VENTURE CAPITAL. Benedetta L. Romani Francesco Fiocchetti Gennaro Pengue Flavia Guagliardo Adriano Pisculli. SUMMARY. Brief history and definition of Venture Capital; Corporate structure and operation; Italian contest Main European players and relationship with EU istitutions
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Benedetta L. Romani
2. J.H Whitney & Company ;
According to the development of the company, there are three types of financing with venture capital:
To analyze these points, they can be divided in several subgroups in order to stress the fact that every step in a company lifetime involves a different approach by venture capitalists.
• Companies are not quoted on a stock exchange – they are “unquoted”
• Ownership of the business is typically restricted to a few individuals.
- Existing shareholders and directors funds (“owner financing”)- Overdraft financing-Trade credit
-Business angel financing- Venture capital- Factoring and invoice discounting- Hire purchase and leasing- Merchant banks (medium to longer term loans
Italian small company producing clothes
Business angel activity that analize the business plan
Venture Capital Investment in Europe : differences between Germany and United Kingdom
In 2000, the Commission restructured the EIF (Euopean Investment Found) that provides portfolio guarantees to financial insitutions involved in SME finance.
The EIF offers:
United Kingdom 5.79%
Wind Energy 46.35%
Three reasons of attractiveness :
Governments keep increasing deregulation of the market energy;
Enviromentalists put the attenction on the need of the world of new sources of energies;
Increasing costs of the oils.