The processes of globalization and the third industrial revolution, linked to the development of new technologies, we have taken on in the post-Fordist and have brought new problems with which even the business of Emilia-Romagna has difficult to confront: market expansion, stunting business, internal organization of production structures, intergenerational exchange. The answer to these three nodes can not be articulated only in financial terms, since in the main post-Fordism asset specific to the creation of corporate value is the creative work and not the capital. One of the innovative tools for growth and SME development is that of private equity funds, designed to combine the request is for new funding for a new governance with professional support and relationships that can radically change the organizational model of business.
The world of venture capital and private equity, developed in the United States since the 80's where today can count on 2.5 trillion dollars of available capital (private equity in Europe came later and is worth about 500 billion € ), is for SMEs to raise money alternative to traditional, in order to increase their size and compete in the markets. Operators of private equity and venture capital non apportano però solo capitale finanziario, ma soprattutto capitale umano. Il loro scopo è di entrare nella società attraverso l'investimento di capitale di rischio e di far crescere l'azienda grazie alla esperienza maturata nei vari settori. Gli operatori di venture capital entrano nel capitale dell'impresa attraverso operazioni di early stage finalizzate a finanziare la sperimentazione di una nuova idea ( seed ) e la nascita di una nuova impresa ( start-up ). Gli operatori di private equity, invece, entrano nel capitale di un'impresa con un ciclo di vita successivo a quello iniziale. A seconda degli obiettivi di investimento, si distinguono tre tipologie di operazioni. L'operazione di expansion is aimed at supporting the growth and implementation of international projects, partnerships and joint ventures in existing businesses through a capital increase. The other two operations are implemented to change the ownership, for example, in a passage of generations, and not to raise the capital. With the replacement the private equity fund replaces a part of minority shareholders. The operation allows buy out the fund to enter the venture capital firm which revealed a majority stake, thus assuming total control.
The debate about private equity is growing every day more and more alive. On one hand, Mison, averse to any form of novelty and innovation, who argue that private equity funds are the "barbarians" of the new millennium, are already the true masters of Wall Street and only recently are causing the economic geography of European countries. On the other hand, the veins, sometimes tending to endorse uncritically everything that is new, who see the only chink in private equity to return our territories to the strong industrial vocation.
With all sincerity, " what will be tomorrow I do not remember .
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