DOCSLIB.ORG

Issue 7.11 of the CEE Legal Matters Magazine

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Issue 7.11 of the CEE Legal Matters Magazine PRELIMINARY MATTERS DECEMBER 2020 Year 7, Issue 11 CEE December 2020 Legal Matters In-Depth Analysis of the News and Newsmakers That Shape Europe’s Emerging Legal Markets Editorial by Florentin Tuca of Tuca Zbarcea & Asociatii Across the Wire: Deals and Cases in CEE On the Move: New Firms and Practices The Buzz in CEE The Corner Office: Most Meaningful Charity or Pro Bono Commitment A Remote Possibility: Telecommuting During Covid-19 Ground-Breaking the Law: JPM Launches Corporate Criminal Practice in Serbia Arbitration and Virtual Hearings: Contract Disputes in the Covid-19 Era New Captain at the Helm: Kinstellar’s New Managing Partner in Kyiv No Blues in the Baltics: Irmantas Norkus Leads Cobalt to Success Inside Insight: Interview with Zlatko Stojcheski, Head of Corporate & Legal Affairs at A1 Makedonija Between a Rock and a Hard Place: Practicing Law in Crimea Market Spotlight: The Czech Republic Guest Editorial by Prokop Verner of Allen & Overy Inside Out: Worldline’s Acquisition of GoPay Inside Insight: Interview with Nadia Matusikova, General Counsel of RWS Moravia Recent Developments and Major Amendments to the Business Corporations Act Expat on the Market: Alex Cook of Clifford Chance Prague Market Spotlight: Russia Guest Editorial by Georgy Kovalenko of EY Law Russian Market Snapshots 1 CEE LEGAL MATTERSExpat on the Market: Julien Hansen of DLA Piper Experts Review: Banking & Finance DECEMBER 2020 PRELIMINARY MATTERS CEE Legal Matters OPEN CALL FOR SUBMISSIONS! YES, IT’S THAT TIME OF YEAR AGAIN: WE ARE NOW ACCEPTING SUBMISSIONS FOR THE 2020 TABLE OF DEALS AND NOMINATIONS FOR THE 2020 CEE DEALS OF THE YEAR! FULL SUBMISSION GUIDELINES AND DEADLINES: WWW.CEELEGALMATTERS.COM/SUBMISSIONS 2 CEE LEGAL MATTERS PRELIMINARY MATTERS DECEMBER 2020 EDITORIAL: HOW EMI SINGS TO ME By Radu Cotarcea What is music and where does it come from? If hard-pressed my greatest exasperation was, coming in on the enough, most people, myself included, would regress to a same day, were two negative replies. The first simple statement that it comes from the soul of the person said ‘we only publish contemporary music, and composing it. It is a magnificent, human, way of expressing this, by our definitions, is not contemporary emotions. Indeed, when you listen to a piece as grand as a music,’ and then the other said ‘we only do clas- Chopin sonata, you are carried through the deepest feelings of sic music, and this is not classical music.’ So I the composer via his harmonies and even discords. said ‘then, what is it?’” David Cope shattered that understanding for all who were As the first CEE regional legal publication (and, I am surprised reckless enough to expose themselves to his work. Cope, to say, still the only one, now seven years later), CEELM faced born May 17, 1941, in San Francisco, is an American author, a similar challenge in its early days. We were not a local publi- composer, scientist, and former professor of music at the Uni- cation, so local marketing representatives would ask us to “talk versity of California, Santa Cruz. For me at least, as I am sure to London.” We were not a global publication, so London to many who listened to his work, he represents an existential would redirect us to colleagues in one of their CEE offices. question pertaining to much of what we do. The man – whose memoir is called “Tin Man” – has been accused of churning Back to Cope. Once he manages to get the album produced, out music “without a soul” through EMI (short for Experi- initial reviews to the music were negative, calling the work ments in Musical Intelligence) – a piece of software that he “stiff ” and “soulless.” Cope found support in University created and which he describes as “an analysis program that of Oregon Professor Douglas Hofstadter, who realized the uses its output to compose new examples of music in the style problem lay with the music not being performed by a human of the music in its database without replicating any of those being, so he organized a musical form of the Turing Test. He pieces exactly.” had pianist Winifred Kerner perform three pieces: two in the style of Bach (one by EMI and one by Dr. Steve Larson), and In an interview with Computer History Museum, Cope then an actual piece by Bach. When he asked the audience to explained that EMI came about in the early 80s, when he had attempt to tell which piece was which, the audience selected “a commission for an opera, but was dealing with a serious EMI’s piece as the actual Bach, while believing that Larson’s case of composer’s block.” Like many artists facing a deadline, was the one created by a computer. Cope procrastinated by beginning a new project — in this case, a music composition program. EMI helped him finish Does then EMI have a soul? I believe it does. Its soul is the his opera. and, once that project was concluded, Cope had sum of the massive data points it has been fed (Cope said he EMI compose new pieces in the style of legendary compos- picked Bach as his first composer especially because of the ers of classical music, starting with Bach and moving on to massive number of surviving works). Bartok, Brahms, Chopin, Gershwin, Joplin, Mozart, Prokoviev, As for us, as the year comes to a close I realize we’ve covered and himself. The result was an album that he titled Bach By more deals this year than the previous one, yet again. And I Design. see how CEELM’s soul – also a result of massive data input Releasing the album proved to be quite a challenge. “I spent al- – keeps on growing, reflecting an ever-increasing amount of most a year trying to get an actual record company to produce news being shared with us, and aiding us in our mission to the music,” Cope told CHM. “It was really tough. I remember increase the transparency in CEE’s legal markets. The Editors: Letters to the Editors: EE David Stuckey If you like what you read in these pages (or even if you don’t) [email protected] we really do want to hear from you. Please send any com- Radu Cotarcea ments, criticisms, questions, or ideas to us at: [email protected] [email protected] CEE LEGAL MATTERS 3 DECEMBER 2020 PRELIMINARY MATTERS GUEST EDITORIAL: WHAT ABOUT THE LAW AND LAWS? By Florentin Tuca, Managing Partner, Tuca Zbarcea & Asociatii It is no easy task etc. These are unfathomable changes that bother everyone, so this day and age there’s no point to adding my own tears on the issue. to talk of “legal market trends.” Instead, I’d rather deplore the situation for three particular unknowns that greatly complicate my mission to analyze the And not only “law market trends.” because of the worries, fears, and First, the place and status of the Law and laws in the uncertainty related “new normal.” Will the Law still be “the art of good and to the “new world beauty” (Cicero), or will it become “the technology of evil and order,” the new the ugly?” (moi). Will laws remain the symbol of (relatively) “economic reset,” democratic regimes or become mere stamps for Martial Law and the “fourth tyranny? Who, and under which conditions, and by which pro- industrial revolu- cedure, will decide the hierarchy of individual and collective tion” – all of which values worthy of protection and future promotion through the are expressed in all Law and laws? These are for now merely rhetorical questions, sorts of truisms but I for one fear the answers that the immediate future will and crammed provide us. together under the umbrella of “noth- Second, the definition of justice, of order, of the rule ing will be like it of law. To what extent will these notions keep their classical, used to be.” well-known meaning? How will the brave new world reassess relationships between individuals and between the individual Nor is my difficulty merely related to the great unknowns that and society? Or between the governed and the government? the legal profession (and not only) is now facing, challenged Will classical democracy be hijacked by the “autocratic tech- by digitalization, AI and its “achievements,” over-specializa- nocracy of biosecurity” (Giorgio Agamben)? Will constitutions tion, over-standardization, and the transformation of work be revised, the regime of fundamental rights and freedoms into e-work. All these are already identified viruses for which upturned, and state institutions’ mechanisms rearranged? lawyers and law firms, each by their own lights, individually or in concert with others, try to find the appropriate vaccine. And third, as long as trend is associated with movement, and market with free exchange and economic freedom, and as long as the Finally, nor do I complain of the difficulty coming from recent legal profession is in essence a liberal profession, I wonder: how transformations affecting the legal profession (especially compatible are these concepts with the notion of lockdown? business law firms): the economic crisis and its fluctuations, I am afraid that the concepts themselves have already been paradigm changes in the lawyer-client relationship, the increas- quarantined. ing “avarice” of clients and the near-collapse of the hourly fee, 4 CEE LEGAL MATTERS PRELIMINARY MATTERS DECEMBER 2020 TABLE OF CONTENTS PRELIMINARY MATTERS 3 Editorial: How EMI Sings to Me 4 Guest Editorial: What About the Law and Laws? ACROSS THE WIRE 6 Across The Wire: Summary of Deals and Cases 15 On the Move: New Homes and Friends LEGAL MATTERS 18 The Buzz 25 The Corner Office: Most Meaningful Charity or Pro Bono Commitment 28 A Remote Possibility: Telecommuting During COVID-19 30 Ground-Breaking the
Load more

Recommended publications
  • Development of Private Equity Funds in the Czech Republic
    Univerzita Karlova v Praze Fakulta sociálních věd Institut ekonomických studií Diplomová práce 2008 Petra Sedláková Univerzita Karlova v Praze Fakulta sociálních věd Institut ekonomických studií DIPLOMOVÁ PRÁCE Development of Private Equity Funds in the Czech Republic Vypracovala: Bc. Petra Sedláková Vedoucí: Prof. Ing. Michal Mejstřík, CSc. Akademický rok: 2007/2008 Prohlášení Prohlašuji, že jsem diplomovou práci vypracovala samostatně a použila pouze uvedené prameny a literaturu. V Praze dne 19. května 2008 Petra Sedláková Poděkování Děkuji panu Prof. Ing. Michalu Mejstříkovi, CSc. za rady a připomínky a panu Ing. Jiřímu Bohalovi za cenné a četné diskuze a podněty při psaní této práce. Dále bych ráda poděkovala Jennifer Vandermosten z EVCA za poskytnutí dat. TEZE DIPLOMOVÉ PRÁCE Termín státní zkoušky: Letní semestr 2007/2008 Autor diplomové práce: Bc. Petra Sedláková Vedoucí diplomové práce: Prof. Ing. Michal Mejstřík, CSc. Téma: Předpokládaný budoucí vývoj akvizičních aktivit finančních investorů a českém trhu Charakteristika tématu Přelom tisíciletí byl v České republice ve znamení fúzí a akvizicí. Zatímco předchozím rokům dominovaly tzv. strategické akvizice, tedy převzetí podniku za účelem jeho rozvoje a využití růstových příležitostí, v současné době se začínají dostávat do popředí akvizice finanční neboli spekulativní. Při nich se tuzemští finanční investoři zaměřují na střednědobé projekty s jasnými kritérii, tj. stávají se standardními private equity fondy. Tyto fondy postupují tak, že podnik koupí, restrukturalizují a v horizontu 3–7 let opětně za účelem dosažení zisku prodají. Neuvažují dlouhodobě, ale spekulativně. Proto jsou schopné akceptovat vyšší rizika, a tudíž nabídnout vyšší cenu než strategický investor. Ve své diplomové práci bych se chtěla zaměřit právě na private equity fondy v České republice, a to od počátku jejich působení na našem trhu, přes současnost, až k možným scénářům budoucího vývoje.
    [Show full text]
  • CEE/Cisan Overview of Trends in Select Sectors and Markets March 2009
    CEE/CISAn Overview of Trends in Select Sectors and Markets March 2009 Region Snapshot rivate equity investors face numerous and diverse challenges in the Central and Eastern Europe (CEE) includes: Central & Eastern Europe (CEE) and the Commonwealth of Indepen- Albania Bosnia and Herzegovina dent States (CIS) regions in the current economic climate. Once thought P Bulgaria immune to regional woes, the 10 CEE countries which acceded to the Eu- Croatia ropean Union (EU) in 2004 and 2007 are encountering domestic fiscal and Czech Republic economic problems, and worries about regional systemic risk are mounting. Estonia Hungary Among EU countries, Hungary and Latvia are struggling most. Despite a com- Latvia Lithuania bined US$35 billion in bailout funds from the IMF, GDP is expected to fall by 3% Montenegro in Hungary in 2009, and 12% in Latvia. In the CIS, growing worries about politi- Poland cal risk are compounding economic concerns. Russia’s August invasion of Geor- Republic of Macedonia gia accelerated investor fears, as have tensions surrounding the Anglo-Russian Romania oil joint venture TNK-BP Holding. Fallen energy prices threaten the economic sta- Serbia bility of the oil-centric economies of the CIS. Ukraine’s attempts to prop up its Slovakia Slovenia currency have failed, and the second tranche of a US$16.4 billion IMF bailout Turkey remains in question. Further, the ongoing power struggle between Prime Minis- The Commonwealth of Independent States (CIS) ter Yulia Tymoshenko and President Viktor Yushchenko have heightened worries includes: about Ukraine’s political stability. The IMF projects slight contractions in growth Armenia for both the CEE and CIS sub-regions in 2009, representing a significant slow- Azerbaijan down from growth rates of 5.4% and 8.6% growth, respectively, just two years prior.
    [Show full text]
  • Financing Environmental Investments in Croatia
    Financing Environmental Investments In Croatia March, 2002 EURASIAN-AMERICAN PARTNERSHIP FOR ECOLINKS ENVIRONMENTALLY SUSTAINABLE ECONOMIES Financing Environmental Investments in Croatia Introduction The primary purpose of this study is to assess the financing prospects for grantees of USAID's EcoLinks Partnership Grants Program. In the private sector, these grantees are typically SMEs that are seeking financing to purchase environmental equipment that will improve both their environmental performance and operating efficiency. Their investment needs range from $50,000 to $2 million. The study is also relevant to other SMEs and many larger companies in Croatia that will eventually need to invest in environmental improvements in order to comply with EU standards and avoid environmental fees and penalties. At present environmental regulations are not strictly enforced in Croatia, and there are limited market incentives to improve environmental performance. During February 11-22,2002, the study team interviewed representatives of commercial banks, venture capital funds, multilateral financing institutions and Croatian government agencies to identify the funds available for environmental financing and any barriers to accessing those funds. Most of these institutions do not have funding programs specifically developed for environmental investments. However, environmental investments for the private sector are usually covered under funding programs for SME development or other special programs, such as programs for export-oriented industries or new technologies. Although the study focuses on the private sector, a brief section is included on the potential for financing environmental investments in the municipal sector. These investments are usually considered under programs for infrastructure development. PART I: Private Sector Financing Sources of Financing Currently, the principal funding sources for environmental investments are multilateral w organizations, commercial banks, venture capital funds and Croatian government entities.
    [Show full text]
  • THE 2011 RESULTS of the PRIVATE EQUITY and VENTURE CAPITAL INDUSTRY (Budapest, May 15, 2011)
    Dr. Judit Karsai1 THE 2011 RESULTS OF THE PRIVATE EQUITY AND VENTURE CAPITAL INDUSTRY (Budapest, May 15, 2011) The Protracted Crisis Even in 2011, the slowdown caused by the crisis still persisted in the Central and Eastern European (CEE) private equity and venture capital industry. Similarly to Europe as a whole, the first half of 2011 showed signs of recovery; thus, investments and exits of significant value were made in the region. However in the middle of the year, a new wave of the European debt crisis broke the upwards trend. In 2011, the region again represented nearly 3% of European investments; however, the increase in the volume of capital committed for the purpose of investments here in the region reached only one tenth of the European dynamic which signifies the deterioration of the region’s competitive position. However in terms of exits of investors from portfolio companies, the region improved its position in Europe as a result of some very high-value exits; the share of local divestitures rose to 4.5%. In 2011, the Hungarian private equity and venture capital market regained its earlier second position in terms of volume of investments in the region; moreover, in terms of exit value, it was first in the region. The Hungarian market achieved an outstanding position not only in the region but also Europe-wide due to the launch of the activity of the Jeremie funds. In 2011, it ranked sixth in Europe in terms of the ratio of the value of early stage investments i.e. the venture capital investments functioning in the classic sense of venture capital to the GDP.
    [Show full text]
  • Private Equity Review
    Private Equity Review Seventh Edition Editor Stephen L Ritchie lawreviews © 2018 Law Business Research Ltd Private Equity Review Seventh Edition Reproduced with permission from Law Business Research Ltd This article was first published in April 2018 For further information please contact [email protected] Editor Stephen L Ritchie lawreviews © 2018 Law Business Research Ltd PUBLISHER Tom Barnes SENIOR BUSINESS DEVELOPMENT MANAGER Nick Barette BUSINESS DEVELOPMENT MANAGERS Thomas Lee, Joel Woods ACCOUNT MANAGERS Pere Aspinall, Sophie Emberson, Laura Lynas, Jack Bagnall PRODUCT MARKETING EXECUTIVE Rebecca Mogridge RESEARCHER Arthur Hunter EDITORIAL COORDINATOR Gavin Jordan HEAD OF PRODUCTION Adam Myers PRODUCTION EDITOR Anna Andreoli SUBEDITOR Simon Tyrie CHIEF EXECUTIVE OFFICER Paul Howarth Published in the United Kingdom by Law Business Research Ltd, London 87 Lancaster Road, London, W11 1QQ, UK © 2018 Law Business Research Ltd www.TheLawReviews.co.uk No photocopying: copyright licences do not apply. The information provided in this publication is general and may not apply in a specific situation, nor does it necessarily represent the views of authors’ firms or their clients. Legal advice should always be sought before taking any legal action based on the information provided. The publishers accept no responsibility for any acts or omissions contained herein. Although the information provided is accurate as of March 2018, be advised that this is a developing area. Enquiries concerning reproduction should be sent to Law Business
    [Show full text]
  • Buoyant Growth Gives City Clout
    WARSAW As a Financial Centre www.ft.com/warsaw-finance-2012 | twitter.com/ftreports Inside this issue Real estate Buoyant growth gives city clout Lack of office space spurs foreign Jan Cienski notes that one of the biggest and oldest groups to private equity firms in the crowd in Poland has been more region. “One needs to approach Page 2 successful than most other countries in the region more selectively. It’s the most The stock exchange regional rivals in liquid hub. If you want to do an Bourse promises a sharper developing a sector IPO in the region, you have to eye on small listings look at Warsaw.” Page 2 with a wider reach However, deal size is much smaller than in western Europe, Banks Conservatism has resulted in relative strength n international finan- a reflection that the companies Page 2 cial centre is seen as that have grown up in the the hallmark of a seri- region in the two decades since Privatisation State takes ous country – which is the end of communism have not strategic approach Awhy emerging economies from yet reached the scale of their to sell-offs Page 3 South Africa and Brazil to Rus- rivals from wealthier countries. sia, Turkey and Poland are all That keeps big international M&A The lack of credit is trying to build up their financial and pan-European groups on the likely to prompt a wave muscle. sidelines, dipping into Poland of consolidation Page 3 Poland has been more success- when the rare huge deal comes ful than many central European up, but otherwise leaving the After hours Frogs’ legs rivals in creating a sector that sector to local firms.
    [Show full text]
  • Performance Profiles of the Western Balkan Countries and Kosovo Under UNSCR 1244/99
    PART III Profiles of the Western Balkan Countries and Kosovo under UNSCR 1244/99 189 Introduction Part II of this report is divided into chapters public–private consultations in the design of enterprise specifically on each Western Balkan country and Kosovo policy. under UNSCR 1244/99 ( “country chapters ”), providing additional insight on the implementation of the Charter. Section 3 provides an overview of the operational Each country chapter has been divided into six sections: environment for enterprises, covering dimension 2 (Cheaper and faster start-up ), dimension 6 ( Getting more out 1. Country overview (including a sub-section on the of the Single Market ), dimension 7 (Taxation and financial effects of the global financial and economic crisis) matters ), and dimension 8 ( Strengthening the technological 2. SME policy and public-private consultation capacity of SMEs ) of the Charter. These four Charter 3. Operational environment dimensions study the policy tools, facilities, legislation and 4. Services for enterprises regulatory framework in place which facilitate operations 5. Human capital for an enterprise. 6. The way forward Section 4 covers two Charter dimensions on services Section 1 provides an overview of the SME sector in for enterprises: dimension 5 ( Improving online access ) and each country, tracking key reforms that have influenced dimension 9 ( Successful e-business models and top-class the design of policy in the country. It also contains a sub- business support ). As these areas of the Charter reinforce section on the effects of the global financial and economic one another, they have been considered together. crisis on each country. This section relies on data from government sources and international organisations.
    [Show full text]
  • CEE 2015 Corporate Counsel Summit
    Year I, Year-End Issue CEE January 2015 Legal Matters In-Depth Analysis of the News and Newsmakers That Shape Europe’s Emerging Legal Markets Contents November 2013 December 2013 The idea of CEELM is born Corporate Subscriber (24 hours after the website launch) February 2014 Preliminary Matters 2 - 5 Issue 1 of the CEE Legal Matters Magazine is published December 2013 www.ceelegalmatters.com is launched April 2014 First CEE Legal Matters Round Table is held in London 3 Editorial: Something Good April 2014 The CEELM website reaches September 2014 4 A Snapshot of Our First Year First CEELM story scopped by Chambers & Partners July 2014 July 2014 Corporete Counsel Handbook First CEELM story scopped is published by IFLR1000 May 2014 September 2014 The 1,000th story is published 1K on the CEELM website September 2014 November 2014 “@CEELegalMatters just a quick The CEELM website crashes due to CEE Summit Expert Essays 6 - 31 note to say your feed is useful and appreciated. Good job, folks!” “A good problem to have but a problem PreliminaryMike Nash, Editor of The Legal 500 Mattersnevertheless.” January 2015 Europe, Middle East & Africa First Year-End special issue and 2014-2015 deal list are published December 2014 A Snapshot of Our First Yeartakes place in Vienna 6 Looking Forward to 2015: A Changing Landscape (Page 4) 8 “English Law on the Ground”: An Ingredient for Success 10 Why Things are Different This Time (Or Not) 12 Stirring Times: 2014 a Challenging Year in the Hungarian Legal Market 14 CEE Recovers, Greece Plays Leading Role in
    [Show full text]
  • A Further Step Upwards*
    Central & Eastern European Mergers and Acquisitions Survey 2004 A further step upwards* *connectedthinking Preface Welcome to the latest PricewaterhouseCoopers Global markets after several years of recession Central & Eastern European Mergers & and stagnation finally saw some recovery both in Acquisitions Survey. The aim of this Survey is to terms of numbers and values. A positive present an overview of M&A as well as economic climate paired with optimistic outlook for Privatisation activity in the region in 2004 and to the coming years, increased liquidity of acquisitive provide an analysis on the key trends and driving companies as well as favourable financing forces. conditions provided by banks all precipitated the increase in M&A activity worldwide. M&A value in 2004 in the region totalled more than USD 50 billion, significantly higher than in Positive global trends did have an impact on the 2003. This growth is primarily driven by an CEE region, such as in the form of increased increased value of transactions coupled with foreign investments, among others. But in light of a further increase in “mega” deals with values a global upturn in M&A activity growth in the CEE above USD 100 million, including some over USD region is modest. 1 billion. Despite robust increase in terms of value the number of transactions somewhat stablilised Considering previous years’ trends when in 2004. increases in the region outperformed global markets, it appears that growth in the region is becoming more and more consistent year-on-year. We therefore believe that expansion of M&A markets of the region can be expected in the coming year.
    [Show full text]
  • Bank Management Between Shareholders and Regulators
    BANK MANAGEMENT BETWEEN SHAREHOLDERS AND REGULATORS Christian Harm Société Universitaire Européenne de Recherches Financières Vienna 2002 CIP Bank management between shareholders and regulators by Christian Harm Vienna: SUERF (SUERF Studies: 21) ISBN 3-902109-13-0 Keywords: banks, bank regulation, corporate governance JEL-Classification Number: G21, G28, G34 © 2002 SUERF, Vienna Copyright reserved. Subject to the exception provided for by law, no part of this publication may be reproduced and/or published in print, by photocopying, on microfilm or in any other way without the written consent of the copyright holder(s); the same applied to whole or partial adaptions. The publisher retains the sole right to collect from third parties fees payable in respect of copying and/or take legal or other actions for this purpose. BANK MANAGEMENT BETWEEN SHAREHOLDERS AND REGULATORS by Christian Harm Universität Münster Abstract This essay discusses the corporate governance of banks. Bank managers must balance competing demands from shareholders and regulators, which distinguishes banks from most other firms. The essay is structured into three parts. The theoretical section first broadly defines management and its governance as a process with certain built-in ambiguities that defy a strict notion of accountability. Then, a focus on financial stakeholders clarifies the different governance objectives of owners and creditors, and integrates bank regulation into the concept of debt governance. The empirical section surveys the extant literature to derive insights as to which theoretical predictions have so far received more wide-spread support, and in which areas the insights generated by researchers may still be too vague to lend themselves as a basis for policy advice.
    [Show full text]
  • Private Equity Firms
    DENVER CAPITAL MATRIX Funding sources for entrepreneurs and small business. Introduction When it comes to business capitalization most of us have certainly heard the cliché, “It takes money to make money.” However, knowing just where to go to search for funding can be half the battle of fi nancing today’s successful business. The Denver Capital Matrix is designed as a tool to assist business owners and entrepreneurs with discovering the myriad of capital sources in and around the Mile High City. As a strategic initiative of the Defi nitions Denver Offi ce of Economic Development’s JumpStart 2012 strategic Venture Capital – Venture capital is capital provided by investors to small businesses and start-up fi rms that demonstrate possible high- plan, the Denver Capital Matrix provides a comprehensive directory growth opportunities. Venture capital investments have a potential for of fi nancing sources, from traditional bank lending, to venture capital considerable loss or profi t and are generally designated for new and fi rms, private equity fi rms, angel investors, mezzanine sources and speculative enterprises that seek to generate a return through a potential more. initial public off ering or sale of the company. Small businesses provide the greatest opportunity for job creation Angel Investor – An angel investor is a high net worth individual active in today. Yet, a lack of needed fi nancing often prevents businesses from venture fi nancing, typically participating at an early stage of growth. implementing expansion plans and adding payroll. Through this new resource, we’re striving to help connect businesses to start-up and Private Equity – Private equity is an individual or consortium of investors expansion capital so that they can thrive in Denver.
    [Show full text]
  • D3.3 Map of Existing Digital Initiatives
    Ref. Ares(2018)1079046 - 26/02/2018 Smart 4 Europe Catalysing Digitisation throughout Europe Deliverable D3.3 Overview Map of Existing Digital Initiatives Grant Agreement number: 761.448 Project acronym: Smart 4 Europe Project title: Catalysing Digitisation throughout Europe Project co-ordinator name, title and organisation: Dr. Rainer Günzler, Hahn-Schickard Tel: +49 7721 943-188 Fax: +49 7721 943-210 E-mail: [email protected] Project website address: http://www.smart4europe.eu Responsible: THHINK Contributor(s): THK, HS, S2i Reviewer: HS Submission Date: M6 Due: M6 Nature1: R Dissemination level2: PU 1 R = Report, P = Prototype, D = Demonstrator, O = Other) 2 PU = Public, PP = Restricted to other programme participants (including the Commission Services), RE = Restricted to a group specified by the consortium (including the Commission Services), CO = Confidential, only for members of the consortium (including the Commission Services) Short description of the content of the deliverable The deliverable presents a map of existing digital initiatives. The various sources of national governmental support, Business Angel, and Private Equity funding that are available in each member state have been assessed. Based on this an overview map of relevant national and regional support for digital innovation has been created highlighting areas where certain types of funding are stronger or weaker along the innovation value chain. Version history Version Date Changes made by Sent to purpose 1.0 29.01.2018 Draft version THHINK Consortium Comment 1.1 26.02.2018 Issue 1 THHINK EC Issued 1.2 26.02.2018 Internal review HS 2.0 26.02.2018 submission Statement This deliverable is part of the achievement of the project Smart 4 Europe.
    [Show full text]