Kreo tn2 Karlsruhe, Rhône Alpes, Emilia-Romagna and Oxfordshire Thematic Network for the Support of Innovative Companies
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- Bu səhifədəki naviqasiya:
- 5.4.1Pre-seed and early stage financing
- 5.4.2Business Angels
- 5.4.3Venture capital
5.4Spin-off enterprises financing“Access to finance is indispensable for growth but many SMEs have difficulties, as the risk capital market is underdeveloped and the banks increasingly avoid risky lending”16 “Obtaining funds necessary to successfully face the early stages of setting up a business is one of the greatest challenges faced by entrepreneurs”17 5.4.1Pre-seed and early stage financingAs for this area of support to business start up, the situation is fairly different in the four regions, where different schemes exist, which must be considered within the overall framework of provision of risk capital funds for start ups, thus considering also the following sections devoted to Business Angels and Venture capitalists. Anyway, it must be noted the weakness of the financial support to start up in the Emilia-Romagna region where besides an initiative that may be considered as a pre-seed scheme and a private company whose objective is to invest and accelerate the development of innovative companies in the broad area of technology innovation (with a limited impact compared to needs), no other specific regional schemes are providing support to early stage companies. This is consistent with the general weakness of the risk capital market of the country. On the contrary, in Germany a number of public risk capital schemes operating at the federal level exist, addressing start-ups and existing companies, mainly NTBFs or innovative firms. Also three private investors operate in the area, addressing companies belonging to innovative, technological sectors such as IT, telecommunications, energy and environment, life sciences - especially molecular biology/drug design. In the French regions national schemes are operating, focusing both on the pre-seed and the seed phases, as well as a specific regional scheme providing seed funds to technological start-ups with less than two years life and operating in the following sectors: IT technologies, nano-technologies, bio-technologies, engineer sciences, energy & environment. In addition, a specific initiative takes place in Grenoble yearly, being considered as a "best practice financing tool" by the main French actors of innovation. It provides, in fact, the opportunity to high added value innovative project holders and investors to meet, and offers the possibility to make projects financed. A similar event is organised in June every year in Oxford too, designed to bring entrepreneurs, investors and support services together to provide the advices, ideas and funding necessary to cultivate successful new technology-based businesses. However, apart from this specific event, Oxford is surely to be considered the richest and most advanced region as for risk capital availability and the capacity to mobilise equity capital, particularly for start-ups and research spin-offs. The University Challenge Seed Fund of Oxford University is an outstanding example, and represents one clear case where research bodies and universities are directly involved in providing funding opportunities to new companies. Other examples can be found in the French region, where both a national seed fund, located in Grenoble, and a regional fund operate, involving directly public research institutes the former, and the French Research Ministry together with the Rhone-Alpes Universities the latter. As for the Emilia-Romagna region, the creation of specific venture funds participated by local research centres and universities is in its feasibility phase.
No specific pre-seed or seed funds exist in the Karlsruhe area, but three private investors operate in the region addressing enteprises in their early stages, namely: Innotech GmbH, a private capital participation company located in Karlsruhe and in Munich, with a fund volume of 25 M. €. Their focus is on IT, energy and environment technology. Heidelberg Innovation is located in the city of Heidelberg (close to Karlsruhe but outside the TechnologieRegion) and is a venture capital company running two funds specialised in Life Sciences, especially molecular biology/drug design. Founded in December 1997, Triangle is currently managing a volume of 24 M. €. The portfolio consists of 11 diversified investments in start-up companies. These companies operate in Telecommunications, Information technology, Life Sciences. In addition, a number of public risk capital schemes for start-ups and existing companies, operating at the federal level, are available. They provide equity capital, credits or guarantees and address young companies, mainly NTBFs, from their foundation up to an age of five or six years (they have been reported with details in the specific Karlsruhe Regional Framework).
As for pre-seed funds, ANVAR (Agence Nationale pour la VAlorisation de la Recherche et l'innovation), the National Agency for Exploitation of Research and Innovation, finances and supports innovative projects of existing SMEs or the creation of innovative firms. It offers interest free financial advances, refundable in case of success. According to its Annual Report for year 2002, ANVAR supported 448 projects in Rhone-Alpes region, for a total amount of 42,98 M. €. Rhone-Alpes was the first French region, after Paris, in terms of number of projects. As far as early stage financing is concerned, the following main measures are active in the region:
Forum 4i : Innovation - Investment – Industry – International: it has been organised each year since 1998 by the City of Grenoble in partnership with major actors of innovative firm creation – the incubator GRAIN, France Incubation, ANVAR, Atomic Energy Commission (CEA), Grenoble Université Recherche Pôle International, INRIA, Caisse des Dépôts et Consignations, Financière de Brienne, France Télécom. This event allows high added value innovative project holders and investors to meet, and offers the possibility to make projects financed. Each year, about 15 projects holders meet the greatest investment companies: 31 seed funds and VC attended the 2003 edition. Since 1998, more than 100 projects were presented giving rise to famous firms as "Kelkoo", "Bioprofile", "Digimind", "Genome Express", "Memscap", "Polyspace", "Teemphotonics", etc. At the same time, a round table dealing with an actual topic on creation of innovative firms is set up, gathering national and international speakers, in front of an audience of economic decision makers, researchers, academics, and institutional representatives. A "showcase" displaying innovations emerging from Rhone-Alpes laboratories is also set up, showing last research results and projects for tomorrow. In complement of this event, best practices' exchanges are organised, to help project holders in their process of entrepreneurship. Today, Forum 4i is identified by the main French actors of innovation as the "best practice financing tool". EMERTEC Gestion is a national seed fund located in Grenoble, focusing its investments in three fields, with 3 different funds, for a total amount of 80 M. €: - Engineer sciences (microelectronics, materials), created in 1999 and amounting at 20M€ / 14 M€ invested - Energy and environment, just created, amounting at 12 M. € - Micro & nano-technologies, in constitution, amounting at 20 M. € to be increased up to 40 M. € The objective of the second two funds is to invest in French, but also European, start-ups. Stockholders are: 1 Public research institutes who want to valorise the outcome of their work, through new profitable start-up companies. Among these, the French Atomic Energy Commission (CEA) and the CNRS holding 8% of the shares. 2. Institutional investors taking care of the good management and long range profitability of the fund. CDC Small Business Program holds 30% of the fund. 3. Private companies acting in the field of finance and/or high technology have already joined these investors (Natexis, Axa PE, etc.).
- first financing of technological start-ups, with potential high added value; - start-ups which have been created since less than 2 years - start-ups developing a partnership with a public research laboratory - following technological fields in connection with Rhone-Alpes excellence: IT technologies, nano-technologies, bio-technologies, engineer sciences, energy & environment. The amount of each participation ranges from 75,000 € to 300,000 €, most often with other investors (VC, Business Angels, etc.). Today 1 M. € is invested in 5 projects. The public participation was initially equal to 46% and has decreased to 20% following its increase to 6 M. €. The objective is to reach 10% of public capital.
As for pre-seed financing, SPINNER initiative has to be taken into account, as it provides financial support to individuals with the aim of favouring the development of business ideas and the setting-up of high-tech enterprises. In particular, SPINNER provides:
The maximum financing devoted to each project is 50,000 €. LeonardoWeb Group (LW) is a private and independent company whose objective is to invest and accelerate the development of innovative companies in the broad area of technology innovation. LW targets mainly innovative companies, existing or new and operating in traditional sectors as long as focused on markets or niches with high potential, determined to introduce new technologies, eventually based on patents. Leonardoweb Group has its headquarters in Bologna and promotes initiatives mainly based in Emilia-Romagna, Veneto, and Tuscany. LW serves as advisory company to Quadrifoglio Scpa, a limited liability partnership based in Luxembourg, which works as a closed-end fund managed by LW. In addition, some venture capital funds (presented in the section below) are focusing on early stage operations, particularly the so called “SGR with a reduced capital stock” (see below). Oxfordshire University Challenge Seed Fund (UCSF) Programme aims to help university access seed funds to turn good research into good business. Oxford University is the owner of the fund, managed by ISIS Innovation, the wholly owned subsidiary of Oxford University. The contributors to the scheme are charities (Wellcome Trust and Gatsby Charitable Foundation) and HM Government and the Oxford University £ 4 million fund comes from: Oxford University (£ 1 million), HM Government (£ 1.4 million) and Wellcome Trust (£ 1.6 million). This initiative is recognised as one successful example reported in the document, issued by the European Commission, of cooperation between the research system and industry to promote innovative firms18. In addition, a specific initiative devote to mobilising seed and early stage funds is the VentureFest, that was launched in 1999 as a two-day international event designed to bring entrepreneurs, investors and support services together to provide the advices, ideas and funding necessary to cultivate successful new technology-based businesses. In 2002 an on-line community was launched to create all year round networking opportunities for entrepreneurs, investors and support organisations.
The Business Angel Network Baden-Baden is the only registered BAN in the Karlsruhe region. It started in 2001 with the KREO FMD project and has now about 20 members. Rhone-Alpes Lyon Angels On the impulse of Novacité (Chamber of Commerce and Industry Lyon), a network gathering 10 potential Business Angels in various field of investment was created. During the year 2002, Novacité organised 5 meetings between this network and 11 project holders in early stage. 4 projects were financed. Actually, "Novacité" set up a "business angels school", in partnership with the national network "France Angels". The objective of this "school" is to support the BA in their approach of investment and to give them a framework of analysis for the projects. Emilia-Romagna BAN Bologna is a member of IBAN, the Italian network of Business Angels. Founded in May 2001 by the Province of Bologna and a pool of entrepreneurial associations of the area, it groups 11 accredited business angels and it has as main objectives:
During its first years of activities, BAN Bologna has acted in the Bologna area, but it is envisaged to extend its area of interest to the rest of Emilia-Romagna regional territory. BAN Bologna targets both start-ups and early-stage financing companies and has not a sectoral focus. Oxfordshire The Oxfordshire, Berkshire and Buckinghamshire sub-region has one of the highest concentrations of employment in high-tech sectors with a mature Business Angel presence. Moreover, Business Angel and funding networks are a mature reality in Oxfordshire. EquityLink Milton Keynes, Oxfordshire and Buckinghamshire: is a Business Angel Network set up in 2000, it offers opportunity for development capital for proven viable businesses, all sector considered. The Oxfordshire Investment Opportunity Network: is a Business Angel Network set up in 1994, offering a business introduction service in Oxfordshire and surrounding areas. This is a dynamic network with one of the highest success rates in the county. On average, one in three of the companies using OION receives funding. In the last 12 months, 14 companies have successfully obtained funding, raising £4million. Oxford Angels: is a private group of sophisticated investors, sponsored and coordinated by Oxford Capital Partners. This group invests in seed and early stage companies and other opportunities advised by Oxford Capital Partners. ISIS Angels Network: established in 1990, the Isis Angels Network (IAN) is a not-for-profit company limited by guarantee that provides a vehicle for the introduction of private individuals and companies with potential interest in investing in spin-out companies from the University of Oxford. 5.4.3Venture capitalAs anticipated, venture capital funds availability varies a lot when comparing the four regions. As for Emilia-Romagna, despite the existence of a number of venture capital companies, the real offer of risk capital is still very poor and not responding to research spin-offs needs and size. However, a new important measure of Banca d’Italia (Bank of Italy) has been introduced in July 2001 in order to promote the creation of SGRs (Società di Gestione del Risparmio - venture funds management company) targeting high-tech start-ups. The measure allows the creation of “SGR with a reduced capital stock” with a minimum dimension of 100,000 € instead of the 1 million € (that is foreseen for “normal” SGR), but in presence of some specific conditions (not needed in case of “normal SGR”), namely: public institutional bodies and local authorities, universities, research centres must be among the members, and they have to target only new hi-tech start-up operations. Following this new legal framework, some new SGRs are starting operating. In the Rhone-Alpes area both national and regional companies operate, while in Oxford over 15 established Venture Capital funds (mostly based in London or Cambridge) have invested in Oxfordshire companies in the past 5 years. In Germany all venture capital companies may operate in the Karlsruhe area, but no local entity seems to exist. Karlsruhe Basically all venture companies operating in Germany may operate in the Karlsruhe area. The area is especially famous for its IT companies. Rhone-Alpes Regional companies: BANQUE DE VIZILLE: head office in Lyon, started in 1988.
Banque de Vizille targets enterprises whose turnover is above 5 Million €. RHONE-ALPES CREATION: head office near Lyon, started in 1989. 10 Million € have been invested in 125 different companies since its creation.
Rhone-Alpes Creation targets young enterprises (from start up till 3 year old). SUDINNOVA S. A: head office in Lyon, started in 1983. 18.9 Million € have been invested since 1983 in 100 companies.
TRINOVA: head office in Lyon, started in 1997.
National companies SIPAREX VENTURE: head office in Lyon, started in 1998. It manages a fund of 58 Million €.
3 i: Head office in Paris, created in 1983 in France and in 1945 in London.
BNP PARIBAS DEVELOPPEMENT: head office in Paris, started in 1990.
SPEF DEVELOPPEMENT: head office in Paris, started in 1971 and in 2000 under its current statute.
Emilia-Romagna Several venture companies operate in Italy, but none of them are focused specifically on the Emilia-Romagna region. Actually, according to the most recent data on private equity and venture capital investments19 in Italy, 148 funding transactions have been carried out in the first semester of 2003 corresponding to a total value of 591 million €, but only 33 operations regarded start up companies at the national level. Major venture companies operating in Italy, thus potentially in Emilia-Romagna, are the following: E-Venture.it: is the first specialised technology merchant banking player in Italy, providing integrated high value-added services to corporate and private clients operating in the “growth” areas of the so called “new economy”, as well as in the ITC sector. The company is completely private and independent. E-venture.it targets both existing and established companies willing to deploy external growth strategies based on exploitation of cutting-edge technologies, as well as young and rising technology start-ups looking for funding and long-term guidance. It offers a proved track record of more than 30 operations in the last two years. In 2003 E-Venture established also E-Venture SGR spa, a specialised company under control of the Authorities Bank of Italy and Consob which will manage two closed Private Equity funds (60 Million €) and Real Estate Italian funds (150 Million €). FINEC MERCHANT: is a holding company set up by LEGACOOP, the association of Italian Cooperatives, targeting SMEs, mainly located in the Emilia-Romagna region. 21 Investimenti: established in 1993 by Alessandro Benetton, this is the Italian merchant bank at the centre of the Benetton Group’s European network. The company works in the financial context with an industrial approach, and focuses its activity on minority investments in medium-sized businesses (existing companies or start-ups) featuring a high growth potential. This formula has led the company to manage a portfolio of enterprises with operating results for 1999 amounting to over 6 millions €. FinTech is among the first Venture Capital funds in Europe focused on financing early stage initiatives related to ICT. FinTech is "full member" of AIFI, the Italian Private Equity and Venture Capital Association. Moreover, Fin Tech is founder partner of Wiva® (Wireless Internet Venture Association) an exclusive international network of Internet venture capitalists. Financing is foreseen by means of capital increase and minority equity (for a limited period of 5 years maximum). The size of each investment ranging from 500,000 to 2,5 millions €. QUANTICA is an “SGR” (Società di Gestione del Risparmio – Venture Fund Management Company), promoted by some of the major Italian public research centres, within the framework of a new Italian regulation intended to promote the birth of venture capital fund companies addressing companies based on the exploitation of research results. Quantica has started officially at the beginning of 2003 and represents a new tool for financing research spin offs. GALILEO sgr is a new investment management company, similar to Quantica and falling within the same legal framework. The target companies are new hi-tech start-ups, located in the TRI-Veneto region, collaborating with Universities and Research Centres, operating on the following fields: new materials, nanotechnologies, energy, biotechnologies and ICT. Shareholders are: Banks and Venture Capital companies (33%), Universities (28%), Scientific Parks (23%), Industrial Associations (15%), others (1%). EONTECH VENTURES is an independent venture capital firm focused on the Digital Entertainment & Consumer Electronics and Enterprise Software & Services sectors, where it has built specific knowledge and significant industry expertise. The geographic focus is France, Great Britain and Italy. MyQube is an international venture capital and financial advisory firm focused on financing and supporting the development of private companies operating in the high-technology sector with attractive market opportunities in Europe and United States. The company is also active on the private equity sector in Italy. The investment focus today includes high-tech hardware and software solutions, telecoms, infrastructures and enabling technologies. MyQube adds value to its invested companies through its global technology competences and its international corporate and financial network. Technostart, based in Milan, is a company promoted by Mediobanca, Milan Polytechnic and Luigi Bocconi University to support new business initiatives in high-technology sectors through the use of venture capital, both by participating in Italian and foreign companies engaged in venture capital activities or operating in high-tech sectors and by spreading the knowledge of venture capital. To this end, Technostart participates as a minority shareholder in MB Venture Capital, a Luxembourg company that promotes the placing of closed-end funds investing in young European companies operating in the high-tech sectors. Oxfordshire The UK capital industry is one of the most developed in Europe, ranking second to the USA in the global venture capital industry. The scenario of venture capital funds on the area is thus diversified and the following initiatives must be mentioned:
In addition, in the past 5 years, over 15 established Venture Capital funds (mostly based in London or Cambridge) have invested in Oxfordshire Companies. Moreover, Oxfordshire is home to a number of Venture Capital funds and examples of funds with an operating base in Oxfordshire include:
After identifying characteristics distinguishing the four KREO regions, it is important to have an insight on specific experiences and practices developed in each local area. Yüklə 0,63 Mb. Dostları ilə paylaş:
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