This movement is likely to continue in 2009

Individuals, who wish to benefit from a tax reduction, can invest in two types of investment fund: the mutual fund innovation (FCPI) and proximity Investment Fund (FIP). These funds raised nearly EUR 6 billion for ten years and has contributed to financing capital of SMEs.

The FIP is a regional fund for the development of SMEs in a proven market, while the FCPI is intended to finance the research and technological innovation. But the tax benefit of the two funds is strictly identical.

In 2008, despite the Tepa law, there was a constancy of the amounts subscribed between 2007 and 2008. But this stability conceals contrasted between the FCPI and the FIP evolution: a decrease of 10 of the FCPI, a growth of 60 of the FIP. This movement is likely to continue in 2009. Public arbitration is for the benefit of the best benefit-risk ratio and it is natural!

Moreover, the crisis causes institutional investors to dramatically reduce their allocations in "private equity". In this context, it is the funding of innovative companies potentially shrinking rapidly, erasing all the efforts of the past ten years.

Venture capital is an industry seeking 20 years to be structured: development of team management, a generation of entrepreneurs, the legal and tax environment, etc. Support through appropriate taxation, as did in their time the United States, world leader in this industry, is the only solution to give time to this ecosystem is put in place.

Because the funding of research and innovation must remain a priority national, which is essential to get the France of the crisis by the top and to give reasons to invest in venture capital, we must urgently restore a couple risk-benefit to the investor, be it specific or institutional, to arbitrate in its favour.

Therefore, must be given a real tax benefit to risk capital. Could increase the deduction of tax (IRPP and ISF) for the benefit of policyholders of FCPI from the FIP to bring real consideration to the additional risks that they have taken. It is a national effort to continue the policy of investment in innovation.

The other essential measures would be in the direction of the institutional choosing to invest in venture capital. It cannot be let bear the majority of investment in venture capital to only natural persons. But, in the past three years, he got more private and institutional funds in this category.

We know that this category of assets is an investment which should largely be in the field of qualified investors. Alone can have a vision in the long term to support cycles and the contre-cycles.

Act in venture capital and register be put in place an appropriate fiscal policy or the investment a France share of their resources which would be reserved exclusively for investment in venture capital funds.

The Government is committed to supporting innovation and research and engages in significant ways. These measures, which would complement the existing devices, are designed to orient the French savings and institutional funds to a class of assets essential for economic development. They should therefore be discussed quickly to maintain the France in the forefront of the countries that have an active policy of the financing of innovation.