News
Issue No. 23 - June/Nuly 2005
VCB gains capital with investment community
Recent celebrations to mark the Economic Development Board’s progress towards its goals surprisingly did not highlight the activity of its most important derivative, South Australia’s new Venture Capital Board.
Established in late 2003 on the smell of an oily rag in financial terms, the board was tasked with helping SA enterprises both public and private become investor-ready.
Its last and most important job focuses on “increasing the supply of private equity in South Australia and improving access to private equity funding, including in regional South Australia”. This the VCB has done in a very businesslike way.
During the 2004-05 financial year The VCB has held a number of functions to support its activities in networking, education and training and commercialisation.
A total of 35 seminars/workshops were held to educate entrepreneurs and small to medium-size business operators on the steps to be taken to become "equity ready" prior to seeking private equity.
The VCB made presentations to a variety of industry groups on the role of private equity in developing the local economy.
The VCB Private Equity Forum held in March, in conjunction with industry body, the Australian Venture Capital Association Limited (AVCAL), attracted over 200 delegates, including 20 interstate-based private equity industry representatives, and a further 18 local industry representatives.
Anecdotal evidence the VCB collected on the day and subsequent written responses to a survey, indicated that the event was a great success.
With regard to "funding" activities, the State Government allocated $10 million in this year's budget to facilitate the establishment or growth of one or two locally based fund managers, with the objective of using this investment to leverage up private sector investment in a ratio of at least $3 of private investment for $1 of public investment.
The allocation of up to $10 million, under the...
