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Author
Jabłoński Sebastian (Szkoła Główna Handlowa w Warszawie), Waszkiewicz Maciej (Szkoła Główna Handlowa w Warszawie)
Title
Understanding the Role of the Government to Help Building the Opportunities to Financing "Seed" and "Start-Up" Projects by PE/VC
Source
Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu, 2009, nr 48, s. 347-359, bibliogr. 13 poz.
Issue title
Zarządzanie finansami firm : teoria i praktyka
Keyword
Przedsiębiorstwo typu start-up, Rola państwa w gospodarce, Finansowanie projektów, Fundusze private equity, Fundusze venture capital
Startup, States' role in economy, Projects financing, Private equity funds, Venture capital funds
Note
summ.
Abstract
Finansowanie projektów kapitałem zasiewnym (seed capital) i projektów typu start-up z funduszy PE/VC jest zazwyczaj bardzo trudne i wskazane jest stworzenie programów rządowych lub quasi-rządowych w celu zapewnienia sprawniejszych metod i sposobów na finansowanie tego typu projektów. Ponad 20-letni rozwój rynków PE/VC wspomaganych przez wsparcie i właściwą legislację programów rządowych, takich jak Small Business Innovation Research (SBIR), doprowadził do rozwoju i finansowania wielu projektów typu start-up, seed i innych specjalnych programów inwestycyjnych, które stały się pionierami i katalizatorami rozwoju przyszłych nowoczesnych innowacji, zaawansowanych technologii i programów badawczo-rozwojowych w ośrodkach naukowych i uniwersyteckich.(abstrakt oryginalny)

This paper analyzes factors that influence the development of private equity markets at the seed and start-up stage. The authors want to show solutions of the venture capital and angel capital shames that could be potentially considered in Central & Eastern Europe and be developed to facilitate business growth and economic development giving opportunities to access capital. These examples should allow and enable small and new startup businesses to access investment funds and providing incentives for innovation and entrepreneur-ship. The study focuses on evaluating the process to seek financing for start-up or seed capital, examining the significance of such factors including the methods and solution presenting examples of business schemes that help to secure alternative and sourcing funds to raising money which reflects the structure, cost of capital and risk factor associated with that. In the following paper we would like to introduce basic concepts to financing projects with seed and start-up capital. We will discuss some business constrains and strategic decisions to be made by the PE/VC and the entrepreneurs. We will give examples how US Government sponsored project have been operating and describe their main characteristics and business constrains. Moreover, we will give guidelines to show examples of models/schemes for entrepreneurs and small and medium companies to participate in obtaining financing for start-up and seed capital in quasi--private and government sponsored initiatives. (fragment of text)
Accessibility
The Main Library of the Cracow University of Economics
The Library of Warsaw School of Economics
The Library of University of Economics in Katowice
The Main Library of Poznań University of Economics and Business
The Main Library of the Wroclaw University of Economics
Szczecin University Main Library
Bibliography
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  1. Clarysse B., Brunnel J., Nurturing and Growing Innovative Start-ups: The Role of Policy as Integrator, Unversiteit Gent, Faculteit Economie en Bedrijfskunde, Gent 2006.
  2. Connel D., "Secrets" of the World's Largest Seed Capital Fund, Center for Business Research, University of Cambridge.
  3. Gal M., Analysis of Chosen Firms Using the Venture Capital, 2005.
  4. Krukowska M., Wsparcie na starcie. Raport dofinansowanie funduszy zalążkowych, "Forbes" 2008 nr 2.
  5. Megginson W., Towards a Global Model of Venture Capital, University of Oklahoma, 2001.
  6. Opportunities for Action in Corporate Finance and Strategy, What Public Companies Can Learn from Private Equity, The Boston Consulting Group, 2006.
  7. Plagge A., Holtfrerich C.-L., Public Policy for Venture Capital, a Comparison of the US and Germany, Deutscher Universitats-Verlag, Wisbaden 2006.
  8. Seet P.-S., Graves Ch., Hadji M., Schnackenberg A., Gustafson P., Understanding the Barriers to and Opportunities for Access to Private Equity Among Small-To-Medium-Sized Family-Owned Enterprise (SMFE) Owners in Australia: an Exploratory Study, University of Adelaide, Adelaide Graduate School of Business, 2007.
  9. Sohl J.E., Rosenberg W., The US angel and venture capital market: recent trends and developments, "Journal of Private Equity" 2003 vol. 6, no. 2, pp. 7-17.
  10. US Department of Commerce.
  11. www.ivca.com.
  12. www.nvca.com.
  13. www.thomson.com Thomson Venture economics.
Cited by
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ISSN
1899-3192
Language
eng
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