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Report on the content and technical
structure of the
VICO
Infrastructure
Politecnico di Milano
RISIS "Research infrastructure for research and
innovation policy studies"
FP7, Grant agreement no: 313082
Report on Task 1, Workpackage 6, coordinated by
AIT Austrian Institute of Technology Gmbh
Report on the content and technical structure of the
VICO infrastructure (Task 1 of WP6)
Table of contents
1
Basic characteristics
 Name and short description of the infrastructure
Name of the infrastructure: VICO facility.
Short description of the infrastructure: The VICO dataset contains information on
new high tech companies operating in seven European countries (Belgium, Finland,
France, Germany, Italy, Spain, and the United Kingdom). The dataset includes two
strata of companies: the first is a sample of Venture Capital (VC) backed companies
and the second a control group of non-VC backed (but potentially investable)
companies. Its uniqueness lies in the overall number of companies (8370), the
country coverage, and the extent of information gathered (thanks to the
combination of data provided by numerous proprietary datasets such as Amadeus,
VentureXpert, VCPro-Database, BVK Directory, Zephyr or Private Equity Monitor;
and to extensive web searches). It also gathers information on VC investors (1125).
It covers firms for 10 years after their foundation (the latest year of foundation
taken into account being 2006).
 Aim of the database (context of data acquisition)
The data infrastructure has been built during the VICO project, funded by the 7th
Framework Programme of the European Commission within the theme "The role
of finance in growth, employment and competitiveness in Europe" (SSH - 2007 1.2.3). The aim of the VICO project was to conduct an extensive study about the
impact of VC financing on the economic performance of new high tech
companies in Europe as reflected by their innovation rates, employment
creation, growth, and competitiveness, and the role which VC investors play in
helping these firms bridge their resource and competence gaps.
 Legal name of operating organization
POLITECNICO DI MILANO, established in PIAZZA LEONARDO DA VINCI 32,
MILANO, 20133, Italy represented by Cristina Masella, Head of Department or
her authorised representative.
 Database location and type of access (access on site, online, etc.)
The database is located at Politecnico di Milano, Milan. The access is on site.
2
2
Information on substantive content of VICO
2.1 Definition and description of observations
 Units and definition of observations
The database includes two strata of companies: companies which were invested
by VC (VC-backed firms) and comparable companies not invested by VC.
Data can be broadly classified as firm-level data, investor-level data and
investment-level data. Detailed information was collected for each firm, investor,
and investment, including firm’s accounting and patenting data, investor type
and experience, and deal-specific information for each investment round (e.g.
round date, amount and equity invested).

Number of observations (usually the rows in the database on the main
unit of observation)
The dataset consists of 8,370 companies, 759 of which VC-backed. Companies
are observed, on average, for 9 years for a total of 78,143 firm-year observations.
The dataset includes 1,125 VC investors that invested, on average, in 4.58
companies for a total of 3,475 investments.
2.2 Data acquisition and processing (e.g. data cleaning)
 Where are the data retrieved from (e.g., own survey, public
information, etc.)
The geographic scope of the dataset was restricted to the companies established
in the 7 European countries represented by the partners in the project: Belgium,
Finland, France, Germany, Italy, Spain and the United Kingdom. Data were
collected by local teams for each country.
Information was collected at local level using different sources of information.
For VC-backed companies, investment and investor level data was first obtained
from VentureXpert. VentureXpert data however are known to under-represent
investments made by smaller and informal VC investors which are instead
allegedly very important for young high-tech companies. Accordingly additional
information was collected using country specific sources, as shown in Table 1.
Table 1: Sources used to identify the population of VC-backed companies.
Country
Belgium
Finland
Source
VentureXpert, Investor annual reports, Investor websites, Press releases, Press
clippings, Belgium Venture Capital Association yearbooks.
VentureXpert, Finnish Venture Capital Association yearbooks.
France
VentureXpert, Investor websites, Press releases.
Germany
VentureXpert, ZEW Foundation Panel, VCPro-Database, BVK Directory, Zephyr,
Investor websites.
VentureXpert, RITA directory, Private Equity Monitor, Italian Private Equity
and Venture Capital Association.
VentureXpert, José Martí Pellón Database, Spanish Venture Capital Association,
WebCapitalRiesgo.com.
VentureXpert, Library House (now: Venture Source), investor websites.
Italy
Spain
UK
3
The number of VC-backed companies per country was set to meet two criteria.
First, countries in which the VC industry is larger should be more represented in
the sample. Second, a minimum number of VC-backed companies should be
present in each country to allow the estimation of country-level studies.
Once VC-backed companies were identified combining all sources in Table 1, a
random sample was drawn in each country. In particular, a relative ratio of VCbacked to control group companies was kept at 1:10.
Criteria for inclusion were then cross-checked at both local and central level.
The identification of control group companies was somewhat simpler. A list of
companies satisfying the inclusion criteria were obtained from several sources.
The main source was Amadeus (and its local equivalents). All available vintage
years of the dataset were used to build the population, so that non-surviving
companies were also included. Other sources were also used to improve
coverage (see Table 2).
Table 2: Sources used to identify the population of control-group companies.
Country
Belgium
Source
Belfirst (Amadeus).
Finland
Amadeus.
France
Amadeus.
Germany
Creditreform.
Italy
AIDA (Amadeus), RITA, Telemaco.
Spain
Amadeus.
UK
Amadeus.
Firm-level data
The main source for firm-level data (Name, address, industry, status etc…) was
Amadeus (and its local equivalent) but some further sources of information were
used by each team to improve data availability and reliability. More specifically
Table 3 reports the sources used by each country for this category of data.
Table 3: Data sources for firm-level information.
Country
Belgium
Source
Belfirst, Belgian law gazette, Company websites, Press releases, Press clippings.
Finland
Amadeus, Company websites.
France
Amadeus, Company websites, Press releases.
Germany
ZEW Foundation Panel, Zephyr, German Stock Exchange, Firm websites.
Italy
RITA, Company websites, Telemaco, Press releases.
Spain
Amadeus, José Martí Pellón Database, WebCapitalRiesgo.com, Press releases.
UK
Amadeus, Library House, Company websites
The main source of accounting data was Amadeus (and its local equivalent) but
some further sources of information were used by each team to improve data
availability and reliability. More specifically Table 4 reports the sources used by
each country for this category of data.
4
Table 4: Data sources for accounting information.
Country
Belgium
Source
Belfirst.
Finland
Amadeus.
France
Amadeus.
Germany
Creditreform.
Italy
AIDA, RITA, Telemaco.
Spain
Amadeus.
UK
Amadeus.
As to patent data, most of the data collection effort was centralized to ensure
harmonization in the patenting data and achieve economies of scale in the
process. The main source of information was PATSTAT, which provides detailed
information of patent applications and grants (over 70 million records) in more
than 80 countries worldwide, including patent assignee names, citations,
publications, patents’ application and grant years, industry patent classes, and
priority countries.
Investment- and investor-level data
The main source of investment and investor level data was VentureXpert but
substantial information was collected using country specific sources. Data
collection regarding investor experience (through VentureXpert) and strategy
(through EVCA yearbooks), was centralized to achieve economies of scale in the
process. More specifically Table 5 reports the sources used by each country for
this category of data.
Table 5: Data sources of investment- and investor-level data by country
Country
Belgium
Finland
France
Germany
Italy
Spain
UK
Source
VentureXpert, Annual reports, Investor websites, Press releases, Press clippings,
IPO Prospectuses, European Venture Capital and Private Equity Association
yearbooks.
VentureXpert, Finnish Venture Capital Association, European Venture Capital and
Private Equity Association yearbooks.
VentureXpert, Investor websites, Press releases, European Venture Capital and
Private Equity Association yearbooks.
ZEW Foundation Panel, VentureXpert, VCPro-Database, BVK Directory, Zephyr,
German Stock Exchange, Investor websites, European Venture Capital and
Private Equity Association yearbooks.
VentureXpert, RITA directory, Private Equity Monitor, European Venture Capital
and Private Equity Association yearbooks.
José Martí Pellón Database, Local VC Association (ASCRI), WebCapitalRiesgo.com,
VentureXpert, European Venture Capital and Private Equity Association
yearbooks.
Library House (now: Venture Source), VentureXpert, Investor websites,
European Venture Capital and Private Equity Association yearbooks.
5

How are the data processed in terms of data cleaning (e.g.
harmonisation of organization names, etc.)
Data were first checked for reliability and internal consistency by each local
team. Then data were regularly sent to a central data collection unit which
ensured that information across countries was consistent and comparable and
its availability balanced. This two-tier structure allowed the early recognition
and solution of problems.
As to patent data obtained by PATSTAT the following procedure has been
followed. First, firm-level information was used to search assignees in
PATSTAT. An automated algorithm was used to ensure that firms could be
recognized even when some of the characteristics (e.g. the name) was spelled
slightly differently (much like the algorithms used by modern internet search
engines to recognize misspellings in the search).
This automatic search created a list of 5,696 potential matches for 1,070 VICO
companies. In other words, 1,070 companies in the VICO sample had one or
more companies in PATSTAT whose characteristics (name and address) were
close to some assignees recorded in PATSTAT. The average number of
potential matches per company was 5.3, the median number of potential
matches is 2, but a few companies, whose name seems to be very common
among innovators had more than 100 matches (with a maximum of more than
500 potential matches for a company named VISION).
Potential matches have then been dispatched to local teams for cross-checking
their correctness. For 880 out of the 1,070 candidates, at least one potential
match ended up being correct.
2.3 Information on all variables/indicators

Description of all variables and/or indicators that are given for the
main units of observation (e.g. number of publications, number of
patents, etc.)
In what follows, we report the main variables for each unit of observation
(firm, investor and investment). The full description of the VICO variables is
reported in Section 4.2.
Firm-level data
For each firm the following information have been collected:
a) General company information:
 Company id (Name, VAT Code or equivalent, BvD code)
 Address (Country, NUTS 2 region, City, Street, Zip Code)
 Industry classification (including NACE rev1 and rev2 codes)
 Contacts (Telephone, Fax, Website, generic email)
 Contact person (Name, email)
 Listed status (including year of IPO)
 Status (active, acquired, bankrupt, other inactive; including
year in which exit occurred)
6
b) Accounting data: accounting data up to a 10-year time horizon:
 Income statement figures (Sales, Payroll expenses, Value
added Depreciation of tangible assets, Depreciation of
intangible assets, Total depreciation, EBITDA, EBIT, Net profit,
Cash flows)
 Assets (Tangible assets, Intangible assets, Cash & cash
equivalents, Inventory, Total assets, Liabilities, Long term
financial debt, Short term financial debt, Total financial debt,
Equity)
 Headcount
c) Data on innovative activity (patents):
 Patent id codes
 Complete history of the application process (including, when
applicable, grant date, oppositions, suspension…)
 List of countries of patent validity
 Patent active (i.e. backward) citations
 Patent passive (i.e. forward) citations
 Patent references to journal articles (including journal type)
 IPC codes
Investor-level data
Data include the following investor-level information:
 VC identity (name of the management company and, if
applicable, of the VC fund)
 Year of foundation of the management company
 Type of management company (independent VC, corporate VC,
bank-affiliated VC, governmental VC, university seed fund)
 Experience of the VC investor at time of the investment
 Size (assets under management and headcount)
 Previous experience (e.g. number of deals by sector and
geographic area, number of exits by type)
 Specialization
 Investment strategy at time of the investment
Investment-level data
Deal-specific information for each investment round:
 Date of the investment
 Amount invested
 Equity interest acquired
 Stage of development of the company (EVCA classification)
 If syndicated deal: who retains leadership
 Exit (if the investor/fund exited the investment, when and
how)
 Contact person for the investment (Name, phone, email, mail
address)
7
2.4 Sectorial, temporal and geographical coverage

Information on the sectorial classifications used (e.g., economic sectors,
technological fields, organizations types, etc.), and listing of all
categories for each classification scheme
The sectors included in VICO, as well as their NACE codes (when available)
are reported in Table 6.
Table 6: Sectors included in VICO and NACE codes
NACE rev.1
NACE rev.2
Sector
Pharmaceutical
24.4
21
30.02+32+33
26
Robotics
29.5
28.99.20
Aerospace
35.5
30.30
TLC services
64.2
61
Internet
72.60
63.11.30+63.12
Software
72.2
62
Web publishing
72.2
5.2
Biotechnology
73.1
72.11
ICT manufacturing
The distribution of the two strata by sector is reported in Table 7.
Table 7: Distribution of the companies by sector
VC-backed
Non VC-backed
Sector
Biotech & Pharmaceutical
159
706
865
ICT manufacturing
124
1380
1,504
Internet
134
842
976
Software
256
3,502
3,758
44
343
387
23
437
460
TLC services
Other high-tech
R&D services
manufacturinga
19
Total
759
a Includes: aerospace, robotics, nanotech and cleantech.


Total
401
420
7,611
8,370
Information on the temporal coverage used (e.g. annual data from
1990-2010, etc.)
Since the interest of the project was in early-stage investments, the
population of VC-backed companies was restricted to those that received
their first round of investment less than 10 years after foundation. Limits
were also put on the period in which the first investment had occurred. Due
to data limitations in years before the early 1990s, we only considered VCbacked companies invested after 1994. Moreover, since a minimum number
of post-investment observations should be present to evaluate the impact of
VC on firm performance, we considered only VC-backed companies which
received their first round of VC before 2004.
Information on the geographical coverage and classifications used (e.g.
EU-27 member states, regional breakdown using NUTS classification
revision 2010, etc.)
8
For each company, the VICO database includes information on the country,
the NUTS 2 region, the city, and the ZIP code. The geographical distribution
(country) of the VICO companies is reported in Table 8.
Country
Belgium
Table 8: Distribution of the sample by country
VC-backed
Non VC-backed
Total
89
826
915
Finland
68
692
760
France
112
1,616
1,728
Germany
134
1,206
1,340
Italy
98
959
1,057
Spain
82
794
876
UK
176
1,518
1,694
Total
759
7,611
8,370
2.5 Quality and accuracy of data
 Information on the number of missing value
Table 9 reports the number of missing values and the percentage of missing
values with respect to the number of observation (i.e. the number of firms,
8,370) for the variables related to firm’s geographic location (Country, Region
and City) and industry (Industry NACE1 and Industry NACE2). For a description
of all the variables included in the VICO dataset please see Table 10 in Section 4.
According to WP8, these variables will be the base for the harmonization of VICO
with the other datasets. Furthermore, as it will be explained in Section 3, distant
access to VICO will be based upon aggregated data at country, regional and
industry levels.
Table 9: Missing values for geographical and industry variables
Number of
% of missing
Variable
missing values
values
Country
0.0
0

Region
20
0.2
City
189
2.3
ZIP Code
984
11.8
Industry NACE1
2126
25.4
Industry NACE2
2255
26.9
Estimation of data quality issues with respect to data acquisition,
reliability of retrieving system
Data were collected by local teams from each country (using a variety of
commercial and proprietary sources as described before) and checked for
reliability and consistency by a centralized data collection unit.
9
Legal issues encountered and access conditions




3
Legal issues concerning access of the database
Owner of raw data
Current practice for opening up of the database to external users
Legal necessities for potential opening procedures
The owner of the database is the VICO Consortium. Access rights to the VICO
dataset must be therefore in compliance with VICO Consortium Agreement
(please see Annex 1. VICO Consortium Agreement). The access to the VICO
infrastructure is available ‘on site’, to protect data confidentiality.
A typical site visit will take between one and three weeks.
After data harmonisation and integration (see WP8), we expect
to complement on site access by distant transnational access based upon
aggregated data at country, regional and industry
levels (provided privacy rules about levels of aggregation are respected).
Technical structure of VICO
3.1 Information on the data base system
 Current data base system used (e.g. Microsoft Access)
 Planned future technical changes concerning data base system
The current data base systems used are Microsoft Access (v2007-2013). The
data base is available in both formats and no changes are planned in the future.
3.2 Technical variable definition
 Labeling of all variables
 Data type of all variables (e.g., float, string, etc.)
 Current usage and definition of unique identifiers (if applicable)
Table 10 reports the name, the type (float, string, boolean, date) and a
description of all the variables included in the VICO database. Unique identifiers
are reported in bold. Variables are organized in 7 Tables (see also Section 4.3):
- Firm
- Accounting
- Investor
- Patent
- Deflator
- Experience
- Investment.
10
Variable
Table 10. List of variables included in the VICO dataset
1. Firm Table
Type Description
Company Code
string
Group
string
Company Name
string
VATCODE
string
Name of the company; when the company changed name or as
several aliases, a note is put in brackets
VAT code or equivalent
BvD code
string
BvD code (to get company info from BvD databases)
Foundation Year
float
Year of foundation of the company
Foundation Period
string
Periods: 1984-1989, 1990-1994, 1995-1999, 2000-2004
Investment Year
float
Investment Period
string
Age by the time of Invest
float
Interval
string
Country
string
Year in which the company received its first round of investment.
Not applicable for control group firms
Based on year of first investment. Pre-bubble (1994-1997); Bubble
(1998-2000); Post-bubble (2001-2004). Not applicable for control
group firms
Age of the firm when first invested. Not applicable for control group
firms.
Age at time of first investment by classes: Less than 3; 3 to 5; 6 to
10; more than 10. Not applicable for control group firms
Full country name
Region
string
Firm's region
City
string
Firm's city
Address
string
Firm's address
ZIP Code
string
Firm's ZIP code
Industry Classification
string
Industry NACE1
string
Firm's industy: Aerospace, Biotech, Energy, ICT manufacturing
Internet, Nanotech, Other R&D, Pharmaceutical, Robotics, Software,
TLC, Web publishing
Firm's core NACE rev. 1.1 code
Industry NACE2
string
Firm's core NACE rev. 2 code
Activity Description
string
Text field with more detailed description of firm's acrivity
Phone
string
Firm's phone
Fax
string
Firm's fax number
Website
string
Firm's website
Email
string
Generic email
CEO
string
Name of CEO
Contact Name
string
Name of contact person in the company
Contact Email
string
Email of contact person in the company
Listed
Unique identifier. Country code (2 letters) + 4 digits code.
Firms in VC-group are numbered from 0001 onward; firms in
control group are numbered from 1,000 onward
VC-backed or control group
boolean 1 if firm ever went through an IPO
IPO Year
float
Year in which the IPO occurred
Status
float
Acquisition Year
float
Firm's status as of end 2008: 1 - Still operating; 2 - Acquired; 3 Liquidated; 4 - Inactive
Year in which the company was acquired
Liquidation Year
float
Year in which the company was liquidated
Inactive Classification
Year
float
Year in which the company became inactive
11
12
Type
2. Accounting Table
Description
ID1
float
Unique identifier
Company Code
string
Year
float
Country code (2 letters) + 4 digits code. Firms in VC-group are
numbered from 0001 onward; firms in control group are numbered
from 1,000 onward
Year to which the accounting data refers to
ID
string
Company code + Year
Number of months
float
Number of months to which the accounts refer to
Sales
float
Revenues from goods/services solds. Thousand Euro. Nominal
Payroll expenses
float
Value added (indirect)
float
Value added (direct)
float
Employee costs gross of taxes and accruals. Thousand Euro.
Nominal
Value added computed as EBITDA + payroll expenses. Thousand
Euro. Nominal
Value added (direct measure)
Total Depreciation
float
Thousand Euro. Nominal
EBITDA indirect
float
EBITDA computed as EBIT + totaldepreciation. Nominal
EBITDA
float
EBITDA (direct measure). Thousand Euro. Nominal
EBIT
float
Earnings before interests and taxes. Thousand Euro. Nominal
Net profit
float
Net Profit (AfterTax). Thousand Euro. Nominal
Net cash flow
float
Net cash flows. Thousand Euro. Nominal
Tangible assets
float
Intangible assets
float
Total assets
float
Fixed Tangibles Assets Net of depreciation. Thousand Euro.
Nominal
Fixed Inangibles Assets Net of depreciation. Thousand Euro.
Nominal
Total Assets. Thousand Euro. Nominal
Cash & cash equivalents
float
Including cash, deposits, cash equivalents. Thousand Euro. Nominal
Inventory
float
Inventory. Thousand Euro. Nominal
Long term financial debt
float
Financial Long (>1Year) term Debt. Thousand Euro. Nominal
Short term financial
debt
Total financial debt
float
Equity
float
Headcount
float
Financial (e.g. excluding receivables) Short (<1Year) term Debt.
Thousand Euro. Nominal
Total financial debt (ST + LT financial debt). Thousand Euro.
Nominal
Shareholders (Total) equity (including all reserves). Thousand
Euro. Nominal
Number of employees
Reporting date
date
Variable
Origin
float
string
Data of the financial report (if information is from old extraction:
MISSING; if interpolated: NOT APPLICABLE)
"New" if from latest extraction from AMADEUS; "Old" if from
previous extraction; "Interpolated" if interpolated
13
3. Investor Table
Description
Variable
Type
Investor Code
string
EU investor code
string
Investor Name
string
Investor Contact
string
Unique identifier. "VC_" + Country code (2 letters) + 3 digits
code starting from 001 in each country
"VC_EU" + 4 digit numeric code; codes between VC_EU0001 and
VC_EU0085 indentify investors with different "Investor Code";
codes from VC_EU1000 correspond to a single "Investor code"
Name of the investor; when the company changed name or as
several aliases, a note is put in brackets
Name of the contact person for the investor
Investor Phone
string
Investor's phone number (local branch)
Investor Email
string
Investor's generic email address (local branch)
Investor Address
string
Investor's address (local branch)
Investor ZIP
string
Investor's ZIP code (local branch)
Investor Country
string
Investor's Country (local branch)
Investor City
string
Investor's city (local branch)
Investor Founding Year
float
Foundation year (local branch)
Investor Type
float
Investor Fax
string
Type of investor: 1 - Independent VC; 2 - Corporate VC; 3 - Bank
affiliated VC; 4 - Public VC; 5 - University VC; Not applicable changes over time
Investor's Fax number (local branch)
Investor Website
string
Investor's website (local branch)
CEO
string
Name of CEO
Contactname INV
manager contact
email inv manager
string
Name of contact investment manager
string
Email of contact investment manager
Contact Email
string
Contact email for investor
Title Contact
string
Position of contact
Contact Phone
string
Contact phone number for investor
Parent Name
string
Parent ID
string
Parent Country
string
Parent City
string
Parent founding year
string
Local Investor Name
string
Name of investor's parent company; Not applicable if no parent
company exists.
ID code of investor's parent company; Not applicable if no parent
company exists.
Country of investor's parent company; Not applicable if no parent
company exists.
City of investor's parent company; Not applicable if no parent
company exists.
Foundation year of investor's parent company; Not applicable if no
parent company exists.
Name of local investor
Fund Local Name
string
Name of local fund
14
4. Patent Table
Description
Variable
Type
Company Code
string
Application number
float
Country code (2 letters) + 4 digits code. Firms in VC-group are
numbered from 0001 onward; firms in control group are numbered
from 1,000 onward
Unique identifier. Patent EPO application number
Oppositions (1)
float
Number of oppositions to the patent based on EPO records
Application ID
float
Patent EPO ID
Grant date
date
Date of patent grant (NOT APPLICABLE if not granted)
Priority date
date
Priority date of the patent
Passive citations
float
Number of passive citations up to 2008
Weighted passive
citations
float
Generality
float
Number of weighted passive citations up to 2008 (level 1 citation
weight: 1; level 2 citations weight: 1/4; level 3 citations weight:
1/16)
Generality measure based on passive citations up to 2008
Passive citations (2year)
Generality (2-year)
float
Number of passive citations in the 2 years following the filing
float
Passive citations (3year)
Generality (3-year)
float
Generality measure based on passive citations in the 2 years
following the filing
Number of passive citations in the 3 years following the filing
Passive citations (5year)
Generality (5-year)
float
Active citations
float
Weighted active
citations
Self citations
float
float
Number of weighted active citations (level 1 citation weight: 1; level
2 citations weight: 1/4; level 3 citations weight: 1/16)
1 if patent contain a self-citation
Originality
float
Originality based on active citations
Pub A1
float
1 if contains citations to A1 journals
Pub A2
float
1 if contains citations to A2 journals
Cat A
float
1 if contains citation to journal type A (state of the art)
Cat L
float
1 if contains citation to journal type L
Cat T
float
1 if contains citation to journal type T (theoretical)
Cat X
float
Cat Y
float
1 if contains citation to journal type X (particularly relevant for this
patent)
1 if contains citation to journal type Y (relevant for this patent)
Cat Missing
float
1 if contains citation whose category is unknown
AT
float
1 if patent is valid in country AT
BE
float
1 if patent is valid in country BE
BG
float
1 if patent is valid in country BG
CH
float
1 if patent is valid in country CH
CY
float
1 if patent is valid in country CY
CZ
float
1 if patent is valid in country CZ
float
float
Generality measure based on passive citations in the 3 years
following the filing
Number of passive citations in the 5 years following the filing
Generality measure based on passive citations in the 5 years
following the filing
Number of active citations
15
Variable
Type
4. Patent Table - continued
Description
DE
float
1 if patent is valid in country DE
DK
float
1 if patent is valid in country DK
EE
float
1 if patent is valid in country EE
ES
float
1 if patent is valid in country ES
FI
float
1 if patent is valid in country FI
FR
float
1 if patent is valid in country FR
GB
float
1 if patent is valid in country GB
GR
float
1 if patent is valid in country GR
HR
float
1 if patent is valid in country HR
HU
float
1 if patent is valid in country HU
IE
float
1 if patent is valid in country IE
IS
float
1 if patent is valid in country IS
IT
float
1 if patent is valid in country IT
LI
float
1 if patent is valid in country LI
LT
float
1 if patent is valid in country LT
LU
float
1 if patent is valid in country LU
LV
float
1 if patent is valid in country LV
MC
float
1 if patent is valid in country MC
MT
float
1 if patent is valid in country MT
NL
float
1 if patent is valid in country NL
NO
float
1 if patent is valid in country NO
PL
float
1 if patent is valid in country PL
PT
float
1 if patent is valid in country PT
RO
float
1 if patent is valid in country RO
SE
float
1 if patent is valid in country SE
SI
float
1 if patent is valid in country SI
SK
float
1 if patent is valid in country SK
TR
float
1 if patent is valid in country TR
Family size
float
Number of countries where the patent is valid
IPC code 1
string
IPC code number 1
IPC code 2
string
IPC code number 2
IPC code 3
string
IPC code number 3
IPC code 4
string
IPC code number 4
16
Variable
Type
4. Patent Table - continued
Description
IPC code 5
string
IPC code number 5
IPC code 6
string
IPC code number 6
IPC code 7
string
IPC code number 7
IPC code 8
string
IPC code number 8
IPC code 9
string
IPC code number 9
IPC code 10
string
IPC code number 10
IPC code 11
string
IPC code number 11
IPC code 12
string
IPC code number 12
IPC code 13
string
IPC code number 13
IPC code 14
string
IPC code number 14
IPC code 15
string
IPC code number 15
IPC code 16
string
IPC code number 16
IPC code 17
string
IPC code number 17
IPC code 18
string
IPC code number 18
IPC code 19
string
IPC code number 19
IPC code 20
string
IPC code number 20
IPC code 21
string
IPC code number 21
N IPC codes
float
Number of different IPC codes
IPC 4-digit class 1
string
4-digit IPC class (repeated only once for each patent) of IPC code 1
IPC 4-digit class 2
string
4-digit IPC class (repeated only once for each patent) of IPC code 2
IPC 4-digit class 3
string
4-digit IPC class (repeated only once for each patent) of IPC code 3
IPC 4-digit class 4
string
4-digit IPC class (repeated only once for each patent) of IPC code 4
IPC 4-digit class 5
string
4-digit IPC class (repeated only once for each patent) of IPC code 5
IPC 4-digit class 6
string
4-digit IPC class (repeated only once for each patent) of IPC code 6
IPC 4-digit class 7
string
4-digit IPC class (repeated only once for each patent) of IPC code 7
IPC 4-digit class 8
string
4-digit IPC class (repeated only once for each patent) of IPC code 8
IPC 4-digit class 9
string
4-digit IPC class (repeated only once for each patent) of IPC code 9
IPC 4-digit class 10
string
4-digit IPC class (repeated only once for each patent) of IPC code 10
IPC 4-digit class 11
string
4-digit IPC class (repeated only once for each patent) of IPC code 11
IPC 4-digit class 12
string
4-digit IPC class (repeated only once for each patent) of IPC code 12
IPC 4-digit class 13
string
4-digit IPC class (repeated only once for each patent) of IPC code 13
IPC 4-digit class 14
string
4-digit IPC class (repeated only once for each patent) of IPC code 14
IPC 4-digit class 15
string
4-digit IPC class (repeated only once for each patent) of IPC code 15
17
Variable
Type
4. Patent Table - continued
Description
IPC 4-digit class 16
string
4-digit IPC class (repeated only once for each patent) of IPC code 16
IPC 4-digit class 17
string
4-digit IPC class (repeated only once for each patent) of IPC code 17
IPC 4-digit class 18
string
4-digit IPC class (repeated only once for each patent) of IPC code 18
IPC 4-digit class 19
string
4-digit IPC class (repeated only once for each patent) of IPC code 19
IPC 4-digit class 20
string
4-digit IPC class (repeated only once for each patent) of IPC code 20
IPC 4-digit class 21
string
4-digit IPC class (repeated only once for each patent) of IPC code 21
N IPC 4-digit codes
float
Number of different IPC 4-digit classes
Oppositions (2)
float
Number of oppositions to the patent based on patent history
Date event type 1
date
Date of filing the request for examination
Date event type 2
date
Date of despatch of first examination communication
Date event type 3
date
Date of patent granted
Date event type 4
date
Date of grant of patent intended
Date event type 5
date
Date withdrawn
Date event type 6
date
Date of opposition (if more than one, date of first opposition)
Date event type 7
date
Date of Patent revoked
Date event type 8
date
Date of Patent maintained in amended form
Date event type 9
date
Date of opposition is deemed not to be filed
Date event type 10
date
Date of opposition rejected
Date event type 11
date
Date of rejection
Date event type 12
date
Date of withdrawal
Date event type 13
date
Date of applying for restitutio in integrum
Date event type 14
date
Date of restitutio in integrum
Date event type 15
date
Date of opposition procedure closed
Date event type 16
date
Date of interruption / suspension
Date event type 17
date
Date of resumption
Date event type 20
date
Date of despatch of supplementary search report
Variable
Type
5. Deflator Table
Description
ID
float
Unique identifier
Country
string
Country to which the data refers to
Year
float
Year
Deflator
float
CPI deflator for year xxxx. 2005=100. Source OECD
18
Variable
Type
Deal code
string
6. Experience Table
Description
LEAD
float
Unique identifier. "Deal_" + Country code (2 letters) + 4 digits
code starting from 0001 in each country
Lead investor
PORTFOLIO COMPANY
MISSING IN
VENTUREXPERT
INVESTOR MISSING IN
VENTUREXPERT
Total assets under
management
Overall Experience
string
1 if portfolio company is missing in VentureXpert
string
1 if investor is missing in VentureXpert
float
Sector Experience
float
Country Experience
float
Experience as Cross
Border VC
float
Stage Experience
float
Syndication Experience
float
IPO's
float
Acquisitions
float
Failures
float
MISSING IN EVCA BOOK
float
Assets under management (million euro) based on the vintage year
(source: VentureXpert)
Cumulative number of investments in companies before the VC
invested in the PC (source: VentureXpert)
Cumulative number of investments in companies with the same
sector as the PC, before the VC invested in the PC (source:
VentureXpert)
Cumulative number of investments in companies who are based in
the same country as the PC, before the VC invested in the PC
(source: VentureXpert)
Cumulative number of investments in companies who are based in a
different country than the parent country of the VC (source:
VentureXpert)
Cumulative number of investments in companies who are in the
same stage as the PC, before the VC invested in the PC (source:
VentureXpert)
Cumulative number of investments in companies before investing in
the PC, where the VC was part of a syndicate of VC's (source:
VentureXpert)
Cumulative number of investments in companies who later turned
out to do an IPO, before investing in the PC (source: VentureXpert)
Cumulative number of investments in companies who later turned
out to do a trade sale before investing in the PC (source:
VentureXpert)
Cumulative number of investments in companies who later turned
out to fail, before investing in the PC (source: VentureXpert)
1 if all lead VC's of round are missing (source: EVCA BOOK)
investor type evca
string
Type of investor (source: EVCA BOOK)
Staff Size
float
Number of employees in VC firm (source: EVCA BOOK)
Capital managed
/advised (x mill)
Portfolio companies
float
Capital managed/advised (million euro) (source: EVCA BOOK)
float
Number of portfolio companies
Min investment size
(x1000)
Max investment size
(x1000)
SEED
float
Minimum investment size (thousand euro) (source: EVCA BOOK)
float
Maximum investment size (thousand euro) (source: EVCA BOOK)
float
START UP
float
EXPANSION
float
REPLACEMENT
CAPITAL
float
VC indicates that it is interested in investing in stages: SEED
(source: EVCA BOOK)
VC indicates that it is interested in investing in stages: START-UP;
OTHER EARLY STAGE (source: EVCA BOOK)
VC indicates that it is interested in investing in stages: EXPANSION;
BRIDGE FINANCING; DEVELOPMENT CAPITAL (source: EVCA
BOOK)
VC indicates that it is interested in investing in stages: SECUNDARY
PURCHASE; REPLACEMENT CAPITAL; REFINANCING BANK DEBT
(source: EVCA BOOK)
float
19
Variable
6. Experience Table - continued
Type Description
Buy out
float
No Preferences
float
All industries
float
Agriculture
float
Agriculture - Forestry Fishing
Biotechnology
float
Chemicals and Materials
float
COMMUNICATIONS
float
Communications other
float
Computer Related
float
Computer: Hardware
/Semiconductors
/Services/software
Construction
float
Construction - Building
Products
Consumer: other
float
Consumer Products
float
CONSUMER RELATED
float
Consumer Retail
float
Consumer Services
float
Electronics
float
Energy
float
Enviroment
float
Financial services
float
FINANCE / INSURANCE
/ REALESTATE
FOOD & BEVERAGES
float
High-Tech
float
Industrial Automation
float
Industrial products
float
float
float
float
float
VC indicates that it is interested in investing in stages:
MANAGEMENT BUY OUT; MANAGEMENT BUY IN; VENTURE
PURCHASE of QUOTED SHARES (source: EVCA BOOK)
VC indicates no industrial preference No Preferences (source: EVCA
BOOK)
VC indicates that it is interested in investing in All industries
(source: EVCA BOOK)
VC indicates that it is interested in investing in Agriculture (source:
EVCA BOOK)
VC indicates that it is interested in investing in Agriculture Forestry - Fishing (source: EVCA BOOK)
VC indicates that it is interested in investing in Biotechnology
(source: EVCA BOOK)
VC indicates that it is interested in investing in Chemicals and
Materials (source: EVCA BOOK)
VC indicates that it is interested in investing in COMMUNICATIONS
(source: EVCA BOOK)
VC indicates that it is interested in investing in Communications
other (source: EVCA BOOK)
VC indicates that it is interested in investing in Computer Related
(source: EVCA BOOK)
VC indicates that it is interested in investing in Computer:
Hardware/Semiconductors/Services/software (source: EVCA
BOOK)
VC indicates that it is interested in investing in Construction
(source: EVCA BOOK)
VC indicates that it is interested in investing in Construction Building Products (source: EVCA BOOK)
VC indicates that it is interested in investing in Consumer: other
(source: EVCA BOOK)
VC indicates that it is interested in investing in Consumer Products
(source: EVCA BOOK)
VC indicates that it is interested in investing in CONSUMER
RELATED (source: EVCA BOOK)
VC indicates that it is interested in investing in Consumer Retail
(source: EVCA BOOK)
VC indicates that it is interested in investing in Consumer Services
(source: EVCA BOOK)
VC indicates that it is interested in investing in Electronics (source:
EVCA BOOK)
VC indicates that it is interested in investing in Energy (source:
EVCA BOOK)
VC indicates that it is interested in investing in Enviroment (source:
EVCA BOOK)
VC indicates that it is interested in investing in Financial services
(source: EVCA BOOK)
VC indicates that it is interested in investing in FINANCE /
INSURANCE / REALESTATE (source: EVCA BOOK)
VC indicates that it is interested in investing in FOOD & BEVERAGES
(source: EVCA BOOK)
VC indicates that it is interested in investing in High-Tech (source:
EVCA BOOK)
VC indicates that it is interested in investing in Industrial
Automation (source: EVCA BOOK)
VC indicates that it is interested in investing in Industrial products
20
(source: EVCA BOOK)
21
Variable
6. Experience Table - continued
Type Description
Industrial Products and
Services
Internet technology
float
Internet
float
IT
float
Life Sciences
float
MANUFACTURING
float
Manufacturing: other
float
Media
float
Medical / Health Related
float
Medical: Instruments &
Devices
Multimedia
float
Nanotechnology
float
Other
float
Other electronics related
float
Other/GAS
float
Other/Utilities
float
Other/Water
float
Other/Waste water
float
Other Private Equity
Funds
Pharmaceuticals
float
Retailing
float
Services
float
Services: other
float
Software
float
Telecommunication
float
Transportation
float
No Preferences
float
float
float
float
VC indicates that it is interested in investing in Industrial Products
and Services (source: EVCA BOOK)
VC indicates that it is interested in investing in Internet technology
(source: EVCA BOOK)
VC indicates that it is interested in investing in Internet (source:
EVCA BOOK)
VC indicates that it is interested in investing in IT (source: EVCA
BOOK)
VC indicates that it is interested in investing in Life Sciences
(source: EVCA BOOK)
VC indicates that it is interested in investing in MANUFACTURING
(source: EVCA BOOK)
VC indicates that it is interested in investing in Manufacturing:
other (source: EVCA BOOK)
VC indicates that it is interested in investing in Media (source: EVCA
BOOK)
VC indicates that it is interested in investing in Medical / Health
Related (source: EVCA BOOK)
VC indicates that it is interested in investing in Medical:
Instruments & Devices (source: EVCA BOOK)
VC indicates that it is interested in investing in Multimedia (source:
EVCA BOOK)
VC indicates that it is interested in investing in Nanotechnology
(source: EVCA BOOK)
VC indicates that it is interested in investing in Other (source: EVCA
BOOK)
VC indicates that it is interested in investing in Other electronics
related (source: EVCA BOOK)
VC indicates that it is interested in investing in Other/GAS (source:
EVCA BOOK)
VC indicates that it is interested in investing in Other/Utilities
(source: EVCA BOOK)
VC indicates that it is interested in investing in Other/Water
(source: EVCA BOOK)
VC indicates that it is interested in investing in Other/Waste water
(source: EVCA BOOK)
VC indicates that it is interested in investing in Other Private Equity
Funds (source: EVCA BOOK)
VC indicates that it is interested in investing in Pharmaceuticals
(source: EVCA BOOK)
VC indicates that it is interested in investing in Retailing (source:
EVCA BOOK)
VC indicates that it is interested in investing in Services (source:
EVCA BOOK)
VC indicates that it is interested in investing in Services: other
(source: EVCA BOOK)
VC indicates that it is interested in investing in Software (source:
EVCA BOOK)
VC indicates that it is interested in investing in Telecommunication
(source: EVCA BOOK)
VC indicates that it is interested in investing in Transportation
(source: EVCA BOOK)
VC indicates no country/regional preferenceNo Preferences
(source: EVCA BOOK)
22
Variable
6. Experience Table - continued
Type Description
Worldwide
float
Asia
float
Africa
float
Australia
float
Austria
float
Baltic Countries
float
Belgium
float
Brussels
float
Benelux
float
Brazil
float
Canada
float
Central Europe
float
China
float
Continental Europe
float
Czech Republic
float
Denmark
float
Eastern Europe
float
Europe
float
Finland
float
France
float
Germany
float
India
float
Ireland
float
Israel
float
Italy
float
Japan
float
JORDAN
float
VC indicates that it is interested in investing Worldwide (source:
EVCA BOOK)
VC indicates that it is interested in investing in country/region: Asia
(source: EVCA BOOK)
VC indicates that it is interested in investing in country/region:
Africa (source: EVCA BOOK)
VC indicates that it is interested in investing in country/region:
Australia (source: EVCA BOOK)
VC indicates that it is interested in investing in country/region:
Austria (source: EVCA BOOK)
VC indicates that it is interested in investing in country/region:
Baltic Countries (source: EVCA BOOK)
VC indicates that it is interested in investing in country/region:
Belgium (source: EVCA BOOK)
VC indicates that it is interested in investing in country/region:
Brussels (source: EVCA BOOK)
VC indicates that it is interested in investing in country/region:
Benelux (source: EVCA BOOK)
VC indicates that it is interested in investing in country/region:
Brazil (source: EVCA BOOK)
VC indicates that it is interested in investing in country/region:
Canada (source: EVCA BOOK)
VC indicates that it is interested in investing in country/region:
Central Europe (source: EVCA BOOK)
VC indicates that it is interested in investing in country/region:
China (source: EVCA BOOK)
VC indicates that it is interested in investing in country/region:
Continental Europe (source: EVCA BOOK)
VC indicates that it is interested in investing in country/region:
Czech Republic (source: EVCA BOOK)
VC indicates that it is interested in investing in country/region:
Denmark (source: EVCA BOOK)
VC indicates that it is interested in investing in country/region:
Eastern Europe (source: EVCA BOOK)
VC indicates that it is interested in investing in country/region:
Europe (source: EVCA BOOK)
VC indicates that it is interested in investing in country/region:
Finland (source: EVCA BOOK)
VC indicates that it is interested in investing in country/region:
France (source: EVCA BOOK)
VC indicates that it is interested in investing in country/region:
Germany (source: EVCA BOOK)
VC indicates that it is interested in investing in country/region:
India (source: EVCA BOOK)
VC indicates that it is interested in investing in country/region:
Ireland (source: EVCA BOOK)
VC indicates that it is interested in investing in country/region:
Israel (source: EVCA BOOK)
VC indicates that it is interested in investing in country/region: Italy
(source: EVCA BOOK)
VC indicates that it is interested in investing in country/region:
Japan (source: EVCA BOOK)
VC indicates that it is interested in investing in country/region:
JORDAN (source: EVCA BOOK)
23
Variable
6. Experience Table - continued
Type Description
LATIN AMERICA
float
Luxembourg
float
Middle East
float
Netherlands
float
New Zealand
float
Nordic Countries
float
Norway
float
North America
float
Poland
float
Portugal
float
Russia
float
Scandinavia
float
Scotland
float
Singapore
float
Slovakia
float
South Korea
float
Spain
float
Sweden
float
Switzerland
float
Turkey
float
UK
float
USA
float
Western Europe
float
VC indicates that it is interested in investing in country/region:
LATIN AMERICA (source: EVCA BOOK)
VC indicates that it is interested in investing in country/region:
Luxembourg (source: EVCA BOOK)
VC indicates that it is interested in investing in country/region:
Middle East (source: EVCA BOOK)
VC indicates that it is interested in investing in country/region:
Netherlands (source: EVCA BOOK)
VC indicates that it is interested in investing in country/region: New
Zealand (source: EVCA BOOK)
VC indicates that it is interested in investing in country/region:
Nordic Countries (source: EVCA BOOK)
VC indicates that it is interested in investing in country/region:
Norway (source: EVCA BOOK)
VC indicates that it is interested in investing in country/region:
North America (source: EVCA BOOK)
VC indicates that it is interested in investing in country/region:
Poland (source: EVCA BOOK)
VC indicates that it is interested in investing in country/region:
Portugal (source: EVCA BOOK)
VC indicates that it is interested in investing in country/region:
Russia (source: EVCA BOOK)
VC indicates that it is interested in investing in country/region:
Scandinavia (source: EVCA BOOK)
VC indicates that it is interested in investing in country/region:
Scotland (source: EVCA BOOK)
VC indicates that it is interested in investing in country/region:
Singapore (source: EVCA BOOK)
VC indicates that it is interested in investing in country/region:
Slovakia (source: EVCA BOOK)
VC indicates that it is interested in investing in country/region:
South Korea (source: EVCA BOOK)
VC indicates that it is interested in investing in country/region:
Spain (source: EVCA BOOK)
VC indicates that it is interested in investing in country/region:
Sweden (source: EVCA BOOK)
VC indicates that it is interested in investing in country/region:
Switzerland (source: EVCA BOOK)
VC indicates that it is interested in investing in country/region:
Turkey (source: EVCA BOOK)
VC indicates that it is interested in investing in country/region: UK
(source: EVCA BOOK)
VC indicates that it is interested in investing in country/region: USA
(source: EVCA BOOK)
VC indicates that it is interested in investing in country/region:
Western Europe (source: EVCA BOOK)
24
7. Investment Table
Description
Variable
Type
Deal code
string
Company Code
string
Company Name
string
Distance
float
Unique identifier. "Deal_" + Country code (2 letters) + 4 digits code
starting from 0001 in each country.
Country code (2 letters) + 4 digits code. Firms in VC-group are
numbered from 0001 onward; firms in control group are numbered
from 1,000 onward
Name of the company; when the company changed name or as
several aliases, a note is put in brackets
Geographic distance between investor and target company (km)
Fund Name
string
Name of the fund making the investment
Investment Year
float
Year of the investment event
Investment Month
float
Month of the investment event
Investment Amount
float
Amount of the investment
Investment %Equity
float
Fully diluted % acquired
Investor Entry Year
float
First entry of investor
Investor Entry Stage
float
Lead Investor
float
Stage of the firm at the time of the entry of this VC (1-seed; 2startup; 3-expansion; 4-replacement; 5-buyout; 6-other)
1 if investor was (co)leading the round
Investor Exited
float
1 if investor exited
Investor Exit Year
float
Year of exit. Not applicable if no exit
Investor Exit Type
float
Investor Exit Type Note
string
Investment contact
name
Investment contact
phone
Investment contact
email
Investor type (at time of
investment)
string
string
Type of exit: 1-Buyback; 2-Sale to another VC; 3-Trade Sale; 4-Stock
market; 5-Write-off or liquidation; 6-Other. Not applicable if no exit
String with details about type of exit if exit type is "Other". Not
applicable if no exit or exit other than Other
Name of the contact person for the investment (might differ across
investments)
Investor's phone number (might differ across investments)
string
Investor's generic email address; might differ across investments
float
Type of investor at time of investment: 1 - Independent VC; 2 Corporate VC; 3 - Bank affiliated VC; 4 - Public VC; 5 - University VC
25
3.3 Description of the Entity Relationship Model of VICO (if
applicable)
 Definition of single tables relation between the tables via unique
identifiers
Figure 1 shows tables relations.
Figure 1. Tables relations
3.4 Interfaces for access and to other infrastructures (if applicable)

4
Technical information on interfaces with other infrastructures (e.g.
web interface for data search. etc.)
Not applicable.
Further planning of the opening of VICO
 Document concrete steps towards opening of the respective dataset
 Necessary updates and/or technical changes
Opening of the current version of the VICO dataset will take place at month 18.
Preparatory activities for opening will be mainly devoted to the harmonization
of geographical (NUTS2-NUTS3) and industry information (NACE rev.2).
During the RISIS project we aim to enlarge and update the VICO dataset (WP20).
Specifically:
- accounting information on VICO firms will be updated (from 2010, last
year available in the current version, to 2012);
- more recent information on existing small high tech firms will be updated
(from 2006 to 2012);
- patent and scientific publications on VICO firms will be collected.
Opening of the enlarged version of the VICO dataset will take place at month 24.
We do not expect substantial technical changes with respect to the current
version of the VICO database.
26
 Changing legal conditions for accessing the dataset or parts of the
dataset
No changes. See Section 3 for current legal conditions.
Suggestions for example results to be presented at the RISIS week 2015
on the use of the dataset in order to demonstrate its value added (e.g. in
conjunction with another dataset)
The VICO database has been extensively used in academic contributions on the
role of VC in supporting the performance (e.g. growth, innovation) of new high
tech companies in Europe. However, future research on the performance of new
high tech companies can benefit from the availability of data related to the RISIS
project.
During the RISIS week, a review of the extant contributions based on VICO data
will be provided. Furthermore, we will present some examples of possible
avenues of future research related to the benefits resulting from the
integration/harmonization of the VICO infrastructure with EUMIDA/ETER
(WP13 for its description), EUPRO (WP16 for its description) and Leiden
Ranking (WP17 for its description). More specifically, the joint use of VICO and
EUPRO will allow investigate whether the participation of these companies to EU
projects affect their access to VC finance and/or their economic and innovative
performance. Another possible line of research is related to the use of
EUMIDA/ETER and Leiden Ranking data on universities to assess the role of
geographical proximity to these sources of knowledge on the economic and
innovative performance of VICO companies.

.
27