1. The ESTER project - methodology and main results PAXIS JOINT WORKSHOP - Salamanca, June 2005 Vittorio Modena The University of Pavia

2. ESTER Partners The University of Pavia (Italy) Connect Estonia Latvian Development Agency BIC Bratisava (Slovakia) National Agency for Development of SMEs (Slovakia) The University of Haifa (Israel) Mr. Yigal Erlich (Israel)

3. V.Modena - ESTER project - PAXIS Salamanca, June 23, 2004 Project Objectives 1. Planning for effective sources of seed and venture capital in Estonia, Latvia and the Slovak Republic by transferring Israeli best- practice principles. 2. Submission of formal proposals for the launch of new programmes to the relevant authorities in the three countries and the EC

4. V.Modena - ESTER project - PAXIS Salamanca, June 23, 2004 General Methodology (1/2) 1. Study of the current situation in the three Eastern European Countries, their business environment, legal framework, industrial potential and venture capital availability. 2. Understanding the potential for new enterprises in the three countries through the interview of market actors and their involvement in the project.

5. V.Modena - ESTER project - PAXIS Salamanca, June 23, 2004 General Methodology (2/2) 3. Extrapolation of success factors from the Israeli Yozma and Technological Incubators programmes both from the IFISE project and from the study of former planned economies entrepreneurs. 4. Study of the EC state-aid regulation. 5. Planning for the most suitable public schemes for the promotion of venture capital sources 6. Submission of the same to regional, national or EC authorities

6. V.Modena - ESTER project - PAXIS Salamanca, June 23, 2004 “Direct” impact results (1/4)  Request (already accepted) for funds from the ERDF Latvian Goverment for launching the programme "Support to SME Venture Capital“ aimed at the creation of VC funds in Latvia in the framework of general plan for the use of structural funds. The programme was drafted by the Latvian Development Agency for the Ministry of Economy based on the ESTER project results.

7. V.Modena - ESTER project - PAXIS Salamanca, June 23, 2004 “Direct” impact result (2/4)  The task of the aid scheme is to ensure the creation of 2-3 risk capital funds for SMEs operating in Latvia by means of € 15 million public support…..  Comprehensive seed capital plan in Latvia included in the Regional Innovation Strategy (RIS)…..  Details by Valdis Avotins of LIDA next session !

8. V.Modena - ESTER project - PAXIS Salamanca, June 23, 2004 “Direct” impact result (3 /4)  Plans are being finalized in Estonia and Slovakia…  A VC plan is being discussed to the Minister of Economy in Slovakia in the framework of the general plan…  Details by Juraj Poledna and Tarvo Tamm during next session !

9. V.Modena - ESTER project - PAXIS Salamanca, June 23, 2004 “Direct” impact result (4 /4)  Several studies and recommendations for seed and start-up capital planning in New Member Regions and elsewhere.  Validation of the Yozma and Technological incubators programmes in Israel  Details by various ESTER members during the coming sessions !

10. 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. 0382-504944 http://www.unipv.it/ester/index.html http://ifise.unipv.it vmodena@libero.it