Appendix C (Continued):
12. Why focus on early ‑ stage gaps in 2025 as the pipeline constraint?
CVCA’s Q1 ‑ 2025 report records 116 deals and multi ‑ year lows in pre ‑ seed/seed activity, confirmed by independent coverage, indicating first ‑ mile bottlenecks the package specifically targets. In brief: The first mile is where the pipeline breaks, which is why crowd ‑ in starts there.
C.4 Summary
Taken together, these measures rebalance the capital continuum, crowd in private investment across stages, and strengthen venture performance and firm scaling, while enabling fiscally responsible pilots that expand on demonstrated results.
Select references
IFIC 2024 Investment Funds Report and related releases on mutual fund and ETF assets. Hellmann & Schure (2010), BC venture capital program evaluation. HMRC EIS/SEIS statistics and guidance (May 2025 and HS341). BDC Venture Capital Landscape 2024 and 2024 performance communications. PMO announcement on NATO Defence Investment Pledge (June 2025). Flow ‑ Through Shares intention notes and platform summaries. Dealroom Global Tech Ecosystem Index 2025; Venture Wrapped 2024; CVCA Q1 ‑ 2025. Estonia corporate tax and ecosystem reporting (Invest in Estonia; State of European Tech). U.S. QSBS updates and guidance (Dentons; Grant Thornton).
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