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

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Among other factors that have affected and will continue to be central importance to the funds’ activities is primarily the possibility of finding good investment objects and capitalstrong and competent private co-investors. The extent to which the funds perceive it to be problematic varies between different regions and is felt more in regions that have a less developed private venture capital market and a business structure based on companies that are not traditionally the objects of venture capital financing. Another challenge is finding a way to “invest right” - in line with guidelines for the funds’ work and with the opportunity of a reasonable return. To handle these challenges, in the coming period the funds will focus on the work as professional investors, will recruit people with the right skills, form networks with relevant stakeholders, work with marketing and media relations, establish and use their brands and cooperate with each other and other nearby actors, such as banks, auditors and business promotion organisations. The funds also believe it to be important to broaden their networks of investors, particularly internationally, and to allow the companies to get involved in the work of finding co-investors and investment solutions. Tillväxtverket also notes opportunities to promote the funds, such as by linking the endeavour and funds with other relevant actors and efforts, marketing the endeavour in relevant forums (regionally, nationally and internationally) and considering the possibility of supplemental efforts that can improve the funds’ chances of investing their funding in a positive manner. The on-going evaluation also plans to initiate a dialogue with the funds’ regional co-financiers with regard to the opportunities they have of promoting the funds’ activities in their respective regions. On-going evaluation has also noted that the structure of the endeavour in itself entails difficulties for the fund projects to invest “right”. For example, it may be difficult to invest in companies in the early stages of development and at the same time generate a reasonable return for the fund to be able to revolve. A conflict may also exist between having a low management fee and being able to be an active party in the investment process. Since experience of such financing instruments is still limited in Sweden, there are no clear answers to how these conflicts should be handled. They will instead constitute a part of the learning process. Disclaimer: All the opinions expressed in this report are the responsibility of the individual author or authors and do not necessarily represent the views of other CIRCLE researchers.
Datum Augusti 2010 START AV REGIONALA RISKKAPITALFONDER UPPDRAG OCH LÄRDOMAR
Page 1 and 2: REPORT 2012/05 Start av regionala i
Page 3 and 4: (Growth Analysis) is working on beh
Page 5: funds’ development is of particul
Page 9 and 10: SUMMARY This is the first annual on
Page 11 and 12: different funds. This also means th
Page 13 and 14: SAMMANFATTNING Detta är den först
Page 15 and 16: direktförfrågningar och utvärder
Page 17 and 18: Vilken är följeforskarens roll? A
Page 19 and 20: 1.1.2 Följeforskningsprocessen Fö
Page 21 and 22: 1.2 Disposition för rapporten Denn
Page 23 and 24: ERUF-medel för delfinansiering av
Page 25 and 26: 2.3 Har marknaden misslyckats eller
Page 27 and 28: Den ekonomiska utvecklingen i Väst
Page 29 and 30: Det finns betydande skillnader mell
Page 31 and 32: Tabell 3.1 Fondernas kapitalbas Fon
Page 33 and 34: satsningen var att ge möjlighet at
Page 35 and 36: uppsökande verksamhet och marknads
Page 37 and 38: � Investering sker i aktier, konv
Page 39 and 40: 4. FONDERNAS START - HUR HAR VERKSA
Page 41 and 42: ta igen förseningen under resten a
Page 43 and 44: Företagare och befintliga ägare g
Page 45 and 46: gjorde möjligheten att starta fond
Page 47 and 48: fondernas första år. Som redan n
Page 49 and 50: privata och offentliga aktörer ino
Page 51 and 52: ansökningshandlingarna till fonder
Page 53 and 54: Tabell 6.1. Kritiska framgångsfakt
Page 55 and 56: � Att få till ett bra flöde av
Page 57 and 58:
7. SAMMANFATTANDE ANALYS OCH REKOMM
Page 59 and 60:
REFERENSER Publicerade källor Avde
Page 61 and 62:
Värmland Aktörer Medfinansiering
Page 63 and 64:
BILAGA 2: FRÅGOR OCH SVAR STÄLLDA
Page 65 and 66:
Eftersom det i exemplet ovan finns
Page 67 and 68:
CIRCLE REPORT SERIES CIRCLE (Centre
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