Risk Aversion Hinders Dutch Innovation, Warns ING Executive
Amsterdam, Tuesday, 21 October 2025.
Mark Milders from ING highlights that risk aversion in the Netherlands deters venture capital investment in start-ups, posing a barrier to innovation and growth.
The Current State of Dutch Venture Capital
Mark Milders, the head of ING’s corporate banking sector, has expressed concerns about the investment climate in the Netherlands. He highlights that the prevailing risk aversion among investors is discouraging venture capital investment in start-ups, which is crucial for innovation and economic growth [1]. This trend is a significant barrier to technological advancement and requires urgent intervention to change the investment landscape.
Comparison with Denmark’s Innovation Success
In contrast to the Netherlands, Denmark has established a robust innovation ecosystem, maintaining its top position on the European Innovation Scoreboard for several years. Denmark invests 3% of its GDP in research and development (R&D), compared to the Netherlands’ 2.3% [2]. This substantial difference in investment levels highlights the need for the Netherlands to reassess its R&D funding strategies to foster similar innovation success [2].
Calls for Strategic Reforms
Experts suggest that the Netherlands could benefit from adopting elements of the Danish model, where a stable investment policy and mandatory R&D budget are key success factors. The Advisory Council for Science, Technology, and Innovation (AWTI) in the Netherlands has recommended legally ensuring a portion of GDP is allocated to R&D and innovation, similar to Denmark’s approach [2]. Implementing these changes could create a more favorable environment for venture capitalists and start-ups.
Recent Developments and Future Prospects
Recent events such as the Radboudumc Investment Day 2025 in Nijmegen have highlighted both the challenges and opportunities in the Dutch investment landscape. Keynote speakers at the event emphasized the need for investors to take more risks to support start-ups in scaling up their operations [3]. As the Netherlands looks towards the future, strategic reforms aimed at reducing risk aversion and increasing R&D investment could significantly enhance its innovation capacity.