Enhancing Innovation in Germany by Strengthening the Growth Finance Ecosystem

acatech publication (acatech STUDY), 2019

40 Pages Posted: 11 Oct 2019 Last revised: 5 Nov 2019

See all articles by Ann‐Kristin Achleitner

Ann‐Kristin Achleitner

Technische Universität München - Center for Entrepreneurial and Financial Studies

Reiner Braun

Technische Universität München (TUM) - TUM School of Management

Jan Henning Behrens

acatech - DEUTSCHE AKADEMIE DER TECHNIKWISSENSCHAFTEN

Thomas Lange

acatech - DEUTSCHE AKADEMIE DER TECHNIKWISSENSCHAFTEN

Date Written: September 18, 2019

Abstract

Insufficient access to capital for high-tech growth companies is one of the key weaknesses of Germany’s innovation system. This weakness is becoming a serious competitive disadvantage, especially in the context of the radical technological innovation, new business models and rapid growth demanded by the digital transformation.

In a joint project with KfW and Deutsche Börse, acatech brought together a range of actors from the financial sector with high-tech growth companies and representatives of academia and industry in order to carry out a detailed analysis of the status quo and formulate recommendations for government, academia and industry.

The study’s recommendations are not confined to the mobilisation of traditional venture capital. They also highlight alternative forms of financing and in particular the interfaces between high-tech growth companies, established businesses and academic institutions. These interfaces are one important key to build a strong competitive position in Germany with regard to industrial digitalisation.

Keywords: venture capital, growth financing, enhancing innovation, artificial antelligence, growth companies

JEL Classification: F21, F43, G24, G28, M13, M21, O 00, O16, O32, O38, O52

Suggested Citation

Achleitner, Ann-Kristin and Braun, Reiner and Behrens, Jan Henning and Lange, Thomas, Enhancing Innovation in Germany by Strengthening the Growth Finance Ecosystem (September 18, 2019). acatech publication (acatech STUDY), 2019. Available at SSRN: https://ssrn.com/abstract=3460530

Ann-Kristin Achleitner

Technische Universität München - Center for Entrepreneurial and Financial Studies ( email )

Arcisstr. 21
Munich, D-80290
Germany
+49 89 289 25181 (Phone)

Reiner Braun

Technische Universität München (TUM) - TUM School of Management ( email )

Arcisstr. 21
Munich, Deutschland 80333
Germany
+498928925181 (Phone)
+498928925188 (Fax)

HOME PAGE: http://www.ef.wi.tum.de/

Jan Henning Behrens (Contact Author)

acatech - DEUTSCHE AKADEMIE DER TECHNIKWISSENSCHAFTEN ( email )

Rue d’Egmont/Egmontstraat 13
Brussels, 1000
Belgium
+32 (0)2/2 13 81-83 (Phone)

HOME PAGE: http://https://en.acatech.de/

Thomas Lange

acatech - DEUTSCHE AKADEMIE DER TECHNIKWISSENSCHAFTEN ( email )

Karolinenplatz 4
München, Bavaria 80333
Germany

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