Web Links

Links

Links to the organisations featured in Crescendo workshops are usually listed at the end of each workshop report. Crescendo members’ web-sites and e-mail addresses can be found in the Members section. This page highlights other useful sources of information, organisations featured are listed in alphabetical order

Name

Description

Anglo-German Foundation for the Study of Industrial Society

The Anglo-German Foundation for the Study of Industrial Society funds bi-lateral research and discussion of economic and social issues that challenge policy makers in both countries. Two documents relating to innovation finance have been published recently, these are:

Regional Venture Capitalism: UK and Germany Compared, and

Why Invest in Bio-technology, and How? Britain and Germany Compared

Executive summaries and full reports are currently available at the AGF web-site.

British Venture Capital Association

The publications/research section open to non-members contains useful guides to venture capital and private equity. For example:

‘Business Angel Finance 2003-2004’, published by NBAN, the National Business Angels Network (UK)

‘A guide to private equity’ (last updated 2003)

European Business Angels Network (EBAN)

EURADA co-ordinates the EBAN network. The home page provides access to directories of business angel networks and numerous publications on business angel networks and their achievements to date.

European Commission, Enterprise policy,Access to finance

Publications available from this page include:

Access to finance of small and medium-sized enterprises’ COM (2003) 713 final

Micro-credit for small businesses and business creation – bridging the market gap

Analysis of use of factoring

Innovative instruments for raising equity for SMEs

European Commission, Enterprise policy, other documents related to finance

Guide to Risk Capital Financing in Regional Policy (October 2002)

Guide to Risk Capital Financing in Regional Policy, Appendix G, Good practice case studies

Financial Services Action Planﾒ COM (1999) 232 final

Learning the lessons of the Financial Services Action Plan – speech of Frits Bolkestein, 29 January 2004

Communication on the implementation of the Risk Capital Action Plan COM (2003) 654 final

Text on State aid and risk capital 2001/C 235/03

European Commission, ‘Enterprise policyﾒ page

Information on the new enterprise programme (2006-2011) that will succeed the current Multi-annual Programme (MAP) for Enterprise and Entrepreneurship, due to end 31 December 2005. The Commission recently completed a consultation on what kind of financial instruments that should be incorporated into the programme.

European Commission, Enterprise policy ‘Access to Finance and Basel IIﾒ

The Basel Committee has published a revised framework agreement that aims to make the international financial system safer by ensuring that the riskiness of banks’ loan portfolios is reflected in the capital charges they need to set aside against unexpected losses. The agreement (called “Basel II”) sets out the details for adopting more risk-sensitive minimum capital requirements for banking organisations. This framework will be implemented in the European Union through legislation that needs to be approved both by the European Parliament and the European Council. More information about Basel II and how it will affect SMEs can be found via the Commission’s web page (see link on the left).

European Commission, Enterprise policy ‘Publications’ web-page

Numerous publications of interest are accessible via the ‘Publications’ page. By clicking on the rubric ‘Promoting entrepreneurship and SMEsﾒ you will find:

European Observatory of SMEs series. A range of good practice guides relating to SMEs and finance is available from here, as well as the results of the survey ‘SMEs and access to finance’(2003)

The third round table of bankers and SMEs: Final report (June 2000), which is the result of discussions into the financing problems faced by start-ups and early stage companies, highlighting the different viewpoints and bankers, intermediaries and companies. The report makes a series of recommendations for improving access to finance and outlines good practice currently underway.

The latest official documents relating to entrepreneurship can be found under the rubric ‘Enterprise policy’.

Via the rubric ‘Innovation and Technology Transfer’, you will find:

Commission official documents relating to innovation, including the most recent Communications.

Access to the Innovation Papers series, which includes:

‘PAXIS’ Results and policy recommendationsﾒ Innovation Papers No. 30 (2003)

A full list of the Innovation Papers, which includes the series of papers on innovation finance issues

European Private Equity and Venture Capital Association

The publications section of the EVCA site has links to a number of publications, many of which are free of charge. The latter include:

EVCA White Paper: Policy Priorities for Private Equity (September 2001)

2004 Benchmarking European Tax and Legal Environments

European Trend Chart

The European Trend Chart on Innovation tracks innovation policy developments in the 25 EU Member States, plus Romania, Bulgaria, Iceland, Israel, Lichtenstein, Turkey, Switzerland and Norway. Trend Chart publications include regular Trend Reports, which include European trends in innovation finance policy.

Gate2Growth initiative

Pan-European business platform for entrepreneurs, investors, technology

Global Entrepreneurship Monitor (GEM)

The Global Entrepreneurship Monitor is a research programme that assesses national levels of entrepreneurial activity. In 2003, 31 national research teams participated in the programme, and their national reports are available via the home page, as is the aggregated The GEM 2003 Global Report.

Investorwords.com

A useful glossary of financial terms in English

Irish Venture Capital Association

Also has a good publications section containing guides, and information about Irish Venture Capital markets

PAXIS (Pilot Action of Excellence on innovative Start-ups)

PAXIS has supported projects, thematic networks, accompanying measures and cross-thematic networks with the aim of gathering good practice on support for the creation of innovative start-ups, and of using the results to inform future policy development in this area. Of particular interest to Crescendo members is the cross-network on pre-seed and early stage finance, which is currently underway. The accompanying measures are also of interest, including the third of these, the SUN & SUP network, which brings together two sub-networks, one of financiers and the other of start-up companies.

Small Business Service (UK)

The Small Business Service is an agency of the UK Government’s Department of Trade and Industry. It aims to ensure that all areas of policy ‘think small first’, taking the needs of SMEs into account. SBS regularly consults on, and researches into, the issues affecting SME access to finance in the UK. The site is not very easy to navigate, but interesting publications on finance can be found in the Consultations section and the Finance section. For example, Finance section includes a review of Regional Venture Capital Funds (RVCFs) after their first year of activity, and provides an introduction to the proposed Enterprise Capital Funds, which aim to stimulate business angel and venture capital investment in SMEs by making it possible for the public sector co-invest alongside these private sector investors. The Enterprise Capital Funds are currently awaiting state aid clearance.

Name	Description
Anglo-German Foundation for the Study of Industrial Society	The Anglo-German Foundation for the Study of Industrial Society funds bi-lateral research and discussion of economic and social issues that challenge policy makers in both countries. Two documents relating to innovation finance have been published recently, these are: Regional Venture Capitalism: UK and Germany Compared, and Why Invest in Bio-technology, and How? Britain and Germany Compared Executive summaries and full reports are currently available at the AGF web-site.
British Venture Capital Association	The publications/research section open to non-members contains useful guides to venture capital and private equity. For example: ‘Business Angel Finance 2003-2004’, published by NBAN, the National Business Angels Network (UK) ‘A guide to private equity’ (last updated 2003)
European Business Angels Network (EBAN)	EURADA co-ordinates the EBAN network. The home page provides access to directories of business angel networks and numerous publications on business angel networks and their achievements to date.
European Commission, Enterprise policy,Access to finance	Publications available from this page include: Access to finance of small and medium-sized enterprises’ COM (2003) 713 final Micro-credit for small businesses and business creation – bridging the market gap Analysis of use of factoring Innovative instruments for raising equity for SMEs
European Commission, Enterprise policy, other documents related to finance	Guide to Risk Capital Financing in Regional Policy (October 2002) Guide to Risk Capital Financing in Regional Policy, Appendix G, Good practice case studies Financial Services Action Planﾒ COM (1999) 232 final Learning the lessons of the Financial Services Action Plan – speech of Frits Bolkestein, 29 January 2004 Communication on the implementation of the Risk Capital Action Plan COM (2003) 654 final Text on State aid and risk capital 2001/C 235/03
European Commission, ‘Enterprise policyﾒ page	Information on the new enterprise programme (2006-2011) that will succeed the current Multi-annual Programme (MAP) for Enterprise and Entrepreneurship, due to end 31 December 2005. The Commission recently completed a consultation on what kind of financial instruments that should be incorporated into the programme.
European Commission, Enterprise policy ‘Access to Finance and Basel IIﾒ	The Basel Committee has published a revised framework agreement that aims to make the international financial system safer by ensuring that the riskiness of banks’ loan portfolios is reflected in the capital charges they need to set aside against unexpected losses. The agreement (called “Basel II”) sets out the details for adopting more risk-sensitive minimum capital requirements for banking organisations. This framework will be implemented in the European Union through legislation that needs to be approved both by the European Parliament and the European Council. More information about Basel II and how it will affect SMEs can be found via the Commission’s web page (see link on the left).
European Commission, Enterprise policy ‘Publications’ web-page	Numerous publications of interest are accessible via the ‘Publications’ page. By clicking on the rubric ‘Promoting entrepreneurship and SMEsﾒ you will find: European Observatory of SMEs series. A range of good practice guides relating to SMEs and finance is available from here, as well as the results of the survey ‘SMEs and access to finance’(2003) The third round table of bankers and SMEs: Final report (June 2000), which is the result of discussions into the financing problems faced by start-ups and early stage companies, highlighting the different viewpoints and bankers, intermediaries and companies. The report makes a series of recommendations for improving access to finance and outlines good practice currently underway. The latest official documents relating to entrepreneurship can be found under the rubric ‘Enterprise policy’. Via the rubric ‘Innovation and Technology Transfer’, you will find: Commission official documents relating to innovation, including the most recent Communications. Access to the Innovation Papers series, which includes: ‘PAXIS’ Results and policy recommendationsﾒ Innovation Papers No. 30 (2003) A full list of the Innovation Papers, which includes the series of papers on innovation finance issues
European Private Equity and Venture Capital Association	The publications section of the EVCA site has links to a number of publications, many of which are free of charge. The latter include: EVCA White Paper: Policy Priorities for Private Equity (September 2001) 2004 Benchmarking European Tax and Legal Environments
European Trend Chart	The European Trend Chart on Innovation tracks innovation policy developments in the 25 EU Member States, plus Romania, Bulgaria, Iceland, Israel, Lichtenstein, Turkey, Switzerland and Norway. Trend Chart publications include regular Trend Reports, which include European trends in innovation finance policy.
Gate2Growth initiative	Pan-European business platform for entrepreneurs, investors, technology
Global Entrepreneurship Monitor (GEM)	The Global Entrepreneurship Monitor is a research programme that assesses national levels of entrepreneurial activity. In 2003, 31 national research teams participated in the programme, and their national reports are available via the home page, as is the aggregated The GEM 2003 Global Report.
Investorwords.com	A useful glossary of financial terms in English
Irish Venture Capital Association	Also has a good publications section containing guides, and information about Irish Venture Capital markets
PAXIS (Pilot Action of Excellence on innovative Start-ups)	PAXIS has supported projects, thematic networks, accompanying measures and cross-thematic networks with the aim of gathering good practice on support for the creation of innovative start-ups, and of using the results to inform future policy development in this area. Of particular interest to Crescendo members is the cross-network on pre-seed and early stage finance, which is currently underway. The accompanying measures are also of interest, including the third of these, the SUN & SUP network, which brings together two sub-networks, one of financiers and the other of start-up companies.
Small Business Service (UK)	The Small Business Service is an agency of the UK Government’s Department of Trade and Industry. It aims to ensure that all areas of policy ‘think small first’, taking the needs of SMEs into account. SBS regularly consults on, and researches into, the issues affecting SME access to finance in the UK. The site is not very easy to navigate, but interesting publications on finance can be found in the Consultations section and the Finance section. For example, Finance section includes a review of Regional Venture Capital Funds (RVCFs) after their first year of activity, and provides an introduction to the proposed Enterprise Capital Funds, which aim to stimulate business angel and venture capital investment in SMEs by making it possible for the public sector co-invest alongside these private sector investors. The Enterprise Capital Funds are currently awaiting state aid clearance.