FROM: Asturias, ES
KEYWORDS: incubator, training, networking, business support, venture capital, business angels
DURATION: 2003-running
INDICATIVE COST: 2 people from the technical team
FUNDING: Regional funds
FOCUS: innovative and technology-based companies, including game sector
CEEI FINANCIA is a specific methodology addressed to support innovative entrepreneurs and technology-based firms, developed by CEEI Asturias as a “facilitator” or “bridge entity”. CEEI Asturias offers its experience at the service of business projects validation to access early stage finance. This methodology is a specific service, integrated in global supports to innovative entrepreneurs and technology-based firms (advice, training, incubator, bio-incubator, administrative procedures in setting- up business, etc…). The methodology is structured in several phases clearly defined:
• pre-feasibility analysis
• definition of needs of finance
• support agreement work’s schedule
• business plan development (or business model)
• business plan (or business model) checking and validation
• investment readiness and coaching
• formal application to the financing entities
The entrepreneurs participate in “CEEI Asturias Financia” scheme, defining their funding needs, developing a feasible business plan with the support of CEEI Asturias and connecting them with the financing body.
CEEI Asturias has not a direct funding role. Depending on the entrepreneur needs and the line of funding that the entrepreneur or company is interested in, CEEI Asturias provide this service in collaboration with different partners and financing entities regional/national level, such as the Government of Asturias (Regional Ministry of Economy and Employment in the Principality of Asturias, through the Regional Development Agency –IDEPA-), Asturgar (Mutual Guarantee Society: non-profit-making financial institution), FADE (Entrepreneurs Asturian Federation), AJE (Young Entrepreneurs Association), FYCIT (Foundation for the Applied Research & Science & Technology), SRP (Regional Society of Promotion of the Asturias: a public society which operates in the risk capital market acting as an organism of economic promotion), ENISA, CDTI, national and regional banks.
• facilitate access to financial resources for business projects
• improve the financial planning and business modeling capabilities of entrepreneurs
• facilitating their access to finance to a wide range of private & public funding lines such as: NTBFs subsidies, ASBAN-Asturias Business Angels Network funding, micro credits, risk capital measures, etc.
• non-financial instruments for supporting new technology-based businesses
• business projects support (including pre-feasibility analysis, definition of financial needs, business plan (or business model) development and validation
• access to different heterogeneous sources of finance (private & public funding, such as subsidies, micro credits, risk capital measures)
CEEI Financia has not a specific focus on gaming, but boosts a relevant approach for innovative and technology-based firms, and according to that, highly applicable to video games sector. In fact, access to funding is one of the main problems for business initiatives. With this service, CEEI Asturias supports entrepreneurs and novice companies in the access to different lines of funding: micro credits, capital from private investors, subsidies for the creation and development of innovative technology-based companies, guarantees, participatory loans, capital risk, and grants for self-employees.
This service is provided in the framework of partnerships where respective roles of entities involved are coordinated and complementary. The heterogeneity of the implementation of these strategic partners is also an additional source of knowledge and added-value,
The project seeks to bridge the gap that always exists between traditional companies and creative sector. Often creative people do not know what are the financial instruments they need and often they do not have the skills to understand the market and how and where they must address their products.
‘CEEI Asturias is a reference at regional level for entrepreneurs and SMEs to get funds for their business projects. We understand the language of entrepreneurs and investors and act as a link between them, so since 2005 we have obtained over 10,5 million euros in funding for technology-based companies supported by us and the appropriate position to be partners of the Asturian Business Angels Network’ . Eva Pando Iglesias, Managing Director of CEEI Asturias
OWNER OF THE PRACTICE: CEEI Asturias www.ceei.es
REFERENCE PERSON: Cristina Fanjul Alonso, cfanjul@ceei.es
WEBSITE: www.ceei.es