Venture capital w Polsce - od okresu transformacji systemowej po dzień dzisiejszy

Abstract

Venture capital (VC), called high risk or high chance capital, as financial instrument of capitalistic highly developed countries, has not been recognized in Poland for a long time. The reason of his origin was structural transition of polish economy, which was accompanied by the privatization and necessity of reconstruction of the capital market. Those processes needed financing, and in the role of venture capital was seen. During the last fifteen years the role, the importance and the way of functioning of venture capital market in Poland have been changed. However, always it was visible its positive influence on the entrepreneurship development, creation of stable financial system and on the economy at all. That is why, more often the government and other authorities undertake initiatives which should help to develop this small, but so important, part of capital market. Till the end of 2004, venture capital funds have invested in Poland more than 5,7 mid PLN, financing by this way mainly small and medium sized enterprises. And their investment preferences were very various, as in terms of economy sector, as in terms of size of enterprises. However, the fact is they always invest in enterprises risky, but those who have a big chance to growth. The aim of this paper is presenting fifteen years old history of polish venture capital market, showing how it is look nowadays and introduce perspectives on his development in the future. I will also present in it how, during this time, the structure, the way of operating and the number of institution involved in the venture capital market (mainly venture capital funds) have been changed.