The size and composition of the consortium constitutes a well suited and complementary mix of country-specific knowledge and methodological skills. Seven European countries are directly represented in the consortium:
ARMINES is a non-profit making organisation funded in 1967. ARMINES has been taking part in major European research programmes for over 15 years and set up a special European Affairs Unit in 1993 to support researchers involved in such programmes. The European Affairs Unit of ARMINES currently manages 20 European projects as Coordinator and is involved in 110 other projects as partner. Since 2007 ARMINES is also member of the FP7 National Contact Point dedicated to the administrative, financial and legal issues for France.
ARMINES will also be the administrative, financial, and legal Coordinator responsible for ensuring that the consortium meets its contractual commitments towards the European Commission (WP 12). As Coordinator, ARMINES will organise all correspondence between the European Commission and the participants in the project. Silvère Dernouh is the Head for European Affairs since 2007, leading a team of four persons. He is the contact point for FP7 thematic SSH. He is member of the European Association of Research Managers & Administrators (EARMA) and the French Club of European Project Managers (CLUB EPM). He is involved within the French National Contact Point (NCP) dedicated to the Administrative, Financial and Legal matters for FP7 (PCN AFINAJ). Pauline Borgniet (AFL Manager of the project) has been working in ARMINES since 2005 and currently manages the financial, administrative and legal issues of 7 European projects coordinated by ARMINES either in FP6, FP7 or EIE programs. She is the contact point within Armines for European funds in the field of environment, energy and transports.
The Centre de Sociologie de l’Innovation (CSI) is part of the Ecole Nationale Supérieure des Mines de Paris. The research group on Innovation, entrepreneurship and public policy has a strong experience of managing and conducting large research programmes since it participated in various project promoted by the EC (currently the PRIME Network of Excellence and the PICO project), the French Ministry of Research, the French Ministry of Industry, and various public and private institutions. The team will participate in 4 WPs and coordinate WP9.
This research team is under direction of Philippe Mustar, Professor of Innovation, Entrepreneurship and Public Policy. He is a specialist in innovation policies publishing on high tech SMEs and start-ups and the strategic management of research and technology. He is the author or coauthor of books and articles on innovation policies, high tech SMEs and start-ups, and the strategic management of research and technology.
The research group also includes Prof. Michel Callon who is one of the founder of the sociology of science and innovation, as well as two research assistants and two PhD students: Marie Renault and Liliana Doganova.
Mustar P., (1998), “Partnerships, configurations and dynamics in the creation and development of SMEs by researchers”, Industry and Higher Education, pp. 217-221.
Politecnico di Milano is the largest Italian university in Engineering, Architecture and Industrial Design. The Department of Management, Economics and Industrial Engineering (DIG) is one of the largest in the University. The Politecnico team will provide the scientific coordination, participate in 7 WPs and coordinate two of them. It has significant knowledge in the field of technology-based entrepreneurship and has developed the RITA Observatory. The Observatory was launched in 1999 to analyse the structural characteristics and post-entry performances of Italian NTBFs. Particular attention has been devoted to the financing issues related to NTBFs.
The project leader of the RITA Observatory is Massimo G. Colombo, full professor of Economics of Technical Change at Politecnico di Milano. His areas of research include among others the organization, strategy and financing of entrepreneurial ventures. He participated in various applied research projects promoted by the EC, the Italian National Research Council, and the Italian Ministry of Research, among others. He is currently participating in the Venture Fun and Rebaspinoff projects, funded through the PRIME Network of Excellence, and the PICO project funded by the 6th EU framework program of which he also chairs the steering committee. He is author or co-author of 9 books and more than 40 publications in international journals such as the Journal of Industrial Economics, the Journal of Banking and Finance, Research Policy and the Strategic Management Journal. The team will also include an associate professor, Giancarlo Giudici, two assistant professors, Fabio Bertoni and Luca Grilli, two research fellows, Annalisa Croce and Evila Piva and two PhD students, Massimiliano Guerini and Diego D'Adda.
Bertoni, F., Colombo M.G., Croce A., Piva E. (2006), “A review of the venture capital industry in Italy” in Greg N. Gregoriou, Maher Kooli, and Roman Kraeussl (eds.), Venture Capital in Europe, Amsterdam: Elsevier, 129-143.
Bertoni, F., Colombo M.G., Croce A., (2006), “Venture Capital and the investments of New Technology Based Firms” RENT Conference, Bruxelles (awarded the 2006 Gate2Growth 2nd Best Paper Award)
Bertoni, F., Colombo M.G., Grilli L., (2006), “Venture Capital Financing and the Growth of New Technology-Based Firms: A Longitudinal Analysis”, European Economic Association Annual Conference, Vienna
Colombo, M.G., Grilli, L., Verga, C., (2007) “High-tech start-up access to public funds and venture capital: evidence from Italy”, International Review of Applied Economics, forthcoming.
Colombo, M.G., Grilli, L., (2005) “Start-up size: The role of external financing”, Economic Letters, , 88, 243-250.
Colombo, M.G., Grilli, L., (2005), “Funding gap? Access to bank loans by high-tech start-ups”, Small Business Economics, 2005, 20, 1-22.
Bertoni F., Giudici G., (2003), "New Stock Markets in Europe: a ‘New’ Exit for Venture Capital Investments" in A. Ginzsberg, I. Hasan, (eds.), "New Venture Investment", Elsevier-Stern School of Business, New York.
Giancarlo Giudici, Stefano Paleari (2000), "The Optimal Staging of Venture Capital Financing when Entrepreneurs Extract Private Benefits from Their Firms", Enterprise and Innovation Management Studies, 2000, 1, 2, 153-74.
Giancarlo Giudici, Stefano Paleari (2000), "The Provision of Finance to Innovation: A Survey Conducted among Italian Technology-based Small Firms", Small Business Economics Journal, 2000, 14, 37-53.
The Università Carlo Cattaneo - LIUC was established in 1991 by the Industrial Association of the Province of Varese (UNIVA). The university has three faculties, Economics, Law and Engineering. At the moment there are nine research departments, each one dedicated to a different strategic area, and one national observatory, the Private Equity Monitor on Italian private equity observatory.
The team will participate in 4 WPs and coordinate WP4, which is related to the factors determining the evolution of venture capital investments.
Anna Gervasoni is Associate Professor of Corporate Finance and Director of Master in Merchant Banking at University Carlo Cattaneo – LIUC. President of Scientific Committee of Private Equity Monitor – PEM, Italian private equity observatory (PEM has built a unique proprietary database of over 630 private equity and venture capital deals in Italy, since 1998 to 2006) and Director of Research Centre of Management and Infrastructures (CRMT), specialized in development of project finance models and other forms of Public Private Partnership for financing infrastructures. She is General Manager of AIFI, Italian Private Equity and Venture Capital Association, since 1986, the Association foundation year. President of Investments Committee of American Chamber of Commerce in Milan, member of the Board of IBAN, Italian Business Angel Network. She represented Italy in Expert Group “Removing obstacles for cross-border investments” of UE Commission. She is member of the Strategic Steering Committee for the development of the Italian Financial Market of the Economy Ministry. She published more than 60 papers and books on private equity and venture capital, entrepreneurship, corporate finance, corporate development and related topics. She is editor for “Quaderni sull’investimento nel capitale di rischio” (Journal of private equity) edited by EGEA, Milan.
The team also includes two professors Francesco Bollazzi and Roberto Del Giudice, and a PhD student, Massimiliano Sartori.
ETLA, the Research Institute of the Finnish Economy is a private independent non-profit research organisation that carries out research in economics and business administration on topics that are central to Finland’s international competitiveness and economic performance. The institute provides important support to decision-making on key issues of economic policy.
ETLA has a proprietary database on SMEs in all industries, including practically all SMEs in the country. In addition, ETLA has collected survey-based data on a variety of aspects of high-tech industries and comprehensive databases of Finnish firms in bio- and nanotechnology.
Project participants from ETLA, The Research Institute of the Finnish Economy, include Dr. Terttu Luukkonen and a PhD student (to be nominated).
The team will participate in 4 WPs and coordinate two of them.
Terttu Luukkonen is a Head of Unit at the Research Institute of the Finnish Economy. She is Docent at three Finnish universities and she has been consultant to the OECD, UN ECE, the Nordic Council of Ministers, and the EU Commission on matters related to research and innovation policies and their evaluation. Terttu Luukkonen has published widely in research policies and innovation studies. She is on Editorial (Advisory) Boards of several journals in the area, including Research Policy.
Terttu Luukkonen’s research interests include systemic factors which promote the development of high tech industries, the evolution and prospects of Finnish biotechnology industry, the role and effectiveness of research and technology policy in the promotion of knowledge-based societies and, more particularly, high-tech industries. In recent years, Terttu Luukkonen has studied the role of venture capital in the promotion of high tech industries, and has coordinated a project entitled VENTURE FUN (1-2) within the PRIME Network of Excellence. She has organized a number of international workshops and conferences over the past twenty years.
Terttu Luukkonen, Tarmo Lemola (guest editors), Research Policy, Special Issue: EU Research Funding Policy, Vol. 27 No. 6 (1998) 559-654.
Terttu Luukkonen, Technology and Market Orientation in Company Participation in the EU Framework Programme, Research Policy, 31, 3, 2002, 437-455.
Terttu Luukkonen, Variability in Organisational Forms of Biotechnology Firms, Research Policy 34 (2005), 555-570.
Terttu Luukkonen, Christopher Palmberg, Living up to the Expectations Set by ICT? The Case of Biotechnology Commercialization in Finland, Technology Analysis & Strategic Management, Vol. 19, No. 3, 329–349, May 2007.
The ZEW (Zentrum für Europäische Wirtschaftsforschung) is a non-profit economic research institute with the legal form of a limited liability company (GmbH). The research institute distinguished itself, inter alia, in the analysis of internationally comparative questions in the European context and in the creation of data bases which are eminently important as a basis for scientific research (ZEW foundation panels and Zephyr).
The team composed by Dr. Tereza Tykvová and Diana Heger will participate in 5 WPs and coordinate one of them (WP5).
Tereza Tykvová is a senior researcher in the Department International Finance and Financial Management. Her fields of interests are corporate governance and corporate finance, in particular venture capital, private equity and IPOs. Her research focused on venture capital financing, initial public offerings and performance of firms backed by different types of venture capitalists in Germany. She published in Journal of Economic Surveys, Review of Financial Economics, and the Global Finance Journal.
Diana Heger studied economics at the Universities of Tuebingen, Turin and Mannheim. Her studies focused on econometrics, finance and game theory. Since April 2003 she has been working at the ZEW research department of Industrial Economics and International Management.
Tykvova, Tereza (2007), Who Chooses Whom? Syndication, Skills and Reputation, Review of Financial Economics 16(1), 5-28.
Tykvova, Tereza (2007), What Do Economists Tell Us About Venture Capital Contracts, Journal of Economic Surveys 21(1), 65-89.
Tykvova, Tereza and Uwe Walz (2007), How Important is Participation of Different VCs in German IPOs?, Global Finance Journal 17, 350-378.
Heger, Diana, Andreas Fier and Gordon Murray (2005), Review Essay: Regional Venture Capital Policy: UK and Germany Compared, Venture Capital 7, 373-383.
The UCM is the largest and most renowned University in Spain, with over 700 years of history, and nearly 100.000 students. José Martí Pellón is Professor of Financial Management at the School of Business of the Universidad Complutense de Madrid (UCM).
Since 1985, José Martí Pellón has conducted yearly Venture Capital & Private Equity (VC & PE) activity surveys in Spain on behalf of the Spanish VC & PE Association. He also provides Spanish data to the EVCA’s Yearbooks since 1992. He has also conducted a pilot study on the economic and social impact of VC & PE investments in Spain. José Martí Pellón is co-owner of proprietary data on VC & PE in Spain.
He will participate in 5 WPs and coordinate WP10, which is related to the data collection process. He elaborated the full list of individual investments performed in Spain since 1991. In addition to identifying and finding data about the VC & PE commitment, the WP will include gathering profit & loss accounts and balance sheets, as well as other relevant information on the investee companies. The process of data collection will also require the creation of macros to homogenise and process data from different sources and in different formats.
The team includes two assistant professors, Marina Balboa and Luisa Alemany and two PhD students, Nina Zieling and Jubal Sánchez Atencio.
Alemany, L. and Martí, J. (2006): “Productivity growth in Spanish venture-backed firms”, en Gregoriou, Kooli y Kraeussl (2006): Venture Capital in Europe, Elsevier, London, 100-114.
Balboa, M; Martí, J. and Zieling, N. (2006): "Does venture capital really improve portfolio companies’ growth? Evidence from growth companies in continental Europe”, EFMA Conference, Madrid.
boa, M. y Martí, J. (2006): “Overreaction in venture capital and private equity markets: evidence from European markets before the burst of the bubble”, in: Barnes, P. (2006): Economic Perspectives on Innovation and Invention. Nova science, 1-22.
Martí, J. (2002): Oferta y Demanda de Capital Riesgo en España. 2001, Editorial Civitas, Madrid.
Martí, J. and Balboa, M., (2006): “A framework for self regulation in venture capital and private equity: evidence in European markets”. International Journal of Entrepeneurship and Innovation Management, volumen 6, números 4/5, pp. 395-411.
University College London is a community of 27,000 staff and students engaged in productive partnerships in Europe and around the world. An outstanding range of UCL expertise is engaged with international networks of students and researchers, former staff and students, visionary companies, research organisations, local and national governments, and international policymaking and regulatory bodies. More than 4,000 academic and research staff in 72 departments are dedicated to research and teaching of the highest standards. UCL has the highest number of professors of any university in the UK, with more than 600 established and personal chairs, as well as the highest number of female professors. Nobel Prizes have been awarded to 19 academics and graduates. We have hundreds of collaborative research and teaching partners, including almost 150 research links and 129 student-exchange partnerships with European universities.
Innovative partnerships with commerce and industry are of great importance to UCL, including a research and graduate training centre at BT's Adastral Park, as well as a £4.6-million programme to equip UCL's scientists and engineers with enterprise and business skills. Most of the cross-country comparative research on entrepreneurship in Europe is conducted at the School of Slavonic and East European Studies, which main region of interest relates to thirty countries that emerged from the former Soviet block after 1989, with particular focus on the ten new EU member states.
The UCL team will participate in 2 WPs and coordinate WP 5. On this proposal, UCL is represented by Dr. Tomasz Mickiewicz, who has wide experience with funded research, which includes coordination and participation in Framework 5, ACE-Phare and many other programmes. In particular, Dr. Mickiewicz participated in two recent EU funded EU DG enterprises studies. He has considerable experience with handling the Global Enterprise Monitor data to be used on this project and collaborates with Dr. Ruta Aidis, Prof. Slavo Radosevic (both at UCL), Prof. Saul Estrin (LSE), Prof. Igor Filatotchev (Cass Business School) and Dr. Natalia Isachenkova (Kingston Business School) on entrepreneurship, finance and innovation, as exemplified by some of his most recent work.
Filatotchev, I., Isachenkova, N., Mickiewicz, T. (2007). Ownership Structure and Investment Finance in Transition Economies. Economics of Transition. 16 (3). Forthcoming.
Aidis, R., Mickiewicz, T., Sauka, A. (2007). Optimism and Realism as Factors of Entrepreneurial Performance. Paper to be presented at International Council For Small Business Annual Conference, Turku, Finland.
Tomasz Mickiewicz and Slavo Radosevic (2005). Innovation Capacities of the six EU Candidate Countries: Comparative Data Based Analysis. Report commissioned by the EU, Contract INNO-99-02.
Sophie Manigart is full professor of corporate finance and director of the Master in Financial Management at the Vlerick Leuven Gent Management School and at Ghent University. Her area of expertise is the financing of entrepreneurial ventures, both from the supply and the demand side. She serves on the advisory board of Baekeland Fund and Baekeland Fund II, the seed capital funds of Ghent University. She was the founder of the first business angel network in Belgium (Vlerick BAN) in 1999 and still is board member of BAN Vlaanderen, the only business angel network in Flanders.
Sophie Manigart is currently member of the editorial board of Journal of Business Venturing, Journal of Management Studies, Entrepreneurship: Theory and Practice and Venture Capital. She is the principal promotor of the “Knowledge Center on Entrepreneurship and Innovation” of the Flemish Ministry of Economic Affairs, a policy-driven academic based research center grouping four research teams from the Vlerick Leuven Gent Management School, Ghent University and Katholieke Universiteit Leuven, among which Prof. Bart Clarysse is one of the promotors. She is responsible for the “venture capital and private equity” research in the Knowledge Center.
The team will be involved in 7 WPs and coordinate one of them (WP 1). The team includes a postdoctoral researcher Miguel Meuleman, and 4 Ph. D. Students Veroniek Collewaert, Tom Vanacker, Sofie De Prijcker, David Devigne.
2007 - Christof Beuselinck and Sophie Manigart. Financial Reporting Quality in Private Equity Backed Companies: The Impact of Ownership Concentration. Small Business Economics, forthcoming.
2006 - Sophie Manigart, Veroniek Collewaert, Mike Wright, Sarika Pruthi, Andy Lockett, Hans Bruining, Ulrich Hommel and Hans Landström. Human capital and the internationalisation decision of venture capital firms. International Entrepreneurship and Management Journal, 3(1):109-125.
2005 - Gary D. Bruton, Vance H. Fried and Sophie Manigart. Institutional influences on the worldwide expansion of venture capital. Entrepreneurship Theory and Practice, November: 737-760.
2004 - Mike Wright, Andy Lockett, Sarika Pruthi, Sophie Manigart, Harry Sapienza, Philippe Desbrières and Ulrich Hommel. Venture capital investors, capital markets, valuation and information: US, Europe and Asia. Journal of International Entrepreneurship, 2(4): 305-326.
2003 - Katleen Baeyens and Sophie Manigart. Dynamic financing strategies: The role of venture capital. Journal of Private Equity, 7(1):50-58.
2002 - Sophie Manigart, Koen De Waele, Mike Wright, Ken Robbie, Philippe Desbrières, Harry Sapienza en Amy Beekman. Determinants of required returns in venture capital investments : A five country study. Journal of Business Venturing, 17(4):291-312.
2002 - Sophie Manigart, Katleen Baeyens en Wim Van Hyfte. The survival of venture capital backed companies. Venture Capital, 4(2):103-124.
2000 - Sophie Manigart, Koen De Waele, Mike Wright, Ken Robbie, Philippe Desbrières, Harry Sapienza and Amy Beekman. Venture Capitalists, Investment Appraisal and Accounting Information: A Comparative Study of the US, UK, France, Belgium and Holland. European Financial Management 6(3): 389-403.
The research group at the University of Ghent will participate in WP 8, WP 9, WP 10 and WP 11.
The research group is under direction of Prof. Bart Clarysse. Main research topics of the group are entrepreneurship and innovation, entrepreneurial finance and R&D management. Prof. Bart Clarysse has published several books on high-tech ventures, with specific attention on financing ventures, during the past few years. Furthermore, he has published in internationally recognized journals such as Journal of Business Venturing, Research Policy, International Journal of Technology Management, ET&P about high tech start-ups and financing in particular. He is the scientific director of the Gate2Growth doctoral program on innovation and entrepreneurship and scientific director of the policy unit on entrepreneurship, Innovation and Finance. Since 1997, he is a professor at the University of Ghent and at Vlerick Leuven Gent Management School. From 1996 to 1999 he acted as a national expert for the European Commission regarding the commission’ technology policy. Since 1998, he is a scientific advisor for the IWT in topics regarding the Flemish innovation and technology policy.
For this project, Prof Bart Clarysse will be assisted by Prof. Mirjam Knockaert. Before starting to work as a researcher, she gained experience as an auditor for Ernst & Young. In 1999, she started her scientific career at the Vlerick Leuven Gent Management School in the Competence Centre Accounting and Finance, where she was involved in several projects regarding venture capital and financing of SMEs. In 2005, she obtained her PhD with her work on venture capital for early stage high-tech companies. She published in the International Journal of Technology Management and is the co-author of several book chapters on entrepreneurial finance.
The team also includes Mike Wright who holds an associated professorship position at the University of Ghent. Prof. Wright published 50 authored/edited books and 250 academic papers on venture capital, private equity, technology transfer and related topics. Furthermore he will provide crucial knowledge to the team as of the characteristics of the venture capital and private equity industry in the UK.
Knockaert M.; Lockett A.; Clarysse B. & Wright M., 2006, Do human capital and fund characteristics drive follow-up behaviour of early stage high-tech VCs?, International Journal of Technology Management. 34 (1/2): 7 -27.
Wright M.; Lockett A.; Clarysse B. & Binks M., 2006, University spin-out companies and venture capital, Research Policy. 35 (4): 481 -501.
Clarysse B.; Roure J. & Schamp T., 2006, Entrepreneurship and the financial community - Starting up and growing new businesses. 192 p. Edward Elgar.
Clarysse B.; Wright M.; Lockett A.; Van de Velde, E. & Vohora, A., 2005, Spinning out new ventures: a typology of incubation strategies from European research institutions, Journal of Business Venturing, 20 (2), p183-216.
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