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Selected Determinants of Mezzanine Financing in Poland

100%
Golej R.
Journal of Entrepreneurship, Management and Innovation
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2016
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vol. 12
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issue 3
57-84
EN
A very significant form of company activity determining its development and even survival is innovation activity. Raising capital for the implementation of innovation is an important but not the only factor in the introduction of innovation. Characteristics of innovation, and in particular the risk of failure, make for a significant difficulty in obtaining external financing, particularly from third parties, which is an obstacle to their development and implementation. The subject of discussion in the article is the hybrid formula mezzanine type of financing innovative projects implemented both in start-up companies and in already well established companies. The purpose of the article is to discuss the possibilities and to perform an analysis of the practices followed by mezzanine funds in Poland in respect to the innovation activities of Polish companies. Research presented in the article was conducted on the basis of information on investments performed by mezzanine funds in Poland. Of particular importance for the innovativeness of the economy is to have companies from the SME sector, and therefore we also carried out research in this group. Innovations are often initiated in special purpose companies, start-up, etc., that operate in the SME sector. Therefore, the financing of innovation cannot be ignored as a thread of innovation in SMEs. The study involved interviews in several companies in the sector. The study concerned the possibilities of financing innovation involving mezzanine, knowledge of hybrid forms of financing, preparedness for hybrid financing. Studies are not representative, but are rather sounding a view to clarify any further research. Hypothesis: mezzanine financing, utilizing its specific benefits, is increasingly used to finance the gap in the financing of innovation, in particular special purpose companies in the SME sector. So the hypothesis raises two strands of research. The first concerned the financing of innovation as seen from the mezzanine fund. The second concerns the willingness of enterprises to use this form of financing. The first part of the article is devoted to the embeddedness of mezzanine financing. For that purpose, the specific innovation feature decisive to the possibility of external financing was indicated. Various investment strategies of Private Equity Funds on a global scale were presented in a way intended to highlight the meaning and characteristics of mezzanine financing. Also, on the basis of statistical data, the potential market for innovation financing in Poland was indicated. Subsequently the essence of mezzanine type financing and its potential to support development and innovation was presented. Upon this background, an analysis of the possibilities for financing innovation in startups and established companies was conducted. Also, examples of mezzanine financing that took place in Poland in recent years were presented. The article, therefore, is constructed in the form of deductive-inductive analysis. The conducted research leads to the conclusion that there is a gradual development of mezzanine financing in Poland. The transactions are also diverse as to the industry sector and the size of the investment. There is also a noticeable lowering of the minimum quota of individual investments, which means that the popularity of this form of financing could increase. What needs to be noticed, however, is that mezzanine funds focus their activity on companies in good financial condition, which do not have the credit capacity for the implementation of all their development projects. They have the characteristics of a mature organization. So they have: a strategy, experienced management, good cash flow, good market position and growth potential.
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Funding Innovation in Poland through Crowdfunding

100%
Kozioł-Nadolna K.
Journal of Entrepreneurship, Management and Innovation
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2016
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vol. 12
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issue 3
7-29
EN
Funding innovative projects is one of the most serious problems faced by business owners in Poland. Therefore, due to the difficulties of obtaining external sources of financing, crowdfunding may constitute a new source of fundraising for innovative ventures. Therefore, crowdfunding – as a way of raising capital for projects – is the subject of the discussion in this article. The research aim of the article is to identify and evaluate crowdfunding platforms as well as the innovative projects carried out by these platforms in Poland in 2014-2016. The first part characterizes crowdfunding as a source of funding innovation and presents the nature of crowdfunding, its characteristics and models. The empirical part is based on inductive-deductive inference, desk research, i.e. the analysis of crowdfunding market in Poland in two research periods and a case study analysis. The article shows the results of the research on the Polish crowdfunding market in 2014-2016. The author also presents a case study of funding innovation on the Kickstarter.com platform by a Polish company Sher.ly.
3
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Rola rynków kapitałowych w stymulowaniu czwartej rewolucji przemysłowej

100%
Pietrewicz L.
Problemy Zarządzania
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2018
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issue 1/2018 (72), t.1
89-102
PL
Świat znajduje się na progu czwartej rewolucji przemysłowej. Zakres i głębokość zmian składających się na tę rewolucję czynią zasadnym analizę modelu jej finansowania, obejmującego finansowanie zarówno kompleksowych przekształceń procesów wytwórczych w tzw. inteligentnych fabrykach, jak i rozwoju potrzebnych do tego innowacji technologicznych. Przedmiotem pracy jest analiza względnych przewag sektora bankowego i rynków kapitałowych jako źródeł finansowania czwartej rewolucji przemysłowej. Z przeprowadzonych badań wyłania się obraz wyraźnej przewagi rynków kapitałowych, a także wyzwań, z jakimi będą musiały się zmierzyć.
EN
The world is on the brink of the fourth industrial revolution. The scope and depth of changes comprised by this revolution call for an analysis of its financing model, covering financing of both complex transformation of manufacturing processes in so-called smart factories and the development of technological innovations necessary to build and run such factories. The present article analyzes relative advantages of the banking sector and capital markets as sources of finance for the fourth industrial revolution. It is found that capital markets have a distinct advantage over the banking sector in this context; nevertheless, they will have to face significant challenges.
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Sposoby finansowania innowacyjności przedsiębiorstw w sektorze usług nowoczesnych na wybranym przykładzie

84%
Żaba-Nieroda R.
Zeszyty Naukowe Małopolskiej Wyższej Szkoły Ekonomicznej w Tarnowie
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2015
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issue 1(26)
223-232
PL
Proces stałego doskonalenia systemu zarządzania przedsiębiorstwem wskazuje na szeroki zakres działań, które należy podjąć, aby osiągnąć poziom konkurencyjności pozwalający zająć silną pozycję na rynku. Z pojęciem innowacji bezpośrednio wiążą się działania zmierzające do wdrożenia zmian prowadzących do wzrostu nowoczesności i konkurencyjności organizacji, a w rezultacie do podniesienia jej wartości. Celem artykułu jest przedstawienie wpływu wykorzystania środków zewnętrznych na rozwój innowacyjności przedsiębiorstwa. Można zakładać, że przedsiębiorstwo bez możliwości pozyskania środków z NCBiR nie mogłoby samo wdrożyć rozwiązań o charakterze innowacyjnym. Dodatkowo zostanie przeprowadzona analiza wewnętrznych dokumentów o charakterze finansowym, sprawozdań finansowych badanego przedsiębiorstwa. Skłonność przedsiębiorstwa do innowacji wyznacza klimat wokół inwestycji, będący efektem wcześniejszych doświadczeń, poziomu stabilności organizacji, stopnia niepewności, zaufania, stylu kierowania czy komunikowania się.
EN
In the literature one can find many ways to the classification of innovation by adopting different criteria, among others, the criterion of the sources of innovation, originality, scope or scale, in which the changes occur. The process of continuous improvement of enterprise management system indicates the wide range of activities to be undertaken to achieve a level of competitiveness that allows the company to take a strong position on the market. With the concept of innovation directly linked to efforts to implement changes leading to the growth of modernity and competitiveness of the organization and ultimately to increase its value. The purpose of this article is to present the effects of the use of external funds for the development of innovative enterprises. It can be assumed that the company without the possibility of obtaining funds from National Centre of Research and Development could not just implement innovative solutions. In addition, the analysis will be carried out internal documents of a financial nature, financial statements audited company.
5
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Finansowanie innowacji w przedsiębiorstwach regionu łódzkiego

84%
Różański J.
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia
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2015
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vol. 49
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issue 4
EN
The purpose of this article is to present the results of empirical studies on the financing of innovation in production and service companies in the region of Łódź. The results of empirical studies were confronted and compared with the results of earlier studies carried out by K. Janasz. It appears that that the main capital source for companies are still the equity, especially retained earnings and contributed capital. Only minority of companies uses alternative sources of capital (venture capital, business angels), funds from capital market (share and bond issue). The main source of debt funds are still bank loan and, to a lesser extent, leasing.
PL
Opracowanie koncentruje się na przedstawieniu wyników badań empirycznych dotyczących finansowania innowacji w przedsiębiorstwach produkcyjnych i usługowych regionu łódzkiego. Wyniki badań skonfrontowano z wynikami wcześniejszych badań prowadzonych przez K. Janasza. Okazuje się, że wciąż podstawowym źródłem finansowania są kapitały własne przedsiębiorstwa, zwłaszcza zysk niepodzielony i wkłady wspólników. W zbyt małym stopniu przedsiębiorstwa wykorzystują alternatywne źródła finansowania (venture capital, aniołowie biznesu), środki płynące z rynku kapitałowego (emisja akcji i obligacji). Podstawowym źródłem finansowania kapitałem obcym jest wciąż kredyt bankowy, a w znacznie mniejszym stopniu leasing.
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