1. Presentation of Vaekstfonden Visit from the INSME-Group

2. What are we here for? What pain do we adress?
Relieve a capital constraint on part of entrepreneurs
Foster firms of high growth and high earnings

3. Mission statement
”To create the strongest market for innovation finance in Europe”

4. Benchmarking the market for innovation finance
Administrative barrierers
Taxes
Infrastructure
Input
Capital
Exit
Entrepreneurial activity
Tertiary education
Patents
Quality of research institutions
Capital raised
Venture investments
Early-stage investments
Share of public investments
Foreign investments
Access to loan finance
IPO’s
Trade-sales
Market Cap
Buyout investments

5. Access to capital for innovation finance: Ranking
Total Ranking: &
Progress -
but the next step
is substantial and
requires tremendous effort
Source: EVCA, Vækstfonden (2003), Eurostat, OECD

6. Capital: Early-stage investments
(% of GDP)
2001: No. 3
2002: No. 2 
Early-stage-investments:
Seed and start-up
Source: EVCA (2000, 2001, 2002)

7. Performance: Framework conditions
: No. 9
: No. 9 
Performance og
Kilde: EVCA, VækstFonden (2003), Eurostat, OECD

8. The Capital Market Gaps
RISK / RETURN
Business
Development =
Involvement
Investment=
Share Capital
Loans
Loan Guarantees
Mezzanine Loans
Finance =
SIZE OF FIRM

9. Activities Fund of Funds € 200 Million
Life Science Ventures € 100 Million
Technology Ventures € 100 Million
Mezzanine Loans € 50 Million
Loan Guarantees € 200 Million
Analysis
Commitments directly and indirectly to more than 1500 companies

10. Operational strategy Market based instruments
Important secondary goal: Profits
We go for high value exits and profitable venture fonds
Hire experienced business people