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Out of the blind alley. State venture capital and innovation

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Karsai J.

Kozgazdasagi Szemle (Economic Review)

2007

vol. 54

issue 12

1085-1102

The Hungarian state since the change of system has seen raising supply as the way to help innovative firms find venture capital. Hitherto it has used a method increasingly exceptional (and obsolete) internationally: having investment firms and venture-capital funds in its exclusive ownership invest capital in firms selected by the state apparatus. But such state-owned investors tended to prefer traditional undertakings and had little effect on the development of innovative technology firms. The negative experiences and high costs of government capital injections have largely convinced governments abroad that using professional, exclusively profit-oriented investors is far more efficient than for the state itself to try to act as an experienced investor in new firms. While retaining its old investment policy, the Hungarian state began experimenting in 2007 under the Jeremie Programme with co-financing venture capital funds to ensure the venture capital market selects small and medium-sized firms preferred by the state. If the programme succeeds, the state's indirect financing method may allow the market to operate more efficiently, by offering capital under market conditions while ensuring the programme is self-financing.

'THE END OF THE GOLDEN AGE' THE DEVELOPMENT OF VENTURE CAPITAL IN CENTRAL AND EASTERN EUROPE (Az aranykor vege. A kockazatitoke-agazat fejlodese Kozep-Kelet-Europaban)

100%

Karsai J.

Kozgazdasagi Szemle (Economic Review)

2009

vol. 56

issue 1

46-68

The current downturn in the American and West European economies combined with increasing regulatory pressure on private equity throughout the developed world have made emerging markets an attractive destination for private equity. As part of such a market, the private equity industry of Central and Eastern Europe (CEE) was an accidental beneficiary of this, its attractiveness boosted also by the fact that the value added was resulting from the integral growth of companies rather than from leverage utilization. The crisis in the autumn of 2008 has turned growth financed by loans into a synonym for risk, so that the CEE countries as emerging markets have been placed at a disadvantage The current downturn in the American and West European economies combined with increasing regulatory pressure on private equity throughout the developed world have made emerging markets an attractive destination for private equity. As part of such a market, the private equity industry of Central and Eastern Europe (CEE) was an accidental beneficiary of this, its attractiveness boosted also by the fact that the value added was resulting from the integral growth of companies rather than from leverage utilization. The crisis in the autumn of 2008 has turned growth financed by loans into a synonym for risk, so that the CEE countries as emerging markets have been placed at a disadvantage

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Out of the blind alley. State venture capital and innovation

'THE END OF THE GOLDEN AGE' THE DEVELOPMENT OF VENTURE CAPITAL IN CENTRAL AND EASTERN EUROPE (Az aranykor vege. A kockazatitoke-agazat fejlodese Kozep-Kelet-Europaban)