MATURITY of VENTURE CAPITAL in SPAIN Successful Cases When a Transformation of Startup to Solid Company Has Occured
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Universidad De Alicante Facultad De Ciencias Económicas Y Empresariales
UNIVERSIDAD DE ALICANTE FACULTAD DE CIENCIAS ECONÓMICAS Y EMPRESARIALES GRADO EN PUBLICIDAD Y RELACIONES PÚBLICAS CURSO ACADÉMICO 2019 - 2020 EL FUTURO CRECIMIENTO DE LAS REDES SOCIALES: INSTAGRAM, FACEBOOK Y TIKTOK LAURA PALAO PEDRÓS VICENTA BAEZA DEVESA DEPARTAMENTO DE COMUNICACIÓN Y PSICOLOGÍA SOCIAL Alicante, mayo de 2020 RESUMEN En un entorno cambiante como la publicidad es vital adelantarse a los nuevos escenarios. Cada vez son más las empresas que invierten en marketing digital y en redes sociales. El objetivo del presente trabajo es hacer una previsión sobre el futuro crecimiento de las redes sociales Instagram, Facebook y TikTok, centrándose en esta última. La finalidad es analizar el rápido crecimiento de TikTok, averiguar qué factores han propiciado dicho crecimiento y cómo va a afectar al resto de plataformas. Para ello realiza un análisis DAFO con el fin de conocer los puntos fuertes y débiles de cada aplicación y un estudio sobre los testimonios de usuarios y expertos en TikTok. De este modo se demuestra la repercusión que va a tener esta aplicación en el sector publicitario ya que va a ser la preferida por las marcas en el futuro. Palabras clave: redes sociales, Instagram, Facebook, TikTok, publicidad. 2 ÍNDICE Resumen …………………….………………….………………………………….....……….2 1. Introducción ………………………………………………………...…………..…………..6 2. Estado de la cuestión y/o marco teórico ………………………………………….…….…..7 2.1. ¿Qué son las redes sociales? …………………………………………………………...7 2.2. Historia y características de las redes sociales más recientes ………………………..10 -
Innovation Relationships in the Emergence of Fintech Ecosystems
Proceedings of the 52nd Hawaii International Conference on System Sciences | 2019 Innovation Relationships in the Emergence of Fintech Ecosystems Kaisa Still Ilkka Lähteenmäki Marko Seppänen VTT Technical Research Centre Aalto University Tampere University of Technology of Finland Ltd [email protected] [email protected] [email protected] Abstract The context of our paper is about the transformative power of digital technology in This paper explores the emergence of ecosystems banking, financial and insurance. Technology in the context of Fintechs infusing digital technology developments have transformed banks’ business into financial services. The rapid rise of Fintechs has landscape [8] and they are turning into new models of changed the business landscape, challenging the cooperation, replacing the hierarchically managed established firms with novel solutions and services. value chains with ecosystems that are modular and As a result, the established firms are turning to new decentralized in their architecture [10]. models of cooperation, replacing the hierarchically The term ecosystem is widely used to describe the managed value chains with ecosystems that are interdependencies and possibilities for novel value modular and decentralized in their architecture. creation. Moore [15] defined the business ecosystem First, a bibliometric analysis was conducted to as follows: “companies coevolve capabilities around present the content and relationships in Fintech a new innovation: they work cooperatively and research in general. Then, a case study on two of the competitively to support new products, satisfy biggest retail banks in Finland and their innovation customer needs, and eventually incorporate the next relationships in developing Distributed Ledger round of innovations.” The prefix eco (in relation to Technologies and related services was conducted. -
Still on the Rise the Kartesia Team Is Honoured to Receive the Pdi ‘Lender of the Year, Europe’ Award 2017
MARCH 2018 PRIVATEDEBTINVESTOR.COM ANNUAL REVIEW 2017 STILL ON THE RISE THE KARTESIA TEAM IS HONOURED TO RECEIVE THE PDI ‘LENDER OF THE YEAR, EUROPE’ AWARD 2017 “WE TRULY APPRECIATE THE RECOGNITION FROM OUR INVESTORS, PEERS AND BUSINESS PARTNERS FOR OUR PAN-EUROPEAN CREDIT PLATFORM FOCUSED ON SMALL AND MEDIUM SIZED BUSINESSES.” Kartesia is dedicated to providing fully customised financing solutions to the vast universe of c. 950,000 European small to mid-cap companies. Through our differentiated positioning on this growing private debt space, we have generated an attractive illiquidity premium combined with low loss rates, demonstrating our ability to offer strong risk-adjusted returns despite two credit cycles in the last decade. With continued hard work, strong credit expertise and passion we will endeavour to consistently deliver solid results to our investors. Brussels • Frankfurt • London • Luxembourg • Madrid • Paris • www.kartesia.com Any investment carries risk and you may not get back the amount originally invested. This document is for professional clients only and does not constitute a financial promotion, investment ad- vice or recommendation, offer or a solicitation of an offer to buy or sell any asset or interest by Kartesia Advisor LLP (authorized and regulated by the Financial Conduct Authority to provide invest- ment services), registered in England and Wales under number OC 385 042 with its registered offices at 14 Clifford Street, London W1S 4JU, United Kingdom, or any other entity of the Kartesia group. PRIVATE DEBT INVESTOR | ANNUAL REVIEW 2017 EDITORIAL COMMENT ISSN 2051-8439 Senior Editor Andy Thomson Tel: +44 20 7566 5435 [email protected] Special Projects Editor Andrew Woodman Tel: +44 203 862 7494 [email protected] A year we reached Americas Editor Andrew Hedlund Tel: +1 212 633 2906 [email protected] News Editor John Bakie dizzying heights Tel: +44 20 7566 5442 [email protected] Reporter Adalla Kim Going into 2017, the overall of a broader downturn. -
Private Debt in Asia: the Next Frontier?
PRIVATE DEBT IN ASIA: THE NEXT FRONTIER? PRIVATE DEBT IN ASIA: THE NEXT FRONTIER? We take a look at the fund managers and investors turning to opportunities in Asia, analyzing funds closed and currently in market, as well as the investors targeting the region. nstitutional investors in 2018 are have seen increased fundraising success in higher than in 2016. While still dwarfed Iincreasing their exposure to private recent years. by the North America and Europe, Asia- debt strategies at a higher rate than focused fundraising has carved out a ever before, with many looking to both 2017 was a strong year for Asia-focused significant niche in the global private debt diversify their private debt portfolios and private debt fundraising, with 15 funds market. find less competed opportunities. Beyond reaching a final close, raising an aggregate the mature and competitive private debt $6.4bn in capital. This is the second highest Sixty percent of Asia-focused funds closed markets in North America and Europe, amount of capital raised targeting the in 2017 met or exceeded their initial target credit markets in Asia offer a relatively region to date and resulted in an average size including SSG Capital Partners IV, the untapped reserve of opportunity, and with fund size of $427mn. Asia-focused funds second largest Asia-focused fund to close the recent increase in investor interest accounted for 9% of all private debt funds last year, securing an aggregate $1.7bn, in this area, private debt fund managers closed in 2017, three-percentage points 26% more than its initial target. -
PREQIN and FIRST REPUBLIC UPDATE: US VENTURE CAPITAL in Q1 2020 PREQIN and FIRST REPUBLIC UPDATE: US VENTURE CAPITAL in Q1 2020 Contents
PREQIN AND FIRST REPUBLIC UPDATE: US VENTURE CAPITAL IN Q1 2020 PREQIN AND FIRST REPUBLIC UPDATE: US VENTURE CAPITAL IN Q1 2020 Contents 3 Foreword 4 Deals & Exits 7 Fundraising 10 Funds in Market 12 Micro Venture Capital 15 Performance 17 Fund Managers 19 Investors Data Pack The data behind all of the charts featured in this report is available to download for free. Ready-made charts are also included that can be used for presentations, marketing materials, and company reports. Download the data pack Preqin partnered with First Republic Bank to prepare this information regarding US Venture Capital. This report is for information purposes only and is not intended as an offer, solicitation, advice (investment, legal, tax, or otherwise), or as the basis for any contract. First Republic Bank has not independently verified the information contained herein and shall not have liability to any third party in any respect for this report or any actions taken or decisions made based upon anything contained herein. This information is valid only as of April 2020 and neither Preqin nor First Republic Bank will undertake to update this report with regard to changes in market conditions, information, laws, or regulations after the date of this report. This report may not be further reproduced or circulated without the written permission of Preqin and First Republic Bank. All rights reserved. The entire contents of Preqin and First Republic Update: US Venture Capital in Q1 2020 are the Copyright of Preqin Ltd. No part of this publication or any information contained in it may be copied, transmitted by any electronic means, or stored in any electronic or other data storage medium, or printed or published in any document, report or publication, without the express prior written approval of Preqin Ltd. -
IT's 10 P.M. Do You Know What Apps Your Kids Are Using?!?!?
Instagram Facebook Twitter Snapchat Musical.ly WhatsApp kik SayAt.Me Marco Polo Monkey Ask.Fm House Party Fire Chat After School Sarahah VIDEO-MESSAGING APPS • VIDEO APPS LIKE MARCO POLO, HOUSE PARTY AND FIRECHAT ARE THE NEW CHAT ROOMS • MARCO POLO, WHICH HAS BEEN DOWNLOADED AT LEAST 10 MILLION TIMES ON THE GOOGLE PLAY STORE, TOUTS ITSELF AS A VIDEO “WALKIE-TALKIE.” YOU MAKE A VIDEO AND SEND IT. IN RESPONSE YOUR FRIEND MAKES A VIDEO. ALL THE VIDEOS LIVE IN A QUEUE; YOU ADD A VIDEO WHEN IT’S CONVENIENT. YELLOW • YELLOW, WHICH HAS BEEN CALLED “TINDER FOR TEENS” (SWIPE RIGHT IF YOU WANT TO BECOME FRIENDS WITH SOMEONE; SWIPE LEFT IF YOU DON’T), OPENS WITH A GEO-LOCATOR. THERE IS A 13-YEAR- OLD AGE MINIMUM, WHICH THERE’S NO WAY OF VERIFYING. ANONYMOUS APPS • ANONYMOUS APPS HAVE BEEN DEVELOPED FOR PEOPLE INTERESTED IN A FACELESS AND NAMELESS DOCUMENTATION OF THEIR LIVES (AS OPPOSED TO A SELFIE), DRAWING IN CHILDREN WHO LEARNED FROM EARLIER GENERATIONS ABOUT THE CONSEQUENCES OF AN OFFENSIVE ONLINE FOOTPRINT. • THERE ARE A NUMBER OF ANONYMOUS APPS ON THE MARKET — AFTER SCHOOL, SARAHAH, SAYAT.ME, MONKEY AND ASK.FM ARE SOME OF THE MOST POPULAR — ALL OF THEM PROMISING THE SAME FEATURE: SPILL INTIMATE FEELINGS ABOUT YOURSELF OR, ON THE FLIP SIDE, SPREAD RUMORS AND ATTACK FRIENDS, WITHOUT ANY TRACE OF WHO SAID WHAT. EPHEMERAL APPS • MANY ADULTS HAVE HEARD OF SNAPCHAT AND INSTAGRAM STORIES, BUT WHAT ABOUT LIVE.LY, A RISING LIVE-STREAMING APP WITH A LARGE TEENAGE AUDIENCE? • ALL THREE WORK LIKE A DISAPPEARING MAGIC ACT. -
The Leveraging of Silicon Valley∗
The Leveraging of Silicon Valley∗ Jesse Davis, Adair Morse, Xinxin Wangy July 10, 2020 Abstract Early-stage firms utilize venture debt in one-third of financing rounds despite their general lack of cash flow and collateral. In our model, we show how venture debt aligns incentives within a firm. We derive a novel theoretical channel in which runway exten- sion through debt increases firm value while potentially lowering closure. Consistent with the model's mechanism, we find that dilution predicts venture debt issuance. Em- pirically, treatment with venture debt lowers closure hazard by 1.6-4.4% and increases successful exits by 4.3-5.3%. Back-of-the-envelope calculations suggest $41B, or 9.4% of invested capital, remains productive due to venture debt. JEL Classification: G24, G32, L26, O3 Keywords: venture debt, venture lending, early-stage financing, entrepreneurship, start- up capital structure, levered equity, runway extension, moral hazard, optimality of debt, innovation finance ∗We thank Greg Brown, Diane Denis (discussant), Mike Ewens, Paolo Fulghieri, Juanita Gonzalez-Uribe, Radha Gopalan (discussant), Will Gornall, Arpit Gupta, Yael Hochberg, Yunzhi Hu, Josh Lerner, William Mann (discussant), Erwan Morellec (discussant), Ramana Nanda, Manju Puri (discussant), David Robinson, Luke Stein (discussant), Rick Townsend (discussant), Daniel Wolfenzon (discussant), Dong Yan (discussant), Alminas Zaldokas (discussant), Wenrui Zhang (discussant), and seminar participants at the Private Mar- kets Research Conference, NYU WAPFIN Conference, UNC, UT Dallas Finance Conference, Duke I&E Research Symposium, BYU Red Rock Conference, NBER Entrepreneurship, Australasian Banking Confer- ence, NZFM Conference, MFA, Southern California PE Conference, Stanford-Berkeley Joint Seminar, Global Entrepreneurship and Innovation Research Conference (Darden), EFA, WFA for helpful comments. -
Smart Financing: the Value of Venture Debt Explained
TRINITY CAPITAL INVESTMENT SMART FINANCING: THE VALUE OF VENTURE DEBT EXPLAINED Alex Erhart, David Erhart and Vibhor Garg ABSTRACT This paper conveys the value of venture debt to startup companies and their venture capital investors. Venture debt is shown to be a smart financing option that complements venture capital and provides significant value to both common and preferred shareholders in a startup company. The paper utilizes mathematical models based on industry benchmarks for the cash burn J-curve and milestone-based valuation to illustrate the financing needs of a startup company and the impact of equity dilution. The value of venture debt is further explained in three primary examples that demonstrate the ideal situations and timing for debt financing. The paper concludes with two examples that quantify the value of venture debt by calculating the percentage of ownership saved for both entrepreneurs and investors by combining venture debt with venture capital. INTRODUCTION TO VENTURE DEBT Venture debt, also known as venture 2. Accounts receivable financing Venture debt is a subset of the venture lending or venture leasing, is a allows revenue-generating startup capital industry and is utilized worldwide.[2] type of debt financing provided to companies to borrow against It is generally accepted that for every venture capital-backed companies. their accounts receivable items four to seven venture equity dollars Unlike traditional bank lending, venture (typically 80-85%). invested in a company, one dollar is (or debt is available to startup companies could be) financed in venture debt.[3, 4] without positive cash flow or significant 3. Equipment financing is typically Therefore, a startup company should be assets to use as collateral.[1] There are structured as a lease and is used able to access roughly 14%-25% of their three primary types of venture debt: for the purchase of equipment invested capital in venture debt. -
Bbvaopenmind.Com 19 Key Essays on How Internet Is Changing Our Lives
bbvaopenmind.com 19 Key Essays on How Internet Is Changing Our Lives CH@NGE Zaryn Dentzel How the Internet Has Changed Everyday Life bbvaopenmind.com How the Internet Has Changed Everyday Life ––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– Zaryn Dentzel CEO, Tuenti bbvaopenmind.com How the Internet Has Changed Everyday Life Society, Community, Individuals Zaryn Dentzel 5 Zaryn Dentzel es.wikipedia.org/wiki/Zaryn_Dentzel Illustration Catell Ronca bbvaopenmind.com 7 Zaryn Dentzel Zaryn Dentzel is the founder and CEO of Tuenti, a Spanish tech company centered on mobile communications whose multi-platform integrates the best of instant messaging and the most private and secure social network. Also a member of the cabinet of advisors to Crown Prince Felipe for the Principe de Girona Foundation, Dentzel is involved in promoting education and entrepreneurship among young people in Spain. He studied at UC Santa Barbara and Occidental College, graduating with a degree in Spanish Literature, and Diplomacy and World Affairs. How the Internet Has Changed Everyday Life Sites and services that have changed my life tuenti.com techcrunch.com spotify.com Kinect Training bbvaopenmind.com Society, Community, Individuals bbvaopenmind.com 9 How the Internet Has Changed Everyday Life What Happened? The Internet has turned our existence upside down. It has revolutionized communications, to the extent that it is now our preferred medium of ev- Zaryn Dentzel eryday communication. In almost everything we do, we use the Internet. Ordering a pizza, buying a television, sharing a moment with a friend, send- ing a picture over instant messaging. Before the Internet, if you wanted to keep up with the news, you had to walk down to the newsstand when it opened in the morning and buy a local edition reporting what had happened the previous day. -
Coping with Covid-19
COPING WITH COVID-19 Being Social While Social Distancing Margaret Machara, Ph.D., CFLE, Professor, Department of Human Sciences Contact: 615-963-5628, [email protected] Beatrice Harris, Ph.D., Associate Professor & Extension Specialist Rita Fleming, M.S., Assistant Professor & Extension Specialist Kane Reeves, Ed.D., Extension Agent & County Director “Cherish your human connections: your relationships with friends and family” ― Barbara Bush At a time when most of us have been encouraged to stay home as much as possible, we are reminded how important human connection is. While we’ve struggled to maintain a balance of personal space and connection with the family in our home, we also are missing our other friends and family. Social relationships are connected to positive mental health. We may just need to be creative in how we maintain it right now! KICK IT OLD SCHOOL Make a schedule to remind yourself to call Remember letters? At a time occasionally. If you don’t have a lot to say, write when a trip to the mailbox is down some memories to relive or jokes to share. your big outing for the day, give your friends and family AT YOUR something pleasant to pull out. CONVIENENCE A card, a letter, a postcard, even a package is a nice surprise. This is a busy and strange Even if you don’t have a lot of time for all of us. Many news, saying hello and that people are working from you’re thinking of them keeps home and some may be educating their children the connection alive. -
Private Equity & Venture Capital
VOLUME 14, ISSUE 6 ■ AUGUST 2018 PRIVATE EQUITY & VENTURE CAPITAL SPOTLIGHT THE RISE OF VENTURE AND IN THIS ISSUE GROWTH CAPITAL IN EUROPE €11bn in capital has already been secured by venture and growth capital funds focused on Europe that have closed this FEATURE 3 year; this is the highest figure seen at this stage in recent The Rise of Venture years. We put activity in the region under the microscope, examining the economic factors that have contributed to and Growth Capital in this. Europe Find out more on page 3 INDUSTRY NEWS 7 THE FACTS ■ Private Equity in the 9 PRIVATE EQUITY IN THE NORDIC Nordic Region REGION ■ Public Pension Funds 12 Investing in Private With the capital raised by managers based in the Nordic Equity region reaching record highs, we take a look at the growing private equity market in terms of fundraising activity, investor make-up and largest exits in the region. CONFERENCES 14 Find out more on page 9 RECENTLY RELEASED: THE 2018 PREQIN PRIVATE CAPITAL FUND TERMS THE 2018 PRIVATE CAPITAL All data in this newsletter ADVISOR can be downloaded to PREQIN FUND TERMS ADVISOR Excel for free Order Your Copy Download Sample Pages Sign up to Spotlight, our free monthly newsletter, providing insights into performance, investors, deals and fundraising, powered by Preqin data: Alt Credit Intelligence European and US Fund Services Awards: Best Data and Information Provider | Africa Global Funds Awards 2016: Best Research and Data Provider | The Queen’s SIGN UP Award for Enterprise: International Trade | HedgeWeek Global Awards: -
Connecting the Residents of the Indigo at Lakewood Ranch Community
Connecting the Residents of the Indigo at Lakewood Ranch Community April 2020 Indigo Insider Newsletter April 2020 1 Community Hello Indigo Residents! It’s very exciting to be your new Indigo Community Association Manager and I look forward to working alongside all residents in this beautiful community to keep you informed and your Indigo Neighborhood Association running smoothly! I hold a Certified Manager of Community Associations (CMCA) designation that is obtained through education in Governance, Legal, Ethical Conduct, Budgets, Reserves, Investments and Assessments, Contracting, Financial Controls, Risk Management, Insurance, Property Maintenance and additional specified areas. I have been a Community Association Manager for seven (7) years and have worked with your builder, Neal Communities, previously. Please do not hesitate to contact me with questions or concerns. The best way to contact me is via email and my email address is found below. You can also call the Access Management office at the number listed and I will return your call as soon as possible. I look forward to meeting you in an informal gathering at the clubhouse once the self-quarantine is over! In the meantime, stay well and practice social distancing to help “flatten the curve”. Colleen Fletcher, CMCA, CAM Community Association Manager cfletcher@accessdifference,com 813-607-2220 Indigo Insider Newsletter April 2020 2 Fitness Challenge: Backyard Easter Egg Hunt There’s plenty we can do from home to enjoy our home comforts and stay fit, both physically and mentally. At the top of the list? Exercise! So pull up a patch of grass and enjoy this compelling “who’d have thought” exercise opportunity.