LIFT

European Commission Directorate-General For Enterprise And Industry

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• Publié par: EUROPEAN-COMMISSION-DIRECTORATE-GENERAL-FOR-ENTERPRISE-AND-INDUSTRY
• Nombre de lectures: 41
• Langue: English
• Poids de l'ouvrage: 28 Mo

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EUROPEAN
COMMISSION
LIFT
Linking Innovation,
Finance and
Technology
/toHøyorfan,
A service of the Innovation/SMEs Programme part of the Fifth Research Framework Programme EUROPEAN
COMMISSION
Linking Innovation
Finance and
Technology
The judicious use of research results, together Lernout & Hauspie, a Belgian company,
with adequate marketing and financing, can developed in 1992 a product in an area
lead to spectacular results in terms of jobs without real competitors that combined in one
and wealth creation. Although one could be product voice compression, recognition and
tempted to look to the US for examples, synthesis. Lernout & Hauspie grew on this basis
some impressive success stories can be with the support of external investors and is
found on our doorstep: now quoted on the NASDAQ with a market
capitalisation (early 1999) of $2 billion. Cambridge-based ARM (Advanced Risk
Machine) designs chips used by the largest You are taking part in a research project
electronic companies and featuring in the new supported by the European Union.You will
generation of mobile phones. It started less have to consider at some stage how you are
than a decade ago as a tiny company with going to use the results of your research, in
12 engineers. At the end of 1998, it employed particular from a commercial point of view.
mone than 350 people and had a market A large number of opportunities will be open
capitalisation in excess of L\ billion. to you. One of the possibilities is to emulate
one of the above success stories. If you wish The French company Gemplus was created in
to start a new venture, however, the question 1988. Its growth was fuelled by a mixture of
of how to finance it will arise sooner or later. research, use of external sources of finance
and judicious marketing. It is now the world LIFT is there to help you and other potential
leader in smart cards such as those used in high technology entrepreneurs and guide you
portable telephone cards and employs 4000 through the seemingly impenetrable maze
staff in 27 countries. and the traps of financing new technology-
based ventures.This brochure presents the
initial products and services that LIFT is
making available to you for that purpose.
A service of the Innovation/SMEs Programme part of the Fifth Research Framework Programme Planning for success Assessing the state of
readiness and attractiveness
One of the major tools to help set out
of your prospective a convincing case to secure finance for the
business venture
start up or the expansion of a venture is the
business plan. It should cover all aspects of the The successes above and similar stories were
project: the market, the product, the business first built on a technology and a business idea
that guaranteed an early competitive advantage. and its trading position, the marketing strategy,
the manufacturing strategy, the sales forecast, They were also built on the commitment
the management control and the required and skills - largely non-technical - of the
management team and on their ability to find financing package. A well conceived and
periodically updated business plan will also be and convince partners, especially those with
used to ensure the effective management and finance, to support them In their early growth.
control of the business.This is why we have
At each stage in the process of business
included in our package "Preparing a
creation, therefore, technology-based
Technology Business Plan".This is a business
entrepreneurs should check their projects
plan template more specifically designed for
against a number of criteria, including:
technology-based ventures, which you can use
Π The market potential for their as a guide.
product
Fully developing this business plan can take you
Π The calibre of the management team several months.You should, therefore, start very
early on, commencing with the available
d The status of their intellectual
information and refining your business plan little
property
by little. You could well need specialised (e.g.
LI Their financing requirements marketing, technical or financial) support to
complete your business plan. Although we
~! Their presentation skills for
cannot help you directly in completing this
convincing potential partners and
financial backers document, we will be more than happy to
indicate relevant sources of support close to
O The partnerships that they have
you. You can contact the Help Desk for that
already been able to build and their
purpose. requirements in terms of support
"Assessing your venture", which you will find
in our package, is intended to give you the
means to carry out just this sort of review. It
provides a framework, a check list and, in due
course, a scoring mechanism that will allow you
to assess, at any time, the state of readiness of
your project and its attractiveness to financiers.
If you think that answering all the questions
posed is a bit daunting, we will be happy to
provide assistance through our Help Desk. 3
Making an effective approach Understanding sources
to potential sources of finance of finance and their
Presenting your case in an effective and requirements
convincing way is a major factor in securing
Once the business plan is completed, or at
funding for your venture. Having completed
least when you have a clear vision of the
your business plan is a big step in that direction.
planned venture, you will be able to assess your
Still, you might want to test your presentation
requirements in terms of funding. Sources of
skills with investors and financiers and compare
potential funding are numerous.They include
them with those of other entrepreneurs. Our
family and friends, business angels, venture
"Getting your company presentation right"
capitalists and, of course, banks. Your choice will
seminar will provide you with this opportunity.
depend on a large number of factors, including
You will find a description of our seminars on the stage of development of your project,
the LIFT Web Site, as well as a timetable and whether you are still in the research stage or
the means to register for any of these events. at the prototype stage or if you are starting to
commercialise the results of your research. It
The Web Site will also provide you with a list
will also depend on the stage of development
of similar events organised in Europe.You will
of your business: whether it is already
also be able to download directly the various
established or whether it is only a proposed
tools and documents mentioned above from
venture. Your development strategy for the
the Web Site.
business and its potential will also be major
Of course the Help Desk is there to advise
factors.
you if you need more information. You will find
"Financing Innovation - A Guide", which you
a more complete description of the services
will also find in our package, helps you to start
you can expect from the Help Desk on the
addressing these issues, It provides an overview Web Site.
of the various sources which are available to
Sending us back the Registration Form (also
you, depending on your particular
available through the Web Site) will allow you
circumstances.This document will also provide
to benefit from the LIFT services: obtaining all
you with a list of contact points you can use to
the LIFT tools and documents, registering for
identify and approach potential sources of
the LIFT seminars and obtaining support from
funding for your venture.
the Help Desk.
You also have the opportunity to attend the
"Introduction to Innovation Financing"
seminars organised by LIFT. These seminars
will allow you to familiarise yourself with major
funding issues and discuss them openly with
other entrepreneurs as well as with
representatives of the finance world. FINANCE FOR INNOVATION
How ready is your project?
Answering the following questions should help you to decide, in your own mind, how well
placed you are to secure financial support for your new technology-based venture, as well as to
benefit from the services of LIFT If you can answer these questions generally In the affirmative
and would like help in obtaining finance for your venture, please get in touch with us by way of
the attached registration form. We will be pleased to assist you.
market place? Is the product or
0 Key Questions
service already available for sale?
Have you already achieved
commercial sales? CD Have you been a participant in an
EC funded RTD project under the
S Have you secured ownership of or
1ST, BIOTECH or INNOVATION
access to any intellectual property
programmes or in a Joint Research
(e.g. patents, trademarks, design
Centre project?
rights or know-how) on which the
competitive advantage of the Β Do you see a genuine opportunity
venture or technology is based? now to exploit commercially, for
profit, the results of your research
E Do you have in place - or
and development activities?
identified -