{"id":44067,"date":"2017-09-01T10:15:42","date_gmt":"2017-09-01T08:15:42","guid":{"rendered":"https:\/\/newserver.fyb.de\/produkt\/editors-foreword-2015\/"},"modified":"2017-09-01T10:15:42","modified_gmt":"2017-09-01T08:15:42","slug":"foreword-of-the-editor-4","status":"publish","type":"product","link":"https:\/\/www.fyb.de\/en\/produkt\/foreword-of-the-editor-4\/","title":{"rendered":"Editor\u2019s Foreword 2015"},"content":{"rendered":"

Tatjana Ande\u00adrer<\/strong> \u2014 Foun\u00adder of FYB Publi\u00adshing House<\/p>\n","protected":false},"excerpt":{"rendered":"

The current state of the markets leads us to consider whether the term venture capi\u00adtal deser\u00adves a new defi\u00adni\u00adtion. Espe\u00adci\u00adally when you realize where risks arise and what influence you have on them. Inves\u00adtors are glued to cheap central bank money like addicts to their drug. As soon as the supply stalls, i.e. the central banks tigh\u00adten the reins, with\u00addra\u00adwal pheno\u00admena set in, with considera\u00adble conse\u00adquen\u00adces. Depen\u00adding on whether the thumb of mone\u00adtary policy in the U.S. or Europe is poin\u00adting up or down (with regard to the purchase of govern\u00adment bonds), diffe\u00adrent risks come to the fore. Howe\u00adver, all of them affect the entire, global invest\u00adment commu\u00adnity. And only those inves\u00adtors whose sense of reality has been shar\u00adpe\u00adned by recent crises and market shocks and not clou\u00added by the flood of liqui\u00addity in recent years are likely to be armed. A clear view of things is requi\u00adred to reco\u00adgnize the daily news as really good or bad.<\/p>\n

Coupled with this, there was again a nota\u00adble increase in coven\u00adant light loans. Howe\u00adver, the resul\u00adting effects in times of incal\u00adculable para\u00adme\u00adters such as central bank poli\u00adcies should be kept in mind. They are likely to be vividly remem\u00adbe\u00adred by many private equity firms and inves\u00adtors. Mone\u00adtary condi\u00adti\u00adons are curr\u00adently as loose as they can be. As long as this remains the case, the upward trend in all alter\u00adna\u00adtive asset clas\u00adses, from corpo\u00adrate bonds to private equity, is also likely to continue.<\/p>\n

We are facing a new foun\u00adding era! Digi\u00adta\u00adliza\u00adtion is revo\u00adlu\u00adtio\u00adni\u00adzing ever\u00ady\u00adthing, accor\u00adding to Siemens CEO Joe Kaeser (Handels\u00adblatt 10\/21\/14). German tech\u00adno\u00adlo\u00adgies and rese\u00adarch enjoy such an excel\u00adlent repu\u00adta\u00adtion that even the famous Sili\u00adcon Valley Bank wants to pitch its tents here. In Sili\u00adcon Valley, the bank is not only in busi\u00adness with the majo\u00adrity of venture capi\u00adtal finan\u00adciers, but also with nume\u00adrous start\u00adups and serial entre\u00adpre\u00adneurs. In Germany, it defi\u00adnes its market gap in the lack of tech exper\u00adtise of regio\u00adnal banks and their limi\u00adted expe\u00adri\u00adence with the expan\u00adsion of start ups abroad. More Ameri\u00adcan dyna\u00admism in venture-stage money should do our young entre\u00adpre\u00adneurs good. Many successful among them depen\u00added on foreign donors for inter\u00adna\u00adtio\u00adnal expan\u00adsion. Among them Kredi\u00adtech in Hamburg, the company recei\u00adved $40 million from inter\u00adna\u00adtio\u00adnal inves\u00adtors this year and Zalando has more inter\u00adna\u00adtio\u00adnal than German finan\u00adciers on board. Inter\u00adshop foun\u00adder Stephan Scham\u00adbach also foun\u00added his second company, Demandware, in the U.S. and took it public there. Reason: no chance in Germany. \u2014 Read more about the German govern\u00admen\u00adt\u2019s ambi\u00adtious high-tech stra\u00adtegy in the FYB gree\u00adting from Prof. Dr. Johanna Wanka, the Fede\u00adral Minis\u00adter of Educa\u00adtion and Research.<\/p>\n","protected":false},"featured_media":41177,"comment_status":"closed","ping_status":"closed","template":"","meta":{"wp_typography_post_enhancements_disabled":false},"product_brand":[],"product_cat":[2452,2458,2468,2550],"product_tag":[1930,1955,1959,2033,2035,2036,2038],"class_list":{"0":"post-44067","1":"product","2":"type-product","3":"status-publish","4":"has-post-thumbnail","6":"product_cat-ebook-en","7":"product_cat-tatjana-anderer-en","8":"product_cat-free-of-charge-en","9":"product_cat-fyb-2015","10":"product_tag-venture-capital-en-2","11":"product_tag-other","12":"product_tag-tatjana-en","13":"product_tag-monetary-policy","14":"product_tag-market-shocks","15":"product_tag-liquidity-flood","16":"product_tag-alternative-asset-classes","17":"pa_sprache-english-3","18":"pa_sprache-german","20":"first","21":"instock","22":"taxable","23":"shipping-taxable","24":"purchasable","25":"product-type-variable"},"yoast_head":"\nEditor's Foreword 2015 - FYB Financial Yearbook<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.fyb.de\/en\/produkt\/foreword-of-the-editor-4\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Editor's Foreword 2015 - FYB Financial Yearbook\" \/>\n<meta property=\"og:description\" content=\"The current state of the markets leads us to consider whether the term venture capital deserves a new definition. Especially when you realize where risks arise and what influence you have on them. Investors are glued to cheap central bank money like addicts to their drug. As soon as the supply stalls, i.e. the central banks tighten the reins, withdrawal phenomena set in, with considerable consequences. Depending on whether the thumb of monetary policy in the U.S. or Europe is pointing up or down (with regard to the purchase of government bonds), different risks come to the fore. However, all of them affect the entire, global investment community. And only those investors whose sense of reality has been sharpened by recent crises and market shocks and not clouded by the flood of liquidity in recent years are likely to be armed. A clear view of things is required to recognize the daily news as really good or bad. Coupled with this, there was again a notable increase in covenant light loans. However, the resulting effects in times of incalculable parameters such as central bank policies should be kept in mind. They are likely to be vividly remembered by many private equity firms and investors. Monetary conditions are currently as loose as they can be. As long as this remains the case, the upward trend in all alternative asset classes, from corporate bonds to private equity, is also likely to continue. We are facing a new founding era! Digitalization is revolutionizing everything, according to Siemens CEO Joe Kaeser (Handelsblatt 10\/21\/14). German technologies and research enjoy such an excellent reputation that even the famous Silicon Valley Bank wants to pitch its tents here. In Silicon Valley, the bank is not only in business with the majority of venture capital financiers, but also with numerous startups and serial entrepreneurs. In Germany, it defines its market gap in the lack of tech expertise of regional banks and their limited experience with the expansion of start ups abroad. More American dynamism in venture-stage money should do our young entrepreneurs good. Many successful among them depended on foreign donors for international expansion. Among them Kreditech in Hamburg, the company received $40 million from international investors this year and Zalando has more international than German financiers on board. Intershop founder Stephan Schambach also founded his second company, Demandware, in the U.S. and took it public there. 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