Feasibility Study.doc

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  • 1.DEVELOPMENT OF SPECIFIC REGIONAL POLICIES THROUGH THE ANALYSIS OF EARLY-STAGE FINANCING OPPORTUNITIES FOR INNOVATIVE START-UPS AND SPIN-OFFSCZECH SEED CAPITAL FUND Feasibility study Responsible Partner:Central Bohemia Regional Development Agency Editor: Mr Martin Janu Date: October 2006

2. Feasibility study: Czech Seed Capital FundSEED-REG Central Bohemia Regional Development AgencyOctober 2006 PREFACE This document is one of 5 feasibility studies in the frame of the SEED-REG project. The main sources were internet and publications about venture capital and seed funds, consultation with dr. Peter Eulenhofer from ZAB Brandenburg and mainly it is outuput from expert group of the project and its project team.Chapter 1 includes basic information about the process of creating this study and about localization of the project.Chapter 2 assesses the situation on the financial market in the Czech Republic and all possibilities for starting SMEs to get money for their project ideas. This possibilites are venture capital, business angel, loans in banks, labour offices and grants from the EU. There are examples of international funds for seed capital from Germany, Spain, Portugal, Slovakia and Baltic countries. All have advantages and good point usefull for our study.Chapter 3 includes basic information about new seed capital fund on the national level in the Czech Republic. There is no possibility to establish a regional fund because the Central Bohemia Region is too small part for seed financing.This Fund will be aimed only for SMEs in strategical branches, they can get investment from 1 mil. CZK to 50 mil. CZK fo 1 5 years. In the frame of the Fund will be established management structure for development of the Fund, the headquarter will be located in Prague. In each NUTS II region will be regional representant which will be responsible for the contact with potential applicant.The last chapter includes all information about next steps and evaluation of the Fund. There are 5 variants for establishment of the Fund and recommendet for next development. 2 3. Feasibility study: Czech Seed Capital FundSEED-REG Central Bohemia Regional Development AgencyOctober 2006CONTENTPreface21.Basic Information3 1.1 Fast details about document..............................................................................................3 1.2 Name of document............................................................................................................4 1.3 Author...............................................................................................................................5 1.4 Contact person responsible for the Study.........................................................................5 1.5 Project team / Expert group..............................................................................................5 1.6 Creating of study...............................................................................................................5 1.7 Location of project............................................................................................................72.Description Of Present Situation........................................................................................7 2.1 Starting condition..............................................................................................................7 2.2 Objectives..........................................................................................................................8 2.3 Target groups and theirs benefits......................................................................................8 2.4 Situation on the market in the Czech Republic.................................................................9 2.5 Describtion of similar projects in Europe.......................................................................14 2.6 SWOT analysis of the start-up SMEs financing in the Czech Republic.......................18 2.7 Results of chapter 2.........................................................................................................183.Czech Seed Capital Fund.................................................................................................19 3.1 Basic data about the Fund...............................................................................................19 3.2 Detail information about the Fund..................................................................................204.Conclusion And Recommendation..................................................................................301. BASIC INFORMATION 1.1 Fast details about document Project reference number 4E005813 4. Feasibility study: Czech Seed Capital FundSEED-REG Central Bohemia Regional Development AgencyOctober 2006Project acronymSEED-REG Project full title Development of specific regional policiesthrough the analysis of early-stage financingopportunities for innovative start-ups andspin-offs Component 4 Output Feasibility studySecurity (distribution level) Public Contractual date of delivery11/2006 Actual date of delivery 10-11-2006 Number of pages 34 Component contributing to the Component 4 deliverable Component / Task responsibleCERTH, Greece Author(s) Mr Martin Janu project manager, Mr. Leo Stehlk, Ms. Petra Kursov, Ms. Gabriela Jirtov, Mr. Ale Minak, Ms. Kateina Hubkov, Mr. Jan Sova, Dr. Pavla ehoov, Dr. Ji Svtek 1.2 Name of documentName: Czech Seed Capital FundProgram:Interreg III-C Project:Development of specific regional policies through the analysis of early- stage financing opportunities for innovative start-ups and spin-offs Acronym:SEED-REG Duration of project:6/2005 5/2007 4 5. Feasibility study: Czech Seed Capital FundSEED-REG Central Bohemia Regional Development AgencyOctober 20061.3 AuthorName:Central Bohemia Regional Development Agency Name in Czech: Regionln rozvojov agentura Stedn echy Address: nm. Stn 3106272 01 KladnoCzech Republic Identity number: 69342440 Phone / fax: +420 312 681 347 1.4 Contact person responsible for the StudyName:Martin Janu Position:project manager GSM: +420 776 797 969 E-mail:martin.jan@centrum.cz 1.5 Project team / Expert groupNb.NameOrganisationCity Sex1. Martin Janu CB RDA / FID-NNO Kladno M2. Kateina Hubkov CB RDA Kladno F3. Ale Minak CB RDA Kladno M4. Dr. Ji SvtekCB RDA Kladno M5. Petra KursovARCA Capital Prague F6. Leo Stehlk IBM Czech Republic Milovice M7. Jan Sova BIC Prague Prague M8. Gabriela JirtovCzech Technical University in Prague Prague F9. Dr. Pavla ehoov Private person - expertPrague F 1.6 Creating of studyBy creating of feasilibity study was used method of strategical planning. The best benefit of strategical planning is that the planning aids understanding of trends and it center the effort to result of key problems. Its shows how to prepare for future evolution of conditions by minimalization of negative impacts and by maximalization of opportunities. The exit document is strategy or similar document, where everybody could find group of actions and tools for management of changes.Actions by creationg of FSCreating of FS had several steps.5 6. Feasibility study: Czech Seed Capital FundSEED-REG Central Bohemia Regional Development AgencyOctober 2006S1 profile of market the main aim of this profile is to show situation in the market in the Czech Republic with specification of support to starting SMEs, the main target groups are venture capital, business angels, loans, grants and seed capital fund on the national or regional level (see chapter 2.4) S2 vision formulation of target condition including common images about future situation (see chapter 2.2) S3 aims (see chapter 2.2) S4 SWOT (see chapter 2.6) S5 definition of document about seed capital funds possibilities (see chapter 3)The feasibility study was created mainly by the meeting of project group from Semtember 2006 til November 2006. Project group had 4 members- Martin Janu manager of group and author of the text of study,- Petra Kursov expert in the field of venture capital, staff of ARCA Group (venture capital organisation), she have experiences with creationg of similar study in national agency CzechInvest,- Leo Stehlk staff of IBM with experiences with financing and consultancy for SMEs,- Pavla ehoov she is private consultant for SMEs.Diagram of meetings and results: ExpertProjectProjectProjectExpert Projectgroup team team team Opposersgroup Project manager meeting meetingmeetingmeeting positions meetingmanager1 123 2Preparative VisionCase study FS v2 FS v3 Topics and Discussion FinalizationworksObjectivesProfileremindersof FS Deadlines SWOTfor changesFS version 106.08.06 24.08.0611.10.06 30.10.06 01.09.06 10.10.06 27.10.06- 23.08.06 - 20.10.06 - 10.11.06Role of members in project team (expert group):a) manager of project group (project manager) creating and writting of FS, contact withmembers of group, preparing of documents for all meetings of project group andexpert group, end version of FS, translate from Czech to Englishb) members of project group participation in 3 meeting of project group, drafts of ideasand reminders for chapter 2 and 3 of the FS, helping by creating of FS, correcturing,c) opposers reading draft version of FS, reminders, participation in disscusion for endversion of FS,d) expert groupa. meeting I dealing of charges of each member, deadlines, preparing of summary of FS and discussion about content of each chapter,b. meeting II disscusion between opposer and authors of FS for end version.Main sources for creating of FS were:- internet sources o www.mpo.cz - web of Ministry of Business, 6 7. Feasibility study: Czech Seed Capital FundSEED-REG Central Bohemia Regional Development AgencyOctober 2006o www.czechinvest.org - web of national agency CzechInvest, o europa.eu.int statistics on web of the EU, o www.cvca.cz - web of Czech Venture Capital Association, o www.arcagroup.cz - web of company ARCA Group (venture capita

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