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After a difficult beginning, a series of fiscal and legislative measures is helping to encourage venture capital investment and the appearance of new and innovative enterprises. A feature of the French venture capital world is the key role played by public bodies. These are multi-role organizations seeking to connect up the core players. The key factors for success can be described as a concern that all the stages in financing innovative new companies should join up smoothly, and action by public bodies generating the leverage effects. This present paper aims to show that leverage is not only a financial mechanism just as gap between venture capital and entrepreneur is not simply a financial phenomenon. The public policy can be qualified as an effective one. However, it does have negative side-effects such as escalating demands from investors and a complicated system in France. Analysis of public practices highlights problems which are not specific to France. The lack of skills favours long-established investment teams and a trend towards 'megafunds' and 'megaprojects'.
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