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This note describes the methodology for conducting country reviews of venture capital policies as part of the project of the OECD Committee on Industry and Business Environment (CIBE) on Growth Follow-up: Micro-Policies for Growth and Productivity. It is used by the OECD Secretariat in preparing country notes for peer reviews in the Committee and can be used by individual countries to conduct their own internal policy reviews. The CIBE intent is to review a broad set of countries consistently to identify effective practices that can serve as a guide for policy reform. To facilitate comparability, it is suggested that each country study follow an identical structure and seek to respond to a common set of questions in two areas: trends in venture capital markets and trends in venture capital policies.
Part I. Venture capital market characteristics (general questions) -- Please provide the following information for reference years available between 1990 (or earliest year available) and 2002.
Venture capital under management - What is the total amount of venture capital under management per year as a share of GDP?
Venture capital investment -- What is total venture capital investment per year as a share of GDP?
Venture capital investment by stage and deal size - How is venture capital investment allocated among early stage (seed and start-up), expansion stage ("follow-on") and later stage (management buy-outs and buy-ins)? What is the trend in average deal size?
Venture capital investment by sector -- What is the breakdown of venture capital investment by sector, particularly in terms of technology-based sectors (ICT, biotechnology) and other industries?
Funds raised by source -- What is the major source of venture capital (e.g. pension funds, insurance companies, banks, corporate venturing, private individuals, government, private funds)? What is the role of international flows of venture capital? Which foreign countries are the major investors?
Business angels -- What is the role of business angels (private individuals)? What is the estimated size of the informal venture capital market? Are there business angel networks?
Exit methods -- What is the preferred exit method (trade sale, IPO, other) used by venture firms and venture funds?
Evaluation -- Have there been any evaluations or studies of venture capital funds? Is there any information on rates of return?
Part II. Government policies and programmes (past and present) --Please indicate current and past government policies and programmes in each of the designated areas that have been used to facilitate the development of venture capital markets.
Regulations concerning institutional investors -- What are government regulations concerning the ability of institutional investors (pension funds, insurance funds) to invest in venture capital? What are government regulations concerning the creation of "funds of funds"?
Tax incentives -- Are there any special tax incentives for venture capital investments (e.g. reduced rates of capital gains tax or reliefs on corporate tax)?
Government equity investments -- What are the government programmes or schemes, which provide equity to small firms or to venture capital funds? Are there regional venture capital funds supported fully or in part by government? What are the government programmes, which guarantee equity investments in small firms or in/by venture capital funds?
Business angel networks -- What are the government programmes to support business angels or to connect wealthy individuals with small firms needing investments (e.g. electronic networks, angel support programmes)?
Second-tier stock markets -- What is the total capitalisation, number of firms listed and number of initial public offerings (IPOs) on secondary stock markets?
Evaluations -- What are the results/findings of evaluations of these government initiatives in the venture capital area?
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