From Start-up to Scale-up: Financing Growth Firms in Europe
|
|
- Cory Mason
- 7 years ago
- Views:
Transcription
1 1 From Start-up to Scale-up: Financing Growth Firms in Europe KAREN E. WILSON SENIOR FELLOW, BRUEGEL AFFILIATE FELLOW, SAID BUSINESS SCHOOL, OXFORD UNIVERSITY EBAN Annual Conference Porto, Portugal 26 May 2016
2 Selected policy-oriented research 2 on entrepreneurial finance Global angel investment research OECD book Financing High Growth Firms: The Role of Angel Investors, Wilson, 2011 HBS/NBER/Bruegel report: The Globalization of Angel Investments: Evidence Across Countries, Lerner, Schoar, Sokolinski, and Wilson, 2015 European seed and early stage financing policies OECD Policy paper Policies for Seed and Early Stage Finance, Wilson and Silva, 2013 OECD Policy paper Policy Lessons from Financing Young Innovative Firms, Wilson, 2015 Scale up financing research Barclays report Scaling U.K.: Growing businesses, growing our economy, Cambridge and Oxford Universities, 2016 Duruflé, Hellman, Wilson report From Start-up to Scale-up: Examining Public Policies for the Financing of High-Growth Ventures, Forthcoming 2016
3 Central research questions in 3 forthcoming report What are the underlying challenges for financing scale-up? What is the role of public policy in addressing those challenges?
4 Methodology 4 Grounded in research and data Date sources include Beauhurst, Crunchbase, Preqin, Thomson One, a.o. Informed by current practice Discussions with industry leaders and policy makers Annual Oxford Entrepreneurship Policy Roundtables (launched in 2015 by Duruflé Hellman, Wilson) 2015: Scale-up Financing 2016: Equity Crowdfunding
5 An Analogy - A Car Journey Start-up is a car at the starting line Its destination is a place called Success Exact location unknown! To drive the car needs 5 Technology Management Finance
6 Along the journey the car encounters 6 Market conditions Traffic rules
7 Roundabouts! 7
8 The Crossroad for Scale-Ups 8 Stay private Go public Get acquired Start-up
9 Scale-up from a funding 9 perspective Founding Seed A-round B-round C-round Scale-up funding Start-up funding
10 Requirements for Scale-Up investors Financial muscle ( deep pockets ) Expertise ( smart money ) Networks ( connected money ) Long horizons ( patient money )
11 Venture capital investments as % of GDP (2014) Later stage venture United States Canada United Kingdom EUX Data Source: OECD (2015) % of Total VC Early stage Later stage US 33% 67% Canada 56% 44% UK 48% 52% EU (excl. UK) 57% 43% 11
12 Average amount invested ( m) THE SCALE-UP FINANCING GAP: EU VS US Early stage deals Later stage deals Number of deals (GDP adjusted) *Adjusted using 2014 GDP Sources: BVCA (2015); NVCA (2015); EVCA (2015); PEREP_Analytics (2015) 12
13 % of Foreign Investors Invested Amount Foreign vs EU Investors The role of EU vs. non-eu investors in EU companies Foreign vs Domestic Investment in EU Deals by Funding Round 45% 40% 35% 30% 25% 20% 15% 10% 05% 00% Seed A B C D E Funding Round % Foreign Investors Capital Invested Foreign vs EU Investor Date Source: Preqin, Data for the period
14 Investors fund companies for more rounds in US than EU 57% 42% 31% 33% EU US 25% 12% 1 ROUND 2 ROUNDS 3 ROUNDS OR MORE Data source: Preqin,
15 Avg. Fund Size $mn. Funds that invest in multiple rounds are larger (especially in the US) Sizes of Funds Investing in Multiple Rounds of Same Deal ROUND 2 ROUNDS 3 ROUNDS >3 ROUNDS EU (Incl. UK) US Data source: Preqin,
16 Median Fund Size ($mn.) US funds grow larger over time I II III IV V VI Data source: Preqin EU (Incl. UK) US 16
17 EU Venture Capital Exits Number of Exits EVCA (EU data) IPOs Trade sales Sale to PE/Financial Institution Total # Exits Total # Investments Data Source: EVCA, data retrieved 29/01/
18 Ratio (in %) IPOs: low % of exits 18 IPO Ratio of EVCA and NVCA reported Exits Year US EU Data source: EVCA, NVCA,
19 The Crossroad for Scale-Ups 19 Stay private Go public Get acquired Stay private Go public Get acquired Stay private Go public Get acquired Start-up
20 Global Distribution of Unicorns Asia 20% Australia 1% Canada 1% United States 61% Europe 11% India 4% Isreal 1% South America 1% Asia Australia Canada Europe India Isreal South America United States Source: Crunch Base, end of 2015
21 Alternative financing options 21 Equity Angel investors, crowdfunding (both typically early stage) Venture capital, hedge funds, private equity fund, cross-over funds, etc Debt Stock markets Acquisitions Bank Loans Asset-based lending Venture debt
22 Action items 22 We identify five areas of action 1. Large funds 2. Venture debt 3. Stock markets 4. Private liquidity 5. Investor capabilities For each area we develop concrete recommendations
23 Coming soon.. 23 From Start-up to Scale-up: Examining Public Policies for the Financing of High-Growth Ventures GILLES DURUFLÉ (QCC/PUBLIC POLICY FORUM) THOMAS HELLMANN (UNIVERSITY OF OXFORD) KAREN WILSON (BRUEGEL AND OXFORD)
Capital Markets and Informal Equity Investments
Capital Markets and Informal Equity Investments Framework Paper and Project Proposal Glenda Napier FORA ICE Workshop Copenhagen 12-13 October, 2006 Outline 1. Financing Gaps Prevent Entrepreneurial Activity
More informationBacking the companies of tomorrow. //////////////////////////////////////////// Creandum Nordic Technology Exit Analysis
Backing the companies of tomorrow //////////////////////////////////////////// Creandum Nordic Technology Exit Analysis 1 Creandum exit database Database with 300+ private technology company exits 20+
More informationFinancing 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 informationBusiness 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 informationBusiness 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 informationsource 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 informationIPOs, Venture Capital and High- Growth Start-ups
IPOs, Venture Capital and High- Growth Start-ups European Commission DG Enterprise and Industry Workshop IPOs exits on high-growth stock markets in the EU Improving opportunities for IPOs Dr. Jürgen Schaaf
More informationHow 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 informationStatistics 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 informationHanan Haviv Head of Hi-Tech Department, M&A (havivh@hfn.co.il) All rights are reserved to Herzog Fox and Neeman
Hanan Haviv Head of Hi-Tech Department, M&A (havivh@hfn.co.il) All rights are reserved to Herzog Fox and Neeman December 2015 It s complicated General Trends - US General Trends - Israel Israeli Hi-tech
More informationPoland. Funds raised - Industry statistics - Incremental closings during year. Table of Contents. CREATING LASTING VALUE EVCA Yearbook 2011 I 269
CREATING LASTING VALUE EVCA Yearbook 2011 I 269 Funds raised - Industry statistics - Incremental closings during year Amounts in thousands Amount % Amount % Fund ownership type Independent funds raised
More informationAlain 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 informationPrivate Equity: A Practitioner s Perspective. Edward J. Mathias
Private Equity: A Practitioner s Perspective Edward J. Mathias Private Equity A Practitioner s Perspective The Carlyle Group Overview The Fundamental Case Investor Activity Private Equity Investment Criteria
More informationCOMMISSION 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 information2ª Conferência. Internet, Negócio e Redes Sociais Financiar, Inovar e Empreender. 21 de novembro de 2013 Auditório do ISEGI
2ª Conferência Internet, Negócio e Redes Sociais Financiar, Inovar e Empreender 21 de novembro de 2013 Auditório do ISEGI Patrocinador Principal Patrocinadores Globais APDSI Venture Capital Financial instruments
More informationCentral and Eastern Europe Statistics 2012
Central and Eastern Europe Statistics An EVCA Special Paper Edited by the EVCA Central and Eastern Europe Task Force July EVCA CENTRAL AND EASTERN EUROPE STATISTICS I Contents. Introduction Page. Executive
More informationEuropean private equity investment over 40bn in 2014, exits hit record levels, new EVCA data shows
European private equity investment over 40bn in 2014, exits hit record levels, new EVCA data shows Brussels 12 May 2015 European private equity investment rises 14% to 41.5bn in 2014 Over 5,500 European
More informationVOX CEPR's Policy Portal
VOX CEPR's Policy Portal Research-based policy analysis and commentary from leading economists European SMEs struggle to raise equity capital Rick Watson 02 November 2015 Small and medium-sized European
More informationFinancing 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 informationThe European IPO Task Force
The European IPO Task Force 10 th April 2014 Presentation by Burcak Inel, Deputy Director General Michael Collins, Public Affair Director at EVCA Project led by: Why are we initiating this project? IPOs
More informationSources 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 informationEuropean 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 informationNZVIF Portfolio Investment Snapshots
Introduction Early stage investing is enjoying a period of marked growth. Angel investing is at record levels, equity crowdfunding platforms are now underway, and there is a growing number of young technology
More informationIntroduction to VC and MAVCAP August 2013
Introduction to VC and MAVCAP August 2013 www.mavcap.com 1 AGENDA PART I: Brief Introduction to Venture Capital (VC) i. The Funding Spectrum ii. What is VC iii. How VC Works PART II: Brief Introduction
More informationSalvatore Zecchini Chairman OECD Working Party on SMEs and Entrepreneurship
FOSTERING SMEs AND ENTREPRENEURSHIP FINANCING AFTER THE CRISIS Confindustria - OECD MiSE - Roma 7th July 2014 Salvatore Zecchini Chairman OECD Working Party on SMEs and Entrepreneurship 1 Six years after
More informationSources of Funds: Equity and Debt
Sources of Funds: Equity and Debt The Secrets to Successful Financing 1. Choosing the right sources of capital is a decision that will influence a company for a lifetime. 2. The money is out there; the
More informationCOSME 2014-2020. Vilmos Budavari European Commission DG Enterprise and Industry, Unit D.3 Financing SMEs
COSME 2014-2020 SEMINARIO FINANCIACIÓN INTELIGENTE PARA PYMES: INSTRUMENTOS NACIONALES Y FONDOS EUROPEOS EN EL NUEVO MARCO 2014-2020 Gran Canaria, 24 de Marzo 2014 Vilmos Budavari European Commission DG
More informationA little book about funding. your way from zero to A
A little book about funding your way from zero to A Dear startup What is a startup? This is a very quick D-I-Y guide of how to attract funding to your startup from zero to A. We ve collected some of our
More informationWilliam & Mary Tax Conference
William & Mary Tax Conference Advising Venture & Early-Stage Clients Issues Confronting Early-Stage Companies Presented by Carroll D. Hurst, CPA, Partner November 7, 2014 Agenda Stages in Venture Capital
More information1_ The Italian Startup Ecosystem: "Who s Who" 2_ Investments in hi-tech startups in Italy. 3_ A selection of significant startups
1_ The Italian Startup Ecosystem: "Who s Who" 2_ Investments in hi-tech startups in Italy 3_ A selection of significant startups The Italian Startup Ecosystem The players Funded Startups Innovative Startups
More informationFinancing your startup business!? DTU presentation. Søren Jessen Nielsen Partner at VF Ventures 24 march, 2014
Financing your startup business!? DTU presentation Søren Jessen Nielsen Partner at VF Ventures 24 march, 2014 We are a government owned sovereign investment fund The Danish Growth Fund (DGF) to help create
More informationThe benefits of private equity investment
The benefits of private equity investment David Wilton, Chief Investment Officer, International Finance Corporation (IFC), looks at how private equity can be beneficial; the different investment strategies
More informationPrivate Equity and Venture Capital in Europe
Private Equity and Venture Capital in Europe Markets, Techniques, and Deals Stefano Caselli AMSTERDAM BOSTON HEIDELBERG LONDON NEW YORK OXFORD PARIS SAN DIEGO SAN FRANCISCO SINGAPORE SYDNEY TOKYO ELSEVIER
More informationFundraising for Entrepreneurs
Fundraising for Entrepreneurs Taylor Davidson taylordavidson.com I m Taylor VC Entrepreneur Previous professional experience includes: strategy consultant, startup CFO and business development, private
More informationHow 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 informationAccess 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 informationSources of Funds and Investment Strategies of Venture Capital Funds: Evidence from Germany, Israel, Japan and the UK
Sources of Funds and Investment Strategies of Venture Capital Funds: Evidence from Germany, Israel, Japan and the UK Colin Mayer Sa?d Business School, University of Oxford and CEPR colin.mayer@sbs.ox.ac.uk
More informationVenture Capital s Role in the US Renewable Energy Sector
Venture Capital s Role in the US Renewable Energy Sector Abstract: This white paper describes the venture capital industry, its role in the development of a U.S. renewable energy sector, and the aspects
More information1. 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 informationDo you really need investors?
Do you really need investors? Bootstrapping vs funding Wolves Summit, Gdynia, April 2015 Raise or bootstrap? For too many start-ups raising capital has replaced building a well-balanced business Money
More informationSTARTUP CAPITAL VENTURES. Angel & Venture Capital Market 2015
STARTUP CAPITAL VENTURES Angel & Venture Capital Market 2015 What s Going On In The US VC Cycle? LPs Invest In VCs VCs Invest In Startups VCs return capital to LPs Startups Exit Via M&A or IPO Silicon
More informationNordic Venture Capital:
Menon Publication Nordic Venture Capital: Cross Border Investments MENON-PUBLICATION NO. 20 /2010 Gjermund Grimsby, Leo A. Grünfeld and Anne Espelien www.menon.no PO. Box 5250 Majorstuen N0303 Oslo Tel:
More informationCentral and Eastern Europe Statistics 2011
Central and Eastern Europe Statistics An EVCA Special Paper Edited by the EVCA Central and Eastern Europe Task Force August About the EVCA European Private Equity & Venture Capital Association The EVCA
More informationEntrepreneurial Finance (IB / FI 320)
Entrepreneurial Finance (IB / FI 320) Prof. Tommaso Saltini and Prof. Raffaella Colasurdo Area: Business Session C: 12 July 22 July Duration: 2 weeks Campus: Milan Course description To be entrepreneur
More informationRaising Capital, Doing Deals
January 28th, 2013 Raising Capital, Doing Deals Presentation to Saïd Business School, Building a Business Class Henry Davis @henryshandle 2 There are reasons not to raise capital Reasons not to raise capital
More information5. Funding Available for IP-Rich Businesses
20 IP Finance Toolkit 5. Funding Available for IP-Rich Businesses Introduction As the Banking on IP? report notes; SMEs first port of call for finance is often a bank. Figures quoted in the report show
More informationImpact of Business Incubation in the US Lessons for Developing Countries. 2009, NBIA. All rights reserved.
Impact of Business Incubation in the US Lessons for Developing Countries What is Business Incubation? Five key components of business incubation A business incubation program works with new companies screens
More informationMedia for Equity: the newest VC concept from Europe. Elena Bocharova for Berliner Börsenkreis 30 June, 2015
Media for Equity: the newest VC concept from Europe Elena Bocharova for Berliner Börsenkreis 30 June, 2015 Outline: get excited How do you finance a company? A brief overview Media for Equity: what do
More informationAngel Happy Hour. Peter Adams Executive Director, RVC
Angel Happy Hour Peter Adams Executive Director, RVC RVC Upcoming Events 27 th Colorado Capital Conference Monday, October 12 th 5:00pm to 8:00pm Tuesday, October 13 th All Day! www.coloradocapitalconference.org
More informationEuropean Small Business Finance Outlook
European Small Business Finance Outlook May/2012 Helmut Kraemer-Eis Frank Lang Athanasios Kyriakopoulos Working Paper 2012/14 EIF Research & Market Analysis Helmut Kraemer-Eis heads EIF s Research & Market
More informationTerm Sheet Calculator 1
Term Sheet Calculator 1 Beta Version, March 2011 Thomas Hellmann UBC Sauder School of Business 2 This note introduces the Term Sheet Calculator, a model for valuing preferred securities which are commonly
More informationVENTURE CAPITAL 101 I. WHAT IS VENTURE CAPITAL?
VENTURE CAPITAL 101 I. WHAT IS VENTURE CAPITAL? Venture capital is money provided by an outside investor to finance a new, growing, or troubled business. The venture capitalist provides the funding knowing
More informationCfEL Equity Scheme Data
CfEL Equity Scheme Data Summary CfEL manage a range of VC schemes providing equity finance targeted towards high growth potential SMEs on behalf of the Department for Business, Innovation and Skills (BIS).
More informationFinancing your business. Dr. T. R. Heidrick Poole Professor in Technology Management Faculty of Engineering/School of Business U of A
Financing your business Dr. T. R. Heidrick Poole Professor in Technology Management Faculty of Engineering/School of Business U of A Risk Capital ct. d Earns returns through participation in the future
More informationEntrepreneurship and the Law: Practical Considerations
Entrepreneurship and the Law: Practical Considerations THOMAS FAMILY CENTER FOR ENTREPRENEURSHIP UNIVERSITY OF NORTH CAROLINA - PEMBROKE 2 013 A NNUAL ENTREPRENEURSHIP SUMMIT TIMOTHY L. MCNEILL, JD, MHA
More informationFinancing Profiles SMALL BUSINESS. SME Financing Data Initiative May 2006. Definitions. Summary of Key Findings
SMALL BUSINESS Financing Profiles SME Financing Data Initiative May 2006 High-Growth SMEs Small businesses are key to economic growth. Recent studies by Industry Canada (Parsley and Dreessen, 2004) and
More informationA guide to investing. Appendix 7 Raising finance
A guide to investing in Wales Appendix 7 Raising finance August 2013 Appendix 7 Raising finance Wales benefits greatly from the prominence of the UK in the global economy. The UK has the best developed
More informationInvesting in the United States Tazeem Pasha
Investing in the United States Tazeem Pasha Embassy of Spain and ICEX Seminar on Financing Opportunities forspanish Companies and Projects in the United States By Tazeem Pasha Monday, 19 March 2012 Washington,
More informationFunding sources throughout business lifecycle
www.pwc.ru/debt-advisory Funding sources throughout business lifecycle Dmitry Kovalev Director, Advisory Deals, Russia 18 October 2012 You have plenty of opportunities and they keep evolving as you grow
More informationA Bootstrapping story (Bootstrap: starting a company with little capital)
A Bootstrapping story (Bootstrap: starting a company with little capital) We made 500 of each (Obama O's and Cap'n McCains). They were a numbered edition on the top of each box, and sold for $40 each.
More informationAccess 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 informationA report to the Department for Business, Innovation and Skills
THE SUPPLY OF EQUITY FINANCE TO SMES: REVISITING THE EQUITY GAP A report to the Department for Business, Innovation and Skills SQW CONSULTING URN 09/1573 Acknowledgements The Supply of Equity Finance SQW
More information2015 Global venture capital confidence survey results How confident are investors? September 15, 2015
2015 Global venture capital confidence survey results How confident are investors? September 15, 2015 Contents Survey methodology, demographics and key findings Economic trends Regional and country investing
More informationDOMINION GLOBALIZATION WORKSHOP
DOMINION GLOBALIZATION WORKSHOP Financial Sector Dennis Encarnation Harvard University For more information, please contact me at www.encarnation.com SERVICES Financial Services & Capital Markets Topics:
More informationCPBI Saskatchewan Regional Council Alternative Investments - Worth the Effort?
CPBI Saskatchewan Regional Council Alternative Investments - Worth the Effort? PREPARED BY: Brendan George, Partner, George & Bell Consulting Inc. November 18 and 19, 2015 Agenda Current Economic Environment
More informationCapital Market Glossary of Terms Apple Capital Group, Inc
GLOSSARY OF TERMS -A- Accredited Investor The SEC designation for an individual or entity meeting any of the following criteria: Any director, executive officer, or general partner of the issuer of the
More informationEvaluation of EU Member States Business Angel Markets and Policies Final report
Framework Service Contract for the Procurement of Studies and other Supporting Services on Commission Impact Assessments and Evaluations Interim, final and ex-post evaluations of policies, programmes and
More informationCOMPANY PROFILE LVENTURE GROUP CAPITAL FOR GROWTH. We create value by investing in the best digital startups
COMPANY PROFILE LVENTURE GROUP CAPITAL FOR GROWTH We create value by investing in the best digital startups Via Marsala 29 H/I, 00185 Rome (Italy) +39 06 4547 3124 lventuregroup.com info@lventuregroup.com
More informationA Pi Primer in Entrepreneurship
A Pi Primer in Entrepreneurship Prof. Dr. Ulrich Kaiser Chairof Entrepreneurship Universität Zürich Fall 2012 Content 2008 Prentice Hall Seite 2 A Pi Primer in Entrepreneurship Part III Movingfroman Ideato
More information9 ACCESS TO CAPITAL FOR YORK REGION SMALL BUSINESSES
9 ACCESS TO CAPITAL FOR YORK REGION SMALL BUSINESSES The Planning and Economic Development Committee recommends the adoption of the recommendation contained in the following report dated May 19, 2009,
More informationACCESS TO CAPITAL MARKETS FOR SMALL NEW ZEALAND EXPORTERS: IS THERE A MARKET FAILURE?
ACCESS TO CAPITAL MARKETS FOR SMALL NEW ZEALAND EXPORTERS: IS THERE A MARKET FAILURE? Alex Sundakov and Ben Gerritsen Castalia Ben.gerritsen@castalia-advisors.com, (+644 913 2800) Abstract This paper considers
More informationThe Italian Private Equity Market: 2013 Data and Performances
The Italian Private Equity Market: 2013 Data and Performances Anna Gervasoni, General Manager, Francesco Giordano, Partner, PwC Transaction Services Zurich, 3 April 2014 2013 data Fundraising Total: 4,047
More informationInvesting in the United States
Investing in the United States 13 May 2015 ehealth Week 2015 Global Markets: Tools for Transatlantic Trade Kim Tuminaro Senior Trade Officer U.S. Department of State SelectUSA.gov U.S. Investment and Business
More informationInvesting in Global Innovation
Investing in Global Innovation Tammi Smorynski Director, Intel Capital May, 2011 *Other marks and brands are property of their respective owners Agenda Intel Capital Overview Traditional Venture Funding
More informationImpact 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 informationTOP UNIVERSITY BUSINESS INCUBATORS GLOBAL BENCHMARK 2015/16
TOP UNIVERSITY BUSINESS INCUBATORS GLOBAL BENCHMARK 2015/16 Definitions & Methodology Definition Difference Between Ranking And Benchmarking Ranking Methodology Benchmarking Categories Sample & Landscape
More informationAn Evolving VC Market
Asia Pacific An Evolving VC Market Thematic Report by Nishant Sindhwani Senior Research Analyst Investment Research 1 Global Venture Capital Investors Betting Big on Asia-Pacific Asia-Pacific has emerged
More informationBritish Business Bank
British Business Bank Peter Wilson CEO British Business Bank Investments ABFA Annual Conference 3 June 2015 Contents Overview of the British Business Bank Rationale Business Model Aims Programmes Impact
More informationThere are several ways that companies can be owned and can raise fresh capital for investment.
2 3 There are several ways that companies can be owned and can raise fresh capital for investment. Companies can be state-owned. They can be owned by families or big businessmen and women. They can be
More informationPublic Policy for Angels
Public Policy for Angels Angels are Important to the Economy: Public Policy Strategies to Promote More Investment in Entrepreneurial Companies Agenda Who angels are and how they support entrepreneurs and
More informationDevelopment of the Client-Focused, Capital-Efficient Business Model
Development of the Client-Focused, Capital-Efficient Business Model David Mathers, Chief Operating Officer, Investment Bank at the Goldman Sachs European Financials Conference, Madrid, June 10, 2010 Cautionary
More informationInsufficient Cash On Hand A Frequent Reason For Needing A Business Loan
Insufficient Cash On Hand A Frequent Reason For Needing A Business Loan 2 Cash flow is cash into or out of a business When cash inflows exceed cash outflows, it is generally indicative of good financial
More informationDelticom AG: Company Presentation. Hanover, 13 November 2014
Delticom AG: Hanover, 13 November 2014 Agenda 3-7 Delticom group overview 8-11 Replacement tyre business 12-15 Strategy 16-22 Financials 9M/14 23-25 Outlook 2014 Hanover, 13 November 2014 2 Agenda 3-7
More informationSTANDARD LIFE EUROPEAN PRIVATE EQUITY TRUST PLC
This document is issued by Standard Life European Private Equity Trust PLC (the "Company") and is made available by SL Capital Partners LLP (the AIFM ) solely in order to make certain particular information
More informationFinancing High-Growth Firms THE ROLE OF ANGEL INVESTORS
Financing High-Growth Firms THE ROLE OF ANGEL INVESTORS Financing High-Growth Firms THE ROLE OF ANGEL INVESTORS This work is published on the responsibility of the Secretary-General of the OECD. The opinions
More informationCash is King A (one) VC insight on cash management
Wirtschaftsforum Kalaidos Fachhochschule Cash is King A (one) VC insight on cash management Diego A. Braguglia, PhD VI Partners DBA_1 Wirtschaftsforum Kalaidos Fachhochschule 2008: 212 VC funds with $25bn
More informationFinancing the Venture Russian Science Technology and Education Consortia (RUSTEC)
Financing the Venture Russian Science Technology and Education Consortia (RUSTEC) By Dr. Robert D. Hisrich Garvin Professor of Global Entrepreneurship Director, Walker Center for Global Entrepreneurship
More informationThe German Venture Capital Market from a U.S. Perspective
The German Venture Capital Market from a U.S. Perspective I. Introduction Emerging growth companies in the United States have been benefiting from the sophisticated venture capital market of the United
More informationeco-innovation Financingopportunities opportunitiesfor The first exclusive Strategic Report for the 100 Business Club
Financingopportunities opportunitiesfor eco-innovation The first exclusive Strategic Report for the 100 Business Club An overview and an outlook of the different sources of financing, financial opportunities
More informationCOSME: 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 informationPrivate and public financing for the acquisition of SMEs
16.15 > 17.30 Workshop 4 Private and public financing for the acquisition of SMEs Moderator : Maurice Olivier CEO, BlueOcean Ventures Switzerland 16.15 > 17.30 Workshop 4 Private and public financing for
More informationSTATE STREET INVESTOR CONFIDENCE INDEX SUMMARY
STATE STREET INVESTOR CONFIDENCE INDEX SUMMARY state street investor confidence index Measuring Investor Confidence on a Quantitative Basis The State Street Investor Confidence Index (the index) provides
More informationAbout Our Private Investment Benchmarks
1. What is a benchmark? FREQUENTLY ASKED QUESTIONS A benchmark is a standard of measurement for investment performance. One of the more common types of benchmarks is an index which, in this case, measures
More informationSME 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 informationDo Local and International Venture Capitalists Play Well Together? A Study of International Venture Capital Investments
Do Local and International Venture Capitalists Play Well Together? A Study of International Venture Capital Investments Thomas J. Chemmanur* Tyler J. Hull** and Karthik Krishnan*** This Version: November
More informationVenture Capital a primer
Venture Capital a primer And some lessons learned for entrepreneurs Martin De Prycker November 2015 Contents I. VCs and how they work Qbic Fund Sources of Capital Fund structure What does a fund offer?
More informationWho Are the True Venture Capitalists in Germany?
Discussion Paper No. 04-16 Who Are the True Venture Capitalists in Germany? Tereza Tykvová Discussion Paper No. 04-16 Who Are the True Venture Capitalists in Germany? Tereza Tykvová Download this ZEW Discussion
More informationFUNDING INNOVATION IN
FUNDING INNOVATION IN EUROPE Jean-David Chamboredon CEO of ISAI «Ze» French Internet Entrepreneurs Fund jdc@isai.fr 05/09/2012 - ISAI @ MICS Final Event - 1 About me Started with Cap Gemini, where I spent
More informationGeneral Presentation Funding Landscape & EI Support
General Presentation Funding Landscape & EI Support Funding Your Business Kevin Sherry Executive Director Enterprise Ireland Ireland Definitely the right place to start! IMD World Competitiveness Report
More informationFinancing Trends in the Start-up Nation
6th Meeting of the European TTO Circle 20-21 January 2014 Financing Trends in the Start-up Nation Adv. Simon Weintraub ABOUT US Established over 55 years ago 1 of the largest and most dynamic law firms
More information