By Edmondo Tudini (auth.), Prof. Stefano Caselli, Prof. Stefano Gatti (eds.)

ISBN-10: 3540248293

ISBN-13: 9783540248293

ISBN-10: 364207300X

ISBN-13: 9783642073007

Josh Lerner Jacob H. Schiff Professor of funding Banking Harvard company university and nationwide Bureau of financial learn in the course of a lot of the Nineteen Seventies and Nineteen Eighties, enterprise capital and personal fairness remained mostly a usa phenomena. over the last decade, how­ ever, inner most fairness has unfold worldwide, taking rather company root in Western Europe-indeed, transforming into 4,700% due to the fact that 1984 via two hundred I. this present day, Europe is the dominant deepest fairness marketplace outdoor the us. regardless of this super progress and the present recessionary cli­ mate, there's considerable room for appealing enlargement in eu deepest eq­ uity; either for enterprise capital and personal fairness. there were numerous purposes for this development. the 1st has been the internationalization of capital resources. the foremost assets of capital for Euro­ pean deepest fairness money have routinely been segmented by way of nationwide obstacles: traditionally, the development in Europe has been for personal fairness teams to elevate money from banks, insurance firms, and executive our bodies of their personal state, with little involvement from international traders. those obstacles are actually breaking down for 2 important purposes. First, in­ stitutional traders, really within the usa, became in­ creasingly drawn to eu cash. moment, many foreign pri­ vate fairness corporations became extra energetic in Europe. A moment motive force of development has been the access of latest expertise into the in­ dustry. usually, many eu deepest fairness traders had come from monetary or consulting backgrounds, instead of from working roles.

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In this sense, it is interesting to underline that here the management contribution of the investor, much more than being simply appreciated, is supported by the entrepreneurial group that sees it as a price to pay in order to permit the company's development. 18 For a more detailed analysis of the models through which venture capital companies succeed in managing agency problems from the relationship that ties them to the company fmanced see the fundamental paper of Sahlman 1990. 1 The Characteristics of the Managerial Process of the Venture Capitalist The creation of an entrepreneurial project takes place through several phases of development, from birth to maturity, characterised by a series of business problems that from time to time may relate to various aspects of its entire structure.

4 The Importance of the Managerial Resources for a Valid Company Development The realisation of the venture capital is a rather demanding task in the actual implementation, and as such requires an activity with a high content of consulting, an awareness of the high potential risk and an intense participation in all the aspects of definition and organisation of the final objectives of the operation (commencing with participation on the Board of Directors). At a managerial structure level dedicated to the individual operations, the technical operations resembles more the activity of a professional practice than that of a branch of a traditional financial Intermediary, inspired by the overlapping interdisciplinary typical of the structure of investors in risk capital.

At a company economic level, the projection plans thus developed become defined the business plan. This becomes the base for the request for See Fig. 2; it has already been noted that of one hundred proposals presented not more than five succeed in obtaining fmancing. 2 34 Renato Giovannini risk capital, and the first instrument of contact for the creation of the relationship between entrepreneur and institutional investor. It is therefore easy intuition the importance of the elaboration of this financial plan, in that it is a visiting card for the entrepreneur, the company and the project.

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Venture Capital: A Euro-System Approach by Edmondo Tudini (auth.), Prof. Stefano Caselli, Prof. Stefano Gatti (eds.)

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