中小企业金融工具创新Innovation tools to finance innovative SMEs.pptVIP

1. Foreword There is an asymmetry of information between entrepreneurs and investors; It’s not only a question of access to money but also a question of life cycle of a company and about … sales and market penetration; Investment readiness is needed; All money is not the same; Financial Supply Chain The paradox of access to finance Banks Venture Capitalists Stock Exchange Venture capital in Europe EBAN statistical sample shows: N° of active angels in the EBAN sample: 12.775 N° of projects received: 9.500 N° of deals done: 580 Size of deals: 25.000 to 250.000 € Average size: 75.000 € New trends B.A. B.A.N. co-funding vehicles Proof of concept loans/grants Repayable advance Mezzanine University spin out/off funds Pipeline research revenue Non-financial tools 2. Segmentation of the market Start-up phase First financial round Subsequent financial round Initial and unorthodox sources Public Support Debt finance N.B: Indirect supports Integrated actions Start-up Phase Seed capital fund Loans without interest and/or guarantee University and research centres spin off funds Micro-credit Public or parapublic funds for creation or innovation Public grants Reimbursable loans Proof of concept First Financial Round Business Angels Seed capital fund Banks loans/Overdraft Guarantee funds Public or parapublic investment funds Regional Public venture capital Public grants Corporate venturing Subsequent financial round Private venture capital Bank Loans Share subscription bonus Mezzanine OTHER TYPES Leasing Factoring Initial an unorthodox ways Entrepreneurs savings FFF Profit reinvestments Second mortgage Personal credit cards Customer advance Delay of payments Premises sharing Employing relatives at below market salaries Debt finance Bank credits: Short term Long term Unsecured Micro Commercial debt (papers) Public/semi public loans Bonds Public finance Grants Reimbursable advances guarantees 3. Sources of finance  All money is not the same! Business angels (inform