Impressions of the First RICAFE Conference: Risk Capital and the Financing of European Innovative Firms

Extract

Risk capital plays a vital role for growth and jobs in Europe. It is against this background that the European Commission launched its 1998 Risk Capital Action Plan in order to eliminate persistent regulatory barriers that may impede the creation of a truly single market. In the framework of the Action Plan's implementation, a strong need was felt for research advice. Thus a Risk Capital and the Financing of the European Innovative Firms (RICAFE) research network was formed by members of the London School of Economics and Political Science (Financial Markets Group), the Centre for Financial Studies in Frankfurt, HEC School of Management Paris and Turin University. The project co-leaders of RICAFE are Professor D.C. Webb and Dr Marco Da Rin. RICAFE aims to achieve research breakthroughs in the economics of risk capital financing of innovative companies and to offer informed, insightful research advice to the commission, forming the basis of a blueprint for the implementation of the Risk Capital Action Plan. In the intellectually stimulating atmosphere of the financial Markets Group at the London School of Economics, the First RICAFE Conference was held on 24-25 October 2003.