It shows how 5G innovations are a key element in fostering European competitiveness and supporting economic recovery. Increasing equity investments is essential for the further development and adoption of 5G technologies and the scale-up of leading innovators in Europe. The study identifies a significant funding gap of €4.6 to €6.6 billion annually between Europe and the USA in terms of venture funding for the 5G innovation ecosystem, which increases the risk of lack of 5G investment in particular in the current context of the European recovery. Although a shared single market strategy should allocate sufficient public capital to the 5G ecosystems through both national budgets and EU programmes, including the Recovery Fund and InvestEU, venture capitals remain fundamental to narrow this gap. The Commission will now review the results and recommendations when considering future steps for 5G venture capital in Europe.