Selected lessons for VC planning from the ESTER project PAXIS JOINT WORKSHOP - Salamanca, June 2005 Vittorio Modena The University of Pavia

Outline 1. General lessons: issues encountered while promoting a VC scheme 2. Public-Private Partnership 3. Basic information needed in planning for early stage funding

General Lessons (1/5) Planning and promoting team has to be always led by the local parnters, never by outsiders.

General Lessons (2/5) Always transfer planning principles, never programmes or projects

General Lessons (3/5) Involve decision makers in the planning process from the beginning

General Lessons (4/5) Create a master plan for the system and some specific projects for immediate implementation

General Lessons (5/5) Interact with other programmes (if possible structural funds)

V.Modena - ESTER project - PAXIS Salamanca, June 23, 2004 Public – private partnership a matter of interests Public Economic development More innovative firms More competitiveness and employment Private Less risk More return Less bureaucracy

V.Modena - ESTER project - PAXIS Salamanca, June 23, 2004 Public – private partnership planning framework Public interest-restrictions Small firms Innovativeness Firms operating in the region Private-incentives Participation to capital Guarantee Scheme Management costs

V.Modena - ESTER project - PAXIS Salamanca, June 23, 2004 Early stage scheme planning (Demand) Understand the real potential of your region. 1. Deal flow 2. Cultural factors 3. Scientific Infrastructure

V.Modena - ESTER project - PAXIS Salamanca, June 23, 2004 Early stage scheme planning (Supply) Understanding what sources can be used 1. Stages of financing 2. Exit opportunities 3. Management skills 4. Potential private investors (location and expertise)

V.Modena - ESTER project - PAXIS Salamanca, June 23, 2004 Desirable actions A Seed capital and Start-up capital plan for every region in Europe - following the example of the Regional Innovation Strategy, RIS programme.

V.Modena - ESTER project - PAXIS Salamanca, June 23, 2004 Thank you ! Vittorio Modena Università degli Studi di Pavia Sportello Università-Imprese Via Mentana 4, Pavia Tel