REPORT 2012/05 Start av regionala investeringsfonder ... - circle

funds’ development is of particular interest for on-going evaluation efforts to monitor and
analyse.
There are large differences between different regions with regard to the conditions for venture
capital investments in terms of several aspects: the number of relevant investment companies,
the number of active venture capital companies, the number of active “informal” venture
capitalists (business angels), etc. This means that challenges and expectations differ across
different funds. This also means that funds that have common principles for procedures and
emphasis will need to develop different ways of working.
During the first year of the endeavour, all funds have come under way with their operational
activities and recruited Managing Directors and other personnel. MD recruitment was a
lengthy process in several funds, but now all MDs are in place since the northernmost fund’s
MD began in the spring of 2010. The funds have worked to establish administrative
procedures, market themselves, seek investment objects, respond to direct inquiries and
evaluate investment objects. All funds except one have made investments, but most are
currently behind in their investment plans. One explanation of this is that the funds came
under way later than planned due, among other factors, to a delay in the disbursement of
regional co-financing, the establishment of procedures in accordance with the regulations, etc.
However, the funds note good chances of catching up. The pace of investment is, however, an
element of risk that should be carefully monitored, especially in light of the half-time
assessment of the funds that is to be conducted in 2011 when Tillväxtverket may decide to
withdraw ERDF funding from the funds, if there is, for example, a risk that the funds will not be
able to invest their funding during the project period. There is great interest in the funds. They
have been positively received by companies, private investors and regional stakeholders and
they have considerable faith in the future.
In the dialogue with the MDs of the funds and the managing agency – Tillväxtverket – it came
forth that the funds have perceived certain ambiguities concerning the funds’ objectives and
mission as well as the interpretation of European and national regulations that govern the
funds’ activities and the use of indicators for the reporting of the activities. Through an active
dialogue with the fund projects and the follow-up researchers, Tillväxtverket has made note of
these lessons learned. It has contributed to developing a uniform goal structure for all funds,
which is presented in this report. Tillväxtverket is also working to simplify indicators for
reporting and in the autumn will present a document that clarifies regulations and other
guidelines for the work of the funds. Establishing the interpretation and understanding of the
regulations as soon as possible is crucial to the funds’ possibility of working appropriately since
it can affect which investments can be made and consequently how both investment objects
and co-investors can be recruited.