Dr. Lex de Lange

Lex de Lange (LLM,1953) founder and CEO of Zernike Group BV, has graduated in international tax law. After working as a tax-inspector for some time, he was asked in 1987 for the function of managing director of the Zernike Science Park, a government initiative in order to market scientific output. In order to fulfil his own ambition of bringing scientific knowlegde on to the international market, he decided to set up his own company Zernike Group B.V. in 1992. At the moment the organisation specialises in technology transfer, managing science parks and venture capital funds, and is shareholder in high-tech companies worldwide. Zernike Group B.V. has subsidiaries in Australia, China, Italy, the United Kingdom, Spain, Portugal, Finland, and the USA.

MODULE - Start-Up Funds: Management and Fund Raising


Many regions can be characterised as areas with a market for bearing (seed and venture) capital in order to finance detection, development and assessment of initial concepts in the seed stage. Vast experience has proven that new, commercially promising technologies often get stuck in an early stage, due to the lack of risk-bearing capital and a proper market-approach. This means that, more than once, important innovations have been lost. The "usual" finance companies (banks, etc.) are not too keen on providing capital in the pre-start up phase of highly innovative businesses. The start-up funds address this blind spot area in an efficient and business like way. This course discusses a wide range of subjects concerning start-up funds. The focus will be a practical one; Prof. de Lange will use his worldwide business experiences in the relevant field to illustrate the addressed topics. Group discussions based on hypotheses will be a recurring feature of the course. Students will also work individually and in small groups to examine practical cases. The students will play the role of both investor and entrepreneur. In this way students become familiar with all aspects of start-up funds.

Short description

The following subjects will be discussed: Stages of financing; a company needs different forms of financing during the life cycle of the company. Forms of financing: both public and private forms will be discussed with a special focus on seed capital. Start-up funds: How to set up a fund Objectives of a fund Different types of funds How funds operate Additional start-up support. For example Incubation centers. Due Diligence Business planning Valuation and Exit strategy Note: Case studies on specific topics elaborated on by the Zernike Group will be given to participants as coursework components.