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Background of Company, Small…

I started an organization called Small Enterprise Assistance Funds.  This is where these ... these funds are around the world, these are the kind of investors who have invested in the funds, they are mostly…

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Majority of SMEs in Developing…

Things are different here, our businesses are different and what really it means is family run businesses and the difference among countries... in my view they all look pretty much alike to me frankly.  I have…

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Business Planning Becomes Problematic…

So you as the entrepreneur are dealing with all of these external problems and then you got a few internal problems yourself.  You are used to taking everything out of the cash draw, you really don't do a…

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Government Bureaucracy Creates Major…

Besides the financing problem here's another thing that creates a problem for doing business in these countries and a problem for getting financed as well.  You have constant changes in the tax regime, the…

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Challenge In Exiting From Investments

Now these are exits, so these are simply multiples of the nominal investment made in a company.  So you see that a number of the exits are below one time, you see that a number of the exits have gotten up…

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Introduction To Lecture On Small and…

The reason I started doing all of this however many years ago, fifteen, sixteen years ago is development.  Finance as a tool for development and so everything I was going to say is within that context, it is…

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Challenges of Tax Issues In Developing…

In the early days in Russia, we had two funds in Russia and in the early days, we had a hard time, we were in Nizhny Novgorod and St. Petersburg and we had a hard time with the authorities because we knew that…

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It Is Easier To Track Sales Than…

Sales are so much easier to follow than earnings because earnings are, there are a lot of judgments involved.  If you are really good at investing like this, in risk capital investment, you know where all the…

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Financing Opportunities That Exist In…

So you get the idea of what these businesses look like.  We're not talking about Silicon Valley here, we're not talking about something that everybody is going to be jumping at it, on route 128 I guess it is…

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Funding Solutions For SMEs in…

So the idea is how ... what can we do about this?  Now bank financing for SMEs in these countries, I've already said it, this is all very clear to you I'm sure and by the way, I know of nothing more…

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IPOs Are Rare In Developing Countries

There's a poor track record of the funds, there's a very low potential for IPOs and M&A.  If you go to Thompson Venture Economics, anybody ever seen that website?  Thompson Venture Economics.  Yeah.  If you…

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Importance of Not Imposing US Venture…

As you all probably are aware there is a long history of trying to impose mechanisms which work in industrialized countries, the first world countries on the third world countries and there is a long history of…

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Challenges Of Getting Financing In A…

So you go out and you use for collateral with a bank.  You've got purchased equipment for that value and then you've got the house.  Use that for collateral, you get $50,000, you get something going, you buy…

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Result 14 of 24
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Example of Zambian Pottery Shop

One of my favorite business is this business that I ran into in Zambia, Lusaka, Zambia and it's a classic of what I'm going to talk about a little more and that is this was a business that in a shopping center,…

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Economic Structure of Developing…

Anyway this is my idea of what all developing countries look like.  I wonder if anybody knows what I'm getting at here.  I think a couple of people probably already do.  Alright.  Now this is after working…

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Lack of Venture Capital In Developing…

What's the constraint?  Why are we not able to grow that middle class with middle class small and medium size businesses?  I have a friend who is a very successful venture capitalist and he says, he reminds…

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Collateral Difficulties Facing SMEs in…

Now so if I am the business, I got a problem, I go to the bank, the bank wants a 100% collateral, I can't possibly produce a 100% collateral.  Right you've seen what my structure is like.  I got maybe a…

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Two Types of SMEs - Family Vesus…

Now here is where we get to the exit issue.  It took me years to learn that there are two kinds of SMEs and they are very, very different.  From the point of view of the risk capital investor, anyone who is…

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Importance of Getting Local Talent…

I think what we run is... there are two leaders in this, one is my former organization if you'll forgive me for saying so, and the other one is an organization called Orios Capital.  Orios makes investment in…

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Examples of SMEs in Developing…

All of my slides and so forth of companies are at small enterprise assistance funds, this organization I used to run.  I just found these yesterday, a few slides that were taken on a trip to St. Petersburg and…

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Difficulty In Accurate Reporting Of…

Now another problem is the reliance on accurate reporting of earnings.  If I am an entrepreneur, if I'm the middle class entrepreneur in a developing country, one that has a lot of those external problems that…

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Virtures of Investing in SMEs in…

Here are in summary the virtues of this.  Because 80% of what you're putting into the company, your exposure is in debt, you've got a lot less risk.  There's less pressure on exits which means it's more…

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Result 23 of 24
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Deal Flow Generation With Regards To…

Deal flow generation is first, it's not a matter of putting up a sign and saying come one, come all.  The reason... here's what we offer now.  Bank does that.  But the problem is that if you just advertise…

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Institute for SME Finance's Investment…

Here's what we do.  Remember that we've got a situation here, this is the key that the typical SME that has potential there and is a good candidate for some of financing that it would not normally be able to…

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