Financing Innovation - Bayern Kapital
Financing Innovation - Bayern Kapital
Financing Innovation - Bayern Kapital
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Profit<br />
Loss<br />
<strong>Bayern</strong> <strong>Kapital</strong> GmbH<br />
The Company<br />
Founded at the end of 1995 as part of the „Bavarian<br />
Future Initiative“, <strong>Bayern</strong> <strong>Kapital</strong> GmbH is a wholly-<br />
owned subsidiary of the LfA Foerderbank <strong>Bayern</strong><br />
(Bavaria‘s development bank). <strong>Bayern</strong> <strong>Kapital</strong>’s<br />
objective is to finance research and development as<br />
well as the market launch of new products.<br />
<strong>Bayern</strong> <strong>Kapital</strong> and its funds have invested in more than<br />
180 companies and currently manages funds to the value<br />
of 190m EUR. The four investment funds currently ma-<br />
naged by <strong>Bayern</strong> <strong>Kapital</strong> are: Seedfonds <strong>Bayern</strong>, Cluster-<br />
fonds Start-Up!, Clusterfonds <strong>Innovation</strong> and Clusterfonds<br />
EFRE <strong>Bayern</strong> with a total funding of almost 94m EUR.<br />
Own Resources<br />
Business Angels<br />
HTGF Seedfonds<br />
<strong>Bayern</strong><br />
Subsidies<br />
Partner of Seedfonds <strong>Bayern</strong> is often the High-Tech<br />
Gruenderfonds (www.htgf.de). HTGF was founded<br />
jointly by the German Federal Government, the KfW<br />
Bankengruppe and industrial enterprises under the<br />
„Partners for <strong>Innovation</strong>“ initiative.<br />
2<br />
Clusterfonds (CF) Start-Up!<br />
Seed-Phase Start-Up-<br />
Phase<br />
• Formation of the<br />
Company and<br />
its Organization<br />
• Product Development<br />
• Construction<br />
Phase Prototyp<br />
Loss-Area<br />
• Starting<br />
Production<br />
• Market<br />
Launch<br />
• First Turnover<br />
• Further<br />
Development<br />
of Products<br />
Own Resources<br />
Venture Capital<br />
CF <strong>Innovation</strong>/<br />
EFRE ERP-Start-<br />
Expansions-<br />
Phase<br />
• Break-even<br />
• Market<br />
Penetration<br />
• Enhancing of<br />
Capacities<br />
• Diversification<br />
of Production<br />
Profit-Zone<br />
Later-stage-<br />
Phase<br />
• Opening up<br />
new Markets<br />
• Improving the<br />
Capital Ratio<br />
• Preparation IPO<br />
Equity <strong>Financing</strong> (z.B. BayBG)<br />
Mezzanine-<strong>Financing</strong><br />
Credit <strong>Financing</strong>, Leasing etc.<br />
fonds Subsidies Going Public<br />
Time
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