Venture Partners Management 3（四）.pptVIP

Tidlige fase finansiering - hva er det private markedets oppgaver og hvor b?r det offentlige spille en rolle ? Erfaringer fra Northzone Ventures. Tellef Thorleifsson, Partner Nordic Industrial Fund Conference 15-16 October 2002 Agenda Northzone Ventures The Nordic Venture Market What should be the role of the Government ? Northzone Ventures Northzone’s investment strategy Agenda Northzone Ventures The Nordic Venture Market What should be the role of the government ? A choppy ride European Funds Raised and Investments Investment Trends in Europe by Stage Private Equity investments as % of GDP The Nordic Venture Capital Scene Agenda Northzone Ventures The Nordic Venture Market What should be the role of the government ? Chief Priority: To focus on the business climate, stability, and infra-structure The public sector has historically been a poor player when targeting investments and sectors Early stage financing - the responsibility of the private sector The market will over time bring about the most efficient allocation of capital “Friends, Family Fools “, Private investors, angels, venture funds and growth funds should be responsible the financing and growth of new companies. THE MAIN ROLE OF THE GOVERNMENT: TO PROVIDE A STABLE CLIMATE AND GARDEN ASSISTANCE Make it as simple as possible to start a new company (i.e. reduce the number of reports imposed on a small limited company.) Provide practical assistance to Start ups – reduce red tape Reduce tax on employment options Emphasize the basics - There is too much focus on agencies, aid, packages and schemes However, don’t leave the market all by itself, because there is an equity Gap Business Angels have been playing a limited role in the Nordic countries. In the US wealthy individuals last year invested about USD 20 bill. while the venture funds invested about USD 10 bill.? In the Nordic countries such private funding is much less important Grey Markets have been buoyant during Hype times, but provi