IFISE Objectives 1. Planning for effective sources of seed and venture capital for high -tech in Italy. 2 Ascertaining a methodology for the creation of effective seed and venture capital sources in Europe 1
IFISE Basic Concepts . 1 Planning from below: From potential entrepreneurs to legal framework. 2 Branch/Region funds and incubators. 3 Transferring concepts, not “a parallel study” 2
IFISE -1 Principal Methodology • Potential entrepreneurs - What would bring them to set-up their own company? • Venture Capital funds - What influences them to invest more in high-tech? What incentives, what infrastructure • Legal framework-Which existing laws can be used and what new laws have to be enacted. What other laws obstruct venture capital for high-tech 3
IFISE -2 BranchRegion Approach • Venture Capitalists’ radius of travel • Incubators – commuting distance • VC trend: Specialize • Need of a critical mass of potential entrepreneurs in one sector and within one region 4
IFISE - 3 Transfering Concepts Yozma examples • Strong investment by the state, but no interference in the management or in the choice of the management team • “ Trigger Mission” and consequent privatization • Requirement for partnership with an experienced (foreign) partner • Preferential returns for private investors 5
IFISE -3 - Transfering Concepts Technological Incubators - examples • “ Always give it a chance” philosophy • Mix of objectives (social, periphery development) • Covering areas neglected by the private sector • Low investment in the incubator’s management • Administrative rules: Discipline or obstacles? 6
IFISE Phases Phase One - Literature Survey Phase Two - Field Survey Phase Three - Planning Phase Four - Dissemination 7
IFISE Literature Survey Phase (Due: November 15) • Yozma, Technological Incubators and Israeli high-tech (University of Haifa) • Venture Capital in Europe (prof. Murray) • Venture Capital in Italy (AIFI) • Italian high-tech (University of Pavia) 8
IFISE Field Survey Phase - Israel (Due: May, 2001) • Venture Capital Funds Managers Interviews (JIIS) • Technological Incubators Managers & Entreprenerus Interviews (Technion) • Sectoral start-up principals interviews (JIIS) • General start-up survey (Uo. H) 9
IFISE Field Survey Phase - Italy (Due: May, 2001) • Potential Entrepreneurs Interview (Uo. P & Cast) • Venture Capital Funds Managers Interview (AIFI) 10
IFISE Phase Two - Surveys Questionnaires and Pilot Discussion (Second Meeting or Virtual Meeting? ) Yozma Tech Inc. Israeli Gen. Sur. Israeli St. Up It. Pot. Ent. Italian VC funds 11
IFISE Planning Phase (Due: November, 2001) • The optimal general or sectoral incubator • The optimal general or sectoral venture capital fund • Planning laws for Italy • Verifying our methodology for Europe 12
IFISE Dissemination Phase (Due: February, 2002) • Final Report Editing • Internet site • Scientific publications • Workshop in Pavia • Workshop in Rome • Workshop in another European city 13
IFISE Workpackages Main Linkages (1) Lit. S. VC Europe Lit. S. VC Italy Italian Pot. Ent Interviews Israeli VC Interviews Italian VC Interviews Incentives Planning 14
IFISE Workpackages Linkages (2) Lit. Survey Italian High-Tech Potential entrepreneus concentration identification Potential entrepreneurs interviews Venture Capital Funds Interview 15
IFISE Workpackages Linkages (3) Lit. Survey on Yozma, Technological Incubators VC and Start-ups in Israel Yozma and VC Interviews Technological Incubators Interviews New concepts for planning Phase 16
IFISE Decisions awaited • Definition of high-tech firms in Italy and Israel • Internet companies and related problems • What sectorsareas should be chosen? 17
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