The globalization of angel investments. Bruegel Working Paper 2015/09, 1 September 2015

The last decade has seen a rapid expansion and deepening of the types of vehicles that fund start-up firms in the U.S. and worldwide. In particular, we have seen a growing role of angel groups and other more “individualistic” funding options for start-ups, such as super angels or crowd sourcing platforms. Authors seek to understand the nature and consequences of angel investments across a variety of geographies with varying levels of venture capital markets and other forms of risk capital. They ask whether angel investors improve the outcomes and performance of the start-ups they invest in. Furthermore we want to understand whether and how the types of firms that seek angel funding vary with the overall entrepreneurial ecosystem in a country. Authors examine the records of 13 angel investment groups based in 12 nations and with applicants for financing transactions from 21 nations, examining both the applicants that were considered and rejected and those that were funded. Key findings from the analysis are two-fold. First, angel investors have a positive impact on the growth of the firms they fund, their performance, and survival. Second, they find that the selection of firms that apply for angel funding is different across countries.

Ventures in the informal sector, and how they worked out in Brazil /

"PN-AAL-009."

More than a dream : raising the money /

Includes bibliographical references.

Federal financial support for high-technology industries.

Item 1005-C

Tax reform proposals. hearing before the Committee on Finance, United States Senate, Ninety-ninth Congress, first session, June 26, 1985.

Shipping list no: 86-162-P.

Estimating additionality and leverage:between public and private sector equity finance in Ireland (2000 – 2002)

This paper aims to contribute to the debate about the role of the public sector in stimulating greater use of private sector equity for business start-up and growth in two ways. First, to examine the extent to which the provision of public sector equity finance enables individual firms to raise additional funds in the private sector market place. Second, to consider the methodological implications for an economic impact assessment of industrial policy interventions (especially those which include an equity component) at the level of the individual firm. We assess the extent to which there may be indirect positive effects (externalities) associated with public sector financial assistance to individual firms and if so how they distort standard evaluation methodologies designed to estimate the level of additionality of that support. The paper draws upon the results of a recent study of the impact of Enterprise Ireland (EI) financial assistance to indigenous Irish industry in the period 2000 to 2002. The paper demonstrates that a process of re-calibration is necessary in estimates of economic impact in order to account for these positive externalities and the result in this study was a ‘boost’ to additionality. In operational and conceptual terms, the study underlines the importance of the relationship between private and public sector sources of equity finance as an important dynamic in the attempt by industrial and regional policy to stimulate the number of firms with viable investment proposals accessing external equity finance.

Project financing 8th edition

The eighth edition is a fundamental and essential update to the seventh edition published in 2000. This new edition examines a comprehensive range of existing and newer topics that are relevant to project financing in 2012 and explores current trends in the project finance and leasing industries. Contributors are experienced academics and practitioners. Since the first edition was published, the financial markets have undergone tremendous upheavals and many new structures and instruments have been created to meet the financing needs of business. This edition considers the wider world of project finance, applicable to such diverse situations as venture capital and leveraged buyouts, and using new approaches such as Islamic finance techniques. The eighth edition is an essential and over-due update to the previous edition published in 2000. The eighth edition updates a comprehensive review of financial and related topics which are relevant to project financing in 2012 and explores current trends in financial modelling of a project, risk management and the private finance initiatives. This is a comprehensive and practical book full of advice and tips for successful project financing, including leasing, offering a clear, easy to understand guide to a complex area with examples. The topic coverage is well organized and complete moving from the fundamentals to the more complex issues. There is an extensive glossary to support readers. Finally the use of 12 practitioner case studies brings many of these complex issues to life. This is the new edition of the clear, easy-to-understand industry-standard text on project financing. With a good overview of a broad area and using principles of project financing to explain complex structures, this book includes lots of examples and case studies (including Eurotunnel, Dabhol, multiple Paiton deals and other recent deals along with subsequent developments) to show the concepts in use, examine outcomes and to ensure you understand important issues such as effective project structuring and financing, financial modelling for project valuation, and risk management. Substantially updated and expanded to provide the latest developments in all aspects of project financing. An important manual reference, this book is a must-have for every project financier's desk. The text unites the domain of project financing with a wealth of project management techniques, supported by diagrams and charts and other pictorial features, where appropriate. All these supporting features facilitate a better understanding of the accompanying text for the reader. In many chapters there are diagrams to clarify the specific transaction structure discussed in the accompanying text. These diagrams enable the reader to get a very clear idea of the transaction structure, which is particularly useful where it is complex or unusual. There are also a number of checklists to assist stakeholders in the project and resource management of complex project financings. The new financial modelling chapters allow exploration of some of the pitfalls project models encounter, challenging the accurate replication of the project cash flows for stakeholders to evaluate. In the later new risk management chapters, worked examples are included to illustrate the techniques in practice. The new public private partnership/private finance initiatives chapter introduces readers to this new approach to public projects. References are made to useful websites throughout the text. Cases are included at the end of the main text to encourage examination of real-life examples of project financing in practice and also highlight specific issues of current interest. The book will be helpful to project finance sponsors, lawyers, host governments, bankers and providers of capital

Vállalati vezetők innovációs érzékenysége, szemlélete és szándékaik – egy felmérés tapasztalatai (Managers' innovation sensivity, approach, and purposes – experience of a survey)

A magyar vállalatok innovatív képességét felmérő kérdőíves kutatások eltérő eredményeket adtak, ami a piaci szereplők eltérő innováció-értelmezésével magyarázható. A szerzők feltevése szerint a vállalati vezetők jellemzően innovatívnak tartják magukat, és ez alapján jelentős részük fejlesztéseket tervez a jövőben, amelyhez pályázati forrásokat kívánnak igénybe venni. A gyakorlati életben az innováció fogalmát a tudományos definíciónál tágabban értelmezik, a vállalatnál bevezetett újdonságokat (például a piaci versenytársaktól átvett új terméket) is innovációnak értékelik. A vállalati növekedést a finanszírozási nehézségek korlátozzák. A támogatások, a hitelek és a kockázati tőke jellegű források eltérő mértékben játszanak szerepet a vállalatok életében. A szerzők tanulmányukban a vállalatok innovatív tevékenysége és a különböző források megléte közötti kapcsolatot, valamint a pályázati rendszerhez fűződő vállalati tapasztalatokat vizsgálják. /===/ Questionnaire surveys of innovation abilities of the Hungarian enterprises have given different results, which could be explained by different innovation interpretation of the market players. According to the authors' hypothesis the managers consider themselves innovative, and many of them plan developments in the future to realize them with tender sources. In the practice idea of innovation is broader interpreted than the scientific definition, and novelties introduced at the companies (eg. a new product taken over from competitors) is also considered innovation. Corporate growth is limited by financing difficulties. Supports, credits and sources of venture capital character play a role int he corporate life to different extent. Authors investigate the connection between the innovative activity of companies and the existence of several sources, and corporate experience linked to tendering system.

The Meanings of New Money: Social Constructions of Value in the Rise of Digital Currencies

Thesis (Ph.D.)--University of Washington, 2016-07

Valoración de una Start-up de tecnología

Este documento expone la importancia del ejercicio de valoración como herramienta para la construcción de las proyecciones y la planeación financiera de una empresa en etapa temprana, al tiempo que prueba el método de flujos de caja con tasa de descuento ajustada al riesgo, como la metodología más recomendada por expertos, en la valoración de nuevas empresas (startups), y valida la marginalidad de la información contable y financiera entre los emprendedores -- Busca soportar en un único documento, las decisiones de inversión de financieros, prestamistas y emprendedores, en atención a la subjetividad con que muchos inversionistas valoran desde su percepción, el potencial de crecimiento, la generación de flujos futuros y/o el posicionamiento estratégico de las startup -- Como ya se mencionó, el método de Descuento de Flujos de Caja (DFC) será la metodología aplicada y analizada -- Entre otras ventajas, porque al estar basado en la generación de flujos a partir de los activos fijos, no se expone a percepciones del mercado ni a criterios no trasladables, en caso de una valoración por comparables -- El lector podrá constatar, y de acuerdo con la bibliografía consultada, que la metodología de DFC, no sólo es la más apropiada para la valoración de una startup, sino que dadas las circunstancias en cuanto a disponibilidad de la información, es obligatorio clasificarla, dentro de los métodos más sofisticados -- Finalmente, entre otras conclusiones, se hace énfasis en que el ejercicio de la valoración debe centrarse en identificar el potencial que tiene la empresa de convertirse en una entidad generadora de valor -- En tal sentido, el análisis se debe focalizar en el plan estratégico, que se espera desarrollar a corto, mediano y largo plazo, y en las acciones para alcanzar las metas planteadas -- No siempre la situación de la empresa ha de estar acorde con lo proyectado, se pueden presentar variaciones en el comportamiento financiero, adicionalmente, la demanda de capital líquido e inversiones en activos generan, en la mayoría de los casos, déficit en los flujos de caja producto de las dificultades de los emprendedores para garantizar dicha demanda de recursos

Financing innovative start-ups in Portuguese context: what is the role of business angels networks?

Business angels provide both financing and managerial experience, which increase the likelihood of the survival of innovative start-ups. Over the last years, European countries with developing informal venture capital markets have seen governments support the creation of business angels networks (BANs) to increase and consolidate these markets. Using the Portuguese context to carry out the empirical work, this paper provides an assessment of value added provided by angels’ networks. A total of 88 useable responses were received and analysed using non-parametric statistical techniques. This paper demonstrates that is evidence of positive contribution of BANs in terms of bringing together investors and linking them with entrepreneur’s seeking finance. BANs played an important role in financing innovative start-ups also in peripheral regions. Results lead us to conclude that government support BANs would appear to be an effective mechanism to stimulate the angel market in developing informal venture capital markets. The conclusions of this paper are likely to have relevance for countries where there is growing interest in the potential of business angels as a means of financing innovative start-ups.

Celebrity capital as a strategic asset : implications for new venture strategies

Despite an increase in businesses started by celebrities, we have limited understanding as to how celebrity entrepreneurs benefit new ventures. Drawing on a reputational capital perspective, we develop the notion of celebrity capital and show how it can be used to uniquely differentiate the venture and to overcome liabilities of newness. We discuss how celebrity capital can negatively influence the venture when negative information about the celebrity surfaces and in terms of limiting the scope of the venture. We discuss the different strategic implications of celebrity capital for ventures using celebrity entrepreneurs versus endorsers.

Human Capital and New Venture Performance: The Moderating Role of Social Relations

With whom should entrepreneurs create their firms in order to enhance nascent venture performance? Conventional wisdom suggests that the stronger human capital and social relations in nascent venture teams are, the better the nascent venture’s performance. We draw from social embeddedness literature, however, and argue that the positive effect of team members’ human capital on three different dimensions of nascent venture performance is weaker when team members exhibit strong social relations. Our analysis of 488 nascent venture teams in the PSED II dataset confirms our predictions, showing that nascent ventures of teams with strong human capital but weaker social relations exhibit the best performance. The study thus offers valuable contributions particularly to literature on entrepreneurial teams the determinants of new venture performance.

Does venture opportunity variation matter? investigating systematic process differences between innovative and imitative new ventures

The central thesis in the article is that the venture creation process is different for innovative versus imitative ventures. This holds up; the pace of the process differs by type of venture as do, in line with theory-based hypotheses, the effects of certain human capital (HC) and social capital (SC) predictors. Importantly, and somewhat unexpectedly, the theoretically derived models using HC, SC, and certain controls are relatively successful explaining progress in the creation process for the minority of innovative ventures, but achieve very limited success for the imitative majority. This may be due to a rationalistic bias in conventional theorizing and suggests that there is need for considerable theoretical development regarding the important phenomenon of new venture creation processes. Another important result is that the building up of instrumental social capital, which we assess comprehensively and as a time variant construct, is important for making progress with both types of ventures, and increasingly, so as the process progresses. This result corroborates with stronger operationalization and more appropriate analysis method what previously published research has only been able to hint at.