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Update on work to Improve data on access to finance for entrepreneurship OECD Entrepreneurship Update on work to Improve data on access to finance for entrepreneurship OECD Entrepreneurship Indicators Steering Group (EISG) meeting Istanbul, 25 -26 June 2007 Eric Gonnard, Statistics Directorate, OECD 1

OECD “Access to finance” works The EIP work on data on access to finance OECD “Access to finance” works The EIP work on data on access to finance for entrepreneurship responds to four projects: 1. The ICE Project on Risk Capital 2. The WPSMEE Study on Financing High Growth and Innovative SMEs (HGSME) 3. The EC (joint DG-ENT and Eurostat) work on financing SMEs 4. The Entrepreneurship Indicators Project 2

SME population target by project (date of issuance) Entrepreneurship Indicators Project (Preliminary measurement manual SME population target by project (date of issuance) Entrepreneurship Indicators Project (Preliminary measurement manual end 2007) - All SMEs - Access to financing is one of the determinants for entrepreneurship (with education, R&D, taxation…) EC work on access to finance (mid-2010) - All SMEs - Debt and equity financing WPSMEE study (2 nd half 2008) - Innovative, HG SME - Debt & Equity financing - >10 employees, >3 y old Risk Capital project (spring 2008) - SMEs seeking Equity finance - Equity financing 3

Financing matrix by type of firm, an overall picture 4 Financing matrix by type of firm, an overall picture 4

1. ICE risk capital project: overview n n Investigate risk capital market with two 1. ICE risk capital project: overview n n Investigate risk capital market with two main objectives: – overview of the risk capital market in each country; – better understand the financing gaps between supply and demand Policy track handle by FORA: mapping of policy and policy's performance; Data track handle by the OECD: glossary of definitions and assessment of data sources; Result in spring 2008 in the “ICE Risk Capital policy and data handbook”. 5

Risk capital Project: policy study n n Pilot study done in the Netherlands in Risk capital Project: policy study n n Pilot study done in the Netherlands in March 2007; Mapping of policies and policies’ performance analysis based on the FORA Investment Policy Model; Preliminary outputs: – Investors are concentrated on buy-out segment, lack of early stage segment skilled investors; – policy instruments should suit the market stage (kick-start, developing, re-vitalizing) Pilot used as a template for other countries. 6

Risk capital Project: data track objectives This data work will assist the policy evaluations Risk capital Project: data track objectives This data work will assist the policy evaluations in identifying precisely where policy interventions are required and assessing their effectiveness. n Collect and document existing definitions on risk capital and propose compromised definitions; n Identify and document sources of data on risk capital; n Propose a collection of comparable data on risk capital. 7

Risk capital Project: data track status (1/2) n n Inventory of the data sources Risk capital Project: data track status (1/2) n n Inventory of the data sources and definitions collection largely completed - On the supply side from Venture Capital industry Informal investors and Governmental sources - On the demand side from SME surveys conducted First outputs on the definitions: – differences exists but more related to wordings rather than substance, – need to redefine some key terms from a statistical point of view (e. g. start-up) 8

Risk capital Project: data track status (2/2) n n n First outputs on the Risk capital Project: data track status (2/2) n n n First outputs on the data sources: common practices but main differences reside in the dissemination: level of details published; updates in historical time series not documented; concepts used : – valuation at book value or fair value – valuation when deals committed or paid in cash – reports based on “office” or “market” approach other issues (data volatility in growth/drop periods, timing of the data collection, . . . ). 9

Illustration of office and market approaches 10 Illustration of office and market approaches 10

Illustration of deals valuation: USA Venture Capital funds raised 11 Illustration of deals valuation: USA Venture Capital funds raised 11

Illustration of growth/drop period issues: USA Venture Capital investment 12 Illustration of growth/drop period issues: USA Venture Capital investment 12

Illustration of mixed issues: UK Private Equity investment 13 Illustration of mixed issues: UK Private Equity investment 13

2. The WPSMEE Study on Financing High Growth and Innovative SMEs n n Study 2. The WPSMEE Study on Financing High Growth and Innovative SMEs n n Study is a module of the 2007/08 program of work on High Growth SMEs, innovation, intellectual assets and value creation; Objectives: improve the availability of comparable data on financing and contribute to policy development; Method: use of various sources of data (Community Innovation Survey, BACH, . . ) and a policy questionnaire built on ICE’s model; Results published in synthesis report. 14

3. The European institutions work on financing SMEs (1/2) n Eurostat, ECB, European Commission 3. The European institutions work on financing SMEs (1/2) n Eurostat, ECB, European Commission (DG ENTR and DG ECFIN) and the OECD met in may-07 with objectives to: - examine the interest of the diverse organizations present into “access to finance”; - set up an overall strategy on sharing statistics already existing; - assess the opportunities and constraints for a data collection 15

3. The European institutions work on financing SMEs (2/2) n On the demand side, 3. The European institutions work on financing SMEs (2/2) n On the demand side, identification of several target populations, and drafting of three indicators: – – – n n Percentage of external financing of young firms Number of financing applications and reject rates Cost of debt instruments The usage and share of best practices of SME’s survey with other organizations in order to achieve international comparability; Eurostat present the possibilities and constraints of conducting a new survey, three years will be necessary between this first meeting to the data dissemination. 16

Question to the group: 10 indicators on access to finance for entrepreneurship 17 Question to the group: 10 indicators on access to finance for entrepreneurship 17