How governments seek to bridge the financing gap for university spin-offs: proof-of-concept, pre-seed, and seed funding
How governments seek to bridge the financing gap for university spin-offs: proof-of-concept, pre-seed, and seed funding
复制标题
政府如何寻求弥补大学衍生企业的融资缺口：概念验证、种子前和种子资金
DOI：
--
复制
发表时间：
2012
影响因子：
3.4
通讯作者：
R. Sørheim
中科院分区：
文献类型：
--
作者：
Einar Rasmussen;R. Sørheim
大学附属企业通常开发早期技术，其特点是发展道路漫长，商业潜力不确定。银行、非正式投资者和风险资本公司等私人融资者不愿在早期阶段对这些企业进行投资。为了弥补这一资金缺口，各国政府设立了专门的方案，但很少有研究审查不同类型方案的理由和组织。我们分析了六个国家的政府计划，并确定了三个主要类别的资助计划。概念验证（Proof-of-Concept，缩写为PROF）旨在减少技术上的不确定性。种子期前计划旨在减少组织上的不确定性，并使新生企业对投资者具有吸引力。种子资金计划提供早期股权融资。种子资金倡议力求改善资金供应，而种子前和种子期计划似乎越来越多，力求通过增加附带利益对投资者的吸引力，从需求方弥补资金缺口。
University spin-offs often develop early-stage technologies characterised by long development paths and uncertain commercial potential. Private financiers, such as banks, informal investors, and venture capital firms, are reluctant to invest in these ventures at an early stage. To bridge this financing gap, governments have set up specialised programmes, but few studies have examined the rationale and organisation of different types of programmes. We analyse government schemes in six countries and identify three main categories of funding initiatives. Proof-of-concept (PoC) schemes aim to reduce the technological uncertainty. Pre-seed schemes aim to reduce the organisational uncertainty and make the nascent venture attractive to investors. Seed funding schemes provide early-stage equity financing. The seed funding initiatives seek to improve the supply of funding, while there seems to be an increasing number of pre-seed and PoC schemes seeking to bridge the financing gap from the demand-side by increasing the attractiveness of the spin-offs towards investors.