natgillin/translations-raw huggingface dataset:
10 12,0 10,0 8,0 6,0 4,0 2,0 0,0 2007 2008 2009 2010 2011 Europæiske venturekapitalfondes samlede kapitalrejsning 2013 2014 Heraf kapitalrejsning fra statslige myndigheder 11, 4 10, 3 2017 2018 7,7 9% 0,7 6,1 10 % 0,6 3,5 17 % 0,6 3,5 29 % 1 4,5 28 % 1,3 4,0 24 % 1 4,7 1 4% 0,7 5,2 2 1% 1,1 6,7 1 4% 1,0 9,0 22 % 2,0 23 % 2,3 14 % 1,6 2012 2015 2016 6 Inklusive EIF og EIB. milliarder euro 
10 12,0 10,0 8,0 6,0 4,0 2,0 0,0 2007 2008 2011 2012 11, 4 10, 3 2016 2017 2018 7,7 9% 0,7 6,1 10 % 0,6 3,5 17 % 0,6 3,5 29 % 1 4,5 28 % 1,3 4,0 24 % 1 4,7 1 4% 0,7 5,2 2 1% 1,1 6,7 1 4% 1,0 9,0 22 % 2,0 23 % 2,3 14 % 1,6 2009 2010 Total fundraising of European VC funds 2013 2014 2015 Thereof fundraising from govermental agencies 6 Including the EIF and the EIB. billion euro
Figur 3 - De europæiske venturekapitalfondes investeringer og exits (i milliarder euro) 11 9 8 7 6 5 4 3 2 1 0 2007 2008 2009 2010 2011 Europæiske venturekapitalfondes investeringer 2013 2014 2015 Europæiske venturekapitalfondes exits 2,0 2016 2017 2018 5,6 3,1 5,8 2,4 2,6 2,7 2,4 3,5 3,5 3,8 3,6 3,8 2,2 1,9 2,2 3,2 4,7 2,5 5,0 2,0 7,2 2,1 8,2 2012 Kilde: Data udleveret til Revisionsretten af Invest Europe. 15 Gennem de 20 år, hvor Kommissionen har støttet venturekapitalfonde via centralt forvaltede EU-interventioner, har den bevilget 1,7 milliarder euro til 140 fonde, hvoraf 0,9 milliarder euro var udbetalt medio 2018. 
Figure 3 – Investments and exits by European venture capital funds (in billion euro) 11 9 8 7 6 5 4 3 2 1 0 2007 2008 2009 2010 2011 Investments of European VC funds 2016 2017 2018 5.6 3.1 5.8 2.4 3.5 2.6 3.5 2.2 3.8 2.7 3.2 1.9 3.6 2.4 3.8 2.2 4.7 2.5 5.0 2.0 7.2 2.1 8.2 2.0 2012 2013 Exits of European VC funds 2014 2015 Source: Data provided to the ECA from Invest Europe 15 Over the 20 years that the Commission has been supporting venture capital funds through the centrally managed EU interventions, it has committed €1.7 billion in 140 funds, of which €0.9 billion had been disbursed by mid-2018.
Gennemsnitligt investerede disse venturekapitalfonde 3 millioner euro og skabte 48 arbejdspladser pr. virksomhed. 
On average, these venture capital funds invested €3 million and created 48 jobs per company.
Disse virksomheder beskæftigede omkring 74 000 personer på investeringstidspunktet. 
These companies employed around 74 000 people at the time of investment.
Hvordan de centralt forvaltede EU-interventioner fungerer 16 Kommissionen har givet Den Europæiske Investeringsfond (EIF)/Den Europæiske Investeringsbank (EIB) mandat til at gennemføre venturekapitalinterventionerne mod en aftalt godtgørelse. 
How the centrally managed EU interventions work 16 The Commission mandates the European Investment Fund (EIF)/European Investment Bank (EIB) to implement venture capital interventions for an agreed remuneration.
Kommissionen bevarer det overordnede ansvar, undtagen i ét tilfælde, hvor ansvaret deles med EIB-Gruppen og andre organer. 
The Commission retains overall responsibility, except in one case where responsibility is shared with the EIB Group and other bodies.
EU-interventionerne har støttet et stort antal opstartsvirksomheder, og nogle er blevet vigtige aktører i deres sektorer. 
EU interventions have supported a large number of start-ups, and some have become important players in their sectors.
Tekstboks 2 indeholder eksempler på risici og gevinster ved EIF-investeringer under Kommissionens mandat. milliarder euro 
Box 2 provides examples of the risks and rewards of the EIF’s investments under the Commission's mandate. billion euro
17 Det beløb, der investeres via de centralt forvaltede EU-interventioner med fokus på venturekapital, er vokset betydeligt i de seneste ti år, fra 33 millioner euro pr. år (gennemsnit i 1998-2000) til 458 millioner euro pr. år (gennemsnit i 2014-2020). 
17 The amount invested by the centrally managed EU interventions with a venture capital focus has increased significantly over the last decade, climbing from €33 million per year (average 1998-2000) to €458 million per year (average 2014-2020).
18 Disse EU-instrumenter er udformet med en efterspørgselsstyret tilgang, dvs. at de yder finansiering efter ansøgning fra venturekapitalfonde, så længe disse opfylder støttekriterierne og består due diligence-og godkendelsesprocessen. 
18 These EU instruments are designed on a demand-driven basis, meaning that they provide funding when venture capital funds request them, as long as they fulfil the eligibility criteria and pass the due diligence and approval process.
Tabel 1 viser de seks EU-interventioner med fokus på venturekapital, der forvaltes centralt på denne måde7. 
Table 1 shows the six EU interventions with a venture capital focus that are managed centrally in this way7.
12 Tekstboks 2 Eksempler på risici og gevinster ved EU's venturekapitalinvesteringer EIF investerede 15 millioner euro i en venturekapitalfond med fokus på informations-og kommunikationsteknologier. 
12 Examples of the risks and rewards of the EU’s venture capital investments The EIF invested €15 million in one venture capital fund focusing on information and communication technologies.
Indtil nu har fonden udbetalt 76 millioner euro i afkast til EIF efter salg af virksomheder. 
So far, the fund has returned €76 million to the EIF following company sales.
Medio 2018 blev den resterende andel (dvs. de virksomheder, der stadig er i fondens portefølje) vurderet til 35 millioner euro. 
In mid-2018, the remaining interest (i.e. companies still in the portfolio of the fund) was valued at €35 million.
Dette høje afkast skyldtes primært en investering i én succesrig opstartsvirksomhed. 
This high return was mainly due to an investment in one successful start-up.
Ved udgangen af 2018 var der ansat omkring 3 600 personer i virksomheden, heraf 43 % i EU. 
At the end of 2018 this company employed approximately 3 600 people, of which 43 % were in the EU.
EIF investerede 17 millioner euro i en anden venturekapitalfond med samme fokus. 
The EIF invested €17 million in another venture capital fund with the same focus.
Fra 2005 til 2007 foretog denne fond investeringer i 11 opstartsvirksomheder. 
From 2005 to 2007, this fund made 11 investments in start-ups.
På grund af virksomhedernes dårlige resultater måtte fonden på et senere tidspunkt afskrive eller sælge syv af disse med tab. 
Later, owing to low performance, the fund had to write down or sell seven of these below cost.
Medio 2018 havde fonden kun udbetalt 4 millioner euro i afkast, og EIF's resterende andel blev vurderet til 0,5 millioner euro. 
By mid-2018 the fund had only returned €4 million and the EIF’s remaining interest was valued at €0.5 million.
Medio 2018 beløb tabet på denne investering sig således til 12,5 millioner euro. 
Thus, as at mid-2018, the loss on this investment stood at €12.5 million.
7 Med centralt forvaltede EU-interventioner mener vi i denne beretning de finansielle instrumenter (ESU 1998, ESU 2001, GIF, IFE og EFG) og den budgetgaranti vedrørende egenkapitalproduktet for EFSI's SMV-vindue, som er nævnt i tabel 1. 
Box 2 7 For this report we understand as centrally managed EU interventions the financial instruments (ESU 1998, ESU 2001, GIF, IFE and EFG) and the budgetary guarantee for EFSI SME Window Equity Product as mentioned in Table 1.
Tabel 1 - Centralt forvaltede EU-interventioner med fokus på venturekapital Kilde: Revisionsretten baseret på retsgrundlaget. 
Table 1 – Centrally managed EU interventions with a venture capital focus Source: ECA adapted from the legal basis.
98/347/EF: Rådets afgørelse af 19. maj 1998 om finansielle støtteforanstaltninger for innovative og jobskabende små og mellemstore virksomheder (SMV) - Vækst-og beskæftigelsesinitiativet (EFT L 155 af 29.5.1997, s. 
98/347/EC: Council Decision of 19 May 1998 on measures of financial assistance for innovative and job-creating small and medium-sized enterprises (SMEs) – the growth and employment initiative (OJ L 155, 29.5.1998, p.
2000/819/EF: Rådets beslutning af 20. december 2000 om et flerårigt program til fremme af initiativ og iværksætterånd, navnlig for små og mellemstore virksomheder (SMV) (2001-2005) (EFT L 333 af 29.12.2000, s. 
2000/819/EC: Council Decision of 20 December 2000 on a multiannual programme for enterprise and entrepreneurship, and in particular for small and medium-sized enterprises (SMEs) (2001-2005) (OJ L 333, 29.12.2000, p.
1639/2006/EF af 24. oktober 2006 om et rammeprogram for konkurrenceevne og innovation (2007-2013) (EUT L 310 af 9.11.2006, s. 
10 Decision No 1639/2006/EC of the European Parliament and of the Council of 24 October 2006 establishing a Competitiveness and Innovation Framework Programme (2007 to 2013) (OJ L 310, 9.11.2006, p.
13 Finansielt instrument/budgetgaranti Program Programperiode EU-finansiering (i millioner euro) pr. 31.12.2018 Iværksætterfaciliteten under Den Europæiske Teknologifacilitet (ESU 1998) Vækst-og beskæftigelsesinitiativet (G&E)8 1998-2000 101 Iværksætterfaciliteten under Den Europæiske Teknologifacilitet (ESU 2001) Det flerårige program til fremme af initiativ og iværksætterånd (MAP)9 2001-2006 209 Faciliteten for hurtigtvoksende og innovative SMV'er (GIF) Rammeprogrammet for konkurrenceevne og innovation (CIP)10 2007-2013 625 Egenkapitalfaciliteten for vækst (EFG) Programmet for virksomheders konkurrenceevne og små og mellemstore virksomheder (Cosme)11 2014-2020 32512 InnovFins egenkapitalfacilitet for tidlige faser (IFE) Horisont 2020 - rammeprogram for forskning og innovation13 2014-2020 488 Egenkapitalproduktet for EFSI's SMV-vindue Den Europæiske Fond for Strategiske Investeringer (EFSI)14 2014-2020 1 270 8 9 
13 Financial instruments/budgetary guarantee Programme Programme Period EU funding (in million euros) as of 31/12/2018 European Technology Facility Start-up (ESU 1998) Growth and Employment Initiative (G&E)8 1998-2000 101 European Technology Facility Start-up (ESU 2001) Multiannual Programme for Enterprise and Entrepreneurship (MAP)9 2001-2006 209 High Growth and Innovative SME Facility (GIF) Competitiveness and Innovation Framework Programme (CIP)10 2007-2013 625 Equity Facility for Growth (EFG) Programme for the Competitiveness of Small Enterprises and Small and Medium-sized Enterprises (COSME)11 2014-2020 32512 InnovFin Equity Facility for Early Stage (IFE) Horizon 2020 – the Framework Programme for Research and Innovation13 2014-2020 488 EFSI SME Window (SMEW) Equity Product European Fund for Strategic Investments (EFSI)14 2014-2020 1 270 8 9
19 I 2015 vedtog EU-lovgiverne en forordning om oprettelse af Den Europæiske Fond for Strategiske Investeringer (EFSI) (jf. bilag II). 
19 In 2015, the EU legislators adopted a regulation setting up the European Fund for Strategic Investments (EFSI) (see Annex II).
Kommissionen overlod forvaltningen af EFSI til EIB, hvorefter EIB uddelegerede en del af forvaltningen til EIF15. 
The Commission entrusted the EIB with management of the EFSI, and then the EIB delegated part of it to the EIF15.
EFSI blev oprettet for at tilføre risikokapacitet ved hjælp af en garanti på 16 milliarder euro fra EU-budgettet og 5 milliarder euro fra EIB's egne midler, som skulle gøre det muligt for EIB-Gruppen (EIB og EIF) at yde yderligere finansiering. 
The EFSI was launched to provide risk-bearing capacity, facilitated by a €16 billion guarantee from the EU budget and €5 billion from the EIB’s own resources in order to enable the EIB Group (the EIB and EIF) to supply additional financing.
EFSI skal yde 2 320 millioner euro i venturekapitalfinansiering og er dermed det største af de seks programmer16. 20 I april 2018 lancerede Kommissionen det paneuropæiske fund-of-funds-program. 
EFSI will provide venture capital funding of €2 320 million, making it the largest of the six programmes.16 20 In April 2018, the Commission launched the pan-European fund-of-fund programme.
Sammen med EIF udvalgte den seks europæiske funds-of-funds, hvoraf to allerede havde indgået aftaler. 
Together with the EIF, it selected six European fund-of-funds, of which two have already signed agreements.
En fund-of-funds er en pulje af kapital fra flere partnere til investering i venturekapitalfonde, der investerer i opstartsvirksomheder. 
A fund-of-funds is a pool of capital provided by multiple partners to invest in venture capital funds, which in turn invest in start-ups.
Denne struktur giver mulighed for større risikospredning, men tilføjer et administrativt lag. 
This structure allows for broader risk diversification, but adds an additional layer of administration.
Op til 343 millioner euro er til rådighed fra de centralt forvaltede interventioner sammen med yderligere 67 millioner euro fra EIF's egne midler. 
Up to €343 million are available from the centrally managed interventions, with a further €67 million from the EIF’s own resources.
12 Dette beløb afspejler budgettildelingen pr. 31. december 2018. 
12 This amount reflects the budgetary allocation as at 31 December 2018.
Budgettildelingen kan have ændret sig siden, da EFG er del af en samlet budgetpost under COSME-forordningen. 
The budgetary allocation may have since changed as the EFG is part of an overall budget line under the COSME Regulation.
1291/2013 af 11. december 2013 om Horisont 2020 - rammeprogram for forskning og innovation (2014-2020) og om ophævelse af afgørelse nr. 1982/2006/EF (Horisont 2020-forordningen) (EUT L 347 af 20.12.2013, s. 
13 Regulation (EU) No 1291/2013 of the European Parliament and of the Council of 11 December 2013 establishing Horizon 2020 – the Framework Programme for Research and Innovation (2014-2020) and repealing Decision No 1982/2006/EC [Horizon 2020 Regulation] (OJ L 347, 20.12.2013, p.
14 Europa-Parlamentets og Rådets forordning (EU) 2015/1017 af 25. juni 2015 om Den Europæiske Fond for Strategiske Investeringer, Det Europæiske Centrum for Investeringsrådgivning og Den Europæiske Portal for Investeringsprojekter og om ændring af forordning (EU) nr. 
14 Regulation (EU) No 2015/1017 of the European Parliament and of the Council of 25 June 2015 on the European Fund for Strategic Investments, the European Investment Advisory Hub and the European Investment Project Portal and amending Regulations (EU) No 1291/2013 and (EU) No 1316/2013 — the European Fund for Strategic Investments [EFSI Regulation] (OJ L 169, 1.7.2015, p.
Denne forordning, der blev vedtaget i 2015, dækker ikke hele perioden 2014-2020. 
Adopted in 2015, this regulation does not cover the entire 2014–2020 period.
15 EFSI ændrede EIF's rolle ved kontraktligt at forpligte den til at bidrage med finansiering til de to delvinduer i egenkapitalproduktet for EFSI's SMV-vindue (jf. bilag II). 
15 EFSI changed the EIF’s role by binding it contractually to contribute funding to the two sub-windows of the EFSI SMEW equity product (see Annex II).
2/2016, "EFSI: Et tidligt forslag om forlængelse og udvidelse", og særberetning nr. 
16 The ECA published an opinion on EFSI: “Opinion No 02/2016 – EFSI: an early proposal to extend and expand”, and special report 03/2019 “European Fund for Strategic Investments: Action needed to make EFSI a full success”.
21 I juni 2018 offentliggjorde Kommissionen sit forslag til den efterfølgende intervention, "InvestEU"17, som led i pakken med forslag til den næste flerårige finansielle ramme (2021-2027). 
21 In June 2018, the Commission published its proposal for the successor intervention called “InvestEU”17, as part of the package of proposals for the next multiannual financial framework (2021-2027).
Den Europæiske Investeringsfonds rolle 22 EIF støtter finansielle formidlere, der yder finansiering til SMV'er i hele Europa. 
The role of the European Investment Fund 22 The EIF supports financial intermediaries providing finance to SMEs across Europe.
Dens hovedaktionærer er EIB (58,6 % af kapitalen), EU repræsenteret ved Kommissionen (29,7 %) og andre interessenter, herunder offentlige og private banker og finansieringsinstitutter18. 
Its main shareholders are the EIB (58.6 % of capital), the EU represented by the Commission (29.7 %), and other stakeholders, including public and private banks and financial institutions18.
Den gennemfører primært venturekapitalinterventioner på vegne af andre, f.eks. EU, EIB (under dennes Risk Capital Resources-mandat (RCR)), nationale eller regionale myndigheder og private investorer. 
It implements venture capital interventions primarily on behalf of others, such as the EU, the EIB (under the Risk Capital Resources (RCR) mandate), national or regional authorities, and private investors.
Figur 4 giver et overblik over, hvordan EU-støttede venturekapitalinstrumenter fungerer, og over EIF's rolle. 
Figure 4 gives an overview of how EU-backed venture capital instruments operate and the role of the EIF.
15 17 Forslag til Europa-Parlamentets og Rådets forordning om oprettelse af InvestEU-programmet (COM(2018) 439 final af 6.6.2018). 
15 17 Proposal for a Regulation of the European Parliament and of the Council establishing the InvestEU Programme (COM(2018) 439 final of 6.6.2018).
Figur 4 - Operationel struktur for EU-støttede venturekapitalinstrumenter 16 Kommissionen: • udformer instrumenterne • yder EU-finansiering • fastlægger investeringsstrategien • fører tilsyn med programmet EU's egenkapitalbaserede finansielle instrumenter [program (periode) instrument] EIF forvalter de finansielle Input: Over 1,7 mia. euro fra EU-budgettet fra 1998 til 6/2018 Output: Op til 6-7 % af de gebyrer, der skal betales til EIF som tjenesteudbyder Finansielle investeringer i 140 venturekapitalfonde Støtte til 1 562 porteføljeselskaber instrumenter ved at: udvælge investeringer overvåge og kontrollere investeringer Lukket for investeringer Åbne for investeringer • • G&E (1998-2000) ESU 1998 NYT EFSI (2016-2020) Egenkapitalproduktet for EFSI's SMV-vindue CIP (2007-2013) GIF MAP (2001-2006) ESU 2001 Cosme (2014-2020) EFG Horisont 2020 (2014-2020) IFE investerer i ... 
Figure 4 – Operational structure for EU-backed venture capital instruments 16 The Commission: • designs the instruments • provides EU funding • determines investment strategy • supervises programme EU’s Equity Financial Instruments [programme (period) instrument] The EIF manages the Financial Instruments by: Input: Over 1,7 BN EUR of EU’s budget since ’98 until 06/18 Output: Up to 6-7 % of fees payables to EIF as service provider Financial investments into 140 VCF Backing of 1 562 portfolio companies • • G&E (‘98 –’00) ESU 1998 NEW EFSI (‘16 –’20) SMEW Equity Product ... ...
Funds-of-funds (venturekapital) Finansielle formidlere ...... 
Funds of Venture capital funds Financial intermediaries ... ...
Venturekapitalfonde Venture-Venture- kapitalfonde kapitalfonde investerer i ... ... ... 
Portfolio Companies Venture capital funds Venture capital funds Venture capital funds invest into......
Finansielle ... og endelige modtagere Porteføljeselskaber Porteføljeselskaber Porteføljeselskaber Kilde: Revisionsretten baseret på data fra EIF. 
Financial and final beneficiaries Portfolio Companies Source: ECA based on EIF data.
Innovative SMV'er Innovative SMV'er 23 EIF er blevet en af de største aktører på det europæiske venturekapitalmarked. 
Innovative SMEs Innovative SMEs 23 The EIF has become one of the biggest players in the European venture capital market.
Alene i 2018 indgik EIF aftaler med venturekapitalfonde om bevilling af 1,4 milliarder euro til investeringer. 
In 2018, the EIF alone signed agreements with venture capital funds committing to invest €1.4 billion.
Innovative SMV'er 
Innovative SMEs
Revisionens omfang og revisionsmetoden 24 Vi besluttede at undersøge venturekapitalmarkederne, fordi EU i stigende involverer sig på dette politikområde, som vi ikke har behandlet før. 
Audit scope and approach 24 We decided to look at venture capital markets because of the EU’s increasing involvement of the EU in this policy area which we have not covered before.
Vi vurderede, om Kommissionen gjorde god brug af sine venturekapitalinstrumenter, ved at undersøge: a) om den har foretaget forudgående, mellemliggende og efterfølgende evalueringer af god kvalitet b) om EU havde en omfattende investeringsstrategi for sin bistand c) om EIF har gennemført EU-instrumenterne korrekt. 
We assessed whether the Commission was making good use of its venture capital instruments by examining whether: (a) the Commission has carried out good quality of the ex ante, interim and ex post evaluations; (b) the investment strategy with which the EU delivered its assistance was comprehensive; (c) the EU instruments have been properly implemented by the EIF.
25 Vi forventer, at vores beretning vil hjælpe Kommissionen til at gennemføre sin politik på en mere produktiv og effektiv måde. 
25 We expect our report to help the Commission to implement its policy more efficiently and effectively.
Vi fokuserede på perioden 2014-2020 i forbindelse med vurderingen af, om interventionernes udformning var hensigtsmæssig. 
We focused on the 2014-2020 period when assessing the appropriateness of the interventions’ design.
For så vidt angår de øvrige aspekter tog vi alle de centralt forvaltede EU-interventioner siden 1998 i betragtning. 
For the other aspects, we took into account all centrally managed EU interventions since 1998.
Når det var relevant, så vi også på udkastet til InvestEU-programmet for perioden 2021-2027. 
Where applicable, we also considered the draft InvestEU programme for the 2021-2027 period.
26 Med henblik på indsamling af revisionsbevis gennemgik vi relevant dokumentation, herunder en stikprøve af dokumentation for EIF's proces til udvælgelse af venturekapitalfonde. 
26 To collect audit evidence, we reviewed relevant documentation, including a sample documenting the EIF’s process for selecting venture capital funds.
Vi interviewede desuden personale fra Kommissionen, EIF, Frankrigs Banque Publique d'Investissement og Invest Europe19 samt akademikere og fondsforvaltere. 
We also interviewed staff from the Commission, the EIF, France’s Banque Publique d'Investissement, and Invest Europe19, as well as academics and fund managers.
Derudover besøgte vi sammenslutninger af venturekapitalselskaber-og opstartsvirksomheder, erhvervsfremmende banker, ministerier og venturekapitalfonde i Danmark og Italien. 
Furthermore, we visited venture capital and start-up associations, promotional banks, ministries and venture capital funds in Denmark and Italy.
Endelig gennemførte vi to spørgeundersøgelser blandt venturekapitalfondsforvaltere. 
Lastly, we conducted two surveys among venture capital fund managers.
17 19 Invest Europe er en sammenslutning, der repræsenterer private equity-, venturekapital-og infrastruktursektorerne i Europa samt disses investorer. 
17 19 Invest Europe is an association representing Europe’s private equity, venture capital and infrastructure sectors, as well as their investors.
Bemærkninger Svagheder i forudgående og efterfølgende evalueringer 27 Inden den iværksætter en ny intervention, skal Kommissionen foretage en forudgående evaluering og/eller en konsekvensanalyse, der omfatter en analyse af markedsbehovene. 
Observations Weaknesses in ex ante and ex post evaluations 27 Before launching a new intervention, the Commission has to carry out an ex ante evaluation and/or impact assessment, including an analysis of market needs.
Evalueringen og konsekvensanalysen bør også omfatte en analyse af strukturen og finansieringsbehovene i de virksomheder, der udgør målgruppen for instrumentet, samt af de allerede tilgængelige kilder til finansiering. 
The evaluation and assessment should also analyse the structure and financing needs of companies’ targeted by the instrument, and available sources of funding.
Ved hjælp af disse oplysninger kan Kommissionen anslå finansieringshullets størrelse og beslutte, hvor stor dens støtte til venturekapitalmarkedet bør være. 
Using this information, the Commission can estimate the funding gap and determine the appropriate scale of its support to the venture capital market.
28 Det vigtigste mål med alle EU-interventionerne siden 1998 har været at øge adgangen til finansiering for virksomheder, navnlig SMV'er, ved at yde støtte til iværksætteri og innovation. 
28 The main objective of all EU interventions since 1998 has been to improve access to finance for businesses, in particular SMEs, by supporting entrepreneurship and innovation.