An assessment of the business impacts of the UK's Enterprise Capital Funds

Owen, Robyn ORCID logoORCID: (2016) An assessment of the business impacts of the UK's Enterprise Capital Funds. Environment and Planning C: Government and Policy, 34 (8) . pp. 1556-1581. ISSN 0263-774X [Article] (doi:10.1177/0263774X15625995)

PDF - Published version (with publisher's formatting)
Available under License Creative Commons Attribution-NonCommercial 4.0.

Download (231kB) | Preview


Recent European studies present persistently critical views of the under performance of government backed venture capital (GVC) schemes when compared to their private sector counterparts. However, they assess the performance of outmoded funding models and fail to contextualise the economic development role of these schemes.

This paper provides a contemporary assessment of the business impacts of the UK government’s flagship Enterprise Capital Funds (ECFs) VC scheme in addressing the sub-£2m equity finance gap facing young potential high growth businesses requiring investments. Supply and demand-side evidence is presented from interviews with ECF fund managers, alternative private VCs, industry experts and surveys of successful and unsuccessful scheme applicants.

We find that, despite the limitations of mid-scheme evaluation, ECFs are addressing the UK equity gap and delivering business employment, revenue and innovation impacts. However, further progress is required in order to achieve optimal business exits and sustainable early stage private VC system impacts.

Item Type: Article
Keywords (uncontrolled): Government Venture Capital; Potential High Growth SMEs
Research Areas: A. > Business School > Centre for Enterprise and Economic Development Research (CEEDR)
Item ID: 18866
Useful Links:
Depositing User: Stanislava Angelova
Date Deposited: 12 Feb 2016 11:15
Last Modified: 29 Nov 2022 21:26

Actions (login required)

View Item View Item


Activity Overview
6 month trend
6 month trend

Additional statistics are available via IRStats2.