Seed capital to support eco-innovations

Size: px
Start display at page:

Download "Seed capital to support eco-innovations"

Transcription

1 Seed capital to support eco-innovations FINAL REPORT Jan-Frens van Giessel Geert van der Veen 26 January 2006

2 Samenvatting Tijdens de bespreking van de VROM begroting 2005 (vergaderstukken Tweede Kamer 2004/2005, XI, nr. 83, ) werd, naar aanleiding van een vraag van Tweede Kamerlid Paul de Krom (et al.), door staatssecretaris Van Geel toegezegd een onderzoek uit te voeren naar de mogelijkheden om de beschikbaarheid van durfkapitaal (venture capital) voor eco-efficiënte innovaties te vergroten, in het bijzonder voor kleine ondernemers. Overweging daarbij was dat de beperkte beschikbaarheid van durfkapitaal een belemmering is voor kleine ondernemers om te investeren in innovatieve eco-efficiënte technologie. Het ministerie van VROM heeft aan Technopolis 1 gevraagd om de financieringsproblemen van kleine bedrijven en innovatieve starters op het gebied van milieutechnologie (eco-efficiënte innovaties) in Nederlands nader te onderzoeken. Tevens is het ministerie van Economische Zaken (EZ) betrokken geweest bij dit project 2. De belangrijkste resultaten van deze studie zijn in dit rapport weergegeven. Uit de studie blijkt dat durfkapitaal investeerders (formele Venture Capital verschaffers) niet (of slechts zeer beperkt) geïnteresseerd zijn in seed en early stage financiering omdat de risico s te groot zijn, de verwachte opbrengsten onzeker en de kosten en tijd voor het uitvoeren van due diligence hoog. Echte interesse begint veelal pas bij investeringen groter dan Deze situatie geldt voor alle technologieterreinen en is niet specifiek voor Nederland, hoewel de beschikbaarheid van seed en early stage kapitaal in Nederland lager is dan het Europees gemiddelde. In het algemeen geldt dat Europa meer risicomijdend is dan Noord-Amerika. Voor de seed en early stages van technologische start-up bedrijven lijken informal investors wel van belang te zijn. Statistieken hierover zijn echter niet bekend. Het gaat daarbij in het algemeen maar om beperkte bedragen (i.h.a. < ), die onvoldoende hoog zijn om bij hoogtechnologische ontwikkelingen een goede start te kunnen maken. Er bestaat derhalve een financieringsprobleem ( equity gap ) voor bedrijven met een kapitaalbehoefte tussen de en de ). Durfkapitaal voor seed investeringen in schone technologie Investeringen in schone technologie of clean tech (dit zijn technologieën met een beter milieuprestatie dan huidige vergelijkbare technologieën) kunnen als een indicator worden beschouwt voor investeringen in eco-efficiënte innovaties. Uit de statistieken blijkt dat 5-6% van alle durfkapitaal investeringen in Noord Amerika wordt gedaan in de clean tech sector, waarvan 1-2% seed investeringen zijn. Als we deze percentages vertalen naar Nederland dan blijkt dat de hoeveelheid durfkapitaal (formeel VC) voor seed investeringen in de clean tech sector verwaarloosbaar klein is. Dit beeld wordt ook bevestigt in interviews met durfkapitaal investeerders in Nederland Begeleidingscommissie: Just van Lidth de Jeude (Min VROM) and Jan Dexel (Min EZ) ii

3 Tegelijkertijd wordt de schone technologie sector door de VC fonds beheerders als een veelbelovende en opkomende sector beschouwd. Verwacht wordt dat het aantal durfkapitaal investeringen in deze sector de komende jaren sneller groeit dan investeringen in ICT en biotechnologie. Er is dus wel degelijk interesse om te investeren in de clean tech sector, maar in hoeverre dit ook zal leiden tot meer durfkapitaal voor seed investeringen in schone technologie starters is twijfelachting. Seed investeringen in schone technologie door informele investeerders Momenteel zijn informele investeerders (o.a. business angels) de grootste leveranciers van seed kapitaal voor technologie georiënteerde ondernemers, maar cijfers ontbreken hierover, zeker voor seed investeringen in eco-efficiënte innovaties. Aan de ene kant wordt in de interviews gesuggereerd dat sommige informele investeerders, naast financiële criteria ook ideologische criteria gebruiken als ze besluiten tot een investering. Dit zou betekenen dat investeringen in eco-efficiënte innovaties een bonus hebben ten opzichte van normale investeringen en dus makkelijker seed kapitaal aan te trekken van deze groep investeerders. Aan de andere kant geven sommige geïnterviewden aan dat ontwikkelingen op het gebied van ecoefficiënte innovaties meer onzekerheden vertonen dan gewone ontwikkelingen (o.a. door overheidsbepaalde markten, gebrek aan ondernemers met ervaring met het starten van bedrijven in de clean tech en gebrek aan financieel trackrecord van startende clean tech bedrijven). Dit maakt het moeilijker om kapitaal aan te trekken voor een clean tech start-up. Overheidssteun voor seed investeringen in technostarters Marktfalen (de mismatch tussen vraag en aanbod van kapitaal; de equity gap) rechtvaardigt ingrijpen en steun van de overheid voor seed en early-stage investeringen in (techno) starters. In Nederlands is door de overheid het TechnoPartner programma ontwikkeld dat zich specifiek richt op het stimuleren van technologie gebaseerde starters, onder andere door de beschikbaarheid van seed kapitaal voor deze groep te vergroten. Dit heeft tot nu toe geleid tot de oprichting van zeven nieuwe durfkapitaal fondsen voor techno starters. Geen van deze fondsen richt zich echter specifiek op schone technologie (clean tech) of eco-efficiënte innovaties. In dit report concluderen we dat de schone technologie (clean tech) sector niet fundamenteel anders in dan andere technologie gebieden en dat er daarom, vooralsnog, geen reden is om buiten het TechnoPartner programma om een specifiek stimulering programma op te zetten om de beschikbaarheid van seed kapitaal voor jonge ondernemers die zich richten op schone technologie te vergroten. De extra problemen die bedrijven in de schone technologie sector ondervinden (zoals gebrek aan trackrecord, serial entrepreneurs, markt informatie, etc) en de positieve milieu effecten voor de maatschappij rechtvaardigen echter wel enige extra steun van de overheid (binnen TechnoPartner). Daarom wordt aanbevolen om binnen de TechnoPartner Seed Facility specifieke marketing activiteiten te ontplooien die gericht zijn op het opzetten (met hulp van technopartner, onder dezelfde voorwaarden als andere TechnoPartner fondsen) van een speciaal durfkapitaal fonds dat zich richt op seed investeringen in de schone iii

4 technologie sector, en eventuele andere activiteiten voor het bevorderen van ondernemerschap in de clean tech sector (bijv. specifieke netwerkactiviteiten voor jonge ondernemers op dit gebied). Steun van de overheid om het aantal seed investeringen in jonge technologie gebaseerde bedrijven te vergroten is alleen effectief als deze bedrijven niet alleen de seed fase overleven, maar ook genoeg kapitaal kunnen aantrekken in vervolg fase van hun ontwikkeling (doorgroei en expansie fase). Hoewel deze latere fasen van financiering buiten de onderzoeksvraag aan Technopolis vallen, werd in de interviews voor dit onderzoek opgemerkt dat in deze fasen minstens even grote financieringsproblemen bestaan in de clean tech sector als in de eerdere fasen, waardoor de mogelijkheden de sterke Nederlandse technologische positie (op sommige terreinen) van de clean tech te vertalen naar economische bedrijvigheid zouden worden beperkt. Het wordt geadviseerd deze problematiek en mogelijke oplossingen daarvoor (bijv. met middelen van Waddenfonds en/of Borssele fonds) nader te onderzoeken. iv

5 Summary As a consequence of Parliamentary questions the Dutch Secretary of State for the Environment Mr. van Geel promised to research the possibilities to improve the availability of Venture Capital for eco-efficient innovations. Specific attention was asked for small and medium sized enterprises. Basic assumption was that the limited availability of Venture Capital hampers (small) entrepreneurs in realising ecoefficient innovations. Against this background, the Dutch Ministry of Environment (VROM) has asked Technopolis 3 to study the financing problems of start-up companies in the clean technology area (eco-efficient innovations) in the Netherlands. The Ministry of Economic Affairs (EZ) was also involved in this project 4. This report presents the results of this study. In this study it is concluded that formal venture capital (VC companies), generally speaking, is not committed to seed investments, because risks are too high, costs for due diligence high, and profitability highly uncertain. VC interest only starts at investments above This situation is valid for all technology areas and not specific for the Netherlands, although risk aversion in Europe is higher than in North America and availability of seed (and early stage) capital in the Netherlands is lower than the European average. Informal investors seem the most important source for seed en early stage capital for new technology based firms. Statistics on informal investments do not exist, but it is generally considered that the investments of informal investors are limited (general < ), and insufficient for a good start. As a consequence of the above there is an equity gap for companies with an investment need of to ). Seed investments in clean tech by venture capitalist Clean tech (e.g. technologies with a better environmental performance than current benchmark technologies) investments, which can be taken as a proxy for investments in eco-efficient innovations, account in North America for 5-6% of all venture capital investments. Seed investments are only 1-2% of this in North America. If we translate these figures to the Netherlands the amount of venture capital used for seed investments in clean tech is almost negligible. This picture was confirmed in interviews with venture capital providers in the Netherlands. Clean tech is however a hot and emerging sector for (venture capital) investors. It is expected that the average growth in the clean tech markets in the coming years will exceed the growth in ICT and life sciences. Therefore the interest in clean tech is present. Whether this will also mean that there will be more seed capital available for venture backed investments in clean tech is doubtful Begeleidingscommissie: Just van Lidth de Jeude (Min VROM) and Jan Dexel (Min EZ) v

6 Seed investments in clean tech by informal investors Nowadays informal investors are the main suppliers of seed capital for technologybased entrepreneurs. Statistics are, however, not available on these investments, and certainly not on informal seed investments in eco-efficient innovations. It is suggested in the interviews that for some informal investors eco-efficient investments have a ideological bonus over normal investments, because of the positive spillovers to society, and therefore less strict financial criteria may be used. On the other hand it is also indicated eco-efficient developments show more uncertainties than normal developments (government influenced markets, lack of serial entrepreneurs in clean tech and lack of track-record) and are therefore even harder to finance than normal developments. Support for seed investments in techno starters by the government Market inefficiencies (mismatch between demand and supply of capital; the equity gap ) justify government intervention and support for seed and early stage investments in (technology-based) starters. In the Netherlands the government has developed within the TechnoPartner programme a specific facility for promoting availability of seed capital for technology-based starters. This has recently led to the start up of seven new venture capital funds. None of them is however aiming at clean tech or eco-efficient innovations specifically. In this study we conclude that the clean tech area is not fundamentally different from other technology areas and therefore dedicated initiatives towards clean tech, outside current programmes like TechnoPartner, is not needed. However, the extra problems clean tech is facing over other technology areas (lack of track-record, lack of serial entrepreneurs, lack of market information, etc) and positive spillovers to society (because cleaner products and processes are realised with lower environmental impacts than the current technologies) do present an extra market failure that justifies government action (within TechnoPartner). Therefore it is recommended to start specific marketing actions for a clean tech venture fund within the context of TechnoPartner Seed Facility to explore whether a specific market interest in this area can be developed. Furthermore it is recommended to have specific attention (within TechnoPartner) for the promotion of entrepreneurship in the clean tech sector (networking activities for clean tech starters, etc.), and have attention for the development of markets for clean tech. Government support for companies in the seed phase is only effective when companies supported do not only survive the seed phase, but also succeed in attracting additional capital for further development (early-stage financing) and expansion. Although these later stages of financing are outside the scope of the research question of this project, it was mentioned often by those interviewed that financial difficulties for clean tech firms are at least as large in this later stage, and this does hamper the translation of the strong Dutch technological position to economic activity. It is recommended to research the problems in these later stages further and find possible solutions. vi

7 Table of Content 1 Introduction Overview 1 2 The equity gap and rationale for government funding of seed capital Equity gap Rationale for government support for seed and early stage financing 5 3 The role of Venture Capitalists in seed and early stage financing Investment criteria Overview of venture capital markets in the US and Europe Seed and early-stage investments in the Netherlands Summary 13 4 Venture capital investments in clean technology companies Drivers for clean technology investments Main challenges for clean tech 17 5 Conclusion and recommendations Government initiatives to support seed investments in clean tech Seed financing is only a first step 22 Appendix A Appendix B List of interviewees European equity schemes vii

8 1 Introduction Developing risk capital markets in Europe and improving access to risk capital for entrepreneurs and innovative, technology-based companies is one of the main policy challenges to stimulate innovation and competitiveness and achieve economic prosperity in Europe 5. At the same time there is also a growing emphasis among policymakers on sustainability and environmental and clean technologies or ecoefficient innovation as a driver for European economic growth. See for instance the efforts of the European Environmental Technologies Action Plan (ETAP), Informal Environmental Council 2004, etc. As a result the Dutch Ministry of Environment has asked Technopolis BV to conduct a study to explore the need for and the availability of seed venture capital for ecoefficient innovations and to assess whether there is a role for the government to increase availability of seed capital for companies developing eco-efficient innovations. The research question is focused on seed capital provided by venture capital. Informal investors and government funds are however an important source of seed capital for (clean) technology based companies and have, to some extent, been taken into account in this study as well. In the financial world eco-efficient innovations or sustainability is mainly referred to as clean technologies (e.g. clean tech). We have used clean tech as a proxy for ecoefficient innovations. The category clean tech is not specific to a particular industry or sector, but includes sectors as air and water purification, advanced materials, clean production technologies, renewable energy, distributed power generation, etc. This makes investments in clean tech difficult to track. The study is based on a number of literature sources and telephone interviews. For this research we have conducted interviews with private investors from the Netherlands and Belgium active in the clean tech sector (and one Dutchman from Canada), representatives from NVP and NeBib (representing informal investors) and government fund managers, as well as two entrepreneurs in the clean tech sector Overview The results of the study are presented in this report. It starts with aspects of start-up financing that are not technology or sector specific. Section 2.1 briefly explains the equity gap which many technology-based starters face. The rationale for government support for seed and early stage financing is explained in more detail in section 2.2. Section 3.1 gives an overview of the main criteria that private investors use when investing in start-ups. This is mainly based upon the interviews conducted for this study. The next section provides a brief overview of the venture capital 5 6 See for instance the Lisbon agenda and European Commission. COM (2003) 713. Access to finance for SMEs. The full list of interviewees is given in Appendix A 1

9 markets in the US, Europe and the Netherlands. Section 3.3 focuses on venture capital backed seed and early stage investments in the Netherlands. Special attention is given to the role of informal investors and government schemes as providers of seed capital. This is chapter is concluded with a short summary (section 3.4) From chapter 4 the focus is on clean tech investments. Section 4.1 explains some of the drivers for clean tech investments and gives an overview of the venture capital markets for clean tech in the North America, Europe and the Netherlands. Section 4.2. presents some of the main challenges the clean tech area is facing. This is mainly based upon the interviews conducted for this study. Conclusions and recommendations regarding the role of government in supporting seed investments in the clean tech area and possible government interventions are given in chapter 5. This report is concluded with a section (section 5.2) on the role of government support after the initial seed phase financing round (i.e. early stage and expansion phase financing). 2

10 2 The equity gap and rationale for government funding of seed capital Section 2.1 briefly explains the equity gap which many technology-based starters face. The rationale for government support for seed and early stage financing, based on the existence of this equity gap, is explained in more detail in section Equity gap During their life cycle, starting from the development of an idea to market introduction and further company growth, companies (i.e. technology based SMEs) encounter different financing problems. The company life cycle is shown in Exhibit 1. Exhibit 1 Stages of equity financing Source: Graph adapted from Cardullo: Technological Entrepreneurism. New and innovative companies, especially technology-based companies, need to invest substantial amounts of money before they have a product or service on the market and start to generate (positive) cash flows. During this seed stage, with negative earnings, entrepreneurs use mainly family, friends and (other) fools and government funds or grants to develop their business idea. In this stage the external informal investors may also play a role by providing private capital. This difficult first phase is often referred to as the valley of death. At some stage all companies just run out of money and need to attract additional financing. Business angels and informal investors are usually reluctant to provide different rounds of financing and usually pull out when the company moves on from seed to early stage. Government funds are also not available anymore for this stage of 3

11 company development (or require very substantial amounts of co-financing by the entrepreneur). Banks require some short of collateral and company history (track-record) before they will provide a loan. This makes bank financing unobtainable for (technology-based) start-ups. Moreover, interest payments limit cash flow and flexibility of an expanding company. Venture capital funds are mainly interested to invest in relatively established companies that have survived the seed and early growth stages and are rapidly growing (expansion stage). This stage provides the best investments opportunities and return rates for professional investors. Investments in start-ups involves higher risks and these risks are much more difficult to assess fro financers when compared to established, conventional companies with long track record. Furthermore the costs for the VC (risk assessment, legal and administrative costs, supervision) of providing a small amount of finance are practically identical to providing a large amount. Therefore VC s are reluctant to provide funds in the start-up phase. As a result an equity gap occurs in early-stage financing (i.e. first and second financing rounds). This mismatch between venture capital supply and demand occurs particularly at the bottom end of the capital market. For instance, for high-tech startups in the Netherlands an equity gap has been noted between supply and demand that is roughly between and per financing round 7. Because of this lack of funding sources many young and innovative (technology-based) companies do not survive the equity gap and potential promising inventions do not make it to the market. Exhibit 2 Schematic representation of the equity gap 7 Policy letter Action for entrepreneurs Ministry of Economic Affairs

12 2.2 Rationale for government support for seed and early stage financing The equity gap and lack of funding for new and technology-based companies have growing attention among policy makers in Europe. Developing risk capital markets in Europe and improving access to risk capital for entrepreneurs and innovative, technology-based companies is one of the main policy challenges to stimulate innovation and competitiveness and achieve economic prosperity in Europe 8. A recently published study by a group of experts 9 commissioned by the European Commission analysed early stage finance in Europe and concluded that the cost of, and time needed for due diligence in seed and early-stage deals makes these investments often unattractive compared to later-stage deals and buyouts that provide more attractive risk-return profiles. The resulting market failure seems to be fairly permanent and the conclusion over the years has been that for the foreseeable future public incentives will be needed to correct it. The expert report argues that both at the supply side and at the demand side there are structural problems resulting in market inefficiency for (venture) capital and the equity gap for (technology-based) start-up companies. Because of these market inefficiencies government intervention is needed. The main problems are summarised below and can be categorised in supply and demand side problems Supply side problems Venture capital does not invest in seed and early-stage companies if they can achieve a better risk-return elsewhere. Currently risk-return profiles for expansion or buyout investments are much better then for seed investments resulting in under investments in early stages. The government can provide incentives for risk sharing and leverage investments through public-private investments and co-investments of business angels and venture capital funds. Venture capital needs successful exits to return funds to investors. Currently there are only a few IPOs (the ultimate exit) in Europe. The unavailability of exits and consequently the lack of success stories slow down venture capital activities. The European venture capital market is far from efficient. Cross border investment is hard or even impossible because of 25 different sets of regulation on establishment of venture funds and double taxation. This makes it impossible to achieve scale and liquidity in Europe. European venture capital funds are often small and regional focussed. Larger funds would not reduce the risks associated with seed or early stage deals, but they can better absorb the high due diligence costs, which is currently a main reason for 8 9 See for instance the Lisbon agenda and European Commission. COM (2003) 713. Access to finance for SMEs. European Commission. DG Enterprise and Industry Best practises of public support for early-stage equity finance. Final report of the expert group. 5

13 investors to pull out of the seed and early stage market. Larger funds can also attract more professional fund managers, provide services, and ensure quality over time Demand side problems Entrepreneurs are often not aware of the different funding possibilities and are sometimes reluctant to share their ownership and control with equity investors. Instead, entrepreneurs try to borrow money or accept the limits of the firms growth. More effort is needed to bridge the gap in expectations between investors and entrepreneurs. The entrepreneurial spirit in Europe is limited, especially compared to the US and investment readiness of entrepreneurs remains a problem in Europe. Clarity concerning intellectual property rights is one of the key issues for investors. A solid and predictable contractual framework for technology transfer between universities and research institutes on the one hand, and enterprise and entrepreneurs on the other hand would facilitate birth of new companies. These issues described above, the main challenges and possible government actions are summarise in the table below (Exhibit 3). Exhibit 3 Government issues and actions with regard to seed capital Main issue Specific challenge Possible government action Lack of seed and start-up finance Scale and liquidity of European VC market Harmonise regulation on VC funds to make cross boarder investment possible and avoid double-taxation Risk-return profiles for seed and early stage investments Public-private investments fund (risk sharing and leverage) Better exit opportunities (show cases) - Business Angels as seed capital Facilitate business angel networks Investments in seed and early stage VC funds Entrepreneurial culture in Europe and Netherlands in particular is limited compared to US providers Institutional investors like pension funds are reluctant to invest in venture funds focussing on seed and start-up investments Tax incentives to encourage (institutional) investors to invest in start-ups Risk aversion Educational programme to stimulate creativity and entrepreneurship Fear of business failure - Investment readiness Communication gap between entrepreneurs and investors (mutual expectations) Stimulate coaching networks Facilitate networks and events where investors can meet entrepreneurs 6

14 3 The role of Venture Capitalists in seed and early stage financing Section 3.1 gives an overview of the main criteria that private investors use when investing in start-ups. This is mainly based upon the interviews conducted for this study. The following section provides a brief overview of the venture capital markets in the US, Europe and the Netherlands. Section 3.3 focuses specifically on venture backed seed and early stage investments in the Netherlands and special attention is given to the role of informal investors and government schemes as providers of seed capital. This is section is concluded with a short summary (3.4) 3.1 Investment criteria Venture capitalists (VC) invest in companies with high profit potential. Because of this high profit potential they are prepared to take the risk to invest in technology based start-up companies that have no or limited positive cash-flows (yet). Traditionally VCs prefer to invest in new technology based companies that operate at emerging or fast growing markets, because this offers the highest growth potential (20-30% per year) and returns (15-20% per year). Traditional capital providers (banks, etc) take less risk and only invest in already established company with a strong track-record und and therefore ask lower returns (i.e. interest payments). Not all initiatives are suitable for venture capital investments. VCs do not invest in (development) projects, only in companies (or investment funds). VCs invest in a certain company or investment fund because they expect to achieve significant returns in the future, given a certain risk profile 10. The time scope is different for every sector: in the ICT sector a return time of 1-2 year is normal, while in the biotech this is 8 years or longer. Once an investment has been made VC companies normally participate actively in the board of directors and provide coaching, management experience, access to networks of investors and clients, etc. to the entrepreneur. They help the company to grow significantly in a relatively short period of time. Normally a VC receives shares in the company to ensure profits after an exit. The most important investment criterion for a VC company is trust in the management team of the company. The management team must have an excellent track record (preferably in the same technology sector) and besides technological knowledge also have knowledge about the market they operate in (who are my clients and why do they want to pay for my product or process) and general management experience. Other important investment criteria are market opportunities (strategy) and technology position (IP). 10 Risk-return ratio; risky investment have higher expected returns 7

15 In general VCs invest in 1 out of 80 or 100 propositions. Main reason not to invest is lack of market perspective: many engineers that want to start a company are often too focused on developing the technology without thinking whether there is a market potential for this new technology. A VC will never make a big investment alone, because risk of failure is too high. Seed or early stage investment deals are limited ( mln Euro) and investors often make such an investment alone, but follow-up investments usually require large amounts of money. Therefore multiple VC s invest together in big deals to share risk and costs of due diligence. Moreover, co-investors can act as a second opinion and can provide the necessary funds to later stage investments. 3.2 Overview of venture capital markets in the US and Europe This section provides a brief overview of venture capital markets in the US, Europe and the Netherlands to get an idea about the market size and investment deals. In more details about seed and early-stage investments are presented Global overview of venture capital investments The total amount of US venture capital investments (excluding buy-outs) in 2004 was $20.8 billion. In total 2873 deals were performed and the average deal size was $7.3 million 11. Since the peak in 2000 private venture capital investments are declining each year in the US. In 2000 US venture capital investments reached over $100 billion and more than 7800 deals. European venture capital is much smaller compared to the US, but investments have risen annually after the drop in 2000 and have reached 11 billion in 2004, excluding buyout investments ( 36 billion if you include buyout investments) 12. Investments in expansion stage represent 7.9 billion. The average deal size in this stage was 1.7 million (see Exhibit 4). The Dutch venture capital market follows more or less the European developments. In companies attracted Dutch venture capital investments which accounted for 1.7 billion. Buyouts investments accounted for over 70% of this. The total amount invested excluding attractive buy-outs deals was approximately 500 mln Seed and early stage venture investments After the peak in 2000 investments in early stage companies have been declining over the past couple of years, both in the US and in Europe. In 2004 the share of seed investments was only 1.65% of total US venture capital investment (excluding National Venture Capital Association, 2004 figures. See European Venture Capital Association, 2004 figures. See 8

16 buyouts) and accounted for a total of $346 million. Start-up and other early stage investments accounted for another 18.5% or $3.9 billion 11. In Europe seed and start-up investments in companies accounted for only 6.4% or 2.35 billion of total investments in Europe (including buy-outs). Seed financings were only 0.4% or 150 million. This is shown in Exhibit 4. If you exclude buyout investments, which make a comparison with US figures possible, seed investments account for 1.4% of total investments in Other start-up investments were and additional 20% (or 2.2 billion). The average deal size for start-ups was 733,871 in Exhibit 4 Stage distribution of amount investment (European average, 2004) Seed 0,4% Start-up 6,0% Expansion 21,4% Buyout 69,7% Replacement capital 2,5% Source: EVCA, 2004 In both the US and Europe the share of seed capital investments is low and continues to decline since the 2000 peak. This is clearly shown in Exhibit 5, which provides figures for Europe. Furthermore, this exhibit shows that early-stage investment is declining both in absolute figures and relatively to expansion investments since Between 2003 and 2004 total early-stage investments have increased a bit, but relatively to expansion investments decreased further. 9

17 Exhibit 5 Early stage (seed and start-up) and expansion investments in Europe ( ) Source: EVCA and Expert report on Best practises of public support for early-stage finance 3.3 Seed and early-stage investments in the Netherlands In line with global trends seed and start-up financings by venture capitalist in the Netherlands have been trending downward over the last five years since the peak of more than 300 million in 1999 to only 37 million in In % of all venture investments were done in early-stage companies (seed and start-up) while in 2004 this share has dropped to only 2.2% of total investments (including buyout). This share is much lower than in Europe and the US. Based on figures of the NVP 13 only a few companies attracted seed-capital in 2004 (for 2.2 million) from venture capitalist while in previous years companies received seed financing annually. At the same time the amount of companies that attracted start-up financing reduced with 50 percent to 44 companies in 2004 and accounts for 35 million. The average deal size in start-up companies is 0,8 million 14. The recent growth in VC investments is due to expansion investments and buyouts. Private equity investments in technology based companies like ICT and biotech have decreased with more than 20% to 130 million in The investment climate for technology-based companies is expected to remain difficult in the coming years, according to the NVP NVP statistics cover approximately 80% all venture capital investments in the Netherlands, but with regard to seed and early-stage investments NVP covers a much smaller share of all deals in the Netherlands. NVP Ondernemend Vermogen de nederlandse private equity markt in

18 3.3.1 Informal investors The lack of interest among venture capital providers to invest in seed and early stage companies means that new and innovative (technology-based) companies need to find other sources of funding to finance their business development. It is highly probable that informal investors are the most important source of capital for seed and start-up investments in new, and often technology-based, companies. Informal investors act as the natural providers of seed capital. Informal investors participate more active in a company than VCs do, and provide management support and advice to the entrepreneur on a very personal basis ( hands-on ). They usually have experience as entrepreneur themselves and act as a coach to the entrepreneur. There are no statistics available on (the amount of) seed investments by informal investors, but it is likely (as was also mentioned in the interviews) that this is significant more than the amount of seed investments by VCs. Informal investors focus on the very early phases of company development. Once a company has achieved some mass, informal investors normally exit the company and scout for new business ideas. Often financial and personal capacities to provide active management support of informal investors are limited so they provide only a few rounds of financing. These seed investments are only picked up by limited number of venture capital providers limiting company growth (equity gap, see section 2.1) Public initiatives to support availability of seed capital Another important source of seed-capital for entrepreneurs are government funds and grants. There are currently three government schemes (not including regional initiatives) aimed at supporting (innovative) starters. These are TechnoPartner, the Venture Capital Scheme, and BBMKB SMEs Credit Guarantee scheme. Furthermore there are project-oriented subsidies, which provide subsidies for R&D activities (usually a percentage (50%or less) of actual costs). These traditional R&D subsidies are not discussed in this report. An elaborated study on VC/seed capital support initiatives outside the Netherlands was also not part of this study, but a list of interesting schemes abroad is provided for information in Appendix C TechnoPartner With the start of TechnoPartner in 2004 the Dutch government has created an integrated support forum for new business development. The aim of TechnoPartner 15 is to promote more and better technology-based start-ups ("technostarters"). It is a generic and flexible programme, designed with the intention to streamline technostarter policy in the Netherlands. The TechnoPartner programme is a result of the re-design of the current and recent technostarter initiatives of the ministry of Economic Affairs (EZ) into one programme - including Twinning, BioPartner and Dreamstart

19 Beside three operational action lines, the programme has an "institutional pillar" which is focussed on the improvement of the environment in which starters operate. The programme action lines are: TechnoPartner Seed facility. This aims to promote and mobilise the Dutch venture capital market to the benefit of technostarters; TechnoPartner Knowledge Exploitation Subsidy Arrangement (SKE). This includes a Pre-Seed facility for potential technostarters and a Patent facility for knowledge institutes to professionalize their patent policies; TechnoPartner platform. This provides information and expertise to technostarters. The TechnoPartner Seed Facility participates in seed funds financed by, and managed by the private sector. The total size of the investment funds financed in the first financing round of this action line is 33.2 million (including 16.2 million government participation). These funds are: Aglaia Oncology Seed Fund, Business Angels Technostarters, Seed Fund III, Solid Capital Technostarters Fund Prime Technology Technostartersfonds HENQ Innovative Fonds TechFund These funds have recently been launched (October 2005) and the first investments in techno-starters have taken place. All funds focus specifically on seed capital for technology based starters. Specific support for informal investors is not included in TechnoPartner, although informal investors are allowed to set up a seed fund in the Seed Facility. At the moment there are no facilities for support after the seed phase within TechnoPartner. They are however expected to be operational later this year (TechnoPartner Growth facility) Venture Capital Scheme The Venture Capital Scheme (Durfkapitaal regeling) aims at private investors who are willing to provide a loan to start-up companies. This scheme consists of three fiscal instruments: A (maximised) tax exemption (wealth tax, box 3 ) for direct and indirect investments in venture capital Tax deductions for losses on direct investments in venture capital Negative levies (Heffingskorting) for direct investments in venture capital A recent evaluation of this scheme 16 showed that the scheme was mainly used by relatives (9 out of 10 investments was done by a relative) to finance cross generation take-overs and real estate in the farmer sector. It was not very successful in attracting 16 Bureau Bartels Evaluatie van de durfkapitaal regeling. In opdracht van het Ministerie van Economische Zaken. 12

20 additional investments in new and innovative companies. Informal investors do not widely use this scheme, because they normally do not provide loans to companies, but participate actively in a company. To conclude, the scheme was not successful in attracting investments in new technology based starters BBMKB SMEs Credit Guarantee scheme (Besluit Borgstelling MKB Kredieten) Purpose of this scheme is to stimulate the provision of credit for small and medium enterprises (SMEs). The Ministry of Economic Affairs (EZ) provides security for a part of the credit that is given by the bank to an SME. For banks, such a guarantee is an important element in the decision to provide credit (or not). A security of EZ can compensate a shortage of securities. The amount EZ provides is based on the credit need, the shortage of security, and the credit amount that the bank will give. There is a specific facility for technostarters. If they apply for a TechnoPartner label (an official statement by TechnoPartner that they are a high-tech start-up) the banks get additional security, and are therefore able to provide more credit to these technostarters. 3.4 Summary To summarize, the venture capital markets in the US, Europe and in particular the Netherlands are clearly not focused on seed and early-stage investments. This is shown in Exhibit 6. Exhibit 6 Overview of VC markets in US, Europe and the Netherlands Total VC Total other Seed Start-up investments Total Seed start-up investments as investments as excl. buy-outs (mln ) investments (mln ) investments (mln ) share of total excl. buy-outs share of total excl. buy-outs US ,6 % 18,6% EU ,4 % 20,0% NL ,2 35 0,1 % 2,1% Source: NVCA, EVCA, NVP There is a tendency among VCs to invest in less risky expansion stage deals or profitable buyouts. This trend is expected to continue in the coming years. The seed and early stage venture capital market, in particular in the Netherlands, is very small in terms of deals and amounts invested. The high risks of failure and the cost of and time needed for due diligence makes these investments unattractive compared to later stage investments and buyouts. The figures show that there is a problem with availability of seed capital in the Netherlands, but some interviewees stress that the top really good business ideas always get funded. The natural providers of seed capital are informal investors. Informal investors and government grants seem more important providers of seed and early stage capital for new and innovative (technology based) starters than Venture Capitalist. 13

21 4 Venture capital investments in clean technology companies In this chapter more information is given about clean tech investments, which are taken as a proxy for eco-efficient technologies. Section 4.1 explains some of the drivers for clean tech investments and gives an overview of the venture capital markets for clean tech in the North America, Europe and the Netherlands. Section 4.2. presents some of the main challenges the clean tech area is facing. This is mainly based upon the interviews conducted for this study. 4.1 Drivers for clean technology investments Various reports and all interviewees predict a significant market growth for clean technologies. They see the following drivers for the clean tech market: Energy supply is a key problem for the coming years (if you solve energy problem all other problems are solved as well), High expected returns and making the world a better place is an extra incentive for investors to invest in clean tech, Energy and environment related investments (clean tech) are an emerging investment market with high growth potentials. The market for ICT and biotech investments is not expected to grow significantly anymore (but is still very important). Political awareness for clean technologies is high due to high oil price and security of energy (oil), Big multinational companies (Shell, BP, GE, Daimler-Chrysler, Sharp, etc) invest large amounts of money in clean tech and see clean tech as promising multi billion market in the near future (within 5-10 years) As a result clean tech investments are expected to grow at an exceptional tempo both in North America and Europe. Gathering information about VC investments in eco-efficient technologies (ecoinnovations) is however not straightforward, because detailed VC investment data are not publicly available and clean technology investments are not categorised as such in industry and sector statistics. Therefore the figures in the sections below must be handled with some care Clean technology investments in North America The most reliable and detailed information source on clean tech investments is Cleantech Venture Network 17 that monitors VC investments in clean technologies, mainly in North America. Clean technologies are not specific to a particular 17 Cleantech Venture Network LLC is an organization that connects private equity, corporate and institutional investors with "clean technology" entrepreneurs. See 14

22 industry and can be broadly applied to a range of industries. Examples of clean technologies include advanced energy storage, bio-based materials, filtration membranes, high-temperature superconductors, industrial process controls, etc. These clean technologies are taken as a proxy for eco-efficient technologies. Total investment into clean technologies in North America is increasing according to Cleantech Venture Network. In 2004 $1.209 billion was invested, virtually unchanged from the $1.216 billion recorded in 2003 and up 11.4% from the 2002 total of $1.085 billion. Before 2000, clean tech venture investments averaged approximately $350 million per year, while from 2000 to 2004 this is increased to more than $1 billion per year. This accounts for approximately 5-6% of all VC investments in North America 18. The average deal size in the last few years is between $6.2 and $7.2 million, in line with the average investment deals in equity across all industries and sectors in North America 19. The latest figures available from Cleantech Venture Network (Quarter 2, 2005) show that (in this quarter) 7 companies received seed capital investments in North America, which accounted for 1.4% of total clean tech venture investments. The average deal size was just about $1 million. This is in line with the share of seed capital investments across all industries in North America 20. Seed capital investments in clean tech have been decreasing over the past few years, just as seed capital investments in other sectors and industries. Another 11 companies received first round financing in Q accounting for 10.3% of total clean tech investments. Latter stage deals receive the bulk of the investment capital capturing 88% of total clean tech Q Energy related invested capture around 50% of total clean tech investments (approx $0.5 billion). This share has been stable for the last couple of years. According to the Deloitte and NVP Global Venture Capital survey 21, venture capitalists worldwide are planning to increase their investments in companies operating in the energy/environment sector. Twelve percent of all VCs surveyed said they are currently focusing on investments energy/environment, with that figure jumping to 21 percent over the next five years. The increased interest in energy/environment reflects the opportunities the VC industry sees in developing costeffective energy sources, Jensen, partner and national director of Deloitte & Touche LLP s Venture Capital Services Group, said Total venture investments in North America (US and Canada) are approx. $21 billion ($20.8 billion in the US and $1.3 billion in Canada) Cleantech Venture Monitor Q See section 0. Seed capital investments in the US accounts for 1.68% of total VC investments The Deloitte and NVCA 2005 Global Venture Capital Survey was conducted jointly by Deloitte & Touche LLP and the National Venture Capital Association. It was administered to venture capitalists in the Americas, Europe and the Middle East (EMEA) and Asia Pacific (APAC). Deloitte received 545 responses from general partners with assets under management ranging from less than $100 million to greater than $1 billion. The survey was conducted between February and April Of the total number of respondents, 257 were based in the Americas, 141 in EMEA and 147 in APAC. 15

23 The Cleantech Venture Capital Network also reports an increasing interest among VC fund managers to invest in clean and environmental technologies Clean tech investments in Europe For Europe no specific figures on venture investments in environmental or clean technology are available. EVCA does provide a sectoral distribution of investments, but environmental or clean technologies are no separate category so these investments are typically categorised under energy, chemical, transportation or agriculture. If we apply the US percentages for clean tech investments to Europe, we estimate the annual clean tech venture investments in Europe at approximately 660 million per year. Seed capital investments in clean tech should the 9 million in Europe (2004). Clean tech is also an emerging sector in Europe. For example, the 2005 EVCA conference EVCA (European Venture Capitalist Association) in Barcelona had a specific session on clean tech and a Clean Tech Venture Network is launched in Europe. The interviews conducted for this study confirm this growing interest in clean tech in Europe as well. All interviewees state that there is a lot of interest to invest in clean tech among venture capitalist, business angels, and institutional investors, but actual investments are still low in Europe (excluding UK), especially in the Netherlands and Belgium. Germany, Denmark, and Spain are interesting markets for VC investments in renewable energy, because of attractive long-term policy to promote this sector. UK and US based venture capitalist focus mainly on their home-markets because expected rates of return are higher there than in continental Europe Clean tech investments in the Netherlands Specific figures about clean tech investments in the Netherlands are missing. A rough estimate can be made by applying the US percentages for venture capital investments in clean tech (clean tech investments as share of total investments) to the Netherlands. This reveals that annual clean tech venture capital investments in the Netherlands accounts for approximately 100 million. Seed and start-up capital in the Netherlands represents 2.2% of total venture investments (see section 3.3). By applying the same shares to clean tech investments we estimate the average annual seed and start-up investments by VCs in this sector at 2.2 million. Because the low share of seed venture capital in the Netherlands translation of the percentage for seed capital in clean tech in the Netherlands is not possible. There are in the Netherlands approximately venture capital organisations that focus explicitly on sustainability and/or clean tech. This does however not mean that other venture capitalist in the Netherlands do not invest in clean tech as well, but this 16

IC Rating NPSP Composieten BV. 9 juni 2010 Variopool

IC Rating NPSP Composieten BV. 9 juni 2010 Variopool IC Rating NPSP Composieten BV 9 juni 2010 Variopool AGENDA: The future of NPSP Future IC Rating TM NPSP Composieten BV 2 Bottom line 3 Bottom line 4 Definition of Intangibles The factors not shown in the

More information

GMP-Z Annex 15: Kwalificatie en validatie

GMP-Z Annex 15: Kwalificatie en validatie -Z Annex 15: Kwalificatie en validatie item Gewijzigd richtsnoer -Z Toelichting Principle 1. This Annex describes the principles of qualification and validation which are applicable to the manufacture

More information

Guide to Public and Private Funding

Guide to Public and Private Funding Guide to Public and Private Funding Introduction to public and private funding Key Public Funding Opportunities Key Private Funding Opportunities Which funding opportunity is right for my business? Do

More information

Assuring the Cloud. Hans Bootsma Deloitte Risk Services hbootsma@deloitte.nl +31 (0)6 1098 0182

Assuring the Cloud. Hans Bootsma Deloitte Risk Services hbootsma@deloitte.nl +31 (0)6 1098 0182 Assuring the Cloud Hans Bootsma Deloitte Risk Services hbootsma@deloitte.nl +31 (0)6 1098 0182 Need for Assurance in Cloud Computing Demand Fast go to market Support innovation Lower costs Access everywhere

More information

Private Equity Survey 2011

Private Equity Survey 2011 Private Equity Survey 2011 Success of portfolio companies through quality of management and organization. Herman D. Koning Ron Jansen February 9, 2011 1 This afternoon 14.30 Reception 15.00 Welcome by

More information

Access to finance for. SMEs. István NÉMETH European Commission DG for Internal Market, Industry, Entrepreneurship and SMEs

Access to finance for. SMEs. István NÉMETH European Commission DG for Internal Market, Industry, Entrepreneurship and SMEs Access to finance for SMEs István NÉMETH European Commission DG for Internal Market, Industry, Entrepreneurship and SMEs Why EU intervention needed? EU financial instruments for SMEs Building on success

More information

Impact Investing Lab Financing innovation: the role of Angel Investing

Impact Investing Lab Financing innovation: the role of Angel Investing Impact Investing Lab Financing innovation: the role of Angel Investing December 3rd, 2014 www.iban.it Entrepreneurship: a definition

More information

Hot Topics Treasury Seminar

Hot Topics Treasury Seminar Hot Topics Treasury Seminar Supplier financing 18 June, 2015 Discover and unlock your potential 1 Program 1. A WCM Opportunity 2. The Concept 3. Business Case 4. Platforms 5. P2P Process Optimisation 6.

More information

Alain Schmitt Directorate General for Enterprise October 14 th, 2014

Alain Schmitt Directorate General for Enterprise October 14 th, 2014 Alain Schmitt Directorate General for Enterprise October 14 th, 2014 I. Facts and figures about innovation in France II. Startup financing III. Entrepreneurship culture and ecosystems Worldwide ranking

More information

Dutch Mortgage Market Pricing On the NMa report. Marco Haan University of Groningen November 18, 2011

Dutch Mortgage Market Pricing On the NMa report. Marco Haan University of Groningen November 18, 2011 Dutch Mortgage Market Pricing On the NMa report Marco Haan University of Groningen November 18, 2011 Introductory remarks My comments are complementary: I do not focus so much on this market as such, more

More information

ABN AMRO Bank N.V. The Royal Bank of Scotland N.V. ABN AMRO Holding N.V. RBS Holdings N.V. ABN AMRO Bank N.V.

ABN AMRO Bank N.V. The Royal Bank of Scotland N.V. ABN AMRO Holding N.V. RBS Holdings N.V. ABN AMRO Bank N.V. Op 6 februari 2010 is de naam ABN AMRO Bank N.V. (geregistreerd bij de Kamer van Koophandel onder nummer 33002587) gewijzigd in The Royal Bank of Scotland N.V. Op 1 april 2010 is de naam van ABN AMRO Holding

More information

austria wirtschaftsservice 2012 06 15 Belgrade Jovo Nedic

austria wirtschaftsservice 2012 06 15 Belgrade Jovo Nedic austria wirtschaftsservice 2012 06 15 Belgrade Jovo Nedic Agenda About aws aws policy and instruments for innovation Programs and Instrumens for innovative companies Programs and Instrumens for High-Tech

More information

DO BUSINESS WITH 1.000 FINANCIALS

DO BUSINESS WITH 1.000 FINANCIALS 2015 // unlock the power of technology DO BUSINESS WITH 1.000 FINANCIALS Show you r worth as an IT partner a t the 4th Financial Systems fair www.financialsystems.n l THURSDAY 21 MAY 2015 - NBC CONFERENCE

More information

Financing for innovative development

Financing for innovative development Financing for innovative development Business angel investing in Europe Thursday, May 3rd 2007 Claire Munck General Manager European Business Angel Network Index Characteristics of Business Angels Characteristics

More information

The Chinese market for environmental and water technology. Kansendossier China

The Chinese market for environmental and water technology. Kansendossier China The Chinese market for environmental and water technology Kansendossier China Kansendossier The Chinese market for environmental and water Technology Datum 2 5 2013 Agentschap NL is een agentschap van

More information

ELEFTHO : Supporting Business Incubators & technology parks.

ELEFTHO : Supporting Business Incubators & technology parks. ELEFTHO : Supporting Business Incubators & technology parks. Region of Central Macedonia Task Page 1 of 14 Contents Description of policy... 3 Name of the policy... 3 Responsible body... 3 Implementation

More information

Funding your Business October 2014

Funding your Business October 2014 Steve Plaskitt Corporate Finance Partner 07881 511 853 steve.plaskitt@taitwalker.co.uk Funding your Business October 2014 Contents Overview Finding the right structure Sourcing the right funding Internal

More information

COMMISSION OF THE EUROPEAN COMMUNITIES

COMMISSION OF THE EUROPEAN COMMUNITIES COMMISSION OF THE EUROPEAN COMMUNITIES Brussels, 29.6.2006 COM(2006) 349 final COMMUNICATION FROM THE COMMISSION TO THE COUNCIL, THE EUROPEAN PARLIAMENT, THE EUROPEAN ECONOMIC AND SOCIAL COMMITTEE AND

More information

HIPPO STUDY DG Education And Culture Study On The Cooperation Between HEIs And Public And Private Organisations In Europe. Valorisatie 9/26/2013

HIPPO STUDY DG Education And Culture Study On The Cooperation Between HEIs And Public And Private Organisations In Europe. Valorisatie 9/26/2013 Valorisatie Hoe goed doen we het in Nederland en doet het HBO het anders dan universiteiten? Peter van der Sijde Todd Davey HIPPO STUDY DG Education And Culture Study On The Cooperation Between HEIs And

More information

Research Department. J. Jakulj, N. Jonker and H.M.M. Peeters. Research Memorandum WO no. 742. De Nederlandsche Bank

Research Department. J. Jakulj, N. Jonker and H.M.M. Peeters. Research Memorandum WO no. 742. De Nederlandsche Bank Research Department Employment dynamics within small, medium and large establishments in the Netherlands at the end of the 1990s: Where and to what extent did job creation and job destruction occur? J.

More information

Inclusive Education : An international perspective

Inclusive Education : An international perspective Inclusive Education : An international perspective Dr Cor Meijer, director www.european-agency.org Member countries of the Agency Presently, the Agency has 27 full member countries: Austria, Belgium (French),

More information

MAYORGAME (BURGEMEESTERGAME)

MAYORGAME (BURGEMEESTERGAME) GATE Pilot Safety MAYORGAME (BURGEMEESTERGAME) Twan Boerenkamp Who is it about? Local council Beleidsteam = GBT or Regional Beleidsteam = RBT Mayor = Chairman Advisors now = Voorlichting? Official context

More information

How does a venture capitalist appraise investment opportunities?

How does a venture capitalist appraise investment opportunities? 1 How does a venture capitalist appraise investment opportunities? Michael Queen - Finance Director, 3i Group plc A presentation to: 23 Pensions Convention 2 June 23 A How presentation does a venture to:

More information

Market Intelligence & Research Services. CRM Trends Overview. MarketCap International BV Januari 2011

Market Intelligence & Research Services. CRM Trends Overview. MarketCap International BV Januari 2011 Market Intelligence & Research Services CRM Trends Overview MarketCap International BV Januari 2011 Index 1. CRM Trends generiek 2. CRM & IT 3. CRM in Nederland 2011 2 Index 1. CRM Trends generiek 2. CRM

More information

(Optioneel: We will include the review report and the financial statements reviewed by us in an overall report that will be conveyed to you.

(Optioneel: We will include the review report and the financial statements reviewed by us in an overall report that will be conveyed to you. 1.2 Example of an Engagement Letter for a Review Engagement N.B.: Dit voorbeeld van een opdrachtbevestiging voor een beoordelingsopdracht is gebaseerd op de tekst uit Standaard 2400, Opdrachten tot het

More information

Sources of Financing for Innovative SMEs: Public Sector Funds, Banks, Business Angels and Seed Funds, Venture Capitalists,

Sources of Financing for Innovative SMEs: Public Sector Funds, Banks, Business Angels and Seed Funds, Venture Capitalists, Sources of Financing for Innovative SMEs: Public Sector Funds, Banks, Business Angels and Seed Funds, Venture Capitalists, Luigi Amati CEO META Group THIRD WIPO-INSME INTERNATIONAL TRAINING PROGRAM: FINANCING

More information

ACTIVITIES AT THE STEUNPUNT O&O STATISTIEKEN. Koenraad Debackere

ACTIVITIES AT THE STEUNPUNT O&O STATISTIEKEN. Koenraad Debackere ACTIVITIES AT THE STEUNPUNT O&O STATISTIEKEN Koenraad Debackere The most important task of the Steunpunt O&O Statistieken is the development of an appropriate system of indicators to quantify R&D efforts

More information

Relationele Databases 2002/2003

Relationele Databases 2002/2003 1 Relationele Databases 2002/2003 Hoorcollege 5 22 mei 2003 Jaap Kamps & Maarten de Rijke April Juli 2003 Plan voor Vandaag Praktische dingen 3.8, 3.9, 3.10, 4.1, 4.4 en 4.5 SQL Aantekeningen 3 Meer Queries.

More information

Cost overruns in Dutch transportation infrastructure projects

Cost overruns in Dutch transportation infrastructure projects Cost overruns in Dutch transportation infrastructure projects Chantal C. Cantarelli Delft University of Technology c.c.cantarelli@tudelft.nl Bijdrage aan het Colloquium Vervoersplanologisch Speurwerk 19

More information

Key Steps Before Talking to Venture Capitalists

Key Steps Before Talking to Venture Capitalists Key Steps Before Talking to Venture Capitalists Some entrepreneurs may not be familiar with raising institutional capital to grow their businesses. Expansion plans beyond common organic growth are typically

More information

More than just premises

More than just premises Business Incubation More than just premises Advice Entrepreneurs network Secretarial service Ready for use 2011-2012 www.brainportdevelopment.nl Premises plus The Twinning Center s excellent ICT infrastructure,

More information

Spread. B&R Beurs. March 2010

Spread. B&R Beurs. March 2010 B&R Beurs March 2010 Spread Find out about the latest investment proposals of B&R's investment groups. Check the agenda, and the upcoming activities we organized for you! B&R Beurs Website: www.bnrbeurs.nl

More information

Cambridge International Examinations Cambridge International General Certificate of Secondary Education

Cambridge International Examinations Cambridge International General Certificate of Secondary Education Cambridge International Examinations Cambridge International General Certificate of Secondary Education DUTCH 0515/01 Paper 1 Listening For Examination from 2015 SPECIMEN MARK SCHEME Approx. 45 minutes

More information

How To Support A Business In Europe

How To Support A Business In Europe Support for Research, Development and Innovation Introduction: «Financial instruments for SMEs and larger companies provided by the European Union and the European Investment Bank» Seminar on «Financial

More information

Ten years entrepreneurship policy: a global overview

Ten years entrepreneurship policy: a global overview Ten years entrepreneurship policy: a global overview Entrepreneurship in the Netherlands 1 Colophon This publication forms part of a series relating to entrepreneurship and small businesses. January 2009

More information

IMPLEMENTATIE PAL4 DEMENTIE BIJ CLIENTEN VAN ZORGORGANISATIE BEWEGING 3.0

IMPLEMENTATIE PAL4 DEMENTIE BIJ CLIENTEN VAN ZORGORGANISATIE BEWEGING 3.0 IMPLEMENTATIE PAL4 DEMENTIE BIJ CLIENTEN VAN ZORGORGANISATIE BEWEGING 3.0 ONDERZOEK NAAR IN HOEVERRE PAL4 ONDERSTEUNING KAN BIEDEN AAN DE ONVERVULDE BEHOEFTEN VAN MENSEN MET DEMENTIE EN HUN MANTELZORGERS

More information

Mesofinance in opkomende landen via crowdfunding June 2015

Mesofinance in opkomende landen via crowdfunding June 2015 Mesofinance in opkomende landen via crowdfunding June 2015 Introduc>e Financial Engineering (Master IEM) 7 jaar ondernemer: website ontwikkeling en ontwerp Thesis bij Lendahand 2 Inhoud Introduc>on This

More information

THE DUTCH PRIVATE EQUITY AND VENTURE CAPITAL MARKET IN 2013 ENTERPRISING CAPITAL

THE DUTCH PRIVATE EQUITY AND VENTURE CAPITAL MARKET IN 2013 ENTERPRISING CAPITAL THE DUTCH PRIVATE EQUITY AND VENTURE CAPITAL MARKET IN 2 ENTERPRISING CAPITAL APRIL 24 ABOUT THIS PUBLICATION The Nederlandse Vereniging van Participatiemaatschappijen (NVP), together with the Corporate

More information

OGH: : 11g in de praktijk

OGH: : 11g in de praktijk OGH: : 11g in de praktijk Real Application Testing SPREKER : E-MAIL : PATRICK MUNNE PMUNNE@TRANSFER-SOLUTIONS.COM DATUM : 14-09-2010 WWW.TRANSFER-SOLUTIONS.COM Real Application Testing Uitleg Real Application

More information

ICT in home health care in Japan. Kansendossier Japan

ICT in home health care in Japan. Kansendossier Japan ICT in home health care in Japan Kansendossier Japan Colofon Kansendossier ICT in home health care in Japan Datum 2 5 2013 Agentschap NL is een agentschap van het Ministerie van Economische Zaken. Agentschap

More information

Financing a New Venture

Financing a New Venture Financing a New Venture A Canadian Innovation Centre How-To Guide 1 Financing a new venture New ventures require financing to fund growth Forms of financing include equity (personal, family & friends,

More information

Business Angels - an alternative source of financing innovative SMEs

Business Angels - an alternative source of financing innovative SMEs Business Angels - an alternative source of financing innovative SMEs EBAN The European Trade Association for Business Angels, Seed Funds and other Early Stage Investors Jacek Blonski Vice President European

More information

How to manage Business Apps - Case for a Mobile Access Strategy -

How to manage Business Apps - Case for a Mobile Access Strategy - How to manage Business Apps - Case for a Mobile Access Strategy - Hans Heising, Product Manager Gábor Vida, Manager Software Development RAM Mobile Data 2011 Content Introduction 2 Bring your own device

More information

Business Angels in Europe today. Aleksandar Cabrilo EBAN

Business Angels in Europe today. Aleksandar Cabrilo EBAN Business Angels in Europe today Aleksandar Cabrilo EBAN About EBAN Not for profit organization based in Brussels Created in 1999 by Eurada with the support of European Commission Members in 35 countries

More information

Entrepreneurial Attitudes Versus Entrepreneurial Activities

Entrepreneurial Attitudes Versus Entrepreneurial Activities Entrepreneurial Attitudes Versus Entrepreneurial Activities Global Entrepreneurship Monitor 2003 The Netherlands Niels Bosma Sander Wennekers Zoetermeer, April, 2004 ISBN: 90-371-0919-5 Order number: A200316

More information

source of financing innovative SMEs

source of financing innovative SMEs Business Angels - an alternative source of financing innovative SMEs EBAN The European Trade Association for Business Angels, Seed Funds and other Early Stage Investors Jacek Blonski Vice President European

More information

Economic and social effects of buy-outs in the Netherlands. Increased employment and growth in companies after a private equity investment

Economic and social effects of buy-outs in the Netherlands. Increased employment and growth in companies after a private equity investment Economic and social effects of buy-outs in the Netherlands Increased employment and growth in companies after a private equity investment January 2008 This report examines the role of private equity firms

More information

Statistics Compendium EBAN 2014. 5.5b

Statistics Compendium EBAN 2014. 5.5b Statistics Compendium EBAN 2014 5.5b The Statistics Compendium is Europe s most extensive annual research on the activity of business angels and business angel networks. It provides information on the

More information

SEO and Creative Industries in Amsterdam

SEO and Creative Industries in Amsterdam Amsterdam, August 2005 Commissioned by the Ministry of Economics Affairs, Agency for international Business and Cooperation (EVD) International opportunities for the creative industries Final report Rob

More information

IP-NBM. Copyright Capgemini 2012. All Rights Reserved

IP-NBM. Copyright Capgemini 2012. All Rights Reserved IP-NBM 1 De bescheidenheid van een schaker 2 Maar wat betekent dat nu 3 De drie elementen richting onsterfelijkheid Genomics Artifical Intelligence (nano)robotics 4 De impact van automatisering en robotisering

More information

Maatschappelijke Innovatie

Maatschappelijke Innovatie Maatschappelijke Innovatie Lecture: Sociaal Ondernemerschap / Economisch perspectief Niels Bosma 30-04-2015 Vandaag: accent op sociaal ondernemen Economisch perspectief Begripsbepaling Economische relevantie

More information

Government financing for innovative enterprises Policy mix and changes over time lessons learned

Government financing for innovative enterprises Policy mix and changes over time lessons learned Government financing for innovative enterprises Policy mix and changes over time lessons learned Pertti Valtonen, Counsellor Ministry of Employment and the Economy, Finland International Conference, Entrepreneurship

More information

Investment readiness EUROPEAN COMMISSION DIRECTORATE-GENERAL FOR ENTERPRISE AND INDUSTRY. Financing SMEs, entrepreneurs and innovators

Investment readiness EUROPEAN COMMISSION DIRECTORATE-GENERAL FOR ENTERPRISE AND INDUSTRY. Financing SMEs, entrepreneurs and innovators EUROPEAN COMMISSION DIRECTORATE-GENERAL FOR ENTERPRISE AND INDUSTRY Financing SMEs, entrepreneurs and innovators Investment readiness Summary report of the workshop Brussels, 28 November 2006 European

More information

THE DUTCH PRIVATE EQUITY AND VENTURE CAPITAL MARKET IN 2014 ENTERPRISING CAPITAL APRIL 2015

THE DUTCH PRIVATE EQUITY AND VENTURE CAPITAL MARKET IN 2014 ENTERPRISING CAPITAL APRIL 2015 THE DUTCH PRIVATE EQUITY AND VENTURE CAPITAL MARKET IN 2014 ENTERPRISING CAPITAL APRIL 2015 ABOUT THIS PUBLICATION METHODOLOGY The Nederlandse Vereniging van Participatiemaatschappijen (NVP) continuesly

More information

Making, Moving and Shaking a Community of Young Global Citizens Resultaten Nulmeting GET IT DONE

Making, Moving and Shaking a Community of Young Global Citizens Resultaten Nulmeting GET IT DONE Making, Moving and Shaking a Community of Young Global Citizens Resultaten Nulmeting GET IT DONE Rianne Verwijs Freek Hermens Inhoud Summary 5 1 Introductie en leeswijzer 7 2 Achtergrond en onderzoeksopzet

More information

Engineering Natural Lighting Experiences

Engineering Natural Lighting Experiences Engineering Natural Lighting Experiences Elke den Ouden & Emile Aarts Earth from outer space is beautiful Andre Kuipers during his ISS Expedition 31/32, 2011-2012 Earth in a sun eclipse Nothern polar region

More information

Opportunity Report on Korean gaming Kansendossier Korea

Opportunity Report on Korean gaming Kansendossier Korea Opportunity Report on Korean gaming Kansendossier Korea Game is not a new field in Korea. It is a major industry in Korea, accounting for 55% of the cultural contents export in 2011. E-sports, where gaming

More information

1. Introduction. For further information contact; Donnchadh Cullinan Manager, Banking Relationships & Growth Capital Department +353 1 727 2162

1. Introduction. For further information contact; Donnchadh Cullinan Manager, Banking Relationships & Growth Capital Department +353 1 727 2162 Enterprise Ireland is the Government agency responsible for the development and growth of Irish enterprises in world markets. We work in partnership with Irish enterprises to help them start, grow, innovate

More information

European Union SME policies. Ulla Hudina

European Union SME policies. Ulla Hudina European Union SME policies Ulla Hudina EU Finance Day for SMEs, Athens, 20th January 2009 Supporting SMEs SMEs backbone of EU economy: important players in all value chains; 23 million SMEs (99 % of all

More information

Global Entrepreneurship Monitor. 2007 The Netherlands. S.J.A. Hessels K. Suddle M. Mooibroek

Global Entrepreneurship Monitor. 2007 The Netherlands. S.J.A. Hessels K. Suddle M. Mooibroek Global Entrepreneurship Monitor 2007 The Netherlands S.J.A. Hessels K. Suddle M. Mooibroek Zoetermeer, July 2008 ISBN: 978-90-371-0980-1 Order number: A200805 Price: 45.- This report is part of the research

More information

SMEs access to finance survey 2014

SMEs access to finance survey 2014 EUROPEAN COMMISSION MEMO Brussels, 12 November 2014 SMEs access to finance survey 2014 This memo outlines the results of a survey undertaken by the European Commission to provide policy makers with evidence

More information

Opportunities in the South Korean cheese market. Kansendossier Zuid-Korea

Opportunities in the South Korean cheese market. Kansendossier Zuid-Korea Opportunities in the South Korean cheese market Kansendossier Zuid-Korea Inhoud 1 Opportunities in the South Korean cheese market 3 1.1 1.2 Fast growing market 3 Premiumization 4 1.3 High potentials in

More information

Access to Finance: Impacts of Publicly Supported Venture Capital and Loan Guarantees

Access to Finance: Impacts of Publicly Supported Venture Capital and Loan Guarantees Access to Finance: Impacts of Publicly Supported Venture Capital and Loan Guarantees Authors : Dr. Ronnie Ramlogan & Dr. John Rigby Presented by : Arslan Austin Innovation IV SS 2014 Introduction Innovation

More information

Co-evolution of Author IDs and Research Information Infrastructure in the Netherlands

Co-evolution of Author IDs and Research Information Infrastructure in the Netherlands Co-evolution of Author IDs and Research Information Infrastructure in the Netherlands Clifford Tatum, SURF Market - L'identité du publiant à l'épreuve du numérique Enjeux et perspectives pour l'identification

More information

"Recent facts on finance for innovation and how EU-financial instruments help innovative SMEs".

Recent facts on finance for innovation and how EU-financial instruments help innovative SMEs. "Recent facts on finance for innovation and how EU-financial instruments help innovative SMEs". Jean-Noël Durvy, Director for Innovation Policy Geneva, 29 September 2009, Promoting Innovation-based Entrepreneurial

More information

employager 1.0 design challenge

employager 1.0 design challenge employager 1.0 design challenge a voyage to employ(ment) EMPLOYAGER 1.0 On the initiative of the City of Eindhoven, the Red Bluejay Foundation organizes a new design challenge around people with a distance

More information

SME support under Horizon 2020 how to make it work

SME support under Horizon 2020 how to make it work SME support under Horizon 2020 how to make it work Olivier Brunet Unit Regional dimension of innovation Directorate General Research &Innovation European Commission The Multiannual Financial Framework

More information

THE EMOTIONAL VALUE OF PAID FOR MAGAZINES. Intomart GfK 2013 Emotionele Waarde Betaald vs. Gratis Tijdschrift April 2013 1

THE EMOTIONAL VALUE OF PAID FOR MAGAZINES. Intomart GfK 2013 Emotionele Waarde Betaald vs. Gratis Tijdschrift April 2013 1 THE EMOTIONAL VALUE OF PAID FOR MAGAZINES Intomart GfK 2013 Emotionele Waarde Betaald vs. Gratis Tijdschrift April 2013 1 CONTENT 1. CONCLUSIONS 2. RESULTS Reading behaviour Appreciation Engagement Advertising

More information

The state of DIY. Mix Express DIY event Maarssen 14 mei 2014

The state of DIY. Mix Express DIY event Maarssen 14 mei 2014 The state of DIY!! Mix Express DIY event Maarssen 14 mei 2014 Inleiding Mix press DIY sessie Maarssen 14 mei 2014 Deze presentatie is gemaakt voor het Mix DIY congres en gebaseerd op onze analyse van de

More information

Financial Instruments provided by the European Investment Bank (including Risk Sharing Finance Facility)

Financial Instruments provided by the European Investment Bank (including Risk Sharing Finance Facility) Financial Instruments provided by the European Investment Bank (including Risk Sharing Finance Facility) M. D hooge Financial instruments for Innovations, Research and Development 30 November 2009, Prague

More information

www.parhelia-bv.com The Art of Cooperation!

www.parhelia-bv.com The Art of Cooperation! www.parhelia-bv.com The Art of Cooperation! Avionics Bus Analyzers Communication and Networking Embedded Hardware Embedded Systems Graphics Legacy products Storage Telecom Solutions Welkom bij Parhelia

More information

Cisco Small Business Fast Track Pricing Initiative

Cisco Small Business Fast Track Pricing Initiative Cisco Small Business Fast Track Pricing Initiative Highlights Het Cisco Small Business portfolio biedt u een breed scala aan producten waarmee u optimaal kunt inspelen op de vraag van uw mkb klanten. Zeker

More information

Ownership transfer Critical Tax Issues. Johan Fall, Anders Ydstedt March, 2010

Ownership transfer Critical Tax Issues. Johan Fall, Anders Ydstedt March, 2010 Ownership transfer Critical Tax Issues Johan Fall, Anders Ydstedt March, 2010 Ownership transfer Critical Tax Issues 1 Ownership transfer Critical Tax Issues INTRODUCTION In tough economic times family

More information

Daan & Rembrandt Research Wendelien Daan By Willemijn Jongbloed Group D October 2009

Daan & Rembrandt Research Wendelien Daan By Willemijn Jongbloed Group D October 2009 Daan & Rembrandt Research Wendelien Daan By Willemijn Jongbloed Group D October 2009 Doing Dutch Often, the work of many Dutch artist; photographers, designers, and painters is easy to recognize among

More information

Citrix Access Gateway: Implementing Enterprise Edition Feature 9.0

Citrix Access Gateway: Implementing Enterprise Edition Feature 9.0 coursemonstercom/uk Citrix Access Gateway: Implementing Enterprise Edition Feature 90 View training dates» Overview Nederlands Deze cursus behandelt informatie die beheerders en andere IT-professionals

More information

PoliticalMashup. Make implicit structure and information explicit. Content

PoliticalMashup. Make implicit structure and information explicit. Content 1 2 Content Connecting promises and actions of politicians and how the society reacts on them Maarten Marx Universiteit van Amsterdam Overview project Zooming in on one cultural heritage dataset A few

More information

Agenda item 6 CfER 01/12/10-05 COUNCIL FOR ECONOMIC RENEWAL ACCESS TO FINANCE

Agenda item 6 CfER 01/12/10-05 COUNCIL FOR ECONOMIC RENEWAL ACCESS TO FINANCE 1. Purpose COUNCIL FOR ECONOMIC RENEWAL ACCESS TO FINANCE 1.1 Ensuring that businesses have sufficient access to start up and growth investment, not only to meet current demands but to finance the ambitious

More information

Benchmarking business angels. Final report

Benchmarking business angels. Final report Benchmarking business angels Final report 4 November 2002 EXECUTIVE SUMMARY... 3 1. INTRODUCTION... 4 1.1. AIM OF THE REPORT...4 1.2. STRUCTURE OF THE REPORT...5 2. POLICY CONTEXT... 5 2.1 EFFICIENT AND

More information

Belgium in international tax planning

Belgium in international tax planning Belgium in international tax planning Presented by Bernard Peeters and Mieke Van Zandweghe, tax division at Tiberghien Belgium has improved its tax climate considerably in recent years. This may be illustrated

More information

Valorisation Centre Subsidy Alert

Valorisation Centre Subsidy Alert Valorisation Centre Subsidy Alert April 2012 Dear Sir/Madam, The Subsidy Alert contains information upcoming events, calls and other news regarding national and European funding, tailored for staff of

More information

A Comparative Case Study on the Relationship between EU Unity and its Effectiveness in Multilateral Negotiations

A Comparative Case Study on the Relationship between EU Unity and its Effectiveness in Multilateral Negotiations Is the Sum More than its Parts? A Comparative Case Study on the Relationship between EU Unity and its Effectiveness in Multilateral Negotiations PhD thesis by: Louise van Schaik, July 2010 Promoter/ PhD

More information

Examen Software Engineering 2010-2011 05/09/2011

Examen Software Engineering 2010-2011 05/09/2011 Belangrijk: Schrijf je antwoorden kort en bondig in de daartoe voorziene velden. Elke theorie-vraag staat op 2 punten (totaal op 24). De oefening staan in totaal op 16 punten. Het geheel staat op 40 punten.

More information

EU programmes 2014 other

EU programmes 2014 other EU programmes 2014 other 25 November 2013 John Heynen 1 European programmes in 2014 HORIZON 2020 EUROSTARS LIFE+ INTERREG Others SC5 Climate action, Environment, Resource Efficiency and Raw Materials WASTE*

More information

Mylan Publiceert Verklaring in Reactie op Abbotts Steun voor Perrigo Transactie

Mylan Publiceert Verklaring in Reactie op Abbotts Steun voor Perrigo Transactie Mylan Publiceert Verklaring in Reactie op Abbotts Steun voor Perrigo Transactie HERTFORDSHIRE, England en PITTSBURGH, 16 juni, 2015 /PRNewswire/ - Mylan N.V. (NASDAQ: MYL) heeft vandaag de volgende verklaring

More information

Morningstar Advisor Work Station

Morningstar Advisor Work Station Morningstar Advisor Work Station Van distributiemodel naar een succesvol servicemodel BZB Congres - 7 November 2014 Ben Granjé Morningstar Benelux Morningstar the thirty second intro Leading provider of

More information

MINISTRY OF DEFENCE LANGUAGES EXAMINATIONS BOARD

MINISTRY OF DEFENCE LANGUAGES EXAMINATIONS BOARD Name: Candidate Registration Number: Date of Exam: MINISTRY OF DEFENCE LANGUAGES EXAMINATIONS BOARD SURVIVAL SLP1 DUTCH PAPER A Reading Task 1 Task 2 Time allowed Translation Comprehension 15 minutes Candidates

More information

GMP-Z Hoofdstuk 4 Documentatie. Inleiding

GMP-Z Hoofdstuk 4 Documentatie. Inleiding -Z Hoofdstuk 4 Documentatie Inleiding Het hoofdstuk Documentatie uit de -richtsnoeren is in zijn algemeenheid goed toepasbaar in de ziekenhuisapotheek. Verschil met de industriële is dat de bereidingen

More information

SME support under HORIZON 2020

SME support under HORIZON 2020 Jean-David MALO Head of Unit C-03 Financial Engineering DG Research and SME support under HORIZON 2020 Slides courtesily provided by Unit "Small and Medium-Sized Entreprises" DG Research and Research and

More information

Integral Engineering

Integral Engineering Integral Engineering Ir. Marcel A.M. Grooten Managing Director FHI High Tech Equipment Engineering 1 februari 2011 Introduction Market Trends Integral Engineering Examples 1-2-2011 2 High Tech Market &

More information

Business Angels Network Flanders

Business Angels Network Flanders Business Angels Network Flanders Business Angels Network BAN Vlaanderen vzw The platform where capital seeking entrepreneurs and private investors meet. 1. BAN Vlaanderen vzw : history 2. Regional presence

More information

Aan de Voorzitter van de Tweede Kamer der Staten-Generaal Postbus 20018 2500 EA DEN HAAG

Aan de Voorzitter van de Tweede Kamer der Staten-Generaal Postbus 20018 2500 EA DEN HAAG 1 > Retouradres Postbus 20301 2500 EH Den Haag Aan de Voorzitter van de Tweede Kamer der Staten-Generaal Postbus 20018 2500 EA DEN HAAG Turfmarkt 147 2511 DP Den Haag Postbus 20301 2500 EH Den Haag www.rijksoverheid.nl/venj

More information

Secondary research into the availability of business finance

Secondary research into the availability of business finance Secondary research into the availability of business finance NESTA The National Endowment for Science, Technology and the Arts (NESTA) is an independent body with a mission to make the UK more innovative.

More information

Use of trademarks with a reputation as Adwords by competitors: Permissible comparative advertising or impermissible coat-tail riding / dilution?

Use of trademarks with a reputation as Adwords by competitors: Permissible comparative advertising or impermissible coat-tail riding / dilution? Use of trademarks with a reputation as Adwords by competitors: Permissible comparative advertising or impermissible coat-tail riding / dilution? On Thursday March 24, 2011 The Trademark Law Institute (TLI)

More information

Promoting hi-tech entrepreneurship through university -based technology incubatorssome thoughts coming from experience

Promoting hi-tech entrepreneurship through university -based technology incubatorssome thoughts coming from experience Trade and Development Board Investment, Enterprise and Development Commission Multi-year expert meeting on enterprise development policies and capacity-building in science, technology and innovation Geneva,

More information

CO-BRANDING RICHTLIJNEN

CO-BRANDING RICHTLIJNEN A minimum margin surrounding the logo keeps CO-BRANDING RICHTLIJNEN 22 Last mei revised, 2013 30 April 2013 The preferred version of the co-branding logo is white on a Magenta background. Depending on

More information

.Policy framework. .Themes and Actions.Civitas and EU funding instrumens.future vision. Overview. Plan on Urban Mobility

.Policy framework. .Themes and Actions.Civitas and EU funding instrumens.future vision. Overview. Plan on Urban Mobility Action Plan on Urban Mobility EUROPEAN COMMISSION 1 ADOPTED ON 30 SEPTEMBER 2009 Overview Policy framework Action Plan on Urban Mobility Themes and Actions Civitas and EU funding instrumens Future vision

More information

Netheria - Total Energy Usage and biomass Storage

Netheria - Total Energy Usage and biomass Storage TU/e Energy - Energie in perspectief - TU/e & SA Energy - Energy research Mark Mietus business development energy m.mietus@tue.nl Energie in perspectief 2 We use a lot of energy 1973-2012: 1,7% 2000-2012:

More information

COSME: il nuovo programma a supporto della competitività delle PMI

COSME: il nuovo programma a supporto della competitività delle PMI COSME: il nuovo programma a supporto della competitività delle PMI 14 January 2014 Joanna Drake Director, SMEs & Entrepreneurship Directorate General for Enterprise and Industry 1 COSME: Programme for

More information