1. Program VENCRO Ante Mamić Business Innovation Center of Croatia - BICRO

2. 21.06.2007 Training workshop: Stimulating Croatia's Entrepreneurial Activities and Technology Transfer in Education, Split Contents Sources of Capital Risk Capital Business Innovation Center of Croatia – BICRO BICRO-a Programs VENCRO Program Conclusion

3. 21.06.2007 Training workshop: Stimulating Croatia's Entrepreneurial Activities and Technology Transfer in Education, Split Sources of Capital Public Offering Private Placements Joint Venture Risk Capital Strategic Alliance Merger Acquisitions Franchising Licensing Loans Grants Bonds for young innovative companies

4. 21.06.2007 Training workshop: Stimulating Croatia's Entrepreneurial Activities and Technology Transfer in Education, Split Risk Capital equity and quasi equity financing to companies during their early-growth stages includes: business angels venture capital alternative stock markets specialized in SMEs including high growth companies - informal investments Copernicus Capital - 30M $ Seaf Croatia - 8,2M $ Horizonte Venture Management - 20M € Quaestus Private Equity Partneri - 35M € HBOR - 8,22M €

5. 21.06.2007 Training workshop: Stimulating Croatia's Entrepreneurial Activities and Technology Transfer in Education, Split Seed-stageEarly-stage Expansion / Development Capital Venture Capital Tech Transfer / Incubators Business Angels / Pre-Seed Mid-stage Later-stage BUY-OUT Stock Exchange, Public Equity Risk Capital Private Equity

6. 21.06.2007 Training workshop: Stimulating Croatia's Entrepreneurial Activities and Technology Transfer in Education, Split VC investicija Commercial bank Loan Venture Capital Fund Company EXIT 1.IPO 2.M&A 3.MBO

7. 21.06.2007 Training workshop: Stimulating Croatia's Entrepreneurial Activities and Technology Transfer in Education, Split Examples What is BICRO doing?

8. 21.06.2007 Training workshop: Stimulating Croatia's Entrepreneurial Activities and Technology Transfer in Education, Split BICRO Ltd. Vision Mission BICRO is the key organization within the national innovation system whose basic role is development and implementation of government support programs aimed at strengthening technology development as the main generator of sustainable economic growth BICRO is the key organization within the national innovation system whose basic role is development and implementation of government support programs aimed at strengthening technology development as the main generator of sustainable economic growth Successful and efficient support to technological development and commercial use of research outputs by creating financial, material and other conditions for existing and newly established companies in order to increase their competitiveness or facilitate introduction of new products or services to the market. Successful and efficient support to technological development and commercial use of research outputs by creating financial, material and other conditions for existing and newly established companies in order to increase their competitiveness or facilitate introduction of new products or services to the market.

9. 21.06.2007 Training workshop: Stimulating Croatia's Entrepreneurial Activities and Technology Transfer in Education, Split Programs Demand for Venture Capital Supply of Venture Capital Demand for Venture Capital RAZUM the program ensures initial funding of newly established knowledge-based companies and research and development of new products and services in existing companies TEHCRO the program supports development of technology infrastructure VENCRO the program supports establishment of venture capital funds IRCRO the program stimulates cooperation between the industry and various research institutions KONCRO the program ensures easier access to technological know-how and management skills

10. 21.06.2007 Training workshop: Stimulating Croatia's Entrepreneurial Activities and Technology Transfer in Education, Split Program VENCRO using BICRO Government of Croatia will invest 4,5 M€ in one venture capital fund the fund will be managed by a private sector management company selected through a public call for proposals (NN 13/07) the goal is to raise at least 10,5 M€ from institutional investors achieving a minimum acceptable size of 15 M€ 30% of the fund is reserved for investments in the technology sector

11. 21.06.2007 Training workshop: Stimulating Croatia's Entrepreneurial Activities and Technology Transfer in Education, Split Conclusion At a time when developing countries are increasingly losing manufacturing jobs to low wage countries, and when low wage countries seek industries that depend on more than just cheap labor, creating a venture capital market has become the holy grail of economic development. Ronald J. Gilson (2002)

12. 21.06.2007 Training workshop: Stimulating Croatia's Entrepreneurial Activities and Technology Transfer in Education, Split Thank you Business Innovation Center of Croatia - BICRO razum@bicro.hr tehcro@bicro.hrvencro@bicro.hr ircro@bicro.hrkoncro@bicro.hr www.bicro.hr