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VENTURE CAPITAL POLICY

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					VENTURE CAPITAL POLICY
MEETING
                                                              Wednesday, May 16th
Welcoming Cocktail Reception
LAS AMERICAS DINING ROOM (IDB) - 7TH FLOOR


6:00-8:30 PM WELCOMING RECEPTION
              Josh Lerner and Susana García-Robles will welcome participants in a pre-event reception
              at the IDB Headquarters.




                                                                    Thursday, May 17th
Venture Capital Policy Seminar
ANDRES BELLO AUDITORIUM (IDB) - 9TH FLOOR


7:30-8:30     Breakfast and Registration

8:30-9:00     INTRODUCTORY REMARKS
              Nancy Lee (MIF General Manager), Susana García-Robles (MIF Principal Investment Officer),
              Josh Lerner (Harvard University)

9:00-10:30    CASE DISCUSSION: START-UP CHILE
              This case examines an innovative effort to encourage entrepreneurship in Chile. In this
              program, which the government began in the fall of 2010, foreign entrepreneurs are
              encouraged to move to Chile with a stipend of $40,000 a year, a one-year residency visa,
              and a dedicated team of seven people to provide guidance in navigating the business
              culture of the country. The case looks at the motivations for the effort, the key design
              choices made, and the challenges faced to date. The case will draw lessons regarding the
              appropriate role for the government in promoting entrepreneurship.

10:30-11:00   Coffee Break

11:00-12:30   WHITE PAPER DISCUSSION: INOVAR
              The INOVAR project, co-sponsored by Brazil’s FINEP and the MIF, represents a multi-pronged
              attempt to create an early-stage investment ecosystem. This paper describes the two phases
              of the project along with the way it has evolved to target the needs of the market.

12:30-1:30    Lunch
1:30-3:00           LECTURE ON THE GOVERNMENT’S ROLE IN FOSTERING
                    VENTURE CAPITAL
                    Lecture and discussion led by Josh Lerner on government’s role in fostering venture
                    capital, comparing the United States and LAC economies, with special attention to the
                    MIF’s lessons learned over 15 years of experience

3:00-3:15           Coffee Break

3:15-5:15           TAKING IT FORWARD: DISCUSSION, BREAK-OUTS, AND REPORTS
                    This session starts with a structured discussion of the topics provided earlier. Participants
                    will then break out into smaller groups based on their earlier elections. There, they will
                    share successes and challenges they have encountered, discuss their particular needs,
                    and brainstorm ways to address them. Reconvening in the larger group, participants will
                    share their concerns and ideas and receive further suggestions from the other attendees.
                    These comments will be gathered and incorporated into the program summary and best
                    practices note.

5:15-6:00           WRAP-UP AND CLOSING REMARKS



                                                                                         Friday, May 18th
Experts Panel
ANDRES BELLO AUDITORIUM (IDB)


12:30-3:00          EXPERTS PANEL: A FRANK DISCUSSION WITH GOVERNMENT
                    AGENCIES ON HOW TO BUILD A VC ECOSYSTEM
                    FINEP (Brazil), Bancoldex (Colombia), CORFO (Chile), NAFIN and CMIC (Mexico) will
                    present their government initiatives and strategies to stimulate an entrepreneurial
                    ecosystem, which have proven to be fundamental to the development of the venture
                    capital industry in their countries. In this interactive discussion session the five
                    Government Agencies will answers questions from Susana-García Robles and share their
                    lessons learned.




 NOTES ON AGENDA
 ``
  Cases will be distributed electronically to participants one week prior to the Policy Meeting, along with
  preparation questions to consider for each.
 ``
  Attendees will receive a summary report reflecting the discussion and lessons from the proceedings.
 ``
  Sessions will be in English. Interpretation services (English-Spanish) will be provided.




Inter-American Development Bank
(IDB) Headquarters
Andres Bello Auditorium
                                                                   Multilateral Investment Fund
1300 New York Avenue NW., Washington, DC                            Member of the IDB Group
Josh Lerner
Josh Lerner is the Jacob H. Schiff Professor of Investment Banking at Harvard Business School, with
a joint appointment in the Finance and the Entrepreneurial Management Areas. He graduated
from Yale College with a Special Divisional Major that combined physics with the history of
technology. He worked for several years on issues concerning technological innovation and
public policy, at the Brookings Institution, for a public-private task force in Chicago, and on
Capitol Hill. He then earned a Ph.D. from Harvard’s Economics Department.

Much of Josh’s research focuses on the structure and role of venture capital and private equity
organizations. (This research is collected in three books, The Venture Capital Cycle, The Money
of Invention, and the recent Boulevard of Broken Dreams.) He also examines policies towards
intellectual property protection, particularly patents, and how they impact firm strategies in high-
technology industries. (The research is discussed in the book Innovation and Its Discontents.)
He founded, raised funding for, and organizes two groups at the National Bureau of Economic
Research: Entrepreneurship and Innovation Policy and the Economy. He is a member of a number
of other NBER groups and serves as co-editor of their publication, Innovation Policy and the
Economy.

Josh received the 2010 Global Award for Entrepreneurship Research and has been named one of
the Hundred Most Influential People of the Decade by Private Equity International.




                                                           Multilateral Investment Fund
                                                            Member of the IDB Group

				
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