Denmark has one of the lowest levels of venture capital investment as a share of GDP among OECD countries. The Danish government tried a number of supply-side initiatives in the 1990s with varying degrees of success. Problems stem from a lack of equity investment culture, the high levels and complexity of taxes, a dominant role played by banks in venture financing, and few contributions from other institutional investors. A new strategy focuses on providing seed capital to start-ups through a reorganised government equity fund and technology incubators. The challenge is to build on this momentum to further diversify early-stage financing and deepen the entrepreneurial culture. This paper analyses trends in Danish venture capital markets and makes policy recommendations which have been developed through an OECD peer review process ...

Politiques de capital-risque au Danemark

Au Danemark, le niveau des investissements en capital-risque, exprimé en pourcentage du PIB, est l’un des plus faibles des pays de l’OCDE. Dans les années 1990, le gouvernement a fait plusieurs tentatives pour agir du côté de l’offre, mais les mesures prises n’ont pas toujours obtenu le succès escompté. Les problèmes sont de plusieurs ordres : absence de culture de l’investissement à risque, niveaux élevés d’imposition et complexité du système fiscal, rôle prépondérant des banques et faible contribution des autres investisseurs institutionnels sur le marché. Une nouvelle stratégie a été adoptée qui table maintenant sur un fonds d’investissement public réorganisé et sur des incubateurs d’entreprises technologiques pour fournir des capitaux d’amorçage aux jeunes entreprises. Il faudra poursuivre dans cette voie pour diversifier encore davantage les financements proposés aux entreprises en phase de création et développer la culture de l’entreprenariat. La présente étude examine les ...

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Paper provided by OECD Directorate for Science, Technology and Industry in its series OECD Science, Technology and Industry Working Papers with number 2003/10.

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Date of creation: 25 Jun 2003
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Handle: RePEc:oec:stiaaa:2003/10-en

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