f a c u l t e d ec o n m ie g s io et ienc es i al ole adminis ra tion ire cahiers de rrecherches working papers venture capital financing in biotechnologies prospective assessment véronique bastin michel bergeron georges hübner pierre armand mélanie servais février 2004 200401 b ef abstract the existence of an equity gap is commonly acknowledged for high technology companies but its estimation extremely delicate this study proposes joint future demand and supply within five year horizon biotechnology industry wallonia brussels average historical cash flow statements combined with forecasted development yield estimated on side variety scenarios simulated mix macroeconomic problem specific inputs there potential yet unlikely match under conservative assumptions large shortage arises if
