundationrunsitsoperationsalsoinItaly,andLondon(UK).

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