Special Investment Vehicles for Hybrid Financing of SMEs in Domain of Manufacturing Engineering

Abstract:

Promoting technological entrepreneurship in Romania is essential to support sustainable development in the actual context of a slow recovery after the recent crises and turbulences. SMEs have gone through a difficult period and the ones that remained on the market have demonstrated solidity and an adequate, based on flexibility, response to market movements. In emerging markets SMEs represents innovative vectors equipped with capabilities, knowledge, strategies and organizational development. Considering the low efficiency recovery after the crises and turbulences due to the volatility of global business (constantly changing customer expectations and identity, disruptive technological change, acceleration of innovation-based competition, market orientation for higher returns) we can see a good potential for Romanian technological SMEs. The main problem is related to the financing. The banking system is not interested in these types of projects and the capital market is still inaccessible for this type of investments. The government efforts to solve this problem are limited by the lack of appropriate tools, markets and institutional architecture. In this case is necessary to analyze new innovative financing solutions better adapted to the current dynamics of the technological entrepreneurship. An analysis of the possibilities to develop innovative solutions based on market functionality and institutions is presented. The focus is on natural, sustainable and flexible solutions, based on market mechanisms. The implementation of innovative financing solutions for technological SMEs is a very complex initiative, but the results will be visible immediately, contributing decisively to the development of entrepreneurship.

• Periodical: Applied Mechanics and Materials (Volumes 809-810)
• Pages: 1559-1564
• DOI: https://doi.org/10.4028/www.scientific.net/AMM.809-810.1559
• Online since: November 2015
• Authors: Emilia Calefariu*, Traian Alexandru Buda, Mircea Boşcoianu, Gabriela Prelipcean
• Keywords: Entrepreneurship, PEF (Private Equity Fund), R&D (Research and Development), Technological SME, VCF (Venture Capital Fund)

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