This document summarizes a presentation on public venture capital investment. It discusses how venture capital can help overcome financing frictions for startups but that returns have been disappointing. There is evidence that VC backing creates value for companies but the market has struggled since the dot-com bubble. The presentation argues for indirect government interventions like subsidies to encourage early-stage private investment and for direct government VC funds if they focus investment and maintain discipline without expecting market returns, as the goal is to promote startup activity, not make a profit.
From the Nordic Marine Innovation Conference in Oslo 25th of January 2012 by Ylva Lindberg and Dr. Stina Torjesen, Sigla
Title: Sustainable and innovative businesses
Workshop "How to pitch to a corporate VC" @ Start Summit 2013 in St. GallenPenny Schiffer
Penny Schiffer and Jonathan Grahm, Swisscom Ventures; Summary: Corporate Venture Capital is the practice where a large firm takes an equity stake in a small but innovative or specialist firm, to which it may also provide management and marketing expertise and other assets like customer access or IT infrastructure. The objective for the corporate is to gain a specific competitive advantage, benefits for a startup may include speed of execution and access to resources.
In this workshop we explained the concept of corporate venture capital, gave an overview over such activities in Switzerland and provided examples of how startups have used corporate venture capital to achieve their goals. We then worked on concrete examples – own startup ideas or case studies – to explore how to pitch to a corporate venture capitalist. We discussed pros and cons of such concepts and potential roadblocks. www.startsummit.ch
From the Nordic Marine Innovation Conference in Oslo 25th of January 2012 by Ylva Lindberg and Dr. Stina Torjesen, Sigla
Title: Sustainable and innovative businesses
Workshop "How to pitch to a corporate VC" @ Start Summit 2013 in St. GallenPenny Schiffer
Penny Schiffer and Jonathan Grahm, Swisscom Ventures; Summary: Corporate Venture Capital is the practice where a large firm takes an equity stake in a small but innovative or specialist firm, to which it may also provide management and marketing expertise and other assets like customer access or IT infrastructure. The objective for the corporate is to gain a specific competitive advantage, benefits for a startup may include speed of execution and access to resources.
In this workshop we explained the concept of corporate venture capital, gave an overview over such activities in Switzerland and provided examples of how startups have used corporate venture capital to achieve their goals. We then worked on concrete examples – own startup ideas or case studies – to explore how to pitch to a corporate venture capitalist. We discussed pros and cons of such concepts and potential roadblocks. www.startsummit.ch
Welcome to Investment & by Challenge Advisory, our approach to supporting technology companies in securing strategic investment.
For further details please feel free to reach out to us for a consultation.
Ambitious entrepreneurs need stimulating ecosystems. Dutch partners in regional economics (Ministry of Economic Affairs, Economic Board Utrecht, Utrecht University) now explore the Dutch entrepreneurial ecosystem. In that system venture capital of course is vital for ambitious entrepreneurs. Don Ginsel (Capital Waters) explains the Dutch situation.
Enterprise growth during turbulent timesIliya Rybchin
Corporate Venture Capital offers the most direct path to strategic and financial rewards from new business models, emerging technologies and disruptive innovation.
The COVID-19 crisis has driven the world toward global financial turmoil — forcing CEOs and CFOs to urgently address the immediate financial challenges resulting from this pandemic.
However, forward-looking CEOs and CFOs should use this opportunity to make critical investments through corporate venture capital (CVC) to set up their companies for long-term success and secure their company’s future.
Angels, VCs and Fundraising in China 2010Chris Evdemon
This presentation explains the current status in China's early stage ecosystem, in terms of angel investors and venture capital. It also provides aspiring entrepreneurs with some advice on the local fundraising process.
Similar to Per Strömberg Stockholm School of Economics (20)
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
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how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
how can I sell my pi coins for cash in a pi APPDOT TECH
You can't sell your pi coins in the pi network app. because it is not listed yet on any exchange.
The only way you can sell is by trading your pi coins with an investor (a person looking forward to hold massive amounts of pi coins before mainnet launch) .
You don't need to meet the investor directly all the trades are done with a pi vendor/merchant (a person that buys the pi coins from miners and resell it to investors)
I Will leave The telegram contact of my personal pi vendor, if you are finding a legitimate one.
@Pi_vendor_247
#pi network
#pi coins
#money
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how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
Greek trade a pillar of dynamic economic growth - European Business Review
Per Strömberg Stockholm School of Economics
1. Presentation Nordic European Public
Investor Workshop
November 23, 2011
23
The case for Public VC
Investment and its problems
Per Strömberg,
g,
SIFR,
Stockholm School of Economics
www.sifr.org
2. Why is it so difficult to get enough early-
early
stage financing?
• Financing frictions / agency problems
– Because of agency and informational asymmetries,
p
difficult for an external financier to be compensated
• Externalities of entrepreneurship and innovation
p p
– Benefits from entrepreneurial firms to the economy
are larger than the monetary returns to investors
g y
– E.g. R&D, spillovers
2
3. The
Th savior: th VC market?
i the k t?
• VCs overcome agency problems by providing expertise
together with capital
– Sophisticated screening monitoring and contracting
screening, monitoring,
• Kaplan & Strömberg (2001, 2003, 2004)
– Operational and strategic value-added
value added
• Hellmann & Puri (2002)
• Does it work?
– Good for companies?
– Good for investors?
3
4. Ample evidence that VC
investment creates value f
i t t t l for
companies
p
• VC-backed companies add value to companies through strategy
development, professionalization, HR
– Hellmann & Puri (2002), Kaplan & Strömberg (2004)
• VC-backed companies grow faster and take products faster to
market compared to similar non-VC-backed startups
non VC backed
– Hellmann & Puri (2000)
• VC-backed firms innovate more
– Kortum & Lerner (2000), Mollica & Zingales (2007)
• VC value-added increases likelihood of firms going public
– Sorensen (2007)
– Majority of “real” IPOs are VC-backed (Kaplan, Sensoy,
Strömberg, 2009)
4
5. What about investor returns?
• The market for early-stage venture capital is by and
early stage
large considered to be in a crisis
• Returns disappointing post-bubble
• Fundraising down
• Especially in Europe, but similar discussion in the
U.S.
• In 2000, close to 100 private independent VC funds
, p p
active in Sweden
• In 2011, two are left…
5
9. Why is not early-stage VC
y s o ea y s age C
delivering returns?
• Suffered from huge inflow of inexperienced capital during
internet boom
– Kaplan, Martel, & Strömberg (2007)
• Longer-term structural problems:
– Mismatch between fund horizon and firm gestation
period
– Mismatch between economically viable fund sizes and
efficient i
ffi i t investment amounts i start-ups
t t t in t t
9
10. Pre VC
Pre-VC financing crucial for VC
model
• VC investment horizon to short to build company from start-up to
IPO
– VC outperformance concentrated in periods with hot IPO
markets – can take companies public quickly
– Especially in investment-intensive industries like life-science,
cleantech
• Hard to put enough money at work in seed investment
– Bad effort-return trade-off for both GPs and LPs
effort return trade off
– Exacerbated by increasing economies of scale in asset
management industry
• VC investment requires reasonably developed idea
– Bhid (2000)
Bhide
– Kaplan, Sensoy, & Strömberg (2009)
10
11. A case for government intervention
to solve pre-VC financing gap
1. Indirectly through subsidies and tax policy
– Best way to finance a new venture is with founder’s own money
• Encourage private savings and investment e g lower capital gains tax
investment, e.g.
• Incentive compatible subsidies!
– Also important for angels and FFF
2. Indirectly through government Fund-of-Fund initiatives
– Improving the economics of independent early stage funds
early-stage
– New source of capital as large pension funds leave VC market
• Again, importance of incentive compatible subsidies
g p p
• Brander, Du, Hellmann (2010): these methods seem to work
– Government involvement correlated with venture success
11
12. A case for government intervention
to solve pre-VC financing gap
3. Direct-investing
3 Direct investing government VC funds
– Arguably an important part of the mix
– But hard to get right
• Lerner (2010) “Boulevard of broken dreams”
• Brander, Du, and Hellmann (2010)
– Led to a lot of skepticism towards government VC
initiatives
• Problem:
– Many Government VC models try to replicate private
VC without sufficiently accounting for institutional
constraints (and advantages)
12
13. How can we get the G C
o ca e ge e GVC-
model to work better?
• The importance of investment focus
– For private VC-funds, industry and geography-focus
seems correlated with success
l t d ith
• Specialized industry knowledge necessary for value-add
• Limited geography needed to be close to companies
– For GVCs, it seems to be the opposite
• Performance of International GVCs > National GVCs >
Regional / Local GVCs (Brander et al 2010)
• Similarly, governments ability to pick winning industries
notoriously b d (L
t i l bad (Lerner, 2010)
– Why?
• Too much money chasing too few deals
• Value-added expertise harder to build and retain
13
14. How can we get the G C
o ca e ge e GVC-
model to work better?
• Be realistic regarding ability to build value-added
expertise
p
– GVCs will never be able to compete with private
market in incentives and compensation levels
– Building in-house expertise is possible, but will have
to use it in a more efficient / less labor-intensive way
private VC
i t VCs
• Focus on in pre-investment screening rather than
extensive post-investment support
–I t d t
Instead: team up with t value-added private
ith top l dd d i t
investors
14
15. How can we get the GVC-
model to work better?
• How to impose investment discipline in a GVC structure
p p
– Deep pockets and long-term horizon can be a curse
• Especially hard for re-investment decisions
– Throwing good money after bad
– Or: excessive risk-aversion
• H i li it d f d and substantial personal fi
Having limited funds d b t ti l l financial stake is
i l t k i
key for investment discipline in private VCs
– How can we recreate investment discipline without
financial incentives?
• Investment mandates that avoid reinvestment decisions
– Limitations on participation in future rounds or syndication
requirements
• Culture that encourages collective responsibility for investment
decisions
15
16. How can we get the G C
o ca e ge e GVC-
model to work better?
• Manage political risks
– Crucial for maintaining long-term horizon in a short-
long term short
term political environment
– Can politicians accept:
p p
• Entrepreneurs and co-investors getting rich?
• GVC not investing when they do not see opportunities?
• Decent compensation to successful investment
professionals?
• Below-market returns?
Below market
16
17. Do we need that the government
makes money on early-stage
k l t
initiatives?
• Conflict of goals in government-sponsored VC
initiatives:
– ”Sh ld i
”Should invest t promote l
t to t local start-up activity”
l t t ti it ”
– ”Should get at least a risk-adjusted market return”
• If these investments would make a sufficient risk-
adjusted return, we would not need th government t
dj t d t ld t d the t to
promote it!
– I e if the government needs to intervene we should
I.e. intervene,
not expect a market return on investment
• But: strong need measure social benefits and
17
externalities of early-stage financing!
18. Thank
Th k you!
!
• Homepage: www.sifr.org
• E mail: per stromberg@sifr org
E-mail: per.stromberg@sifr.org