Access to financing is a critical factor determining whether innovative firms can enter markets, expand their activities and challenge established competitors. As a result, competition in capital markets can have important implications for innovation, productivity and economic growth across the wider economy. Effective competition can give firms credible alternatives between providers and financing routes, influencing not only the availability and cost of capital, but also the governance, strategic and exit options available to them as they grow.
In December 2026, the OECD will bring together competition authorities and experts to examine competition in capital markets and its implications for innovation and market performance. The discussion will examine how competition works in the provision of private risk capital to innovative firms, with a focus on independent venture capital, corporate venture capital, private equity, growth equity and equity crowdfunding. It will explore how firms’ financing choices evolve over their lifecycle, when limited access to finance may raise competition concerns, and how competition policy can help preserve effective financing and exit alternatives.
This page provides information about the discussion and access to related materials.
