Ex-ante evaluation of new financial instruments for SMEs, mid-caps and organisations from the cultural and creative sectors [Recurs electrònic] : final report / a study prepared for the European Commission DG Communications Networks, Content & Technology by: SQW

Comissió Europea. Directorate-General for Communications Networks, Content and Technology.
ISBN: 9789279974670.DOI: 10.2759/02092.Description: 237 p. : digital, fitxer PDF (4,74 Mb).Online resources: E-Link | Ressenya a Interacció Other title: Évaluation ex ante de nouveaux instruments financiers pour les PME, les entreprises de taille intermédiaire et les organisations des secteurs de la culture et de la création.Summary: The Cultural and Creative Sectors (CCS) span a wide range of activities, including audiovisual and broadcasting, print, music, visual and performing arts, heritage, design and architecture. CCS collectively accounts for 4.5% of EU’s GDP, is growing across Europe at above average rates, and is a significant source and user of innovation. New starts, SMEs, mid-caps and notfor- profit organisations play key roles in creating and maintaining cultural identities and diversity. However, the sector faces specific challenges in funding new activities and enabling growth; these constraints are linked to market failures at local, pan-European and global levels. The issues are being addressed through the EU’s €1.46bn Creative Europe Programme (CEP), set up in 2014. CEP also facilitates access to debt finance for CCS SMEs through the Guarantee Facility that provides credit risk protection as well as capacity building to financial intermediaries. This study found that funding gaps and barriers persisted across Europe, both for loan and equity finance, and recommends that these are addressed through a mix of financial instruments and technical assistance under InvestEU. Alongside continuation/expansion of the CCS Guarantee Facility, these instruments could include co-investment with business angels through a fund structure (below €2m), and coinvestment with venture capitalists (above €2m), complemented by equity crowdfunding. (Font: Autors)
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The Cultural and Creative Sectors (CCS) span a wide range of activities, including audiovisual and broadcasting, print, music, visual and performing arts, heritage, design and architecture. CCS collectively accounts for 4.5% of EU’s GDP, is growing across Europe at above average rates, and is a significant source and user of innovation. New starts, SMEs, mid-caps and notfor- profit organisations play key roles in creating and maintaining cultural identities and diversity. However, the sector faces specific challenges in funding new activities and enabling growth; these constraints are linked to market failures at local, pan-European and global levels. The issues are being addressed through the EU’s €1.46bn Creative Europe Programme (CEP), set up in 2014. CEP also facilitates access to debt finance for CCS SMEs through the Guarantee Facility that provides credit risk protection as well as capacity building to financial intermediaries. This study found that funding gaps and barriers persisted across Europe, both for loan and equity finance, and recommends that these are addressed through a mix of financial instruments and technical assistance under InvestEU. Alongside continuation/expansion of the CCS Guarantee Facility, these instruments could include co-investment with business angels through a fund structure (below €2m), and coinvestment with venture capitalists (above €2m), complemented by equity crowdfunding. (Font: Autors)

Executive Summary -- Résumé opérationnel -- 1. Introduction -- 2. Approach and methodology -- 3. Overview of the Cultural and Creative Sectors -- 4. Access to funding for CCS -- 5. Review of CCS Guarantee Facility -- 6. Ex-ante evaluation of an equity instrument -- 7. Overall findings -- 8. Options going forward: assessment of longlist -- 9. Recommended options -- Annex A: List of consultees -- Annex B: CCS business survey results -- Annex C: Cross-tabs of CCS business survey results -- Annex D: Data sources -- Annex E: Literature reviewed -- Annex F: Equity finance instruments for CCS

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