AECM Annual Event 2015 - Alessandro Bozzo Toselli
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Transcript of AECM Annual Event 2015 - Alessandro Bozzo Toselli
AECM: “General Assembly & Seminar” 19th June 2015. Berlin, Germany
Panel: “Global benchmarking and cross learning”
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Alessandro Bozzo T.
Manager FOGAPE
Santiago, Chile
Presentation: “Experiences concerning the financing of innovative SMEs in Chile”
SANTIAGO
CHILE
¿ CHILE ?
South
America
FOGAPE
FOGAPE
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Financial Institutions
supervised by SBIF
Credit Unions(*)
Reciprocal Guarantee Societes
SGRs (2007)
INSTITUTIONS THAT CAN
PARTICIPATE IN THE TENDERS
(*) Supervised by SBIF or those who compliance with Decoop Supervision ( Ministry of Economy).
NEW BUSINESS MODEL WITH
PARTICIPATION OF SGRs & FIs
FIs
FUND of Guarantees and Reinsurances
Guarantee
Rights
MSMEs
Elegibiles
Rigths of
Guarantees
Counter-Guarantees Financing covered directly by
FOGAPE
Financing secured by SGRs and
Reinsured by FOGAPE
SGRs
FIs and Others
Creditors
Reinsurance
(possible)
Rights of
Reinsurances
Tender
* SGRs are privates
companies.
Problem or “failure of market” it is
intended to resolve or mitigate:
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•There are institutions that support the development of entrepreneurship, the creation of
new enterprises and innovation, but in general in the countries does not constitute a real
support network, coordinated and comprehensive entrepreneurship and the creation of
new companies.
•Banking funding is practically non-existent for new companies or without history.
•Lack of access to capital and funding for the creation of new enterprises, especially to
people who have good ideas or projects and have the capacity to carry them out. (power
of the entrepreneur level)
•The evolution of markets, greater complexity and dynamics, requires that companies and
innovative ideas require special supports to be able to sustainably.
Proyect Presented to the Ministry
• Proposal:
Establishment a "network to support the creation of new enterprises
(innovative)“
Objetives:
Support the development of enterprises that allow:
the creation of companies that provide value-added, innovative
(technology, processes, model of business, etc.),
with growth potential, that have business visionaries, but realistic.
Thereby contributing to bring it to the national economy, to improve the
distribution of wealth and,
consequently, to create a society with more opportunities, more jobs
and more participation. 7
Proposed Plan
• Invite private and public actors to form a
network of support to entrepreneurship
and perform a pilot project
• SGRs, FI, Angels investors network, INAPI
(Patent Office), ABIF, FOGAPE, Ministry
of economy.
• All were represented in the network
• It formed a Committee of network
• Opened a competition for 50 companies
backed by Incubators 8
Network
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INNOVATIVE and
dynamic
entrepreneurs
GUARANTE
-SGRs
-CORFO
-FOGAPE
FINANCE
-banks
-- investors –
- other
SPONSORS
- incubators - Org.
Guilds - universities
REINSURANCE
-FOGAPE
RESERCH
CENTERS
- MENTORING &
I+D+i centers
SUBSIDIES -
Corfo - Sercotec
- other
SELECTION -
Committee
multidisciplinary
network
OTHERS
PARTICIPANTS
Pilot Prject: 50 selected Applicants
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•Legal person. •Level of annual turnover from zero up to the $ 100,000.- •Capital required Max. $100.000 USD. •Rely on the patronage of an incubator or angel investor network. •Having a dynamic characteristics business plan *
* Dynamic entrepreneurship: point to generate sales by U$ 100,000.-in its first year and keep growth of approx. 35% rates over the next 5 years.
•Legal person. •Count on more than one year in existence in sales (turnover). •Annual turnover between $ 100,000-$ 1,000,000.- •Capital required Max. $150.000 USD. • Rely on the patronage of an incubator or angel investor network. •Having a dynamic characteristics business plan *. •Plan of escalation with clear opportunities to materialize.
CATEGORY 2:
STRENGTHENING OF DYNAMIC COMPANIES
CATEGORY 1: CREATION OF INNOVATIVE
ENTERPRISES
Below are a scheme with the categories of applicants was developed in Chile: selected by the sponsors presented their project to the Committee networks and can already obtain financing and/or the possibility of finding a partner who provides not only capital, but also valuable experience and networking.
General process of the program
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Bank
SGR
Commitee Greed
Commitee CGG
Ministry
Ministry
Committee's evaluation phase 2: Elevator Pitch and selection
Process of investment (investment forum)
Credits
Registration of companies or projects
Pool of innovative business creation projects
Pool of companies in early stage in need of scaling
Day 60
investments
Day 0
Evaluation and selection criteria
Eligibility requirements and obligations of applicants
Call in incubators and networks of angel investors
The requested credit pre-approval
Options
Financial and credit risk evaluation
Closure of registration and eligibility
Financial Evaluation
Committee's evaluation phase 1: risk analysis
Elaboration of the financial profile of the project
Result and Conclusions
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1.- Presented 50 enterprises through
incubators
2.- 25 of them qualified for financing and
investment after the enterprise presented
the project to the committee.
3.- In very short time the enterprise know
the result of the application
4.- The credit were 100% covered by
SGRs
Lessons Learned and result
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The project was privatized (University, others)
The interes Rate is Tasa PYME ??
The Program was transformed in different public and
privated initiatives