1.4. Заполните текст словами и фразами из упражнения 1.3.

Finance for space ventures

It is very difficult for companies in the private space industry to find the necessary ¹_________ for new space projects. Private investors don’t like investing in space because the ²_________ is high, and because the ³________ can be as much as 20 years or more. Investors want to be sure that they will get a good ⁴__________. However, some millionaire space enthusiasts will support projects even if there is not much ⁵ ___________ for making a profit. Even government projects are often short of money. Most space ventures have to run on ⁶___________.

1.5. Вычеркните слово, которое не сочетается с глаголом в каждой группе:

1 launch: a satellite, a rocket, a budget, a new product

2. set up: a satellite, a company, a joint venture, an organization

3. raise: money, capital, the price, a rocket

4. make: money, a profit, an investment, a cost

5. take: an elevator, a risk, an investment, a decision

1.6. Сопоставьте определения с соответствующими словосочетаниями из упражнения 1.5.

To put a satellite into orbit. launch a satellite

1. to borrow money to finance a new venture.

2. to do something that is dangerous and could have bad results.

3. to put something new on the market for people to buy.

4. to make an agreement with another company to work together on a business activity.

5. to put money into a business activity in the hope of making a profit later.

II Venture capital

2.1. Просмотрите интервью с Кристофом Визентал, партнером венчурной фирмы «Коперника» и выберите правильный ответ.

1. When you consider new projects or new ideas, what do you look for?

A a product that will bring a return on investment in a short time

B a product that will have a large market

2. How long do you usually have to wait to get a return on investment?

A 1-3 years B 5-8 years C 12-15 years

3. What percentage of investments won’t make any return?

A 90 per cent B 50 per cent C 10 per cent

Questioner: What kinds of new technology does your firm usually invest in?

Christoph: Mostly we invest in IT – Information Technology. But about a third of our capital is invested in medical technologies.

Questioner: Is it better to support start-up companies or older companies?

Christoph: Obviously there’s a lot more risk with a start-up than with a company that is already running. With an older company, you can see if they have a strong management team and a good record of success.

Questioner: When you consider new projects or new ideas, what do you look for?

Christoph: We look for new products and new technology that will have a market. If it’s something people need to have, then lots of people will buy it. Take a medical product, for example. We ask what kind of disease it will treat. If it can treat a disease that is common, obviously,

the product will have a much larger market.

Questioner: Many people who look for venture capital are scientists or engineers. How much do they understand about business?

Christoph: Nowadays, top scientists know a lot about business. They are very aware of the importance of economic factors.

Questioner: How long do you usually have to wait to get a return on investment?

Christoph: The payback period is usually between five and eight years. But in the biotech sector, 15 years is quite normal.

Questioner: And – if I can ask you this – what percentage of your investments don’t give you any return on your investment?

Christoph: Venture capitalists expect that nine out of ten ventures won’t make any return. If all goes well, the tenth investment will make enough money to give us a profit overall.