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Two investment professionals – Mr. Viesturs Sosars (Viesturs Sosārs) from Real Sound Lab and Mr. Rihards Svelpe from PriBalt Capital devoted their time and shared their knowledge and experience with young entrepreneurs from Jelgava business incubator (Jelgavas biznesa incubators).
On Thursday, 26th of May year 2010 . . .
. . . Jelgava business incubator JIC organized practical seminar "Venture capital as opportunity" for its companies that are being incubated at present. The aim of the seminar was to help novice entrepreneurs to study wider opportunities of business financing and to improve their art of presenting.
Event was composed of two parts. During first part Mr. Viesturs Sosars introduced with funding opportunities for novice companies and presented a master class about how to prepare presentation for investors. It was especially interesting, because Mr. Sosars have been in famous Silicon Valley.
In its turn Mr. Rihards Svelpe explained the essence of venture capital and told about financing opportunities in Latvia. He revealed both theoretical, and actual aspects of availability of financing. Mr. Svelpe queried a rhetorical question "Venture capital in Latvia or Latvian venture capital, what is more important?", and told not only about investors represented in Latvia, but also about those, who are not represented in Latvia, but are interested to invest in this region. In addition Mr. Rihards Svelpe explained the juridical aspects of investment deal, what is "due diligence" and about kind of investors "exit" strategies.
Incubator companies were also acquainted with PriBalt new seed capital fund - PriBalt Seed Partnership and also with venture capital fund PriBalt Venture Partnership, that is already operating for a while.
It was interesting that view of professionals on incubators role in Latvia was differing. Mr. Viesturs Sosars classified it as "mutilator" of financing market. In this turn Mr. Rihards Svelpe held a view that incubators are filling in a gap in early stage business financing. Must be clarified – there is opinion that first business steps must be financed by a friend, family and fools money or in other words FFF (friends, family and fools) financing. Mr. Svelpe considered that here in Latvia there is no such tradition, when friends or members of family are participating as investors. That is why incubators are filling in this gap in a way and are helping to novice businesses to reach forthcoming stages of development and to qualify for other financing opportunities.
During second part companies of business incubator were taking the floor with presentations and investment professionals were giving their opinion and evaluation. Novice businessmen admitted that structuring of presentations for investors and process of presenting is considerably more complex, than it seemed initially and were thankful to Mr. Agris Kipurs (Agris Ķipurs), the head of Jelgava business incubator, for given opportunity. In this turn Mr. Kipurs expressed appreciation to Mr. Viesturs Sosars and Mr. Rihards Svelpe for dedicating their time and readiness to share their competency.
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