Venture capital (VC) originated in the United States and has been developing since the mid-20th century. Europe's VC scene started later and experienced rapid growth in the 1990s. In recent years, Europe's venture capital scene has been narrowing the gap with the US. However, due to the lack of comprehensive and thorough VC databases, manual data collection is extremely difficult, with various data being scattered and difficult to interrelate. Early research on European venture capital primarily focused on qualitative analysis. The VICO database was created to address this issue, combining data from multiple databases, exploring data collection channels, and employing manual verification methods to pave the way for quantitative analysis of the European VC market. This paper conducts a descriptive analysis of the main tables in the VICO database, providing an overview of the current European VC market and offering assistance for start-ups seeking investment and investors making investment decisions. The study analyses the aspects of type, age, distance, localisation, and size from the perspectives of investors, investee companies, and investments. Additionally, this paper utilises the RCA index and Spearman's rank correlation to preliminarily analyse the differences in investment patterns among various types of European VCs and compares them with US VC investment patterns. The research uses four tables from the VICO 5.0 database, including investments, investors, companies, and accounting, covering the period from 1st January 1998 to 31st December 2018, and examines the investment activities of five types of VC investors (IVC, CVC, GVC, BVC, UVC) in the European market. The study results indicate that IVCs dominate the European VC market, with investor investment patterns being generally conservative, and start-ups initially facing a difficult-to-resolve financing gap. The 2007-2008 global financial crisis had a significant impact on IVC and CVC investment patterns, resulting in structural disruptions. Over the past 20 years since 1998, there have been differences in investment patterns among various types of European VC investors, with some connections between countries, but these patterns differ significantly from those of US VC investors.
Il venture capital (VC) ha avuto origine negli Stati Uniti e si è sviluppato a partire dalla metà del XX secolo. Il panorama del VC in Europa ha avuto un inizio più tardivo e ha conosciuto una rapida crescita negli anni '90. Negli ultimi anni, il settore del venture capital in Europa si sta avvicinando a quello degli Stati Uniti. Tuttavia, a causa della mancanza di database completi ed esaurienti sul VC, la raccolta manuale dei dati risulta estremamente difficile, con dati vari che risultano dispersi e difficili da correlare. Le prime ricerche sul venture capital europeo si sono concentrate principalmente sull'analisi qualitativa. Il database VICO è stato creato per far fronte a questa problematica, combinando dati provenienti da più database, esplorando canali di raccolta dati e utilizzando metodi di verifica manuale per preparare il terreno per l'analisi quantitativa del mercato del VC europeo. Questo studio conduce un'analisi descrittiva dei principali sottodataset del database VICO, fornendo una panoramica del mercato del VC europeo attuale e offrendo assistenza alle startup in cerca di investimenti e agli investitori nella formulazione di decisioni di investimento. L'analisi esamina gli aspetti di tipo, età, distanza, localizzazione e dimensioni dal punto di vista degli investitori, delle aziende investite e degli investimenti. Inoltre, il presente lavoro utilizza l'indice RCA e la correlazione di grado di Spearman per analizzare preliminarmente le differenze nei modelli di investimento tra i vari tipi di VC europei e li confronta con i modelli di investimento del VC statunitense. La ricerca utilizza quattro sottodataset del database VICO 5.0, che includono investimenti, investitori, aziende e contabilità, coprendo il periodo dall'1 gennaio 1998 al 31 dicembre 2018, ed esamina le attività di investimento di cinque tipi di investitori VC (IVC, CVC, GVC, BVC, UVC) nel mercato europeo. I risultati dello studio indicano che gli IVC dominano il mercato del VC europeo, con modelli di investimento degli investitori generalmente conservativi, e le startup inizialmente confrontate con un divario di finanziamento difficile da colmare. La crisi finanziaria globale del 2007-2008 ha avuto un impatto significativo sui modelli di investimento di IVC e CVC, provocando interruzioni strutturali. Nel corso dei 20 anni successivi al 1998, sono emerse differenze nei modelli di investimento tra i vari tipi di investitori VC europei, con alcune connessioni tra i paesi, ma questi modelli differiscono notevolmente da quelli degli investitori VC statunitensi.
Exploring the landscape of venture capital in Europe : a descriptive analysis based on VICO 5.0
Yang, Meiqingsheng
2022/2023
Abstract
Venture capital (VC) originated in the United States and has been developing since the mid-20th century. Europe's VC scene started later and experienced rapid growth in the 1990s. In recent years, Europe's venture capital scene has been narrowing the gap with the US. However, due to the lack of comprehensive and thorough VC databases, manual data collection is extremely difficult, with various data being scattered and difficult to interrelate. Early research on European venture capital primarily focused on qualitative analysis. The VICO database was created to address this issue, combining data from multiple databases, exploring data collection channels, and employing manual verification methods to pave the way for quantitative analysis of the European VC market. This paper conducts a descriptive analysis of the main tables in the VICO database, providing an overview of the current European VC market and offering assistance for start-ups seeking investment and investors making investment decisions. The study analyses the aspects of type, age, distance, localisation, and size from the perspectives of investors, investee companies, and investments. Additionally, this paper utilises the RCA index and Spearman's rank correlation to preliminarily analyse the differences in investment patterns among various types of European VCs and compares them with US VC investment patterns. The research uses four tables from the VICO 5.0 database, including investments, investors, companies, and accounting, covering the period from 1st January 1998 to 31st December 2018, and examines the investment activities of five types of VC investors (IVC, CVC, GVC, BVC, UVC) in the European market. The study results indicate that IVCs dominate the European VC market, with investor investment patterns being generally conservative, and start-ups initially facing a difficult-to-resolve financing gap. The 2007-2008 global financial crisis had a significant impact on IVC and CVC investment patterns, resulting in structural disruptions. Over the past 20 years since 1998, there have been differences in investment patterns among various types of European VC investors, with some connections between countries, but these patterns differ significantly from those of US VC investors.| File | Dimensione | Formato | |
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https://hdl.handle.net/10589/204419