Оглавление
Christophe Dispas. Innovation and Financial Markets
Table of Contents
List of Tables
List of Illustrations
Guide
Pages
Innovation and Financial Markets
Foreword
Introduction
1. From the Idea to the Stock Market. 1.1. Prologue. Box 1.1.Excerpt from notes by Georges Kayanakis, December 1998
1.2. A long and rigorous path. 1.2.1. A graphic representation
1.2.2. Steps to be taken. 1.2.2.1. Steps 1, 2, 3: start-up
1.2.2.2. Step 4: scrupulous verification of the existence of needs
1.2.2.3. Step 5: verification of compatibility with internal competencies
1.2.2.4. Step 6: corrective actions
1.2.2.5. Step 7: needs verification
1.2.2.6. Step 8: verification of the absence of hidden conditions
1.2.2.7. Step 9: confirmation of the differentiator’s value
1.2.2.8. Step 10: business plan 1
1.2.2.8.1. Vision/mission of the start-up
1.2.2.8.2. Team
1.2.2.8.3. Problems or needs of potential clients
1.2.2.8.4. Description of the product
1.2.2.8.5. Intended market/target
1.2.2.8.6. Business model
1.2.2.8.7. Competition
1.2.2.8.8. Commercial and production strategy
1.2.2.8.9. Financial forecasting
1.2.2.9. Step 11: having a prototype
1.2.2.10. Step 12: prototype adjustments
1.2.2.11. Step 13: conducting a beta test
1.2.2.12. Step 14: encouraging beta test results
1.2.2.13. Step 15: initial structuring of the organization
1.2.2.14. Step 16: updating business plan 1
1.2.2.15. Step 17: seeking and obtaining external funding
1.2.2.16. Steps 18 and 19: decision to make a new business plan and appointment of a new board of directors
1.2.2.16.1. Step 18: decision to build the business plan 2
1.2.2.16.2. Step 19: modification of the board of directors (the board)
1.2.2.17. Steps 20, 21, 22, 23, 24, 25: verification of the product/system fit for the market; development of all strategies and tactics (commercial, R&D, industrial); hiring. 1.2.2.17.1. Preliminaries
1.2.2.17.2. New bases for business plan 2
1.2.2.17.3. Business plan 2, its strategic role and content
1.2.2.17.4. Business plan 2, strategic plan, its construction
1.2.2.17.5. Step 20: verification of the product/service–market fit
1.2.2.17.6. Step 21: establishing strategies and tactics for the product/service and for the salesperson
1.2.2.17.7. Step 22: R&D strategy
1.2.2.17.8. Step 23: industrial strategy or equivalent
1.2.2.17.9. Step 24: organization
1.2.2.17.10. Step 25: business plan 2 and budget forecast
1.2.2.18. Steps 26 and 27: symbolic and significant orders
1.2.2.19. Step 28: delivery of the new version
1.2.2.20. Step 29: compliance with financial commitments
1.2.2.21. Step 30: corrective actions
1.2.2.22. Step 31: scale-up
1.2.2.23. Step 32: profit financing and stabilization
1.2.2.24. Step 33: scale-up, VC (venture capital) financing
1.2.2.25. Step 34: processing of the IPO file
1.2.2.26. Step 35: business plan 3
1.2.2.27. Step 36: IPO
1.2.3. Product marketing by the menu
1.2.3.1. Founding actions and the first product step
1.2.3.2. Functional scope of the product or technical specifications
1.2.3.3. Prototype
1.2.3.4. Beta test, its usefulness
1.2.3.5. Beta test, the beginning of an iterative cycle
1.2.3.6. From prototype to IPO
1.2.3.7. Operational graph
1.3. Categories to represent the progress made
1.3.1. Brief description of the categories
1.3.2. Intangible assets to be acquired to move from one category to the next: detailed description and required satisfaction levels
1.3.2.1. Category A
1.3.2.2. Category B
1.3.2.3. Category C
1.3.2.4. Category D
1.3.2.5. Category E
1.3.2.6. Category F
1.4. Use of criteria satisfaction levels as a rating guide
2. How to Develop the Innovative Capacity of Companies. 2.1. Introduction
2.2. Siphoning queries to produce an idea
2.3. Having the means (skills) required
2.3.1. Technical achievements
2.3.2. Protection against dangers
2.3.3. Generating routines and procedures
2.4. Having an appropriate organization. 2.4.1. Prerequisites
2.4.2. Building the capacity to innovate
2.4.2.1. How and when should these intangible assets be put in place?
2.4.2.2. Intangible assets needed: criteria for identifying them
2.4.2.3. List of criteria
2.4.2.4. Content of the criteria
2.4.2.5. Functioning of the criteria. 2.4.2.5.1. Need for gradation of levels in each criterion (Diag. O method)
2.4.2.5.2. Required criteria levels according to categories (Diag. O method)
EXAMPLE.– Application of the criteria: difference in requirements, for the same criterion, between two categories (A and D)
3. Innovation and Its Challenges for the Company. 3.1. Introduction
3.2. General innovation policy: a vital issue, survival
3.2.1. Uncertainties and costs of innovation, in return for survival
3.2.2. A deadly risk
3.3. Innovation: major sectoral issues
3.3.1. Innovation? Improving and creating new products/services
3.3.2. The challenge of differentiation
An example of differentiation: Vite Mon Marché
3.3.3. The challenge of being the leader
3.3.4. The challenge of reducing production costs
3.3.5. The challenge of penetrating new markets
3.3.6. The challenge of creating a competitive advantage CSR and/or GDPR. 3.3.6.1. CSR (Corporate Social Responsibility)
3.3.6.2. GDPR (General Data Protection Regulation)
An example of CSR and legal innovation: EcoTree
4. Financial Evaluation of an Innovation Project. 4.1. Introduction
4.2. Costing
4.2.1. Determining net initial costs
4.2.1.1. Gross initial cost
4.2.1.1.1. Producing representative samples
4.2.1.1.2. Commercial promotion (promotion, marketing, advertising, etc.) and launch
4.2.1.1.3. Producing lead products in accordance with first orders
4.2.1.2. Corresponding revenues
4.2.2. Calculating the theoretical value of the start-up
4.3. Judgment (goodwill) 4.3.1. Purpose
4.3.2. Contents of the data room information source
4.3.3. Data room organization and using criteria favorable to innovation
4.3.4. Using criteria conducive to innovation: approach to be followed
4.4. Negotiation
5. Funding Innovation
5.1. Issues related to funding growth
5.2. Means of funding growth
5.2.1. Initial shareholders’ equity
5.2.2. Love money
5.2.3. Competitions
5.2.4. Public aid
5.2.5. Crowdfunding
5.2.6. Interest-free loans
5.2.7. Business angels
5.2.8. Venture capital
5.2.9. Bank financing
5.2.10. Private equity
6. Valorization of Innovation by Financial Markets
6.1. How to determine the expected return from innovative companies
6.1.1. Capital asset pricing model (CAPM)
EXAMPLE.– Calculate the beta of the CAPM model using Excel
6.1.2. Multifactorial models: arbitrage pricing theory (APT)
6.1.3. Multi-factor models based on microeconomic factors
EXAMPLE.– Developing the Fama and French model using Excel
6.1.4. Carhart model
EXAMPLE.– Developing the Carhart model using Excel
6.1.5. Fama and French five-factor model
EXAMPLE.– Developing the Fama and French five-factor model using Excel
6.1.6. Sensitivity of innovative companies to risk factors
6.2. Outperformance of innovative companies
7. Innovation and Credit Risk
7.1. Credit risk
EXAMPLE.– Calculation of the price of a bond
EXAMPLE.– Calculation of the yield to maturity of a bond (YTM)
EXAMPLE.– Change in the price of a bond following a change in its credit risk
7.2. Credit risk and rating agencies
7.3. Relationship between credit risk and innovation
7.4. Innovative companies less risky in the long-term?
7.5. Conclusion
8. Financial Innovation: Creating Value… or Risk? 8.1. Basic concepts of portfolio management
8.1.1. Diversification
8.1.2. Markowitz model
8.1.2.1. Expected return on a portfolio of financial assets
EXAMPLE.– Calculation of the expected return on a portfolio
8.1.2.2. Expected risk of a portfolio of financial assets
8.1.2.3. Covariance and correlation concepts
8.1.2.4. Markowitz’s optimal portfolio
EXAMPLE.– Determining the efficient frontier using Excel
8.1.3. Financial innovation “theoretically” a source of diversification
8.2. Risk-creating financial innovation?
Conclusion
References
Index. A, B, C
D, E, F
G, I, K
M, O, P
R, S, T
U, V
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