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Program VENCRO Ante Mamić Business Innovation Center of Croatia - BICRO
Content s <ul><li>Sources of  C apital </li></ul><ul><li>Risk  C apital </li></ul><ul><li>Business Innovation Center of Cr...
Sources of  Capital <ul><li>Public Offering </li></ul><ul><li>Private Placements </li></ul><ul><li>Joint Venture </li></ul...
Risk Capital <ul><li>equity and quasi equity financing to companies during their early-growth stages </li></ul><ul><li>inc...
Venture Capital Seed-stage Early-stage Expansion /   Development Capital Venture Capital Tech Transfer / Incubators   Busi...
VC investicija Commercial  bank Loan Venture Capital Fund Company <ul><li>EXIT </li></ul><ul><li>IPO </li></ul><ul><li>M&A...
Examples What is BICRO doing ?
BICRO  Ltd . <ul><li>BICRO is the key organization within the national innovation system whose basic role is development a...
Programs <ul><li>RAZUM the program ensures initial funding of newly established knowledge-based companies   and research a...
Program VENCRO <ul><li>using BICRO Government of Croatia will invest 4,5 M€ in one venture capital fund </li></ul><ul><li>...
Conclusion <ul><li>At a time when developing countries are increasingly losing manufacturing jobs to low wage countries, a...
Thank you Business Innovation Center of Croatia  - BICRO [email_address]   [email_address]   [email_address]   [email_addr...
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  1. 1. Program VENCRO Ante Mamić Business Innovation Center of Croatia - BICRO
  2. 2. Content s <ul><li>Sources of C apital </li></ul><ul><li>Risk C apital </li></ul><ul><li>Business Innovation Center of Croatia – BICRO </li></ul><ul><li>BICRO-a Programs </li></ul><ul><li>VENCRO Program </li></ul><ul><li>Conclusion </li></ul>
  3. 3. Sources of Capital <ul><li>Public Offering </li></ul><ul><li>Private Placements </li></ul><ul><li>Joint Venture </li></ul><ul><li>Risk Capital </li></ul><ul><li>Strategic Alliance </li></ul><ul><li>Merger </li></ul><ul><li>Acquisitions </li></ul><ul><li>Franchising </li></ul><ul><li>Licensing </li></ul><ul><li>Loans </li></ul><ul><li>Grants </li></ul><ul><li>Bonds </li></ul>for young innovative companies
  4. 4. Risk Capital <ul><li>equity and quasi equity financing to companies during their early-growth stages </li></ul><ul><li>includes: </li></ul><ul><ul><li>business angels </li></ul></ul><ul><ul><li>venture capital </li></ul></ul><ul><ul><li>alternative stock markets specialized in SMEs including high growth companies </li></ul></ul>- informal investments <ul><li>Copernicus Capital - 30M $ </li></ul><ul><li>Seaf Croatia - 8,2M $ </li></ul><ul><li>Horizonte Venture Management - 20M € </li></ul><ul><li>Quaestus Private Equity Partneri - 35M € </li></ul><ul><li>HBOR - 8,22M € </li></ul>
  5. 5. Venture Capital Seed-stage Early-stage Expansion / Development Capital Venture Capital Tech Transfer / Incubators Business Angels / Pre-Seed Mid-stage Later-stage BUY-OUT Stock Exchange, Public Equity Risk Capital Private Equity
  6. 6. VC investicija Commercial bank Loan Venture Capital Fund Company <ul><li>EXIT </li></ul><ul><li>IPO </li></ul><ul><li>M&A </li></ul><ul><li>MBO </li></ul>
  7. 7. Examples What is BICRO doing ?
  8. 8. BICRO Ltd . <ul><li>BICRO is the key organization within the national innovation system whose basic role is development and implementation of government support programs aimed at strengthening technology development as the main generator of sustainable economic growth </li></ul><ul><li>Successful and efficient support to technological development and commercial use of research outputs by creating financial, material and other conditions for existing and newly established companies in order to increase their competitiveness or facilitate introduction of new products or services to the market. </li></ul>Vision Mission
  9. 9. Programs <ul><li>RAZUM the program ensures initial funding of newly established knowledge-based companies and research and development of new products and services in existing companies </li></ul><ul><li>TEHCRO the program supports development of technology infrastructure </li></ul><ul><li>VENCRO the program supports establishment of venture capital funds </li></ul><ul><li>IRCRO the program stimulates cooperation between the industry and various research institutions </li></ul><ul><li>KONCRO the program ensures easier access to technological know-how and management skills </li></ul>Demand for Venture Capital Supply of Venture Capital Demand for Venture Capital
  10. 10. Program VENCRO <ul><li>using BICRO Government of Croatia will invest 4,5 M€ in one venture capital fund </li></ul><ul><li>the fund will be managed by a private sector management company selected through a public call for proposals (NN 13/07) </li></ul><ul><li>the goal is to raise at least 10,5 M€ from institutional investors achieving a minimum acceptable size of 15 M€ </li></ul><ul><li>30% of the fund is reserved for investments in the technology sector </li></ul>
  11. 11. Conclusion <ul><li>At a time when developing countries are increasingly losing manufacturing jobs to low wage countries, and when low wage countries seek industries that depend on more than just cheap labor, creating a venture capital market has become the holy grail of economic development. </li></ul><ul><li>Ronald J. Gilson (2002 ) </li></ul>
  12. 12. Thank you Business Innovation Center of Croatia - BICRO [email_address] [email_address] [email_address] [email_address] [email_address] www.bicro.hr
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