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Policies for Seed and Early Stage Finance: Findings from the 2012 OECD Financing Questionnaire


  • Karen E. Wilson


  • Filipe Silva



This 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 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 role of evaluation and the need to better link policy objectives and outcomes are also discussed.

Suggested Citation

  • Karen E. Wilson & Filipe Silva, 2013. "Policies for Seed and Early Stage Finance: Findings from the 2012 OECD Financing Questionnaire," OECD Science, Technology and Industry Policy Papers 9, OECD Publishing.
  • Handle: RePEc:oec:stiaac:9-en
    DOI: 10.1787/5k3xqsf00j33-en

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    Cited by:

    1. Zhang, Jing & Fan, Yueqi & Liu, Ye, 2024. "The effects of government venture capital: New evidence from China based on a two-sided matching structural model," Journal of Corporate Finance, Elsevier, vol. 84(C).
    2. Silva Filipe & Carreira Carlos, 2017. "Financial Constraints: Do They Matter to Allocate R&D Subsidies?," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 17(4), pages 1-26, October.
    3. Wendy A. Bradley & Gilles Duruflé & Thomas F. Hellmann & Karen E. Wilson, 2019. "Cross-Border Venture Capital Investments: What Is the Role of Public Policy?," JRFM, MDPI, vol. 12(3), pages 1-22, July.
    4. Michel Dumont & Chantal Kegels, 2016. "Working Paper 06-16 - Young Firms and Industry Dynamics in Belgium," Working Papers 1606, Federal Planning Bureau, Belgium.
    5. Karsai, Judit, 2015. "Állami szerepvállalás a kelet-közép-európai kockázatitőke-piacon [The role of government in the Central and East European venture-capital market]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(11), pages 1172-1195.
    6. Felipe Balmaceda, 2018. "Entrepreneurship: skills and financing," Small Business Economics, Springer, vol. 50(4), pages 871-886, April.
    7. Kraemer-Eis, Helmut & Lang, Frank & Gvetadze, Salome, 2013. "European Small Business Finance Outlook: December 2013," EIF Working Paper Series 2013/20, European Investment Fund (EIF).
    8. Qilin Cao & Anhong Hou & Xiang Li & Chunxue Jiang, 2022. "Spatial Impact of Government Venture Capital on Urbanization and Its Path—Evidence from the Yangtze River Delta Urban Agglomeration in China," Land, MDPI, vol. 12(1), pages 1-21, December.
    9. Karen E. Wilson & Marco Testoni, 2014. "Improving the role of equity crowdfunding in Europe's capital markets," Policy Contributions 844, Bruegel.
    10. Sander Wennekers & al et, 2014. "Entrepreneurship in the Netherlands - The Top sectors," Scales Research Reports A201417, EIM Business and Policy Research.
    11. Ali-Yrkkö, Jyrki & Pajarinen, Mika & Ylhäinen, Ilkka, 2019. "Business Angel Investment, Public Innovation Funding and Firm Growth," ETLA Reports 97, The Research Institute of the Finnish Economy.
    12. Robyn Owen (Baldock) & Colin Mason, 2017. "The role of government co-investment funds in the supply of entrepreneurial finance: An assessment of the early operation of the UK Angel Co-investment Fund," Environment and Planning C, , vol. 35(3), pages 434-456, May.
    13. Marina B. Trachenko & Anastasia V. Kozhanova, 2019. "Specifics of Startup Financing at Different Stages of the Life Cycle," Finansovyj žhurnal — Financial Journal, Financial Research Institute, Moscow 125375, Russia, issue 5, pages 90-103, October.
    14. Dan Andrews & Chiara Criscuolo, 2013. "Knowledge-Based Capital, Innovation and Resource Allocation," OECD Economics Department Working Papers 1046, OECD Publishing.
    15. Borello, Giuliana & De Crescenzo, Veronica & Pichler, Flavio, 2019. "Factors for success in European crowdinvesting," Journal of Economics and Business, Elsevier, vol. 106(C).
    16. Judit Karsai, 2015. "Are CEE states successful as venture capitalists?," CERS-IE WORKING PAPERS 1539, Institute of Economics, Centre for Economic and Regional Studies.

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