private venture capital

An existing mining enterprise wants to establish a manganese enrichment plant transforming low grade ores of manganese into a higher more marketable grade of manganese ore. The following data is available on the project.
The mining enterprise looks for a joint venture partner that is willing to invest 30 million to 40 million South African Rand into their company in order to expand their operations in the production of manganese ore. The amount equals equals 4 to 6 million US$ Dollar.
The present operations include diamond mining and in return for the investments the investor would get a 25% equity in the company. This means the return on investment would come from manganese ore and diamonds as well.

The projected output of the plant will be 30.000 metric tons of manganese ore averaged at a content of 40% and with a rejection specification of 35%.

If you are interested to invest into this joint venture, please send your request and company profile to the following email address: torsten@commoditytrading.co.za

The University of Texas, the U.S. venture industry has shocked Captial: On 4 October, the investment management of the University of assets, the detailed performance of all 149 funds in which it has invested in recent years. Among the fund, eight leading venture capital firms in Silicon Valley, where the publication as a bomb struck. Political and legal consequences are not excluded.

On Friday, the 4th Published in October, the University of Texas Investment Company, the performance of their investments in recent years. Particularly controversial was the part “Alternative Investments – Non-Marketable Securities,” in which the performance of many private equity and venture capital firms listed. This detailed “Returns” had been under strict confidentiality and venture companies were trying to stop the publication in court. The Supreme Court of the State of Texas but decided in favor of the university.

The results are bad …

Beautiful is not the numbers. The Texas Department calculates the rate of return (IRR – Internal Rate of Return), which in recent years with some funds – 20% – gave 50%, these results are provided from legal reasons, the same with a loud “disclaimer” that it was calculated from the university and could be misinterpreted by laymen.

No wonder the listed established Silicon Valley names like Crescendo Ventures, Foundation Capital, Advanced Technology Ventures Morgenthaler, Band of Angels, and were not enthusiastic.

All in all, to see the results of the years 1999-2001 as follows: the University was in this period, investment commitments to private equity by total almost one billion U.S. $ (precisely 931 million) a. Since the funds only for actual investments of the fund is available, are still only 383 million (41%) actually spent, while 548 million (59%) are still ready for retrieval. Of the funds were already invested 19 million (5%) to be distributed to investors, while the remaining end of June 2002 by the individual fund with 302 million U.S. $ was evaluated. 62 million are therefore the current rating level has already been lost – at least 16% of the invested capital.

Well, you may say, the result is not great, but at the current development of the stock markets no worse than the average investment portfolio. So why the fuss?

… But it gets worse?

The explosive power results from the following points:
1. Individual firms and funds cut a lot worse. Thus, for example, that calculated by Texas IRR (note again the disclaimer) of Atlas Venture Fund VI (2001) – 39.5%, from Crescendo Ventures IV (2001) – 45.5%, from Austin Ventures VIII (2001), – 54.0% Baker Capital Communications Fund II QP (2000) at – 48.1% and Wingate Partners III (2000) at-41.5%.

2. Since only 5% of the investments have been recovered, the assessment of the investment portfolio, with 302 million U.S. $ on the assessment of the so-called “general partner”, that is, the manager, the venture firms. Many observers believe that even apparent losses are not yet completed and this could be the real values significantly lower.

3. For 548 million dollars, there is indeed an obligation to pay the University of Texas, but the funds are not transferred.

In other words, the discussion has fueled much of the money invested is already lost and that even higher amounts were received for the payment obligations that are similarly threatened.

Public pressure

It is likely that the portfolio of the University of Texas, is typical of the industry. That is, the largest California pension fund CalPERS (Californian Public Employees? Retirement System), which manages state pensions and invested $ 20 billion in Venture Capital, will be in a similar situation.

Whether CalPERS will publish its figures also now has thus become a subject of the current election campaign in California. Public pressure for greater transparency in the U.S. economy can be expected that CalPERS will continue to do eventually, so practically the performance of all venture funds would be available to the public. No wonder that behind the scenes lobbying venture is in full swing, as these figures are most suitable to represent.

The risk: public outrage, lawsuits and money drying up of sources of CalPERS, the pension money of the common man, even worse, of state employees. A public discussion of the venture investments may escalate in several ways:

1. There may be a storm of moral indignation against venture capitalists, like now facing CEOs. Venture capitalists are highly paid. While they used to good only because of an interest in the Fund earned, they can now also independent of the fund results: the venture funds in recent years been so swollen that only the “management fee” of 2% of assets to tens of millions of salaries for may cause the General Partner. If this same time the money of ordinary people is destroyed, the fuel for a scandal is perfect.

2. In a suit happy country like the U.S., it is also possible that the courts are called. The current investigations into investment banks provide a good example. In the present case, there are several possible approaches:

a. The first is the classic conflict of interest: politicians received donations from venture firms and had a decisive influence on the “boards” of the Pension Fund, which was subject to the supervision of the investments of the Fund. Rectors of universities may be subject to similar conflicts.

b. Then there is the duty of care in the evaluation: When should highlight the recently published reviews of the portfolios by the General Partners of individual venture companies as a massively too high, they are exposed to legal to have their “Limited Partners (investors) does not inform orndungsgemäß .

c. Last can also debates / actions are triggered if the investments were in technology companies themselves made with sufficient care, whether they were properly documented, whether personal conflicts of interest could have existed, and much more. There are now many venture capitalists during the boom of the very rich, you need is the motivation of the lawyers not to worry.

3. Last harm any discussion of this kind the venture capital firm in the collection of future funds. It is also not excluded that the pressure increases, leading to “adopted” by the Limited Partners have already been contractually promised monies. To a limited extent this has in the past few months already taken place.

It must, of course escalate not so. The strongest asset of the venture capital firms that the U.S. pension fund only a very small percentage of their funds have invested in private equity. Therefore, the decrease of the stock market in general and the sudden fall of publicly traded investment grade companies in particular, the retirement accounts of the man has taken away much more than a clearly as “risk capital” marked VC funds.

In any case, venture capital firms operate in the coming months in every respect very carefully and explicitly protect themselves legally. Unfortunately, it is almost certain that thereby the lives of young entrepreneurs in technology companies will be rather more difficult than it already is.

Strengthening of control and information rights required
Since the end of the technology boom, many disappointed investors with venture capital firms have turned their backs. By improving the corporate governance mechanisms and greater transparency in external reporting, the funds are now trying to regain the confidence of investors.
The collection of new funds has become for many venture capital companies in the past few years very difficult. Institutional investors account primarily funds only with the relatively best historical performance (track record), long-term investment experience and specific industry and sector knowledge. Especially in the U.S. this trend to a massive over-demand for a handful of established venture capital firms such as Charles River, Mayfield, Sequoia Capital and Sevin Rosen has done. The vast majority of less-established market participants, however, is hardly in a position within a reasonable time a new fund to a foundation currently. European venture capital firms, access to new capital is also very difficult, among other things, the – the modest amount related returns – even in the longer-term context. This has led Europe to a relatively large reluctance of investors Venture-capital investments compared with significantly increased demands on the record and the expertise of the fund. Given the increased skepticism both effective corporate governance guidelines within the venture capital firm and a transparent external reporting has become more important.

Fund Manager under the magnifying glass
During the Limited Partnership, which is the most common international legal status on the form of venture capital firms, the corresponding control and information rights of the investors (limited partners) are largely in the social contract (Limited Partnership Agreement) set. Investors look for when negotiating contracts become increasingly that they be given control rights of a general nature which it has been an exercise by a majority vote drastic consequences for the fund manager and, therefore, prevent them from pursuing its own interests already preventively.

In practice, such clauses are shown to gain acceptance. These include the right to belong to the non-payment of outstanding capital commitments in certain circumstances (Suspension Clause), the right to exchange the fund manager (Removal Clause) or even the right to early termination of the Fund (Termination Clause). In almost all the funds to install a control panel (Advisory Board) is required, which is staffed by representatives of investors and monitoring duties. To achieve the best possible harmonization of interests between fund managers and investors, is in the design of incentive systems also increasingly taken to ensure that the variable success fee (performance fee or carried interest) compared to the fixed fee (management fee), the major proportion of the expected remuneration of the manager’s mind.

As for transparency should be noted that investors insist more on an external reporting, which gives them a true and fair view of the economic situation of the venture capital firm (“true and fair view”). In an empirical study by PricewaterhouseCoopers from 2003 have also since 94% of investors surveyed for the International Financial Reporting Standards (IFRS) or U.S. GAAP accounting standards, as preferred by venture capital firms expressed. The same study also shows that investors have a greater need for disclosure of information that go beyond the framework of the standardized accounting data provided. These mainly include forward-looking information (such as exit plans for each portfolio company) and non-financial information (such as milestone-analysis).

Increased self-
The crisis of confidence and the consequent massive reduction in inflows into the Fund have in the private equity industry for the first time led to a serious corporate governance and transparency, debate and led the industry associations on measures in the field of self-regulation: The EVCA has mid-2003 Code of conduct for fund managers in the form of published “Governing Principles and sound practices for the Establishment and Management of Private Equity and Venture Capital Funds”. The Swiss Private Equity & Corporate Finance Association (SECA) has also mid-2003 the project group “Ethics and Governance launched, which deals with the development of professional standards. Both of the EVCA and the British Venture Capital Association (BVCA) also industry-specific reporting guidelines were issued, which should help to improve transparency in the venture capital business. The new guidelines will be considered by the fund managers in the design of the contracts regarding corporate governance and strengthen the position and action of the investors. Again, however, that the devil is in detail and a professional examination of the contracts before signing is mandatory.

The self-regulatory efforts of various industry associations are welcome and can the fund managers as a guide in the design and implementation of effective governance mechanisms, and serve a transparent external reporting. The guidelines and principles have, however, only recommendations, and their distribution and uniform application in the industry can currently leaves much to be desired. The increased competition on the capital market should, in future, however, that venture capital firms and the increased demands of investors about corporate governance and transparency requirements are rising.

Often there are prejudices that discourage institutional investors to invest in German venture capital funds. The Venture Capital in Germany is much better than its reputation, offering enormous growth potential. For this result, a current study comes from the House of Mackewicz & Partner.
In terms of its potential for innovation, Germany has a lot of catching up-on to Venture Capital. Only with a tripling of the current venture capital investments, Germany would reach Britain, for example, the level of venture capital investments in the UK. This discrepancy is one of the key findings from a comprehensive study of Mackewicz-chen & Partners: “Why invest in German venture capital?” As part of an extensive analysis of both institutional investors and entrepreneurs on their assessment of the venture were interviewed in Germany. The study includes an overview of current conditions and existing technology potential in Germany.
The German VC industry has professionalized to the results of the study, within the last five years. The tax environment are consolidated – the uncertainty of recent years is off the market. On the corporate side we see more and more experienced, and even serial entrepreneurs who can build with the help of venture capital professional high-growth technology companies. are High-quality investment opportunities there to be sufficient, not least in the face of high technology potential in areas such as healthcare, energy and environmental technology, laser / photonics, nanotechnology and the wireless sector offers also underfunded, the incumbent companies an opportunity for short-term investments with high yield potential. “The match conditions on the investment side,” says Götz Hoyer together by Mackewicz & Partner.
Nevertheless, the German market is a daily fact of the much larger Anglo-Saxon VC market an “emerging market” – but with high growth potential. While local investors are holding back, seem foreign institutions a better sense for the opportunities in the German VC market to have. The current success of new funds generally results in capital inflows from foreign investors. As congestion continues to be the topic proves to IPO. However, there is no structural problem in Germany – it is rather a temporary problem of lack of demand for shares.
The time to invest in the venture capital asset class for institutional investors is more favorable than ever. For the return of Venture Capital Investments crucial inputs rose reviews of the portfolio companies are also at historically low levels is becoming apparent that emerge from the current consolidation phase, only the best fund managers. Uwe Fleischhauer, Mackewicz & Partners says: “For Germany, we expect to establish 15 to 20 significant VC firms. And that venture can “work” Capital in Germany, shows the performance of the six most successful venture capital funds in the last two decades: These have achieved an average annual rate of return (Internal Rate of Return) of 73% for the investors.

The venture capital market is gaining momentum: This year, to pave the first exchange programs. Some venture-capital stocks are still undiscovered – and write down 50 percent in value
Andrea Lengeling, CEO of investment company TFG know exactly when an investment is in a distinguished company in question. “.’s Liquidity or asset value must be higher than the market capitalization” Lengeling’s going to set a good example: The intrinsic value of TFG, the so-called Net Asset Value (NAV), is more than 30 percent above the market value. The estimated NAV of the effective capacity, ie the value of investments plus cash and receivables, less liabilities and provisions.

In value. The venture capital market is back on track. The portfolio of German venture capitalists such as BMP, TFG or German Effecten-und Wechsel-Beteiligungsgesellschaft (DEWB) are full for years – profitable sales (exits) were only rarely possible. That should change now, industry experts expect. Even with new IPOs is expected again. says “We are feeling extreme that investors wait for new issues,” Chief Financial Officer DEWB Sabine Ahlers. The stock market has not yet discovered some venture capital stock – the papers write below their intrinsic value.

Especially the DEWB. The stock has doubled potential. The value of the 32 shares is 81.3 million euros. On the stock market, the company with nearly 40 million € is just half as much (see box).

In addition to listed companies, such as Müller – Die lila Logistik AG – or at the Jena Cattoosee 65 percent of the invested capital put in ten companies that are located in the expansion phase, that is in an advanced round of financing. There sleeps the largest exit potential: The companies are usually looked after several years working, profitable or are about. At DEWB already write seven participations in the black, the biotech company Integrated Genomics is “just at the threshold,” said Ahlers.

Profit decide. DEWB is therefore again first for 2004 IPOs in view. “I look for two or three ways,” says the manager of FOCUS-MONEY – but was “nothing definite yet.” Good chance that would have been meetings with institutional investors who possess particular technology companies that are already several years in venture capital source. This is backed up, that two important criteria are met: an effective business model and even the prospects of a quick profit.

In this grid to fit DEWB especially Oasis SiliconSystems, DSM or Mikom as an insider. Oasis, with a turnover of last around 40 million euros, the largest privately held companies in the portfolio and the black. The Karlsruhe make semiconductor chips for networking multimedia systems for the automotive and other industries, which allows about one cent rale control of mobile phone, navigation system and radio.

Success on the Nasdaq. With what attracts huge returns for the IPO, as a recent offer by BB Biotech. The Swiss brought the end of January the twelve percent interest rate for Eyetech Pharmaceuticals of 21 dollars to the U.S. tech stock market Nasdaq. On the first trading closed at 32.40 euros, the paper – the book value of BB Biotech exploded by 86 million dollars.

Book profits, the TFG will also reap again. “This year, money-making is high on the agenda,” promises Chief Financial Officer Andrew Lengeling. IPOs, the manager still not be possible: “. In 2004, the year of the big IPOs – such as the Post Bank” From the TFG’s portfolio would then follow in the coming year some investments.

Away from the parquet Lengeling other hand, sees good exit opportunities “. We are currently negotiating intensively over three sales” During the year, should further deals to follow, and finally bring back increasing returns. In the past three years the company has mostly burned money. As a consequence, TFG now pulled back from the venture capital business and is focused primarily on undervalued listed companies.

The Exchange believes the new strategy: In the past year, the TFG’s share price has more than doubled. Nevertheless, the market value is € 28 million, well below the NAV of approximately 37.5 million euros. Additional imagination should ignite the liquid assets of 21 million €, that TFG will buy. “Initial discussions are already underway,” said Lengeling. With whom, however, not the manager reveals: “Then the stock probably would soon no longer undervalued.”

DEWB – Good sales record

DEWB continues to hold fast to its strategy, annual sales of shareholdings of at least EUR 30 million to realize. It could be this year even more significantly – that is expected to provide one or the other public offering, which the company compared to FOCUS-MONEY in view. One of the hottest candidates include corporate experts from the chip manufacturer Oasis SiliconSystems. Away from the listed investments are the Karlsruhe with a turnover of 40 million euros, the biggest company in the portfolio of Jena. Oasis also writes already in the black.

However, will DEWB CFO Sabine Ahlers’ speculate not only on IPOs. Away from the stock market could be again achieve good prices. The sales record is Ahlers Law: In the past six years, the Jena a return on capital generated annually by an average of 27 percent. Europe’s venture capitalists were, according to a study by the industry association EVCA, meanwhile, generated a return of eleven percent per annum

On the stock market DEWB shares are currently significantly undervalued. But the value of the shares is 81.3 million euros more than twice as high as the market capitalization of just under 40 million €.

DEWB

D. investments worth 81.3 *

Market capitalization * 39.7

32 investments

which listed four

TFG Capital – Have cash for acquisitions

Since last year, TFG has withdrawn from the classic venture capital business. In future, the company focuses primarily on undervalued listed companies.

However, TFG has more than 30 non-listed investments, which need to be silver. In the medium term the company intends to reduce its portfolio to 15 investments. Currently, negotiations are on sale three investments – and more will follow, says the company.

Although the plan is currently no Marler own IPOs, the market sentiment, however, should continue to brighten, TFG should carry on the next year, announced Chief Financial Officer Andrew Lengeling. “Some investors have already ready to go public and just waiting for the right market environment,” says the manager.

Despite doubling in price over the past twelve months, the company continues to evaluate low: With 28 million euros, the market capitalization is still well below the net asset value, ie the intrinsic value of TFG, of more than 37 million €.

Imagination should bring the liquid assets of 21 million € gene, that TFG will risk new investments in 2004.

TFG Capital

Net Asset Value * 37.5

Market capitalization * 28.0

38 investments

of which publicly listed 2

Hedge Funds: The time is over for locusts
The EU is the first time agreed on uniform rules for hedge funds and private equity firms. Who ‘plundered’ for profit company, it will have a difficult future, says MEP Udo Bullmann (SPD) in Journalist interview. Germany could go a step further, asks the economist. Lose offshore financial centers in importance?

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powered by plista PERSONAL

Udo Bull husband works since 1999 as Member for the SPD in Hesse in the EU Parliament. He is a member of the Committee on Economic and Monetary Affairs (ECON) and spokesman of the Socialist Group on Economic and Monetary Affairs.

Bull man worked largely in the new EU regulatory framework for hedge funds and private equity firms with (AIFM Directive), which is now decided in the EU Parliament. In future there should be EU-wide minimum standards for the crisis so far as exacerbating existing funds. For the first time, legislation against the “plundering” of acquired businesses to be adopted (Journalist of 26 October 2010)
___________________________

Journalist:How do you rate negotiated the compromise on the regulation of alternative investment fund managers, the EU Parliament and Member States:

BULL MAN: The Directive is an important first step for the regulation of alternative investment fund manager and a great success for the Socialist Group. Since 2002, we call for regulation of hedge funds and private equity firms. The European Commission had, however, vehemently refused for a long time to be active at all. This was a free ticket for the black sheep of the industry. But those days are now over.

Journalist: Will proceed hedge funds and private equity firms more transparent in future?

BULL MAN: The fund managers will have little choice. Who wants to make it active business in Europe, must register with the relevant national authorities. Manager manage fund assets of over 100 million € in the case of hedge funds and 500 million euros in the case of private equity companies, they invariably fall under the policy. You then have to disclose their strategies and related risks. In return, the managers get a passport from 2013, which allows them to market the fund in the EU.

Journalist: Can I prevent the ‘plundering’ of acquired businesses (asset stripping) with the new rules? What failed to stricter requirements, such as the SPD has it required?

BULL MAN: In the past there have always been private equity firms that have bought with borrowed money in companies. She then handed the debt to just keep the acquired company. These and other harmful practices, we now move from a stop. For the first two years after a takeover, the substance of the target company must be taboo.

We Social Democrats would have liked a more comprehensive protection. However, this is past the resistance of the Member States. Not at least the governments of Britain and Germany are responsible to follow the full-bodied intent on financial market regulation and no action could be.

Uninformed employees can not defend themselves

Journalist: As a measure to prevent asset stripping it to hedge funds and private equity firms are prohibited in the future to tap into the substance of company for debt reduction or dividend payments. Is that a legitimate intervention in the entrepreneurial freedom?

BULL MAN: Our goal is the black sheep of the industry, speculate only on profits, but not interested in the welfare of a company are making life difficult. We want to make sure, therefore, that money invested is held long in the company. For investors this is good of course. You do not have to worry so.

Journalist: Employees should be in the case of acquisitions of alternative investment funds better informed about what happens to the businesses and jobs. What is gained by that?

BULL MAN: No information on ownership and corporate strategies are not employed in a position to negotiate with employers on equal terms. Everything happens behind closed doors, the workers are at some point before a fait accompli and can not defend themselves. About when management forces with a mutual fund does, who wants to destroy the company. The new information requirements, we have made progress. This applies in particular to the situation in Germany.

The locusts left high and dry

Journalist: For the protection rules in the case of acquisitions of alternative investment funds there are minimum requirements. Germany should go over the EU requirements? If yes, where?

BULL MAN: It is open to Member States in the implementation here is lay a shovel on it. I expect the German government that it avails itself of this opportunity. For example, could protect the substance from two to four years or the information for the employees to be further improved. This would be for the benefit of employees, but also the companies concerned.

Journalist: economists praise, positive economic functions of hedge funds and private equity firms. Some rehabilitate ailing companies, for example. Others provide risk capital for new business ideas. If the funds and companies with new EU rules made life unnecessarily difficult?

BULL MAN: Given the dramatic consequences of the financial crisis have been agreed by the leading industrialized and emerging countries in 2009, that there shall be no exceptions in the regulation. This also applies to hedge funds and private equity firms, some of whom had contributed to aggravating the crisis. Examples are only speculation against Lehman Brothers and Greece called. In a challenging regulatory, therefore there is no way if we want to impede the locusts in the industry.

Journalist: how to ensure that the new rules can not be evaded with new legal structures?

BULL MAN: This can unfortunately never be ruled out hundred percent. We would have liked at one point or another still more extensive formulations to make it more difficult to circumvent. Member States had reservations. On our pressure, was agreed in 2017 a comprehensive review. If necessary so repairs can be made. We also strengthen the national and European regulators to allow them to react to market movements.

Journalist: Win with the new EU rules on offshore financial centers in importance?

BULL MAN: About 37 percent of all hedge funds are now resident in the Cayman Islands. That is, they are represented with at least one mailbox. However, I doubt that there will be a major exodus from Europe. Currently, there are contrary indications of the opposite trend.

The background is that institutional investors – like pension funds or insurance – investment opportunities prefer that the European regulators are assumed. If this trend continues in the long term, we would have achieved an important objective.

Risk capital for small businesses
Almost 16 million euros for this country, and banks in the EU-BRB Fund.

Together for Burgenland company: Klaus Stinakovits, Julius Marhold, Hans Niessl, Franz Steindl and WiBAG leaders Schmitl and Kast.

All good funds are three: After the prize of 30 million Euro fund of Athena and a six-million-euro fund for micro enterprises has WiBAG presented on Wednesday a further venture capital fund to support Burgenland small and medium enterprises.

The BRB funds (venture capital Burgenland AG) is endowed with 15.7 million euros and only company to support, based in Burgenland. Will be sought only minority stakes in companies in all industries are facing an expansion or a business succession. Not excluded but also activities in crisis-ridden companies went after the restructuring.

“The fund is intended as Evergreen, which EUR 15.7 million are permanently available,” said CEO Klaus Stinakovits BRB. “revenue and income from investments is reinvested,” said the manager.

Second helping
The level of the individual investments ranging from 200,000 up to € 1.5 million euros and will run for five to seven years. The first engagements will start this year.

The almost 16 million euros in the fund come to 64 percent of the country and the EU and to 36 percent of regional banks, insurance companies and the Chamber of Commerce.

That the originally planned 20 million euro are not quite come about, Raiffeisen Landesbank-General Julius Marhold said the economic crisis: In the initial phase of the fund in the first half of 2009 was the entire banking industry “actually stood in front of a wall of smoke” – that as a precaution. Since today, but a “moderate economic recovery” is felt, hopes WiBAG board member Peter Schmitl a look-up to the € 20 million.
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A venture capital investment is characterized by the following:

The contribution is mainly in young, privately held, technology-oriented companies (English “ups”).
Since such companies for a conventional loan financing generally can not raise enough collateral, are fully liable equity and hybrid financing forms in the foreground. Common in Germany, minority equity investments of 20-35% [1].
Although the funds are basically made available indefinitely, with the goal of equity is not in dividends or interest payments, but the gain on the sale of the investment (exit).
The participation is associated with a very high risk, which may lead to total loss of principal. At the same time are possible at a very high success rates of return.
It is provided not only capital but also business know-how to help the usually inexperienced entrepreneurs, and make the investment successful. Therefore, in this context, capital of intelligent (“smart capital”) is spoken. The investor may actively engage in the business activities (management support) and through a network such as the establishment of business or hiring staff to help.
In return, the investor often information, control and a say, go beyond the usual rights of its participation.

JV partners, or joint venture partners, are incredibly important for anyone in any business. It does not matter if you are a larger business that is looking to expand or if you are a small online
website hoping to find people who will help you to promote your product or service. The right partner in the process will make or break your experience.

Take the time to learn about all of the options available to you before you choose a company or a person to partner with for your business venture. Learn as much as you can about them as well as learn about who they are and what they could do to hurt your business. Taking a few steps now to make sure that your business is in the hands of the right organization can protect it in the short and the long term. It makes the partnership worthwhile
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Engineering solutions and financial decisions are intimately tied together. The best engineers combine the technical and financial cases in determining new solutions to opportunities, challenges and problems. In order to get a project approved, no matter its size, the financials must be clear and compelling. To have an impact on the company’s performance, a practising engineer must learn to argue the business case as part of the technical solution.
Finance for Engineers: Evaluation and Funding of Capital Projects provides a framework for engineers and scientists to undertake financial evaluations and assessments of engineering or production projects. The material covered enables the reader to understand how the economics of a technical project affects the finances of the company. The integration of the technical and financial decision-making is demonstrated through case studies and examples relevant to the practising engineer. The book equips engineers and scientists with the tools to contribute positively to the financial and strategic decisions within the organization.