Irina Anghel - SEEPEA - Entrepreneurship VC Romania - Stanford - Feb 28 2011

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  • 1. Department of Mechanical Engineering Program European Innovation and Entrepreneurship (graduate course ME421) South Eastern European Entrepreneurship Romanian Case Study 28th of February 2011 Irina Anghel Secretary General Southern Eastern Europe’s Private Equity and Venture Capital AssociationSouth-Eastern Europe Private Equity and Venture Capital Association ©
  • 2. SEEPEA Overview  The Association supports the interests of the private companies active in the South-Eastern Europe private equity and venture capital industry.  We assemble members from 8 countries: Romania, Bulgaria, Republic of Moldova, Bosnia and Herzegovina, Serbia, Montenegro, Republic of Macedonia (the Former Yugoslav Republic of Macedonia), and Albania.  SEEPEAs objectives:  Increase awareness and understanding of the private equity and venture capital industry in the region.  Lobby the relevant national and European bodies to improve the prospects of private equity and venture capital and to support the development of the entrepreneurial spirit.  Facilitate interaction and the sharing of knowledge between our members.  Keep members informed about initiative in PE and VC market.South-Eastern Europe Private Equity and Venture Capital Association © 2
  • 3. Personal History VC Law • Pioneer of legal advice for PEVC funds in Romania; • Attorney at law; • Secretary General SEEPEA; • Founder of a Romanian Law Firm; Entrepreneurship • President of the Future of the profession commission • Founder and CEO of an AIJA; NGO dedicated to • Law professor @ Law entrepreneurs; School & B School • Global Ambassador GEW (2008)South-Eastern Europe Private Equity and Venture Capital Association ©
  • 4. Aka THE MOTHER IN LAW
  • 5. The Triple Helix Concept * From innovation to economic development - adapted model The phenomenon of the triple helix system has been recognized widely in developed countries as a positive synergy among the three different actors in knowledge spillovers. The integration of the three segments increases the competitive advantage of economic development, regional or national. Business Education Government Recent research showed that since the helixes are intertwined, any one of them, if strong enough, can set in motion the other two and by this the entire system. Out of the three helixes, the Business one seems to be the one with the highest potential in the short run therefore it should be strengthen and accelerated. * Model developed by Professor Henry Etzkowitz, Research Fellow at Stanford UniversitySouth-Eastern Europe Private Equity and Venture Capital Association © 7
  • 6. We need more real entrepreneurs…  For economic growth;  For better products and services;  For creating jobs and prosperity;  For inspiring others to become accountable instead of feeling entitled. WHICH MEANS We need more people who believe they can shape things by working hard (and taking risks).South-Eastern Europe Private Equity and Venture Capital Association © 8
  • 7. The challenge … Romanians don’t believe hard work helps one get ahead % of population believing that hard work helps one get ahead (by regions)* Romania ranks 5th lowest in the world in terms of feeling that hard work brings adequate returns, ranking lower than the Eastern European average, lowest in the world.* Source: Gallup World Poll , January 2011South-Eastern Europe Private Equity and Venture Capital Association © 9
  • 8. An Eastern European problem… (with historical roots) and with a complex a solution involving Bringing new role models to light in order to inspire a shift of mentality; Creating a national entrepreneurial movement and dedicated support programs; and getting help from… 10
  • 9. Looking for more than just relaxing financial constraintsGetting also additional strategic guidance
  • 10. Looking for Angels and VCs
  • 11. They bring the money…
  • 12. But they can alsoopen some doors
  • 13. And facilitate access to top talent
  • 14. Add differentperspectives
  • 15. Push towards new markets
  • 16. Support Innovation
  • 17. proverb)
  • 18. Back to Romania
  • 19. Quality of Educational System and Brain Drain Quality of the educational system Romania 84th place Tertiary education enrollment rate Romania 22ndplace Math and science education Management schools Romania 43rd place Romania 98th place Brain drain Romania 116th place * Source: The Global Competitiveness Report 2010-2011 [International Ranking of 139 analyzed countries]South-Eastern Europe Private Equity and Venture Capital Association © 25
  • 20. General Framework Transparency of Favoritism in decisions of government policymaking government officials Romania 137th place Romania 123th place Public trust of Intellectual property politicians protection Romania 116th place Romania 81th place Strength of investor protection Romania 33th place * Source: The Global Competitiveness Report 2010-2011 [International Ranking of 139 analyzed countries]South-Eastern Europe Private Equity and Venture Capital Association © 26
  • 21. Emerging Exporting Nations  The emerging software exporting nations are Romania, Bulgaria, Ukraine, Poland, Czech Republic, Hungary.  Romanian software export increased in 2010 reaching 500 mil. EUR (bellow 2008 level the highest so far).  90% of the software export is due to outsourcing for Western Europe and North America.South-Eastern Europe Private Equity and Venture Capital Association © 27
  • 22. Investments - Market Approach by StageThe were no investments in Seed and Start Up companies on the local market in 2010. Total Investments 52.7% 44.2% 102,837 mil EUR2010 3.1% Total Investments 1.9% 40.7% 10.0% 47.4% 220,881 mil EUR2009 0.5% Seed Start-up Later Stage Venture Growth Rescue/ Turnaround Replacement Capital Buyout * EVCA Regional Reporting, 2010South-Eastern Europe Private Equity and Venture Capital Association © 28
  • 23. Later Stage
  • 24. Seed
  • 25. Early Stage
  • 26. Quality of Infrastructure Internet bandwidth 184 MB/s per 10,000 population Mobile telephone subscriptions 119.3 per 100 population 136 134 102 70 36 16 Quality of roads Quality of railroad Quality of air transport infrastructure Quality of overall infrastructure infrastructure * Source: The Global Competitiveness Report 2010-2011 [International Ranking of 139 analyzed countries]South-Eastern Europe Private Equity and Venture Capital Association © 32
  • 27. Looking for angels…
  • 28. Thank You! For more information please contact us at: Irina Anghel irina.anghel@seepea.org +4021 231 0812South-Eastern Europe Private Equity and Venture Capital Association ©