Sir

Craig Pickering argues that a culture of venture capitalism must be created in Europe (Nature 401, 209–210; 1999). I do not believe that lack of government support or venture capital is the reason for the undynamic high-technology landscape, in Germany at least. The problem is a lack of entrepreneurial spirit.

As someone who has recently founded a company with initial finance of almost DM15 million (US$8.2 million), my impression is that there is hardly a country where start-up venture capital is so easily accessible as it is here — it is much easier to obtain in Germany than in the United States.

At capital fairs, such as the recent Innovation Days in Berlin, there are dozens of banks and venture capital companies exhibiting but hardly any would-be entrepreneurs. The impression left is one between ridiculous and pathetic.

Germany frequently has publicly organized business plan competitions. And the government understands the overwhelming importance of high technology for the future of the economy. Politicians here are showing enthusiasm and respect for high-technology entrepreneurship.

The European problem cannot be solved by just money or political support. It is a problem of culture. I began to develop the vision for my company eight years ago. A feasible scientific concept evolved during my undergraduate and PhD studies. What was needed was a constant belief that at some point a business would be made out of all this. Once the money seemed available, I was well prepared to jump at it. You need to wish to be an entrepreneur over years of your scientific career. But few Europeans grow up with the desire to found their own businesses. Now that everybody tells them to do so, they neither have the heart nor mature enough ideas.

We Europeans must hope that being a venture capitalist in Europe is not so frustrating that private equity sources will have dried up once today's — hopefully more entrepreneurial — generation of students tries to commercialize its ideas.