* Erik Vermeulen is Professor of Business and Financial Law at Tilburg University and Tilburg Law and Economics Center.
1 Victor W Hwang and Greg Horowitt, The Rainforest (Edition 1.02, Regenwald 2012).
2 See for instance Josh Lerner, ‘When Bureaucrats Meet Entrepreneurs: The Design of Effective Public Venture Capital Schemes’ (2002) 112 The Economic Journal 73.
3 Hwang and Horowitt (n 1) 10.
10 European Investment Fund (n 6).
11 For the crowding-in effect see for instance Massimo Colombo, Douglas Cumming, and Silvio Vismara, ‘Governmental Venture Capital for Innovative Young Firms’ (2016) 41 The Journal of Technology Transfer 10, 14.
12 Helmut Kraemer-Eis, Simone Signore, and Dario Prencipe, ‘The European Venture Capital Landscape: An EIF Perspective—Volume II: Growth Patterns of EIF-Backed Start-ups’ vol I (2016) 16 <www.eif.org/news_centre/publications/eif_wp_34.pdf> accessed 30 October 2017.
15 Regulation (EU) 1291/2013 of the European Parliament and the Council of 11 December 2013 establishing Horizon 2020—the Framework Programme for Research and Innovation (2014-2020) and repealing Decision No 1982/2006/EC  OJ L347/104.
21 European Commision, ‘Communication from the Commission to the European Parliament, the Council, the European Economic and Social Committee and the Committee of the Regions Action Plan on Building a Capital Markets Union’ COM (2015) 468 final.
24 European Commission, ‘Commission Staff Working Document Economic Analysis Accompanying the Document Communication from the Commission to the European Parliament, the Council, the European Economic and Social Committee and the Committee of the Regions Action Plan’ SWD (2015) 184 final 8.
25 Action Plan (n 21) 4–5.
26 Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010  OJ L174/1.
27 Rule 203(l)-1 (the ‘Venture Capital Rule’) codifying the exemption for venture capital fund advisers from registration under the Investment Advisers Act of 1940, as amended by the Private Fund Investment Advisers Registration Act of 2010; for analysis and comparison of VC regulation in general see Erik PM Vermeulen and Diogo Pereira Dias Nunes, ‘The Evolution and Regulation of Venture Capital Funds’  1 Topics in Corporate Law & Economics 3, <http://ssrn.com/abstract=2163193> accessed 1 June 2017.
29 Vermeulen and Pereira (n 27) 8.
32 Regulation (EU) 345/2013 of the European Parliament and of the Council of 17 April 2013 on European Venture Capital Funds  OJ L115/1; and Regulation (EU) 346/2013 of the European Parliament and of the Council of 17 April 2013 on European Social Entrepreneurship Funds  OJ L115/18.
33 Commision, ‘Proposal for Regulation of the European Parliament and of the Council Amending Regulation (EU) No 345/2013 on European Venture Capital Funds and Regulation (EU) No 346/2013 on European Social Entrepreneurship Funds’ COM (2016) 461 final.
35 Article 3(1)(d)(i) EuVECA.
36 Article 6(1)(a) and (b) EuVECA.
37 Article 3(1)(d) EuSEF.
40 See EuVECA and EuSEF Amendment Proposal (n 33) 15–21. These SME growth markets are for instance Entry Standard Deutsche Börse, Alternative Investment Market London SE, NewConnect Warsaw SE, mid-market Wiener Börse, First North Nasdaq OMX Nordic.
41 See EuVECA and EuSEF Amendment Proposal (n 33) 15–21.
47 See Mark Fenwick and Erik PM Vermeulen, ‘The New Firm: Staying Relevant, Unique & Competitive’ (Working Pa Lex Research Topics in Corporate Law & Economics Working Paper No 2015-5) 17–22.
48 Interview with Maya Grossman, Head of Global Communications, Microsoft Accelerator (Tilburg/Tel Aviv 7 December 2016).