Insufficiently qualified human resources. Pernicious cultural barriers. Excessive administrative bureaucracy. There has been some progress recently, but many of these barriers remain today. But this possibly positive evolution cannot hide the fact that today we have a problem of scale and fragmentation in Europe.
Exit is still too difficult for the European risk capital investor.
Likewise in the EU, corporate venturing the business angels networks, technology rating and market specialists are also much less available. We simply have got to improve here. The European Institutions have developed a range of supporting financial instruments to facilitate early stage and venture capital financing, like I-TEC, EIF, EIB funding etc. Because these barriers span all their competences. The Member States are responsible for their taxation systems of debt and equity.