Title Investor Readiness Training for Regional Ideas
Project Number 2009-1-LV1-LEO05-0371
Project Type Transfer of Innovation
Marketing Text The result of the IRTRI project is a fully developed training course based on Investment readiness methodology and tailored, transferred and adapted to the needs of entrepreneurs and would-be-entrepreneurs of each transferee region after preliminarily investigations of a selected set of environmental conditions in the transferee regions - Latvia and Estonia.
Reason for the project Many well-known and very succesful innovative businesses not always come from top level researchers or business men. There are known many cases when new promising innovative ideas have arisen in minds of young people, in many forms difficult to foresee. The discovered shortage is that not receiving needed advice, support and finance, the society and surrounding culture is resistant to new methods, approaches and technologies. The unused innovation potential in partner countries are creative people among young and/or employed people. It is therefore crucial to increase the support services (training, coaching, networking) available for such innovative and unconventional idea holders by improving the range and quality of innovation intermediaries’ offer as well as by contributing to the diffusion of an entrepreneurial culture, attitudes and values.
Main aims and objective was to develop a knowledge transfer strategy based on existing practices owned by META Group for supporting entrepreneurs/would-be-entrepreneurs in accessing early stage capitals in the transferee countries.
The practice, based on both a self assessment tool and training/coaching sessions, is aimed at (1) providing entrepreneurs/would-be entrepreneurs with the needed professional skills and network for developing a reliable business proposition and effectively presenting it to potential Early Stage Investors as well as (2) improving the range and quality of innovation intermediaries’ (such us Universities, RDAs and Life long learning centres, Business Incubators, Early stage investors) support services for business idea holders.
The practice holder is a consultancy company which operates at international level in the field of knowledge based companies creation. The transferee partners are mainly public or private organizations of the EU Member states. All of them are key actors in the implementation of training programs in their regions.
Tangible and intangible outcomes are: a training path/model transferred to other countries, where no similar structured programmes exist. Provision of tools, advice (toolkit) and train the trainers on how to successfully run the programme. Pilot testing and fine-tuning, dissemination/valorization at national level.
Impact:synergies among the key actors that should be involved in the process of facilitating would-be-entrepreneurs/start ups in accessing equity financing; a regional training/coaching scheme.
Description The scope of the IRTRI project was to transfer to other EU countries (Latvia, Estonia) a training program for Investment Readiness developed and tested in Italy by META Group. Investment Readiness is a methodology aiming at reducing the information asymmetry between entrepreneurs and investors.
Financial and Insurance Activities
material for open learning
The result of the IRTRI project is a fully developed training course based on Investment readiness methodology and tailored, transferred and adapted to the needs of entrepreneurs and would-be-entrepreneurs of each transferee region after preliminarily investigations of a selected set of environmental conditions in the transferee regions - Latvia and Estonia.
1) Training toolkit composed of:
- Regional curricula;
- Delivery and teaching method/material and tools;
- Assessment methods and tools;
- Train the trainers.
Training Toolkit and train the trainers session implemented. Aimed at detail designing the Investment readiness programme (adapted to the regional needs) and, producing the teaching materials and the tools and training the trainers/coaches of the transferee regions.
More in details, the objectives are:
- Designing of customised programmes using the characteristics/needs gathered at regional level, including the organizational model (organizations to be involved and their role in the process) objectives, contents and services to be delivered, length of the programme and of each block.
- Producing Guidelines (training toolkit) for those in charged of the implementation of the programme at regional level
- Training session of the training managers/trainers who will be in charged of the programme management/delivery at regional level.
On the basis of the Transferor experience and the results of the regional scans performed by the transferees and discussed during the coordination meeting in Tartu (April 8th 2010), it has been necessary to customize the training toolkit and the train trainers materials on investor readiness to be further tested. A section on internationalisation strategy has been added in order to fulfil a specific need.
The final handbook contains:
Critical success factors.
TRAINERS MANUAL designed for training managers and deliverers, that contains a set of instruments, materials, guidelines to be used for course planning and implementation according to the three vertical blocks identified:
• BLOCK 1 – Finance for start-ups - (PREPARATORY BLOCK)
• BLOCK 2 – The Business plan - (ENABLING BLOCK)
• BLOCK 3 – How to pitch to seed investors - (PRACTICING BLOCK)
Complemented by COACHING GUIDELINES AND TOOLS which is intended to be used together with BLOCK 1.
At the beginning of each block it can be found a section which gives a brief description of the block followed by the highlights on its objectives and contents of each module.
Each block comprises more training modules all structured into two sub-parts:
Part 1 – Module planning.
This is the section providing users with instructions on how to plan the course delivery in terms of key objectives, activities foreseen, timing and contents to be addressed.
Part 2 – Contents Design.
This is the part related to the teaching materials which should be used to deliver the training as well as explanatory comments guiding the trainers through the contents and exercise materials.
The Training toolkit has been presented during the train the trainer’s session held in Riga on September 14th – 15th 2010 (see the agenda).
2)Pilot delivery of the training programmes at regional level.
- Tested quality and effectiveness of the regional training programmes, through the delivery of selected modules/blocks to a restricted number of end users.
- Assessed the delivery.
- Fine-tuned the regional programmes according to the assessment results.