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This section contains information and documents related to my master studies in "International Business Studies" at the University of Applied Sciences Kufstein and the Dublin Institute of Technology which I have finished in 2005. It offers a PDF-download of my master thesis on the "Financing of Austrian Biotech Companies with special consideration of Venture Capital" and of several selected seminar papers as well as some background information on my master thesis. Seminar papers (click preview icon for PDF-download)
Here, I am offering PDF-downloads of some seminar papers and presentations that I've prepared in the course of my master studies at the University of Applied Sciences Kufstein and the Dublin Institute of Technology, covering topics in the areas of International Finance, Strategic Management and Marketing. 
| Paper: Apple - Strategic Audit
V.Iliev, A.Lindinger, G.Poettler Seminar paper "Strategic Management" (English) |  | Paper: The Hard Peg Policy and The Argentine Crisis
G.Diaz-Aguado, R.Hardiman, V.Iliev, A.Lindinger, G.Poettler, A.Redondo
Seminar paper "International Finance" (English) |  | Presentation: The Hard Peg Policy and The Argentine Crisis
G.Diaz-Aguado, R.Hardiman, V.Iliev, A.Lindinger, G.Poettler, A.Redondo Presentation "International Finance" (English)
|  | Paper: SPAR Natur*pur
D.Hefel, V.Iliev, A.Lindinger, S.Ruech, S.Stojakovic Seminar paper "Marketing" (German)
|  | Presentation: SPAR Natur*pur
D.Hefel, V.Iliev, A.Lindinger, S.Ruech, S.Stojakovic Presentation "Marketing" (German)
| Master thesis (click preview icon for PDF-download) 
| Financing of Austrian Biotech Companies with special consideration of Venture Capital Finanzierung österreichischer Biotech-Unternehmen unter besonderer Berücksichtigung von Venture Capital
Andreas Lindinger Master thesis "International Business Studies" (German) |
Abstract Financing of Austrian Biotech Companies with special consideration of Venture Capital
Biotechnology is considered as one of the most important future technologies and has led to new insights in science and various innovative applications due to the application of new methods in the past three decades. In spite of the promising potential of the young Austrian sector, there are substantial problems in the commercial realisation and economic sustainability of young biotechs which result from high capital requirements, high information asymmetries and an intrinsic uncertainty. In addition to a general interest in biotechnology in Austria, there is a special research interest in the field of financing through venture capital (VC) as this is seen as a lever for the growth of young biotechs.
The discussion of potential financing possibilities of young biotechs as well as the profound examination of VC finance is in the centre of this diploma thesis. In this connection the most important potential financing sources are presented and evaluated, the theoretic suitability as well as the empiric evidence of VC finance is studied and the present/future potential, chances and problems are discussed. For this purpose, particularly theoretic financial concepts, empiric examples or data as well as the results of scientific research and a practical example are used.
It can be stated as a fundamental result that basically there exist good financing possibilities for Austrian biotechs with a global strategy although the disproportionate capital requirements as well as the limited funds from national financing sources represent potential bottlenecks. Basically, public subsidies and VC are the most important financing sources whereby in particular VC is very important from a theoretic point of view and due to some successful Austrian biotech-investments. Nevertheless, until now bigger and later VC financing rounds were only possible with the leadership and predominant participation of international investors. In addition, VC has to be part of a holistic financing approach (revenues from cooperation/licences, atypical silent partnership, etc.). The in its financing story so far most successful Austrian biotech Intercell showed in the practical example such a holistic financing approach with successful VC financing rounds due to a global strategy, experienced Background information The following paragraphs provide some background information on the development of this master thesis, ranging from its grading to my interview partners or its time schedule.
Grading:
The master thesis was passed with distinction, which is the best possible grade. Moreover, it received an award for the best master thesis of the course of studies.
Topic:
For me as a business student with focus on international finance, venture capital presents a very exciting research are due to its importance for the financing of young, innovative companies. Moreover, my interest for the biotechnology industry results from my general interest into currrent scientific progress and the enormous future potential of the biotechnology sector as well as recent success stories regarding the financing and business operations of several young Austrian biotechs. As I got a good insight into the Austrian venture capital sector during my business internship at PricewaterhouseCoopers, it was a personal aim to combine the topics of venture capital financing and biotechnology in this master thesis and to contribute to the understanding and discussion of current developments in Austria.
Interviews and support:
The following people provided me with helpful suggestions and practical insights from the areas of biotechnology, venture capital and business promotion through several personal interviews: - Dr. Werner Lanthaler (Intercell AG)
- DI Dr. Franz Latzko (Austrian Biotech Industry)
- DI Burkhart Feurstein (Gamma Capital Partners)
- DI Dr. Wolfgang Schallenberger (C4 Holding)
- Dr. Michaela Fritz (Austria Wirtschaftsservice)
- Mag. Manfred Stadler (Österreichische Forschungsförderungsgesellschaft)
- Mag. Erich Lehner (Ernst & Young)
Moreover, the following people and companies/institutions have supported my research through the provision of surveys and other valuable suggestions and interesting information: - Mag. Martin Salber (PricewaterhouseCoopers)
- Brigitte Tempelmaier (Club Biotech)
- John Hodgson (Critical I)
- Susanne Zehetmayr (Institut für Pharmaökonomische Forschung)
- Christine Petzwinkler (Wirtschaftsblatt Venture Woche)
- Austrian Private Equity and Venture Capital Organisation
- Austrianova
- Best of Biotech
- Center for Academic Spin-offs Tyrol
- Ideas to Business
- inits Universitäres Gründerservice
Finally, I would like to thank my proofreaders Mag. Martin Salber, Stephan Radner, Stefan Eitelsebner, Markus Mayr and Christoph Weiermair who have contributed to a successful master thesis through their expertise in the areas of business, biotechnology and journalism and provided me with some important suggestions from different angles.
Time schedule:
The time schedule for the master thesis provides an insight into the operative focuses of its development between February and June 2005: (English version coming soon!)
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Master studies