1. 1 IFISE 1.Planning for effective sources of seed and venture capital for high-tech in Italy Objectives 2. Ascertaining a methodology for the creation of effective seed and venture capital sources in Europe

2. 2 IFISE Basic Concepts 3. Transferring concepts, not “a parallel study” 1. Planning from below: From potential entrepreneurs to legal framework 2. Branch/Region funds and incubators

3. 3 IFISE -1- Principal Methodology Venture Capital funds - What influences them to invest more in high-tech? What incentives, what infrastructure Potential entrepreneurs - What would bring them to set-up their own company? Legal framework-Which existing laws can be used and what new laws have to be enacted. What other laws obstruct venture capital for high-tech

4. 4 IFISE VC trend: Specialize Venture Capitalists’ radius of travel Incubators – commuting distance Need of a critical mass of potential entrepreneurs in one sector and within one region -2- Branch\Region Approach

5. 5 IFISE - 3- Transfering Concepts Yozma examples “Trigger Mission” and consequent privatization Strong investment by the state, but no interference in the management or in the choice of the management team Requirement for partnership with an experienced (foreign) partner Preferential returns for private investors

6. 6 IFISE -3- Transfering Concepts Technological Incubators - examples Mix of objectives (social, periphery development) “Always give it a chance” philosophy Covering areas neglected by the private sector Low investment in the incubator’s management Administrative rules: Discipline or obstacles?

7. 7 IFISE Phases Phase One - Literature Survey Phase Two - Field Survey Phase Three - Planning Phase Four - Dissemination

8. 8 IFISE Literature Survey Phase (Due: November 15) Venture Capital in Europe (prof. Murray) Venture Capital in Italy (AIFI) Italian high-tech (University of Pavia) Yozma, Technological Incubators and Israeli high-tech (University of Haifa)

9. 9 IFISE Field Survey Phase - Israel (Due: May, 2001) Technological Incubators Managers & Entreprenerus Interviews (Technion) Venture Capital Funds Managers Interviews (JIIS) Sectoral start-up principals interviews (JIIS) General start-up survey (UoH)

10. 10 IFISE Field Survey Phase - Italy (Due: May, 2001) Potential Entrepreneurs Interview (UoP & Cast) Venture Capital Funds Managers Interview (AIFI)

11. 11 IFISE Phase Two - Surveys Questionnaires and Pilot Discussion (Second Meeting or Virtual Meeting?) Yozma Tech Inc. Israeli Gen. Sur. Israeli St.Up Italian VC funds It. Pot. Ent.

12. 12 IFISE Planning Phase (Due: November, 2001) The optimal general or sectoral venture capital fund The optimal general or sectoral incubator Planning laws for Italy Verifying our methodology for Europe

13. 13 IFISE Dissemination Phase (Due: February, 2002) Internet site Final Report Editing Scientific publications Workshop in Pavia Workshop in Rome Workshop in another European city

14. 14 IFISE Workpackages Main Linkages (1) Lit. S. VC Europe Lit. S. VC Italy Italian VC Interviews Israeli VC Interviews Incentives Planning Italian Pot. Ent Interviews

15. 15 IFISE Workpackages Linkages (2) Lit. Survey Italian High-Tech Potential entrepreneus concentration identification Potential entrepreneurs interviews Venture Capital Funds Interview

16. 16 IFISE Workpackages Linkages (3) Lit. Survey on Yozma, Technological Incubators VC and Start-ups in Israel Yozma and VC Interviews Technological Incubators Interviews New concepts for planning Planning Phase

17. 17 IFISE What sectors\areas should be chosen? Definition of high-tech firms in Italy and Israel Decisions awaited Internet companies and related problems