March 2019

Tech Capital Markets Stakeholder Survey

Your participation in the TechCapitalMarkets Stakeholder Survey had been requested. TechCapitalMarkets is a European consortium whose purpose is to create a knowledge base and explore new ways to help innovative SMEs access capital and secure their growth. The project sees the collaboration between the consultancy Europe Unlimited (Brussels), the IESE Business School (University of Navarra) and the French PME Finance (Paris).  
The project started in April 2018 and pursued two main outputs:  A report, based on expert practitioner interviews, containing recommendations to policy makers and stock market operators across Europe  A practical capacity building programme to deliver best practice knowledge to tech companies and their investors on the use of public and private market places for raising capital Between March and May 2019, the TechCapitalMarkets project partners carried out 36 stakeholder interviews with a range of experts, i.e. expert market practitioners across the spectrum of alternative financing and capital markets. The purpose of the survey was to test the preliminary recommendations developed though the questionnaire and obtain additional material of analysis. Please consider that:  Your participation in this survey was completely voluntary and all of your responses were anonymous. None of the responses has been connected to identifying information  The survey had been taken 20-25 minutes to complete  The surveys had been completed by Friday, July 5th Your expert opinion is always valuable to us and extremely relevant for the quality of the final result.  Access the TechCapitalMarkets Survey Thank you for your commitment and involvement in the TechCapMarkets project.
November 2018

TechCapMarkets to enhance the dynamics behind financing of tech SMEs in Europe

In a challenging environment, the EU-led project consolidates findings out of entrepreneurs’ and financiers’ interviews and creates ground for the development of tech champions in Europe: `• Developing opportunities to improve the supply of finance to European tech companies • Facilitating tech-focused crossover funds, investing both in private equity and public markets. • A High-Level Advisory Group with an observer from the European Commission acts as strategic counsel to the project partners. • Contributive survey will be launched in June TechCapMarkets, the European-led business project focusing on new ways for innovative and tech SMEs to access capital markets and alternative financing capacities, today announces the first round of engagement with its community of experts. Specifically designed to represent a powerful balance of interests and opinions, the target community regroups seasoned professionals amongst entrepreneurs, business owners, public and private investors, banks, advisers and stock exchanges. To extend the reach of the survey, a digital survey calling for public contribution will open in the course of June 2019. Unicorns after Brexit?  With this initiative, the TechCapMarkets engages to further address the challenges that innovative SMEs/mid-caps and their early stage investors face in attracting later stage capital to continue to grow and scale. It is believed that a significant part of this challenge is about raising capital or exiting via listing on stock exchanges. “With an anticipated 15-20 unicorns left on the continent after Brexit, Europe is at risk to become insignificant in the industries of the future. The purpose of the TechCapMarkets initiative is to help European tech companies, particularly start-ups and SMEs, with alternative financing capacities that will secure or accelerate their growth” explains Jean Rognetta, president of the PMEfinance think tank. In this context, TechCapMarket’s governance body High Level Advisory Group (HLAG) has defined a set of actions to overcome that lack of connectivity between innovative SMEs and exit markets – stock exchanges and emerging growth markets. Overcoming fragmentation and servicing growth In Europe, the situation shows an overall decline in Initial Public Offers, with the challenge most acute in smaller companies. Besides, businesses are facing a number of other challenging trends: • Fragmentation of European stock exchanges • Poor connection between private and public market investors • Lack of liquidity for shares in publicly traded innovative SMEs, and/or lack of secondary markets for shares in private innovative SMEs “The strong methodology behind the project and the sharp panel of experts are key assets for the success of the project” explain Julia Prats, professor of Entrepreneurship, IESE and chair of the High Level Advisory Group (HLAG). With more than 35 interviews conducted across Europe and a survey to be launched next June, the HLAG trusts it will create an amazingly strong knowledge base for the authorities to tap in and shape the regulation framework that will underpin Europe’s next generation of champions. “It is time to reverse that trend by which too many businesses in Europe struggle to scale for the sole reason that they can’t source financing in confidence” pursues Mrs Prats. Through this project, the HLAG aims at delivering a whitepaper with best practices and recommendations in public policy, regulatory environments and market operations. It will also develop a practical “how to” toolkit for innovative SMEs and alternative finance providers to access established exchanges and emerging market places for secondary trading.