Fundusze strukturalne w roli kapitału wysokiego ryzyka: skala i przesłanki interwencji
Structural funds as venture capital: scale and conditions for intervention

Summary/Abstract: The aim of the article is to determine whether the use of EU funds as venture capital is justified, i.e. whether the benefits stemming from such an activity can constitute a suffiecient basis for the public support for that matter. The article presents a study of rationale for the intervention based on EU funds in the form of venture capital and its potential effects. The theoretical considerations and thesis presented in the article are complemented by the actual experience of selected countries. The author argues that, while the presence of government agencies in the VC market itself is well-founded, it is crucial to construct a correct and comprehensive support program, addressing both supply and demand side of the market. The structural funds, intended to serve a cohesion and catching-up process with the most developed economies in Europe, seem to be the right tool for the venture capital programs. If they are properly prepared and run, they allow to initiate the actual reorientation of the economy towards high productivity, innovation and competitiveness.

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