Raising biotech finance in Europe
|
|
- Joshua Gibson
- 6 years ago
- Views:
Transcription
1 Raising biotech finance in Europe InvestorNet The sectoral approach Uffe Bundgaard-Jorgensen, Mermaid Ventures
2 InvestorNet - a sector approach! Uffe Bundgaard-Jørgensen, Ph.D. Paxis European Innovation Workshop 5 7 October 2005 Edinburgh page : 2
3 page : 3
4 InvestorNet Investor related activities Round Table Meetings Cluster Visits Other services activities Analysis dissemination of conclusions Good practice Investment pattern syndication Other analysis Development of online Business Plan Self Assessment Test page : 4
5 Observation Over the last 4 8 years a number of VC funds have moved from an investment stage focus to an industry/technology sector focus. Early stage players has found that financing of their portfolios series B, C D rounds depends on partnerships with later stage funds active in the same technology sector. Larger funds becomes vertically integrated with respect to investment stages. Small early stage funds need access to later stage financing in order to succeed with their investment strategy page : 5
6 Technology Sector Round table meetings user groups Information Technology Biotech/Health care Food & Nutrition technology Medical Devices Energy Technology page : 6 Wireless Communication ! Technology focused s ! Technology focused s ! Technology focused s Nanotechnology Normal sequential funding process from early stage fund to later stage funds Media & Communication
7 Investors meet investors! Participants in the RoundTables are sharing the same technology focus, but have different roles in the financing process: Early stage technology funds Later stage funds Corporate venture funds Corporations (Acquisition departments/r&d departments) Investment Bankers Business angels page : 7
8 Round Tables / Cluster visits Biotechnology Medical Devices Energy technology Wireless communication ICT Media, Design communication Food, nutrition Food technology Feb 9/10, 2004 (Antwerp) Nov 2/3, 2004 (Heidelberg) 29-30, September 2005 (Lyon) April 27/28, 2004 Antwerp December 9/10, 2004 (Cambridge) April, (Berlin) 8-9, December 2005, Lund June 24/25, 2004, Antwerpen 15-16,November 2005, Aberdeen October 7/ (Antwerp) June 16-17,2005, Barcelona October, 2005, Cambridge February, 2006 tbd 6-7 June, 2005 Antwerp January, 2006, Copenhagen page : 8
9 2005 focus The focus of all Round Tables, including those on Biotech, have been on primarily one issue: EXIT!!! The other main subject has been Lack of quality of deals offered! Results achieved Laid the ground for more cross border syndication page : 9
10 Syndication structure in the Biotech sector page :
11 Cross Border Syndication InvestorNet Canada Canada Denmark Denmark E ventures France Germany Germany Germany Germany Germany Germany Germany Germany Cross border syndication Biotech sector Germany Germany Germany Israel Norway Norway Sweden Sweden Switzerl Switzerl UK UK UK US UK S Canada 1 x Canada 2 x Denmark 3 1 x Denmark 4 1 x 1 1 Enjoy ventures 5 x France 6 x 1 1 Germany x Germany 8 x 1 Germany 9 1 x Germany 10 x Germany x 1 1 Germany 12 1 x Germany 13 x Germany x 1 Germany x 1 1 Germany 16 1 x 1 Germany x 1 Israel 18 1 x 1 1 Norway 19 1 x 1 Norway x 1 1 Sweden x Sweden 22 x Switzerl 23 x Switzerl x 1 1 UK x UK x 1 UK page 1 : 11 1 x 1 UK 28 1 x US x
12 Unsolicited deals 500 new deals/year Screening process 2 min/deal 250 selected deals 10 min/deal 150 selected deals 20 min/deal 50 analysed deals 5 Hours/deal 25 negotiation 10 Days/deal 490 rejected deals 5-10 investments page : 12 1 month/investment
13 Investor! page : 13
14 Lessons learned (an investor view!!!!) SMEs lack of knowledge of what VCs are, how they operate, what are their expectations Don t realise that VCs are not banks, but will become shareholders with all that implies Need to underst that VC invest on a business case that can show growth has been adequately prepared presented Often entrepreneurs expect capital but are reluctant to risk some of their own money Personal commitment is often an issue, particularly in the case of university spin-offs Transparency openness to scrutiny is fundamental during due diligence as after the investment There is no idea of what governance stards are requested by a VC All of the above leads to a fear of losing control of the unknown page : 14
15 Other problems (Investor view!!) No knowledge of the ABC of finance company laws Lack of knowledge on finance basics, to the point of even understing the difference between equity debt Lack of knowledge of even the basics of company law, for example of the protections that still can be had even if diluted to a minority stake. This clearly makes very difficult communication, understing negotiation page : 15
16 Some possible solutions to address the above More activity needed by governments VC organisations to help the entrepreneurs preparing for dealing with VCs Need for success stories to communicate them Ad hoc programs for scouting coaching Need to organise more specific training (Quotation from Mr. Alberta Trombetta, Investment Manager, Finlombarda Gestioni SGR, Italy) page : 16
17 page : 17
18 page : 18
19 page : 19
20 page : 20
21 page : 21
22 Investment Decision phases From deal-flow to exit Access to good deal flow Selecting good deals Due Diligence Deal Structuring Negotiation closing Investment Management Board composition Project monitoring phases Getting to know the company work together Monitoring reporting General support development Market contact technology support Crisis in management or change of management Re-financing syndication Merger Acquisition Exit phases Analysis of exit routes Selection of exit strategy Preparing portfolio company for exit Implementing exit strategy Bridge financing / Merger & Acquisition Negotiation closing EXIT page : 22
23 Investment Decision phases Access to good deal flow Selecting good deals Due Diligence Deal Structuring Negotiation closing Investment Management Board composition Investors are only considering deals which fit their investment preferences. Tip: Get to know what the Investor preferences are, e.g by employing an advisor with this knowledge page : 23
24 Investment Decision phases Access to good deal flow Selecting good deals Due Diligence Deal Structuring Negotiation closing Investment Management Board composition When an investor is interested, then be ready to answer his questions NOW not tomorrow! Too many deals go south because the entrepreneur is not ready to supply the investor with requested information at short notice. TIP: Make servicing the investor requirement a priority for the whole organization. Treat the investor like you treat your most valuable customer! page : 24
25 Investment Decision phases Access to good deal flow Selecting good deals Due Diligence Deal Structuring Negotiation closing Investment Management Board composition Too many deals go south because of unrealistic pre-money valuation of the investment target! TIP: Be realistic about the share price you will offer! If the investor do not think he can make a lot of money why should he invest? page : 25
26 Investment Decision phases Access to good deal flow Selecting good deals Due Diligence Deal Structuring Negotiation closing Investment Management Board composition If a new professional investor invest in your company then he will want to have strong board position. TIP: You should appoint your own board representatives so they match the ones appointed by the investor. Sound Board decisions are being taken through argumentation, not through voting!! page : 26
27 Project monitoring phases Getting to know the company work together Monitoring reporting General support development Market Crisis contact management or technology change of support management Re-financing syndication Merger Acquisition The first 6 month after investment is the trust building phase. TIP: Make sure that you can deliver promised results, at least during this first phase page : 27
28 Project monitoring phases Getting to know the company work together Monitoring reporting General support development Market Crisis contact management or technology change of support management Re-financing syndication Merger Acquisition Disappointments will come, there will be a need for adjustments to the business plan TIP: Disappointments should never come as a surprise to the investor! page : 28
29 Project monitoring phases Getting to know the company work together Monitoring reporting General support development Market Crisis contact management or technology change of support management Re-financing syndication Merger Acquisition If a crisis occur there is a need for structural or organizational changes, the investors priority is to safeguard his investment not your interest! TIP: Be ahead of the situation, be the one who propose the actions which will re-establish confidence page : 29
30 Project monitoring phases Getting to know the company work together Monitoring reporting General support development Market Crisis contact management or technology change of support management Re-financing syndication Merger Acquisition In many cases there is a need for additional financing or merger or acquisitions in order the secure the growth or survival of the company. TIP: Be proactive for such initiatives, if you resist, the decision will be taken even against your own will! page : 30
31 Exit phases Analysis of exit routes Selection of exit strategy Preparing portfolio company for exit Implementing exit strategy Bridge financing / Merger & Acquisition Negotiation closing EXIT Investors first priority is to exit from the investment as early as possible at the highest possible price. TIP: Be proactive support the exit process if not, you get the investor against you not a good idea! page : 31
32 Exit phases Analysis of exit routes Selection of exit strategy Preparing portfolio company for exit Implementing exit strategy Bridge financing / Merger & Acquisition Negotiation closing EXIT The exit process (if not IPO) might create uncertainty in your organization. TIP: Make sure that not only you the investor makes a profit from the exit process. Distribute the gains to your organization also! page : 32
33 Exit phases Analysis of exit routes Selection of exit strategy Preparing portfolio company for exit Implementing exit strategy Bridge financing / Merger & Acquisition Negotiation closing EXIT Remember an exit is not completed before the money is in the bank! TIP: Have a strategy ready if the chosen exit route is a dead end. Be open discuss alternatives with the investor up front! page : 33
34 InvestorNet Address : SCION-DTU Diplomvej 381 DK 2800 Kongens Lyngby DENMARK Phone: (+45) Fax : (+45) Mobile: (+45) ubj@gate2growth.com page : 34
Identifying best practices for financing high-potential companies in emerging economies through private equity and venture capital
Identifying best practices for financing high-potential companies in emerging economies through private equity and venture capital Marie-Annick Peninon-Bernard EVCA Public and Regulatory Affairs Director
More informationEVCA Private Equity Activity Survey 2007 Europe
EVCA Private Equity Activity Survey 2007 Europe 31 Europe 2006 Highlights: Demonstrating confidence in the European private equity sector with a record fundraising level of 112.3 billion in 2006, a significant
More informationPrivate Equity Guide for Businesses
December 2017 Private Equity Guide for Businesses PRIVATE EQUITY GUIDE FOR BUSINESS OWNERS IN ETHIOPIA Private Equity (PE) is fast becoming an important source of finance for small and medium sized businesses
More informationCrowdfunding in the EU
Crowdfunding in the EU Answering this questionnaire will take about 10-15 minutes. You are allowed to skip questions that you cannot, or do not wish to, answer. Please note that you cannot save your answers
More informationThe Funding Landscape for Small Biopharma Ventures,
HEALTHCARE The Funding Landscape for Small Biopharma Ventures, 2010-2015 Trends, strategies and priorities By Gaurav Misra Gaurav Misra Gaurav Misra specializes in pharmaceutical licensing, valuations
More informationVenture Capital s Contribution to the Israeli Economy. Summary
Venture Capital s Contribution to the Israeli Economy Summary June 15, 2005 Introduction We are pleased to present to the annual IVA conference this analysis prepared for the IVA by Economic Models headed
More informationOverview of equity fund raising & role of investment bankers.
Overview of equity fund raising & role of investment bankers www.oureacapital.com Huge amount of capital formation will be required especially in SMEs to sustain this growth India needs to create 10-15
More informationPitching to PE/ VC Funds
Pitching to PE/ VC Funds Seminar on Private Equity Organised by WIRC of the ICAI C.A. Shailendra Jindal Mumbai, April 1, 2017 Agenda Whether the Company will be able to attract PE/VC? The process of pitching
More informationObtaining Financing for Your Entrepreneurial Business. November 18, 2009
Obtaining Financing for Your Entrepreneurial Business November 18, 2009 Financing Keys To Success Believe in yourself and your idea Presenting your idea With Passion Simplicity ( elevator pitch ) Clarity
More informationVenture Capital at BDC. Nazmin Alani, Managing Director
Venture Capital at BDC Nazmin Alani, Managing Director Development Bank Role in Commercializing IP Technology Transfer Conference: Jožef Stefan Institute, Slovenia October 7-8, 2010 Presentation Outline
More informationThe research commercialisation office of the University of Oxford, previously called Isis Innovation, has been renamed Oxford University Innovation
The research commercialisation office of the University of Oxford, previously called Isis Innovation, has been renamed Oxford University Innovation All documents and other materials will be updated accordingly.
More informationΑμοιβαία Κεφάλαια και Εναλλακτικές Επενδύσεις. Private Equities
Αμοιβαία Κεφάλαια και Εναλλακτικές Επενδύσεις Private Equities Private Equity Private equity funds are organized as limited partnerships that are not publicly traded. The investors in private equity are
More informationBusiness Angel Financing An EU Perspective. Juho Aminoff 14 March 2018
Business Angel Financing An EU Perspective Juho Aminoff 14 March 2018 EIF facilitates European SMEs access to finance Europe s largest and most influential investor in European Venture Capital Pan-European
More informationTop 10 Tax Tips You Need to Succeed or The Tax Act is Your Friend. Selected Issues in the Lifecycle of a Tech Company
Selected Issues in the Lifecycle of a Tech Company Warren Nimchuk, Don Furney and Peter van Bodegom March 26, 2002 Vancouver BC You Need to Succeed or The Tax Act is Your Friend Warren Nimchuk and Don
More informationVEDA 2013 FALL CONFERENCE
VEDA 2013 FALL CONFERENCE Bringing the Global Economy Back to Virginia: Global FDI Trends and Best Practices October 2013 AGENDA Introduction to OCO What is FDI and Why is it Important? Global Trends in
More informationFinancial Infos. Issue (26) Venture Capital. The venture capitalist provides
Venture Capital Financial Infos Issue (26) Venture capital is financing that investors provide to startup companies and small businesses that are believed to have longterm growth potential. For startups
More informationCMU: Measuring progress and planning for success
CMU KPI Report CMU: Measuring progress and planning for success Third anniversary of CMU: timely opportunity to review the progress on achieving the CMU s vital aims Produced by AFME with the support of
More informationIdea to Liquidity & Beyond: Financing
Seminar Series: Startup Law 101 for Entrepreneurs Idea to Liquidity & Beyond: Financing Patrick Pohlen and Ben Potter, Latham & Watkins LLP October 10, 2017 Latham & Watkins operates worldwide as a limited
More informationFinancing Innovation: Accessing Private Capital. Innovation Conference June 27-28, 2017.
Financing Innovation: Accessing Private Capital Innovation Conference June 27-28, 2017. Traditional Sources of Equity Capital Risk/Reward Friends & Family Private Equity Public Equity Mezzanine Debt Public
More informationPurpose built trading platform for ILOs. MobileILO.com
Purpose built trading platform for ILOs www.ilocx.com MobileILO.com What is an ILO? Initial licence offerings, also known as ILOs are a revenue-based form of raising money for seed stage and startup stage
More informationESSENTIALS OF ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT Chapter 13: Sources of Financing Debt and Equity
Copyright 2016 Pearson Education Inc 1 Section 4: Section Putting 3: the Launching Business the Plan Business to Work: Sources of Funds 13 Sources of Financing: Equity and Debt 13-2 Describe the difference
More informationLearn the Essentials. Discover how a level of protection and participation can lead to a brighter financial future. Brighthouse Shield Annuity
Learn the Essentials Discover how a level of protection and participation can lead to a brighter financial future. ANNUITIES SINGLE PREMIUM DEFERRED Brighthouse Shield Annuity SM Brighthouse Shield Level
More informationThe state of Private Equity in Europe What investment professionals and policymakers
AIFI, Convegno Annuale March 28, 2006 Milano The state of Private Equity in Europe What investment professionals and policymakers do and can do! Herman Daems EVCA Immediate Past Chairman Chairman GIMV
More informationFUTURE TAXATION OF COMPANY PROFITS
FUTURE TAXATION OF COMPANY PROFITS What to do with intangibles? Presentation at Taxation of the digitalised economy: analysing the OECD approach event 19-02-2019 WHAT IS BEING PROPOSED? SMALL INNOVATIVE
More informationEuropean Private Equity & Venture Capital and Business Angels
European Private Equity & Venture Capital and Business Angels EBANCONGRESS2008 Arnhem, 14 April 2008 Georges H. Noël, EVCA Director Agenda European Venture Capital in 2007 The EVCA VC Platform Action Plan
More informationTowards Basel III - Emerging. Andrew Powell, IDB 1 July 2006
Towards Basel III - Emerging. Andrew Powell, IDB 1 July 2006 Over 100 countries claim that they have implemented the 1988 Basel I Accord for bank minimum capital requirements. According to this measure
More informationEMERGE symbolises the aspirations of a large number of entrepreneurs participating in the India gro th Story and ha ing potential to unlock value and
EMERGE symbolises the aspirations of a large number of entrepreneurs participating in the India gro th Story and ha ing potential to unlock value and emerge on a bigger stage. 1 What is NSE EMERGE? Platform
More informationFund Raising for Real Estate Opportunities for Chartered Accountants
Fund Raising for Real Estate Opportunities for Chartered Accountants CA Vinit Vyankatesh Deo Chairman & Managing Director Posiview Consulting Partners Group April 2014 Disclaimer The document contains
More informationAccessing capital to start or grow your business.
ATB Entrepreneur's Edge Transaction Advisory Solutions Issue: February 2018 Accessing capital to start or grow your business. You ve safely navigated your company through the oil price meltdown. You re
More informationChapter 1.5. Money Management
Chapter 1.5 Money Management 0 Contents MONEY MANAGEMENT The most important part of investing is money management. Money management involves determining how much of your overall portfolio you are willing
More informationEFET reaction 25 April 2017
Energitilsynet consultation on the proposed decision of the Danish and Swedish NRAs on long- term hedging opportunities in Denmark and at its Northern borders n EFET reaction 25 April 2017 The European
More informationFunding Outside VCs What Are The Alternatives?
Funding Outside VCs What Are The Alternatives? Jean-Michel Deligny, Managing Director jmd@go4venture.com 2014 Summer Meeting, Barcelona 17 London Paris New York San Francisco 48 Charles Street Berkeley
More informationCHAPTER 3 INVESTMENT STRATEGY AND VENTURE CAPITAL
CHAPTER 3 INVESTMENT STRATEGY AND VENTURE CAPITAL This chapter provides a basic explanation of what is an investment strategy as well as a comprehensive background of the concept of venture capital and
More informationVenture and enterprise capital: Smart finance for SMEs Dörte Höppner, secretary general Brussels, 6 th October, 2011
Venture and enterprise capital: Smart finance for SMEs Dörte Höppner, secretary general Brussels, 6 th October, 2011 Introducing EVCA Established in 1983 at the instigation of the European Commission We
More informationOPTIMISING EXITS FOR EUROPEAN TECHNOLOGY COMPANIES 30 April 2018
OPTIMISING EXITS FOR EUROPEAN TECHNOLOGY COMPANIES 30 April 2018 1 M&A trends & valuation metrics Pietro Strada, Silverpeak page CONFIDENTIAL What we do Advising Management & Shareholders Financial or
More informationNVBC Capital Raising Seminar
NVBC Capital Raising Seminar May 13 2017 @Spring_is Spring Startup School @Spring_is Spring Activator @SpringActivator @Spring_is www.spring.is help@spring.is The funding landscape @Spring_is Trends in
More information2017 European Private Equity Activity
Disclaimer The information contained in this report has been produced by Invest Europe, based on data collected as part of the European Data Cooperative (EDC) and other third party information. While Invest
More informationAgenda. Venture Capital and Valuations
Venture Capital and Valuations Venture Valuation VV AG Badenerstr. 18 8004 Zurich Switzerland Phone +41 (43) 321 86 60 Fax + 41 (43) 321 86 61 info@venturevaluation.ch Agenda - Venture Capital - Why Valuation?
More informationBVCA Report on Investment Activity 2017
BVCA Report on Investment Activity 217 Table of contents Introduction to the BVCA 1 European Data Cooperative 2 Executive summary 4 1. Fundraising Fundraising statistics explained 5 Glossary 6 At a glance
More informationMergers, acquisitions and capital-raising in mining and metals trends, 2014 outlook: changing gear. The CFO perspective at a glance
Mergers, acquisitions and capital-raising in mining and metals 2013 trends, 2014 outlook: changing gear The CFO perspective at a glance The CFO perspective at a glance We want to help you get to the insight
More information2005 A RECORD YEAR FOR EUROPEAN PRIVATE EQUITY
PRESS RELEASE 2005 A RECORD YEAR FOR EUROPEAN PRIVATE EQUITY - FUNDRAISING: 72 BILLION - EQUITY INVESTMENT: 47 BILLION IN 7,200 BUSINESSES - DIVESTMENT AT COST: 30 BILLION Monte-Carlo, 15 June 2006 Today,
More informationA new generation of financial instruments and advisory services by the European Commission and the European Investment Bank Group to help innovative
A new generation of financial instruments and advisory services by the European Commission and the European Investment Bank Group to help innovative firms access finance in the EU and beyond. What is?
More informationExpanding the Crowdfunding Market in South East Europe
Expanding the Crowdfunding Market in South East Europe Ronald Kleverlaan Managing Director CrowdfundingHub Advisor European Commission Alternative Finance ronald@crowdfundinghub.eu @kleverlaan European
More informationInvesting 101 GLOSSARY
Investing 101 GLOSSARY 1 Angel Investment Terminology Capitalization table A capitalization table is a spreadsheet or table, typically for a startup or early stage venture, that shows capitalization or
More informationABC School THE IPO PROCESS
ABC School THE IPO PROCESS Company Development Strategy for growing the business short, medium, long term Initial stage creativity & establishing business idea Effective leadership & delegation helps create
More informationTOP DOWN BUDGETING & ITS RELATIONSHIP TO FISCAL RULES & DELEGATION OF AUTHORITY
TOP DOWN BUDGETING & ITS RELATIONSHIP TO FISCAL RULES & DELEGATION OF AUTHORITY Barry Anderson Organization for Economic Cooperation & Development Meeting of Senior Budget Officials from Latin American
More informationICPAK 22 nd Annual Executive Seminar From Private Equity to Public Market
Ernest Wong 17 Nov 2017 ICPAK 22 nd Annual Executive Seminar From Private Equity to Public Market Disclaimer The materials of this seminar / workshop / conference are intended to provide general information
More informationEXECUTIVE EDUCATION TRAINING VENTURE CAPITAL WORKSHOPS
EXECUTIVE EDUCATION TRAINING VENTURE CAPITAL WORKSHOPS Programme Overview The Private Equity and Venture Capital Executive Education training programmes are two workshops, each held over two-days. Both
More informationOECD s Base Erosion and Profit Shifting (BEPS) initiative and the Global Tax Reset Full results of fourth annual multinational survey August 2017
OECD s Base Erosion and Profit Shifting (BEPS) initiative and the Global Tax Reset Full results of fourth annual multinational survey August 2017 OECD s BEPS initiative full results of fourth annual multinational
More informationStart-up funding in South Africa
Start-up funding in South Africa Innovation management and commercialisation Stephan J Lamprecht Venture Solutions May 2013 Creators of technology & innovation Copyright SJ Lamprecht 2013 Market for technology
More informationMORE THAN JUST FUNDING
IPOs MORE THAN JUST FUNDING March 2017 Marianne Philip Partner Christian Lundgren Partner Christina Bruun Geertsen Partner Pernille Høstrup Dalhoff Senior attorney Agnes Cathrine E. Navntoft Assistant
More informationPresentation to: Asset Allocation Summit 20 July Adrian Orr Chief Executive Officer & Member, Capital Market Development Taskforce
Presentation to: Asset Allocation Summit 20 July 2009 Adrian Orr Chief Executive Officer & Member, Capital Market Development Taskforce Topics What do capital markets do? What are the unique features and
More informationPension funds and asset management: A European Perspective
SPEECH/05/539 Charlie McCREEVY European Commissioner for Internal Market and Services Pension funds and asset management: A European Perspective IAPF (Irish Association of Pension Funds) Annual Benefits
More informationIAN Framework Document
Framework Document Overview & Philosophy The Indian Angel Network is a group of Angels who share a passion for nurturing and investing in early stage businesses, which have the potential to scale and create
More informationName Organisation Date
European Public Leadership Driving Innovation In Construction and Operations Name Organisation Date Construction: declining productivity and low digitalisation Productivity Digitalisation Other non-farm
More informationVenture Capital and Expansion Capital Funds of Funds: The Experience of CDC Entreprises on the French Market
Venture Capital and Expansion Capital Funds of Funds: The Experience of CDC Entreprises on the French Market Daniel Balmisse Directeur Général Délégué AIFI annual symposium Milano UNE FILIALE Table of
More informationGLOBAL IFRS 17 READINESS ASSESSMENT Q4 2017
GLOBAL IFRS 17 READINESS ASSESSMENT Q4 GLOBAL IFRS 17 READINESS ASSESSMENT NOVEMBER CONTENTS Introduction & Survey Highlights 3 At the time the new IFRS 17 standard was ratified in May, our insurance customers
More informationEquity Crowdfunding Guide
Equity Crowdfunding Guide FOR ISSUING COMPANIES 1 P a g e Disclaimer: Crowd88 does not provide financial advice. This guide has been prepared as a support document to provide Issuing Companies with a greater
More informationKfW-Research. Economic Observer. No. 7, February 2005.
KfW-Research. Economic Observer. No. 7, February 2005. FINANCING INNOVATION AND RESEARCH INVESTMENTS FOR SMES: BETEILIGUNGSKAPITAL CHALLENGES, PROMOTIONAL IN DEUTSCHLAND. APPROACHES AND RECOMMENDATIONS
More informationE145. Workshop B Staged Venture Financing
E145 Workshop B Staged Venture Financing Presented by Eric Carr (with Thanks to Professor Tom Byers) Stanford University Special Thanks to Scott Bowie and Mike Rosenbluth, Past E145 TAs Copyright 2007
More informationWHY UHY? The network for doing business
The network for doing business the network for doing business UHY has over 6,800 professionals to choose from trusted advisors and consultants operating in more than 250 business centres, based in 81 countries
More informationThe FiBAN Syndication Process. A Process Description
The FiBAN Syndication Process A Process Description Purpose The purpose of this process description is to be a tool for the lead investor as well as other investors joining a syndicate. The idea is to
More informationVenture Capital and Company Valuations in Biotech
Venture Capital and Company Valuations in Biotech Venture Valuation VV AG Badenerstr. 18 8004 Zurich Switzerland Phone +41 (43) 321 86 60 Fax + 41 (43) 321 86 61 info@venturevaluation.ch Agenda - Swiss
More informationAIB Supporting Business Customers
18 th October 2016 AIB Supporting Business Customers AIB Group 2016 H1 profit of 1bn 6.1bn in new lending approved across the Group Business & Corporate lending up 12% in H1 2016 To date we have repaid
More informationGLOBAL IFRS 17 READINESS ASSESSMENT
GLOBAL IFRS 17 READINESS ASSESSMENT Q4 2017 955 APT Global IFRS17 Readiness Assessment Report_4.indd 1 09/01/2018 09:53 GLOBAL IFRS 17 READINESS ASSESSMENT NOVEMBER 2017 CO N T EN T S Introduction & Survey
More informationThe future is now in your hands
The future is now in your hands Succession planning for companies Will your business have to retire when you do? The majority of Swiss SMEs are run by families. Owing to demographic trends, most of them
More informationCorporate Law Points & Business-Building Points Key issues for start-up or early stage companies:
Legal Issues for Entrepreneurs, Start-Ups and Emerging Companies Which Are Preparing to Raise Capital From Investors Presentation by Nancy Fallon-Houle 2006 Corporate Law Points & Business-Building Points
More informationSME Access to Market Based Finance
SME Access to Market Based Finance BSE- Exchange with Maximum Listed Companies Worldwide Historic brand and an iconic listing franchise Key highlights n Oldest stock exchange in Asia, established in 1875
More informationIII CEE Investment Conference Talking about a Brighter Future: The Road to Prosperity
III CEE Investment Conference Talking about a Brighter Future: The Road to Prosperity PANEL DISCUSSION II Developing a Financial Centers Network: Collaborating for developing Financial Markets in CEE Nikos
More informationBiotech Financing Update. Dec 2017-Feb 2018
Biotech Financing Update Dec 2017-Feb 2018 Biotech Financing Update Overall figures These figures capture biotech financing data from December 2017 and take a first look at how the sector is doing in 2018
More informationINVEST IN FRANCE AGENCY
France: Expect more Keys to understanding the new France 2 INVEST IN FRANCE AGENCY Launched by the French government in 2001 160 staff, HQ in Paris and 27 offices worldwide 3 tasks: - Project management:
More informationINA. SUCCESSFUL SALE of your. Agency. Planning the. Guide. the Nanny Agency EXIT STRATEGY
INA the Nanny Agency EXIT STRATEGY Guide Planning the SUCCESSFUL SALE of your Agency the Nanny Agency Exit Strategy Guide INTERNATIONAL NANNY ASSOCIATION WHAT'S INSIDE WELCOME Exit Strategies Business
More informationFisherBroyles A LIMITED LIABILITY PARTNERSHIP
Financial Institutions Update Happy 2015 (how is that possible) and welcome to the latest, LLP, Financial Institutions Update. In preparing this update for you, which is forward focused, we also looked
More informationSpot Forex Trading Guide
Spot Forex Trading Guide How to Trade Spot Forex This guide explains the basics of how to trade spot forex, protect your profits and limit your losses in straightforward, everyday language. Here s what
More informationFinancial Accounting Advisory Services
Financial Accounting Advisory Services May 2013 Agenda About EY 3 5 Appendix 13 Contacts 15 Page 2 About EY Page 3 EMEIA Sub-areas Africa Angola, Botswana, Republic of Congo, Equatorial Guinea, Ethiopia,
More informationValuation. Advanced Starter Seminars. Brussels, 23 November Thomas Crispeels
Valuation Advanced Starter Seminars Brussels, 23 November 2017 Thomas Crispeels Funding a High-Technology Company Start-up Case Study Source Start-up case study Lecture by Rudy Dekeyser VIB Tech Transfer
More informationSME and Entrepreneurship Financing: Policy Responses to the Global Crisis and the way forward to recovery
SME and Entrepreneurship Financing: Policy Responses to the Global Crisis and the way forward to recovery AECM Seminar Managing the Recovery: the role of the guarantee schemes in a changing environment
More informationTime for an ICO reality check
1 DATE 1 SEPT 18 COIN CATEGORY UTILITY TOKENS MENTIONED COINS ETHEREUM TICKER ETH GOLEM TICKER GNT STATUS TICKER SNT PURPOSE MARKET INSIGHT RESEARCH ANALYST Dan Kong CAIA Riley Na Tony Kim research@coinone.com
More informationThe European Internet Industry 2016 Funding Market Insights LONDON PARIS HAMBURG
The European Internet Industry 216 Funding Market Insights INTERNET FINANCING HAS CONTINUED TO PROGRESS BY DEAL VOLUME 6, VOLUME AND VALUE OF LARGE ( $1M) HTI INVESTMENTS IN INTERNET (214 216) 2 5, Total
More informationM A Outlook Deal insights for Ireland
M A Outlook 2018 Deal insights for Ireland Foreword We are delighted to present the findings from our survey on the outlook for Irish M&A activity in 2018. This survey was conducted with many of Ireland
More informationS tate S cience & T echnology I nstitute
S tate S cience & T echnology I nstitute Massachusetts Technology Development Corporation March, 2000 The Massachusetts Technology Development Corporation (MTDC), a state-sponsored venture capital company,
More informationImproving opportunities for Initial Public Offerings on growth stock markets in Europe
Ref. Ares(2014)78040-15/01/2014 Directorate-General for Enterprise and Industry Improving opportunities for Initial Public Offerings on growth stock markets in Europe Report from the workshop held on 24
More informationFinancing SMEs and Entrepreneurs: An OECD Scoreboard
Financing SMEs and Entrepreneurs: An OECD Scoreboard Workshop on SME Finance Session 4: The International Experience 16 February 2012 Banco de España, Madrid Miriam Koreen Deputy Director OECD Centre for
More informationModule 3: The Venture Capital Negotiation and Investment Process Deal Structure and Contracting Issues TABLE OF CONTENTS
Module 3: The Venture Capital Negotiation and Investment Process Deal Structure and Contracting Issues 1.0 DEAL STRUCTURE AND CONTRACTING ISSUES TABLE OF CONTENTS 1.01 The Convergent/Divergent Interests
More information,000
221 19 Funding issues Funding can quickly become a complex topic and this chapter provides a broad overview of the main issues. It starts by explaining how to identify the funding requirement for a business
More informationSRI after the crisis European Economic and Social Committee Hearing with Stakeholders in SRO Madrid Giuseppe van der Helm Eurosif European
SRI after the crisis European Economic and Social Committee Hearing with Stakeholders in SRO Madrid Giuseppe van der Helm Eurosif European Sustainable Investment Forum VBDO - Dutch Association of Investors
More informationValuation of Startups
Valuation of Startups Copyright 1978-2009, Ben Livson, BAL Consulting P/L. All rights reserved. It has yet to be proven that intelligence has any survival value. Arthur C. Clarke 2 is not equal to 3, not
More informationThe Role of the Financial Advisor in an M&A Transaction. Andrea Foti 16 October, 2017
The Role of the Financial Advisor in an M&A Transaction Andrea Foti 16 October, 2017 My background 2017 Investment Banking Advisory Milan 2013 Investment Banking Advisory Milan 2004 Investment Banking
More informationPortuguese Experience on Venture Capital Instruments. José Epifânio da Franca Chairman & CEO
Portuguese Experience on Venture Capital Instruments José Epifânio da Franca Chairman & CEO Agenda o Portugal Ventures at a glance o Private Equity vs Venture Capital o Why does Venture Capital matter?
More informationPublic versus private funding opportunities for life sciences
Public versus private funding opportunities for life sciences Dr. Patrik Frei June 2012 Meet4Lifescience, Basel Agenda Financing trends Financing sources Public Financing sources Equity Financing sources
More informationGrowth Capital. New York 22 March 2007
Growth Capital New York 22 March 2007 1 Welcome and introduction Patrick Dunne Group Communications Director 2 Agenda 3i Group update Growth Capital the business model track record European market Asia
More informationValuation of Early Stage Companies A quick primer and discussion
Valuation of Early Stage Companies A quick primer and discussion April 29, 2016 A brief introduction Venture Carolina: 501(c)(3) that educates investors and entrepreneurs to help improve the market for
More informationRecommendation of the Council on Establishing and Implementing Pollutant Release and Transfer Registers (PRTRs)
Recommendation of the Council on Establishing and Implementing Pollutant Release and Transfer Registers (PRTRs) OECD Legal Instruments This document is published under the responsibility of the Secretary-General
More informationThe scale-up challenge
SERVING THE FUTURE The scale-up challenge Tech Innovation Plateform - Supply of capital policies and initiatives 01. French venture capital market overview a. 2017: a historical level for the French VC
More informationFinancial System Crisis Preparedness and Management. Prepared by D.S. Hoelscher and presented by David Walker, IADI
Financial System Crisis Preparedness and Management Prepared by D.S. Hoelscher and presented by David Walker, IADI Overview of session I. Presentation #1 Financial System Crisis Preparedness and Management
More informationTAX REFORM TO IMPROVE TAX COMPLIANCE
TAX REFORM TO IMPROVE TAX COMPLIANCE Juan Toro IMF s Fiscal Affairs Department -- Assistant Director 7th IMF-Japan High-Level Tax Conference For Asian Countries Tokyo, April 5-7, 2016 Outline Challenges
More informationEuropean Trends in SRI: 2010 European HNWI & SRI Studies
European Trends in SRI: 2010 European HNWI & SRI Studies November 22, 2010 Matt Christensen, Eurosif Hosted by Ethix SRI Advisors Stockholm Eurosif Key Facts: Governance, Financing, Mission and Activities
More informationEarly Retirement In The Costa Calida Of Spain
Early Retirement In The Costa Calida Of Spain German Calvo http://www.sweetholidayhomes.com Enjoying Retirement On Your Terms By Russell D Armstrong Submitted On October 29, 201 When people want to retire
More information2017/SOM3/DIA/005. GATS Plus - Services. Submitted by: Australia
2017/SOM3/DIA/005 GATS Plus - Services Submitted by: Australia Dialogue on Regional Trade Agreements and Free Trade Agreements Ho Chi Minh City, Viet Nam 27 August 2017 GATS PLUS SERVICES Ambassador Simon
More informationIntroduction to Venture Capital Week 3 About Due Diligence, Valuation, Negotiation, and Mistakes you shouldn t make in the process
Introduction to Venture Capital Week 3 About Due Diligence, Valuation, Negotiation, and Mistakes you shouldn t make in the process School of Business and Economics TIME Research Area Innovation & Entrepreneurship
More information