9. Expand product
to national
markets BRIDGE
IPO or
sale
Completing product STAGE 1
development &
Preparing startup
STAGE 2 Capital to maintain
Full scale until pending
manufacturing & sales liquidity event
or initial expansion
SEED STARTUP
Product
development,
market research &
Concept building
management
infrastructure
10. R & D Financing
Seed Capital
– Often connected to universities
Public Sector
– If R&D is in the interest of society
Venture Capital
– If the potential is really promising
Corporate
– If it is of strategic interest
11. Start Up Financing
Business Angels
– Growth potential necessary
Venture Capital + Corporate
– High growth potential necessary
Public Sector
– Grants
Bank loans
– Typically small
– Through Guarantee Schemes
13. Sources of finance
Equity Funds
Venture Funds
Vækstfonden – Guarantee Schemes and more
Business Angels
Seed Fund
Own money
Idea/Pre-seed Seed Startup Initial growth Expansion Re-structuring
14. R&D/Idea Startup Early growth Marketing Growth Maturity
Private
Equity
6
IPO
Late-stage VC’s
Revenue
Non-Bank
lending
Factoring
Early-stage VCs
PROFITS
Corp. Investors
4
INVESTMENT SIZE
Seed Capital
Founder
Founders
Grants
Business Angels
FFF
TIME - 2-