England’s Regional Venture Capital Funds: A Review of Programme Outcomes and Stakeholder Perspectives

Abstract

The existence of the equity gap is an obstacle to the success of small and medium sized enterprises. The UK government has established multiple investment schemes to address the issue. Independent and unbiased analysis of these initiatives is absent from the existing knowledge base. This paper investigates the outcomes of the Regional Venture Capital Fund Programme. It centres on four main questions: 1. Were expectations met and objectives achieved? 2. How were the funds actually allocated? 3. What were the programme’s shortcomings? 4. What are the implications for future government policy design? Stakeholder opinions are collected which provide unique individual perspectives on the equity gap and relevant UK public policy. The research reveals that the programme’s primary objectives were only partially achieved. The equity gap remains an issue for growing companies in the United Kingdom.