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European Venture Capital: Myths and Facts

There is a widely held perception that Europe is lagging behind the US in most dimensions with respect to the financing of entrepreneurship. Exit opportunities are seen as less favourable, the level of expertise of European VCs is criticised, and the pool of entrepreneurs is believed to be smaller due to an existence of stigma of failure.

This new research, sponsored by the BVCA, challenges these myths using the most extensive firm-level data set from Dow Jones VentureSource. It examines the determinants of successful exits in European venture capital transactions and compares them to US transactions. The study shows that the US and Europe have roughly the same likelihood of an IPO exit, though Europe underperforms the US in trade sales indicating that the difference in success rates is due to a lower probability of trade sales in Europe.

The report further finds that previously successful serial entrepreneurs tend to perform better both in Europe and the US, which also explains the difference in success rates between the two regions as serial entrepreneurs in Europe account for less than half of those in the US. The study does not find any evidence of stigma of failure implying that the difference in the success rates may be due to a smaller pool of entrepreneurs in Europe.

Finally, experience of the venture capitalists was found to be strongly related to success. This is good news for Europe since VC experience in Europe has gone up in the last couple of years.

........(계속)

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