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Private Equity-Dachfonds 2 Februar 2012, 12,50 EUR Private Equity • Buyouts • M&A Magazin VentureCapital www.vc-magazin.de Magazin VentureCapital Das Magazin für Investoren und Entrepreneure Mit Sonderbeilage „Private Equity-Markt Schweiz“ (7. Jg.) TheThe skysky isis thethe limitlimit Deutsche Internet-Start-ups greifen nach den Sternen „Deutschland braucht techno - Gerne mit Private Crowdfunding ent wickelt logieorientierte Unternehmen“ Equity! sich weiter Interview mit Dr. Peter Güllmann, Buyout-Investoren als Schwarmfinanzierung für Start- Vorstandsmitglied, BVK Käufer von Spin-offs ups mit besonderer Geschäftsidee STELLEN SIE SICH VOR: ES GIBT ANWÄLTE, DIE DENKEN, BEVOR SIE INVESTIEREN. Denn Ihre Investition liegt uns am Herzen. Bei uns ist ehrliches Engagement kein Lippenbekenntnis. Nur so verwandeln wir unsere Erfahrung in eine für Sie skalierbare Investition. Vom Start-up bis zum Exit erhalten Sie das, was wir am besten können: exzellente Wirtschaftsberatung. Osborne Clarke ist einer der Spieler in der Mitte des Venture Capital-Marktes. Eine dynamische Wirtschaftskanzlei, die für Mandanten auch mal ungewöhnliche Wege geht. Der Financial Times war das den „FT Innovative Lawyers Award 2009“ wert. Wir nennen das Imaginative Thinking. Mehr unter osborneclarke.de Nicolas Gabrysch E [email protected] T +49 (0) 221 5108 4178 Editorial Die (Ohn-)Macht der Medien Mathias Renz, Objektleiter Der Anruf von Bundespräsident Christian Wulff bei Bild- Um in der Öffentlichkeit das Verständnis dafür zu schär- Chefredakteur Kai Diekmann hat ein breites Medienecho fen, dass Beteiligungskapital mitten in der Eurokrise ein hervorgerufen. Der erste Mann im Staat drohte dem wohl Teil der Lösung für technologischen Fortschritt und mächtigsten deutschen Blattmacher mit Krieg und juris- Wachstum ist, hat sich der Vorstand des BVK in seiner Editorial tischen Konsequenzen und trat dabei nicht nur die Klausurtagung Anfang 2012 dafür entschieden, einen Presse freiheit mit Füßen. Während der Aufschrei quer besonderen Schwerpunkt auf die Pressearbeit zu legen. durch alle Bevölkerungsschichten groß war, verstand es Das VentureCapital Magazin wird diese Offensive gerne die Bild-Zeitung blendend, mit Wulffs Verfehlungen unterstützen, weil die Förderung der Gründer-, Eigen - Schlag zeilen und Kasse zu machen. Immerhin war es die kapital- und Innovationskultur in Deutschland seit der oberste moralische Instanz der Bundesrepublik, die sich ersten Ausgabe unseres „Magazins für Investoren und zu einer ungeschickten wie folgenschweren Drohung in Entre preneure“ im Juni 2000 das erklärte Ziel dieser Richtung Presse hinreißen ließ. Publi kation ist. Eine solche, von vielen mit erhobenem Zeigefinger verur- Wichtig für eine realistische und ernstzunehmende teilte Art der Einflussnahme zieht sich leider quer durch Berichterstattung ist dabei eine transparente und ehr- die gesamte Presselandschaft. Ob mittels Androhung von liche Darstellung sämtlicher Sachverhalte. Und hierzu juristischen Maßnahmen, Entzug von Werbebudgets oder gehören im Beteiligungsgeschäft neben gern gesehenen Kündigung jeglicher Zusammenarbeit. Auch wir als Erfolgsgeschichten auch zweitklassige Exits und Macher des VentureCapital Magazins müssen immer wie- Abschreibungen. Nur wenn alle Marktteilnehmer – und der tief schlucken, wenn wir sehen, zu welch fragwürdi- nicht nur der BVK – bereit sind, hier offen und trans- gen Maßnahmen sich Marktteilnehmer oder deren Hand- parent zu kommunizieren, haben die Medien die Möglich- langer hinreißen lassen, um unsere Arbeit zu beeinflus- keit, ein unverzerrtes und glaubwürdiges Bild zu zeich- sen. Dabei ist eine unabhängige Berichterstattung gerade nen. im Bereich Private Equity essenziell, wo in der Öffentlich- keit auch Jahre nach Müntefering & Co noch immer das In diesem Sinne wünsche ich Ihnen ein glückliches, erfolg- Bild der Heuschrecke bemüht wird. reiches, aber vor allem gesundes Jahr 2012 – mit guten Exits und wenigen Abschreibungen! Die Herausforderungen für die Branche sind ohnehin groß: Regulatorische Vorschriften wie Basel III oder Solvency II lassen den Kapitalfluss in die Assetklasse Private Equity abebben. Die Renditen vieler Fonds gestal- ten sich nicht zur Zufriedenheit der Limited Partner. Und im Venture Capital-Bereich ist institutionelles Kapital [email protected] bereits knapp geworden, wie Dr. Peter Güllmann, Vor- standsmitglied des Branchenverbands BVK und Bereichsleiter Beteiligungen bei der NRW.Bank, im Inter- view ab Seite 18 berichtet. PS: Folgen Sie uns auch auf Facebook (facebook.com/VentureCapitalMagazin) und Twitter (@vc_magazin), um stets auf dem Laufenden zu sein. www.vc-magazin.de VentureCapital Magazin 2/2012 3 18 „Deutschland braucht techno- 36 Gerne mit Private Equity! logieorientierte Unternehmen“ Interview mit Dr. Peter Güll- Buyout-Investoren als Käufer mann, Bereichsleiter Beteili- von Spin-offs 3 Editorial gungen, NRW.Bank, Vor- Die (Ohn-)Macht der Medien standsmitglied, BVK Auslese Die Bedeutung der Start-up-Szene wird Bei Konzernen und großen Mittel- von Politikern, Verbandsvertretern und ständlern steigt derzeit die Neigung zur 6 Statistiken, Top-News und Unternehmenslenkern in Sonntagsreden Konzentration auf das Kerngeschäft – Tendenzen betont. In der Praxis ist Kapital für auf- sie gliedern nicht dem Kerngeschäft zu- strebende Jungunternehmen allerdings zuordnende Geschäftseinheiten und Titelthema ein rares Gut. Im Interview kommentiert Tochterunternehmen mit dem Ziel des Dr. Peter Güllmann, Vorstandsmitglied Verkaufs aus. Solche Spin-offs stellen 12 The sky is the limit des Branchenverbands BVK, die Rah- eine Vielzahl rechtlicher Herausfor - Deutsche Internet-Start-ups menbedingungen und die Herausforde- derungen. greifen nach den Sternen rungen für die Branche im Jahr 2012. Inhalt Märkte & Zahlen 25 Menschen & Macher 34 Vorübergehend als Venture 18 „Deutschland braucht junge, Stefan Pfannmöller Capitalist in San Francisco technologieorientierte Unter- Teil 60 der Serie Stephan Uhrenbacher, nehmen“ 9flats.com Interview mit Dr. Peter Güll- 26 Vom Würzburger Uni-Spin-out mann, Bereichsleiter Beteili- zum Technologieführer gungen, NRW.Bank, Vorstands- Va-Q-tec AG: Vakuum als Mittelstand/Buyouts mitglied, BVK Allroundtalent 36 Gerne mit Private Equity! 20 Die richtigen Führungskräfte 28 Brutstätten für Start-ups auf Buyout-Investoren als Käufer finden dem Vormarsch von Spin-offs von Konzernen Investoren brauchen Macher In Deutschland entstehen im - und dem Mittelstand wie Kolumbus mer mehr Internet-Inkubato- Federico Pappalardo, Dechert Maike Dietz, Personalberaterin ren 38 M&A-Kolumne 22 Executive Talk 30 Jeder Cent zählt von Dr. Michael R. Drill , „Man sollte bei der Finanz- Erfolgsfaktoren für E-Com- Lincoln International transaktionssteuer mit Augen- merce-Unternehmen 2012 Konzern-Spinn-offs in maß vorgehen“ Jochen Klüppel, Grazia Equity Deutschland Interview mit Kai Friedrich, CEO, Cortal Consors 32 Was vom Hype übrig blieb 39 Die Rolle des CFO beim Rückblick auf zwei Jahre Spin-off deutsche Deal-Websites Herausforderung Programm- Early Stage & Expansion Management 33 Standpunkt Unternehmer Thomas Koch, Christopher Stift, 24 VC-Kolumne von Jens Munk Pitchen ohne Termin durch taskforce – Management on Asymmetrie am Verhandlungs- Einsatz moderner Technolo- demand tisch gien Gründer sollten bei Finanzie- Sebastian Walker, rungsrunden langfristig denken SlidePresenter 4 VentureCapital Magazin 2/2012 www.vc-magazin.de 48 Crowdfunding entwickelt sich 52 Hier streamt die Musik weiter Schwarmfinanzierung für Verbraucher, Gründer und In- Start-ups mit besonderer vestoren setzen auf Musikpor- Geschäftsidee tale und Streaming-Dienste 52 Hier streamt die Musik Verbraucher, Gründer und Investoren setzen auf Musik- Crowdfunding bzw. Crowdinvesting ist Streaming-Dienste haben derzeit Kon- portale und Streaming- stark im Kommen. Für junge Unterneh- junktur. Während Video-Streamings Dienste im Internet men bietet sich hier die Chance, sich hierzulande noch mit ungeklärten Nut- einem breiten Publikum im Internet zungsrechten zu kämpfen haben, 54 „Hohe Qualität spricht sich vorzustellen und über viele Klein - scheint der Bann für Musik-Streaming- herum“ Editorial beträge eine größere Finanzierungs- Dienste gebrochen. Mit Unterstützung Interview mit Thomas Baur summe zusammenzubekommen. Aber des innovativen Cloud Computings und Freya Looft, Geschäfts- nicht jede Geschäftsidee ist dafür drängen zahlreiche nationale und inter- führer, dtp young entertain- geeignet. nationale Anbieter auf den Markt. ment GmbH Datenbank 40 Die wahre Arbeit beginnt mit Entrepreneurship dem Launch 56 Deal-Monitor Wertschöpfung und Kunden- 46 Entrepreneurship-Flash bindung durch Social Net- 64 Events works 47 „Der Gewinner des Veranstaltungen für VCs, Thimo Buchheister, German.Venture.Awards wird Gründer und Dienstleister Jens Steiner, All about Ashley dieses Jahr vom Publikum bestimmt“ 65 Zitat des Monats Interview mit Dr. Peter Wolff, Private Equity-Dachfonds Geschäftsführer, EnjoyVenture 65 Ausblick/Impressum Management GmbH 42 Rechtliche Fallstricke bei 66 People Dachfonds-Investments 48 Crowdfunding entwickelt Möglichkeiten zur Gestaltung sich weiter der Gesellschaftsverträge Schwarmfinanzierung für Hans-Joachim Schreiber, CBA Start-ups mit besonderer Studio Legale e Tributario Geschäftsidee 43 Dachfonds-News 50 „Man muss überlegen, wie man die Crowd richtig ein - 44 Möglichst ohne Schaden raus bindet“ Was bedeutet der Austritt aus Interview mit Michael Kraus, einem geschlossenen Fonds Geschäftsführer, Cosmopol Auf www.vc-magazin.de finden
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