- Volume 10 (2011), Issue 3
- Vol. 10 (2011), No. 3
- >
- Pages 425 - 432
- pp. 425 - 432
Risk Capital as State Aid: Revising the Commission’s Market Failure Approach
Risk capital is a broad concept that includes a growing number of types of investment. In the EU legal order, it has been defined as “equity and quasi-equity financing to companies during their early-growth stages (seed, start-up and expansion phases), including informal investment by business angels, venture capital and alternative stock markets specialised in SMEs including high-growth companies (hereafter referred to as investment vehicles)”1. For