UK - BVCA research recommends policy initiatives for UK venture

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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