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PREVENT PCP White Paper On Venture Capital Engagement in PCP Is Available Now!

17 June 2024

When you work on technology and it progresses along the Technology Readiness Level (TRL) pathway, several barriers emerge. One of these can be referred to as the "Valley of Death" (VOD) at TRL 8, where the risk of innovation not advancing further becomes a significant concern. Are there any ways to overcome this problem?

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You can face many issues related to procuring innovations, particularly in the context of Pre-Commercial Procurement (PCP), which is an area of interest for our project. In the recent white paper by PREVENT PCP, we describe venture capital (VC) funds as a potential solution to the challenges mentioned above, and as an instrument to enhance PCP as an innovation policy.

The publication was prepared by John Rigby, Egli Rrokaj, and Maria Kampa, representing CORVERS, which is a member of the PREVENT PCP consortium. This document provides a comprehensive overview of VC as an instrument that can support PCP. The paper begins by explaining the concept of innovation procurement and then identifies a range of barriers that arise during this process. A description of the PREVENT PCP project is then presented, following which the paper reviews the current state of venture capital involvement in PCP.

Venture Capital can be vital support to the development of new technology as innovators face many challenges including the “Valley of Death”, the risk of the loss of intellectual property and visibility issues in commercial markets. The authors compare the benefits and costs of venture capital engagement and then showcase how two practical schemes supporting VC in PCP work in the U.S. and Poland. The white paper concludes with general observations and conclusions regarding the role of venture capital in Pre-Commercial Procurement.

We encourage you to read this publication to gain an overview of how VC can assist in developing technologies and other activities.

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