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Financing Technology Entrepreneurs + innovation & entrepreneurship FINANCING TECHNOLOGY ENTREPRENEURS & SMES IN DEVELOPING COUNTRIES: CHALLENGES AND OPPORTUNITIES FINANCING TECHNOLOGY ENTREPRENEURS & SMES IN DEVELOPING COUNTRIES: CHALLENGES AND MOROCCO OPPORTUNITIES Country Study AN infoDev PUBLICATION PREPARED BY Roberto Zavatta Economisti Associati SRL in collaboration with Zernike Group BV Meta Group SRL June 2008 Information for Development Program www.infoDev.org www.infoDev.org FINANCING TECHNOLOGY ENTREPRENEURS & SMES IN DEVELOPING COUNTRIES: CHALLENGES AND MOROCCO OPPORTUNITIES Country Study AN infoDev PUBLICATION PREPARED BY Roberto Zavatta Economisti Associati SRL in collaboration with Zernike Group BV Meta Group SRL June 2008 Information for Development Program www.infoDev.org ©2008 The International Bank for Reconstruction and Development/ The World Bank 1818 H Street NW Washington DC 20433 Telephone: 202-473-1000 Internet: www.worldbank.org E-mail: [email protected] All rights reserved The findings, interpretations and conclusions expressed herein are entirely those of the author(s) and do not necessarily reflect the view of infoDev, the Donors of infoDev, the International Bank for Reconstruction and Development/The World Bank and its affiliated organizations, the Board of Executive Directors of the World Bank or the governments they represent. The World Bank cannot guarantee the accuracy of the data included in this work. The boundaries, colors, denominations, and other information shown on any map in this work do not imply on the part of the World Bank any judgment of the legal status of any territory or the endorsement or acceptance of such boundaries. Rights and Permissions The material in this publication is copyrighted. Copying and/or transmitting portions or all of this work without permission may be a violation of applicable law. The International Bank for Reconstruction and Development/The World Bank encourages dissemination of its work and will normally grant permission to reproduce portions of the work promptly. For permission to photocopy or reprint any part of this work, please send a request with complete information to infoDev Communications & Publications Department, 2121 Pennsylvania Avenue NW; Mailstop F 5P-503, Washington, D.C. 20433, USA; telephone: 202-458-4070; Internet: www.infodev.org; Email: [email protected]. All other queries on rights and licenses, including subsidiary rights, should be addressed to the Office of the Publisher, The World Bank, 1818 H Street NW, Washington, DC 20433, USA; fax: 202-522-2422; e-mail: [email protected]. Cover design by Patricia Hord Graphic Design, Inc. Typesetting by The Word Express, Inc. TabLE of Contents Abbreviations and Acronyms v Executive Summary 1 I. Introduction 3 II. The Country Background 5 II.1 The ICT/ICTE Sector 5 II.2 Policy and Institutional Framework 6 II.3 The Financial Sector 7 III. Issues In The Financing of Ict/icte Small Businesses 9 III.1 SME Financing Needs – The Demand Side 9 III.2 Issues in Accessing Financing – The Supply Side 10 III.3 Financing Gap – Nature and Severity 12 IV. Conclusions and Recommendations 15 IV.1 Measures Aimed at Facilitating Access to Equity Financing 15 IV.2 Measures Aimed at Facilitating Access to Bank Financing 16 IV.3 Improving the Understanding of the ICT Sector 17 Annex A – The ICT/ICTE Sector 21 Annex B – The Institutional Setting 27 Annex C – The Financial Sector 29 Annex D – List of Entities Interviewed 33 Annex E – Profiles of Sme Financing Organizations 35 Annex F – Profiles of Ict/icte Sme 41 iv Financing Technology Entrepreneurs & SMEs in Developing Countries: Challenges and Opportunities ABBREVIATIONS AND ACRONYMS AMIC Association Marocaine des Investisseurs GTZ Deutsche Gesellschaft für Technische en Capital Zusammenarbeit (German ANRT Agence Nationale de Régulation des development cooperation agency) Télécoms ICT Information and Communication APEBI Association des Professionnels de Technology Technologies de l’Information ICTE ICT Enabled BCP Banque Centrale Populaire IFC International Finance Corporation BMCE Banque Marocaine du Commerce IFI International Financial Institutions Exterieur RME Réseau Maroc Entreprendre BPO Business Process Outsourcing SME Small and Medium Enterprise CCG Caisse Centrale de Garantie SSII Sociétés de services d’ingénierie en CDG Caisse de Dépôts et Gestion informatique CETIC Centre Marocain des Technologies de TOR Terms of Reference l’Information et de la Communication UNDP United Nations Development pour les Entreprises Program CRM Customer Relations Management UNIDO United Nations Industrial DFI Development Finance Institutions Development Organization EC European Commission USAID United States Agency for International EIB European Investment Bank Development ERP Enterprise resource planning VSAT Very small aperture terminal EU European Union WTO World Trade Organization FPME Fédération des PME-PMI GMPCS Global mobile for personnel communication system Exchange Rates US$ 1 = MAD 8.864 (average 2005) EUR 1 = MAD 11.014 (average 2005) Abbreviations and Acronyms v vi Financing Technology Entrepreneurs & SMEs in Developing Countries: Challenges and Opportunities expansion, while factoring services market struggles EXECUTIVE to take off. Private equity industry is also well developed, with around 15 schemes in operation and SUMMARY a consolidated capital tripled over 2000. Nonetheless, SMEs—especially in ICT/ICTE sector—sometimes Over the past few years, Morocco’s ICT/ICTE face serious difficulties to raise the money to finance sector has grown considerably, and prospects for the their development and expansion. The Study future appear positive. Moroccan software houses identified the existence of a financing gap for have a strong position in certain niche markets, like operations in the US$0.1–1.0 million range, possibly software for payment systems, and some of them more acute in the US$0.4–0.8 million window. have been able of competing successfully in the Various factors concur to determine this gap: international market. In addition, the ICTE sector is rapidly expanding. Around 150 call centers are ■ Financing Policies: Conservative attitude of already active and 50 more are in the pipeline. banks: excessively stringent securitization Fueled by a number of competitive advantages, requested. Also procedural difficulties are including a favorable geographical position, the reported. Most of VCs focus on larger deals; presence of a skilled and comparatively inexpensive ■ Limited Diffusion of Alternatives: Financing workforce, and a world-class broadband connection, instruments like credit guarantees schemes are the BPO industry appears as one of the best marginal in the ICT sector. The development of promises for Moroccan ICT/ICTE industry for the factoring services is lagging; near future. Domestic demand for ICT products ■ Constraints on the Demand Side: Small and services is also on the rise, and about 800 entrepreneurs are often scarcely familiar with the distributors and installers of IT equipments and various financial instruments available. Poor software are recorded. The number of Internet users quality of projects submitted. Control aversion is growing at a two-digit rate, but the vast majority vis-à-vis VC financing; does not have home connections and access the ■ Understanding of ICT: Bank officers have often Internet at cybercafés. The market for Internet access a scarce knowledge of the various ICT/ICTE is stagnant. The small ISPs are going through a business models, and therefore are more inclined consolidation process, while the large ones— to reject request of loans in this area; typically attached to telecom operators—are more ■ Business Environment Constraints: The existing and more venturing in the provision of Internet- credit information system has a very limited based value-added services. The government is coverage. The existing legal framework does not paying more attention to the ICT/ICTE sector and incentive the enlargement of access to credit. several measures have been adopted or are in the process of being finalized. This includes regulative In Morocco the financing gap is more determined acts, as well as investments in infrastructures and by a mis allocation of resources rather than by an concrete measures in the support of ICT/ICTE absolute lack of funds, therefore the possible firms. In this process, an increasingly active role is measures identified to facilitate ICT/ICTE SMEs’ played by the private sector associations and other access to financing aim primarily at improving the intermediary organizations. efficiency of the existing mechanisms. The envisaged interventions fall within three categories. To begin The financial system is fairly developed and liquid. with, it appears necessary to improve access to Banking sector underwent a significant moderniza- equity financing, devising incentives for VCs to tion process in the nineties, and today it assorts consider also deals below the virtual threshold of state-controlled banks, domestic private banks and US$1.0 million. This could take the form of a foreign-controlled entities. In the non-banking scheme covering the transaction costs associated to segment, leasing institutions have witnessed a notable the handling of financing proposals submitted by 1 SMEs. Such a scheme could likely ‘lower’ the larly worth considering: (i) assistance in the normal target of VCs to include deals in the establishment of a credit guarantee scheme with US$0.5–1.0 million range. Below this line, different special
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