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European Investment Fund Promoting innovative SMEs in Europe RITTS Valencia /Pricova Seminar

European Investment Fund Promoting innovative SMEs in Europe RITTS Valencia /Pricova Seminar 13 December 2002. SUMMARY. Funding innovative SMEs in Europe 6 th Framework Programme (EC DG Research) EIF Venture Capital. GRANTS : EU 6 th Framework Programme. EUR 17.5bn 2002-2006

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European Investment Fund Promoting innovative SMEs in Europe RITTS Valencia /Pricova Seminar

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  1. European Investment Fund Promoting innovative SMEs in Europe RITTS Valencia /Pricova Seminar 13 December 2002

  2. SUMMARY Funding innovative SMEs in Europe • 6th Framework Programme (EC DG Research) • EIF Venture Capital

  3. GRANTS: EU 6th Framework Programme • EUR 17.5bn 2002-2006 • In support of research projects in: • Biotechnology, genomics • IT • Nanotech • Space aeronautics • Food safety • Sustainable development • Projects conducted at least between Research Centres of 2 EU countries • For detailed information see: http://europa.eu.int/comm/research/conferences/2002/index_en.html

  4. VENTURE CAPITAL Through the EIF

  5. WHEN? Created in 1994. Mission redefined in 2000: EIF becomes the EU specialised financial body for SMEs, acting through: Venture Capital (fund of funds) and Guarantees for SME portfolios • WHY ? • Art 2 : « pursuit of Community objectives » such as growth, employment, knowledge-based economy, innovation, regional development • Art 24 : « generate an appropriate return on its resources  WHO ? Subscribed capital of EUR 2 billion : - 60.75 %: European Investment Bank - 30 %: European Commission - 9.25 %: 28 EU financial institutions

  6. EIF HIGHLIGHTS • Active in the European Union and, since the year 2000, in the EU Candidate Countries. • EIF does not invest in SMEs directly – always works through financial intermediaries. • EIF operations are backed by three sources of funding: own ressources, mandates from the EIB and from the European Community. • EIF own resources to continue to be allocated to early stage tech funds • EIF operations backed by institutional calendar

  7. EIF Investment strategy: a commercial approach • Terms and conditions • 12 year investment • Pari passu investment (like risk like reward) • 10-15 million maximum amount • 50% of total investment • 70% public funding in Objectives 1 & 2 areas

  8. Financing innovation: EIF intervenes early in the life cycle VC operations ETF Start-up (EU ressources) Other Ops (EIB+EIF ressources) 2003 ? EUR 850 millions in 2001 Life cycle Early stage Seed Capital start-up Development Capital …. EUR 9 bn invested en 2001 (EU) EUR 4 bn invested en 2001 (EU)

  9. Evolution of VC operations (signatures – cum. – EUR millions ) EIB transfer (921m) In 2000

  10. Venture capital: sector breakdown as at 30/11/02 (EUR 2.39 bn)

  11. Venture capital: geographical breakdown as at 30/11/02 (EUR 2.39 bn) FINLAND 4% SWEDEN 3% DENMARK 2% UK 15% NETHERLANDS 2% IRELAND 4% LUXEMBOURG <1% BELGIUM 1% CANDIDATE COUNTRIES 3% GERMANY 11% PANEU & MULTI 16% AUSTRIA 2% FRANCE 15% SPAIN 8% ITALY 11% GREECE 1% PORTUGAL 1%

  12. Andalucia Capital Desarollo, F.C.R. Baring Iberia Inversión en Capital, F.C.R. Bullnet Capital EBM, F.C.R. Fondo EURO-ICO, F.C.R. Fonsinnocat GED Iberian Fund Inversiones en Telecomunicaciones, F.C.R. Milenio L.P. (ex Spark) Spinnaker Invest Talde Capital, F.C.R. TEC Plus III EIF VC OPERATIONS IN SPAIN

  13. SUPPORT TO FUNDS LINKED WITH RESEARCH: A PRIORITY FOR THE EIF • The experience so far: • Heidelberg Innovation • Symbion (University of Copenhagen) • BioAm (French Public Research Institute) • Parco Scientifico Madrid • …EMBL Heidelberg • The use of appropriate resources • “ETF Start-up” for the financing of seed funds and incubators

  14. PROSPECTS 2003/2004 EIF considers (in cooperation with DG Research) how to invest in “Technology Transfer“ (US model, new developments in Europe…) Aim is to support financially networks of University & Research Centres • Fill the gap between research and commercialisation / market access • Longer maturity • More risk • More public money • But still commercially run investments

  15. Contact us • European Investment Fund • www.eif.org • info@eif.org • Tel +352 42 66 88 1 • Fax +352 42 66 88 200

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