From the rise of corporate venturing by closely held companies and SMEs, and the blurring of geographic lines, to recent trends in the power play dynamic between founders and VCs -- this panel will discuss current developments in the European early-stage investment sector. The discussion will encompass the growing trend of closely held businesses and small and medium size companies to partner with established VC funds, or create their own funds, as a kind of “VC vertical integration” to outsource R&D in a manner that may also result in investment rewards. The panellists will also consider how blurring geographic lines through the entrance into Europe of America's most established firms, as well as the expansion of European VCs into the bay area, has impacted early-stage deal-flow and processes, and consider the implications of the power play dynamic when founders optimize outcomes for themselves rather than venture investors.