When Governments Act As Early & Responsible Investors — Accidental European
The public sector is often perceived as a slow and reactive institution — a force that intervenes to correct market discrepancies. The 2008 financial crisis re-enforced this perception when governments around the world stepped in as ‘lenders of last resort’ to rescue the banks that were dubbed ‘too big to fail’. Through my work, I have noticed a different face to government in the European technology industry. In Europe, the public sector acted as a ‘lender of first resort’ to early-stage innovative technology companies. In addition to backing innovative businesses early on, government agencies’ involvement as investors helped promote responsible behavior within the new generation of technology companies emerging out of Europe.
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