Introduced by Andreas Munk Holm, this EUVC Live at GoWest series spotlights the thought leadership of policymakers, institutional investors, GPs, corporates, and public capital leaders around one defining question:
How does Europe mobilise its own capital to secure its technological future?
Across the sessions, one theme emerges repeatedly:
Europe does not lack talent.
It does not lack innovation.
It does not lack savings.
It lacks coordination.
The EIC in Practice: Public Capital as Market Infrastructure
Europe’s deep tech ambition is not a question of science.
It is a question of execution.
In this talk, Michiel Scheffer, President of the Board of the European Innovation Council (EIC), explains how the institution operates in practice, partnering with VCs, corporates, and institutional investors to translate Europe’s deep tech ambition into tangible outcomes.
The EIC does not position itself merely as a grant provider.
It acts as an active market participant.
Why Private Markets Alone Are Not Enough
The discussion confronts a core tension in European venture:
If the opportunity is so strong, why hasn’t private capital filled the gap?
Key structural constraints include:
growth-stage funding shortages
fragmented capital markets
uneven geographic development
cross-border regulatory complexity
limited founder VC-readiness
Europe produces world-class science.
But scaling companies across 27+ regulatory and capital environments remains structurally difficult.
Private markets alone have not consistently solved this coordination problem.
Does Public Capital Slow or Accelerate Markets?
A central question emerges:
Does public intervention distort markets or enable them?
Scheffer argues that public capital, when structured properly, acts as:
a de-risking anchor
a syndication catalyst
a bridge across fragmented ecosystems
The objective is not to replace venture capital.
It is to make venture capital function more efficiently.
The EIC’s trusted investor network and structured programs are designed to:
accelerate syndication
improve investment preparedness
reduce cross-border friction
strengthen founder VC-readiness
Funding is only one layer.
Market integration is the real objective.
The Follow-On Challenge
One of the more candid parts of the discussion addresses a persistent issue:
Why do some EIC-backed companies still struggle to secure VC follow-on funding?
The answer is uncomfortable.
Grants and public equity can validate technology.
But they do not automatically create:
scalable business models
commercial traction
investor-grade governance
cross-border expansion capacity
Bridging that gap requires coordination between public capital, private capital, and founders.
Execution, not just funding.
The €3 Billion Scale-Up Initiative
The next phase is structural.
The newly launched €3 billion Scale-Up initiative aims to connect pension funds and large institutional LPs with a curated pipeline of later-stage European companies approaching profitability and exit readiness.
The model focuses on:
aggregating opportunity
reducing information asymmetry
de-risking institutional access
mobilising sidelined capital
Institutional LPs often cite access and scale as barriers.
The initiative attempts to solve both.
Public Capital as Ecosystem Infrastructure
The session ultimately reframes public capital.
Not as distortion.
But as infrastructure.
When markets are fragmented, coordination becomes a public function.
When growth capital hesitates, anchoring reduces perceived risk.
When ecosystems are uneven, cohesion becomes strategic.
The EIC positions itself as a market completer.
Not a market substitute.
The Core Takeaway
Europe’s constraint is not innovation.
It is scale coordination.
If deep tech is to become industrial capability, capital must move across stages, borders, and investor types.
Public capital alone cannot build markets.
Private capital alone has not.
The future lies in structured collaboration.
Because in Europe’s deep tech race, execution is the differentiator.
And execution requires infrastructure.
