BVCA recommends policy initiatives for UK venture

New research published in association with the BVCA suggests a series of policy initiatives to improve the environment for smaller businesses in the UK, including the establishment of a Government sponsored fund-of-funds.

According to the association's chief economist, Roger Kelly, a fund-of-funds with significant private sector involvement would be the most effective way to "help encourage the institutional investment necessary to sustain the venture capital market in the long term".

Of the six initiatives recommended, the BVCA deemed two others to be of particular importance: a review into the possible creation of a pan-European exchange to improve the exit environment for high-growth firms and the reform of public procurement policy to enable a greater proportion of innovative SMEs to win government contracts.

Other ideas include allowing non-executive directors and academics to participate in the Enterprise Management Incentive Scheme (EMI) and increasing R&D expenditures to meet the minimum criteria in the EU or match the US.

The report, titled 'Benchmarking UK Venture Capital to the US and Israel: What lessons can be learned', was undertaken by the 'Think, Play, Do Group' based at Imperial College.

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