All of the resolutions thus far has asked users to create another account,However, we are an enterprise company. How do I, a) tell who has it open, and, b) stop this from happening in the future? What exactly is field strength renormalization? 1 0 obj , *As of December 31,2022.Data provided by PitchBook,January 18,202379 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#Q4VCDeal share by series in Asia20152022*,number of closed dealsDeal share by series in Asia20152022*,VC invested($B)Global|US|Americas|EuropeAsia01,0002,0003,0004,0005,0006,0007,0008,0009,00010,00020152016201720182019202020212022*Series D Series CSeries BSeries AAngel&seed$0$20$40$60$80$100$120$140$16020152016201720182019202020212022*Series D Series CSeries BSeries AAngel&seedSource:Venture Pulse,Q422,Global Analysis of Venture Funding,KPMG Private Enterprise. (2021)Understanding the adoption of ICT among SMEs in Uganda:towards a participatory design model to enhance to enhance technology diffusion.African Journal of Science,Technology,Innovation and Development DOI:10.1080/20421338.2020.1802843 11 That would entail a closer collaboration with the MICT&NG whose 4iR strategy plans to increase the deployment of 4IR technology in agriculture sectors.12 Workshops targeting refugee entrepreneurs can be done in partnership with development state agencies already supporting such activities,such as GIZ for example.https:/www.giz.de/en/worldwide/74940.html 13 WIPO helps member states in that regard.https:/www.wipo.int/patents/en/technology/CONTENTS 8 potential Start-up Act 4.2 Improving the quality of BDS Priority actions Activities Institutions Increase the quality and expand the services of BDS centers Disseminate training in business negotiation skills,strategic planning,contract management,quality assurance,efficient resource and waste management,branding and packaging.Set up abusiness clinicMTIC Facilitate coordinated dissemination of trainings on standards and quality certification Working in close coordination with UNBS,MTIC could facilitate the outreach of UNBS range of trainings and consultancies.Integrate pilot trainings in BDS centers MTIC UNBS USSIA UNCCI 4.3 Improving access to market information Priority actions Activities Institutions Improve MSME statistics In close collaboration with UBoS,develop a periodic review of the MSMEs sector MTIC,UBoS Improve the quality and content of MTIC portal Update the content and quality of market information(including market opportunities for and with migrants and refugees entrepreneurs).Partner with district offices to disseminate it massively in different regions MTIC Facilitate coordinated dissemination of information on export facilitation Working in close coordination with UEPB,MTIC could facilitate the outreach of UEPB in BDS centers,innovation hub and incubators MTIC UEPB USSIA UNCCI Strengthen networking among stakeholders Working in collaboration with UIA and other actors in the entrepreneurship ecosystem,MTIC could organize events that bring together entrepreneurs and investors and recognize successful entrepreneurs 14 MTIC UIA USSIA UNCCI 14 Improving linkages between the investors and MSMEs community is also a priority action recommended by the UIA strategic plan 2020/21-2024/25 accelerating domestic and Foreign Direct Investment for sustainable development https:/www.ugandainvest.go.ug/wp-content/uploads/2021/06/UIA-STRATEGIC-PLAN-2020-2025-compressed-FINAL-VERSION.pdf 9 ENTREPRENEURSHIP POLICY REVIEW-UGANDA To increase the number of start-ups,the following recommendation can be formulated:4.4 Raising awareness on new market opportunities Priority actions Activities Institutions Improve information on market opportunities Working together with UIA to build on existing initiatives and research 15 and identify new niche markets for MSMEs.Use information from projects promoting green and social entrepreneurship 16 to raise awareness about opportunities in line with the 2030 Agenda for Sustainable Development(SDGs)MTIC and UIA Leverage the network of BDS centers,incubators and innovation hubs to disseminate information on market opportunities MTIC,BDS Center USSIA/UNCCI 4.5 Digitalizing entrepreneurial education and making it more concrete Priority actions Activities Institutions Increase the use of ICT in schools and TVET programmes Adapt the content of ICT-based learning tool and introduce them in TVET programmes in coordination with the BEAR II programme17 MTIC,MES,MICT&NG,UNESCO Increase the use of ICT in higher/tertiary education Adapt the content of ICT-based learning tool for tertiary and higher education MTIC,MES and Universities Reform the entrepreneurship curricula Strengthen the linkages between Enterprise Uganda and formal education institutions to adapt and develop content on entrepreneurship education at all levels of the formal educational system MTIC,MES/TVET,Enterprise Uganda Partner with international or regional organizations with expertise on the development of entrepreneurship curricula and promote experiential and learning-by-doing methodologies18 MTIC and MES/TVET/NCDC Embed entrepreneurial education in pre-service teacher training(upstream)and on-going in-service teacher training19 MTIC and MES/TVET 15 UIAs compendium of business ideas for MSMEs is a good example of useful information that should be communicated to the wider public 16 MTIC Switch Africa Green(SAG)project https:/www.mtic.go.ug/switch-africa-green-sag-project/or the Yunus Social Business project http:/ Better Education for Africas Rise II(BEAR II):promoting and transforming TVET in Eastern Africa.https:/en.unesco.org/themes/skills-work-and-life/bear and https:/unesdoc.unesco.org/ark:/48223/pf0000260719_eng 18 The following organisation have such expertise:The Center for Entrepreneurial Leadership Centre for Entrepreneurial Leadership-Anzisha Prize,and the Mastercard Foundation https:/mastercardfdn.org/uganda/19 To learn more about teachers entrepreneurial competencies,see https:/entrecompedu.eu/CONTENTS 10 4.6 Removing barriers to formalization of start-ups and MSMEs Priority action Activities Institutions Formulate a better understanding of the informal sector of Uganda Partner with university and statistical office to set up a periodic review of the informal sector of Uganda MTIC,UBoS Review the regulatory framework for business Organize a thorough and systemic review of the regulatory environment for start-ups to identify biases in favour of large business MTIC Expand access to simplified business registration procedures Leverage the network of incubators,BDS centers and innovation hubs to improve access to URSB one-stop shop outside Kampala MTIC and URSB Improve communication Formulation of a communication strategy on business regulation and business registration procedures in coordination with URSB,MOFPED/UIA/eBiz and private sector representatives.It is recommended that the strategy aims to:i)design and put in place a coordination mechanism between MTIC,URSB,MOFPED/UIA/eBiz and private sector representatives for timely dissemination of information.ii)develop information campaigns.The strategy should target different audiences,particularly vulnerable entrepreneurs such as women,youth and refugees.MTIC,URSB,MOFPED/UIA/eBiz and private sector representatives Provide solutions to run formalized businesses In collaboration with MOFPED,facilitate the diffusion of UNCTADs e-accounting tool as part of the IMCORE MTIC and MFPED To increase the coordination and communication of responsible institutions the following recommendation can be formulated:4.7 Strengthening coordination and improve communication of institutions responsible for MSMEs development.11 ENTREPRENEURSHIP POLICY REVIEW-UGANDA Priority action Activities Institutions Strengthen coordination Strengthen synergies between MTIC and key institutions and actors,including MOFPED/UIA,UNBS,MES/TVET and private sector representatives MTIC,MOFPED/UIA,UNBS,MES/TVET and private sector representatives Increase capacity of District Commercial Offices MTIC,District Commercial Offices Improve communication Formulation of communication strategy on entrepreneurship promotion and MSMEs development.The strategy should aim to develop and implement information campaigns on mainstream and social media channels to:i)provide better information about services and support offered to MSMEs.ii)raise awareness of quality and conformity to standards.The strategy should target different audiences,particularly vulnerable entrepreneurs such as women,youth and refugees.MTIC 5 Monitoring and Evaluation Being the focal institution responsible for the coordination of the policy implementation,MTIC would be in a good position to collect,compile and analyse information on all matters related to MSME policy implementation.The monitoring and evaluation mechanism can be a major policy instrument with detailed activities and specific timeframe as indicated in the overall policy objectives of this document.They have been formulated to be Specific,Measurable,Attainable,Realistic and Timely(SMART).It is recommended that a five-year review timeline is put in place for this policy.UNCTADs EPF recommends that policy objectives and their performance indicators should be limited in number,relevant and specific to their objectives.Moreover,data for constructing the indicators should be readily available or relatively simple to collect.The information should be collected periodically and in a timely manner so that the situation of entrepreneurs can be monitored.To measure achievement of the objectives set in section 3,the following indicators are proposed:Performances of enterprises can be measured by their contribution to employment and GDP;Number of new enterprises are indicated by registration figures at URSB;Levels of formality can be measured by enterprises contribution to taxes;The comparison of newly registered enterprises and their contribution to taxes can give a rough indication of level of formality and survival rates.For each of the specific actions,additional indicators can provide useful information for monitoring purposes,such as,for example:CONTENTS 12 Number of entrepreneurs who participated in digital literacy training;Number of entrepreneurs who participated in standard and quality certification training;Performance of MSMEs who benefited from the different training MTIC coordinated;Number of start-ups registered by students who participated in entrepreneurship education.It is advised that a mid-term review be conducted to identify areas in the strategic plan that require adjustments to ensure alignment of activities with outcomes.6 Conclusion This document on priority interventions integrating existing policies is purposely concise and covers the most crucial elements to enhance the existing corpus of Ugandas strategies and avoid duplication and uncoordinated efforts from the multiple stakeholders active in MSMEs development.MTIC may wish to consider using these priority interventions to strengthen its existing MSMEs strategy to respond to challenges due to the COVID-19 pandemic and continue to integrate issues related to migrant and refugee entrepreneurs into its mainstream private sector development policies.The priority actions formulated in this document can indeed target specific segments of the enterprises population.MTIC in close collaboration with UNCTAD,is grateful to all parties who participated in the consultation process to evaluate and update the previous MSMEs strategy.This document has not been formally edited.UNCTAD/TCS/DIAE/INF/2023/1, Venture PulseQ42022Global analysis of venture fundingJanuary 18,20232#Q4VCWelcome to the Q422 edition of Venture Pulse KPMG raised$450 million,China-based SPIC Hydrogen Energy Private Enterprises quarterly report highlighting the key raised$631 million,China-based Voyah Car Technology raisetrends,opportunities,and challenges facing the VC market$631 million,Estonia-based Sunly raised$196 million,and globally and in key jurisdictions around the world.Belgium-based Tree Energy Solutions raised$129 million.Fintech also remained highly attractive to VC investors It was a challenging 2022 for VC investment globally,despite globally,in addition to B2B solutions and healthcare and strong fundraising activity and a major amount of dry power biotech.available in the market.The ongoing conflict in the Ukraine,rapidly rising interest rates,high levels of inflation,and Heading into Q123,VC investment globally is expected to concerns about a global recession all combined to drive VC remain subdued given the uncertainty in the market.Down investment down,particularly in the second half of the year.rounds will likely become more prevalent as companies are Global VC investment in Q422 was down significantly quarter-forced to raise capital despite the less-than-optimal market over-quarter and less than half the record level set during conditions.M&A activity could also pick up as companies Q421.begin to run out of cash and fail to attract new investment.VC investment in all regions fell quarter-over-quarter.The In this quarters edition of Venture Pulse,we examine these Americas continued to account for the largest share of VC and a number of other global and regional trends,including:investment globally during Q422,with the US accounting for The continued focus on cost-cutting and cash preservationthe vast majority of this investment.Asia came a distant The relative resilience of early-stage funding activitysecond,despite attracting six$500 million megadeals this The funding challenges faced by unicorn companies quarter.Europe experienced the sharpest drop in VC The continued strength of fundraising globallyinvestment compared to Q322,dropping almost 40 percent in Q422.We hope you find this edition of Venture Pulse insightful.If The alternative energy and electric vehicles spaces attracted you would like to discuss any of the results in more detail,significant interest from investors in all regions during Q422.please contact a KPMG adviser in your area.In addition to large raises by GAC Aion($2.56 billion),US-based TerraPower raised$830 million and Form Energy Unless otherwise noted,all currencies reflected throughout this document are in US dollar.2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.You know KPMG.You might not know KPMG Private Enterprise.KPMG Private Enterprise advisers in KPMG firms around the world are dedicated to working with you and your business,no matter where you are in your growth journey whether youre looking to reach new heights,embrace technology,plan for an exit,or manage the transition of wealth or your business to the next generation.Jonathan LavenderGlobal HeadKPMG Private EnterpriseKPMG InternationalConor MooreHead of KPMG Private Enterprise in the Americas,Global Leader,Emerging Giants,KPMG Private Enterprise,KPMG International&Partner,KPMG in the USLindsay HullSenior Director,Emerging Giants Global Network,KPMG Private Enterprise,KPMG International3 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#Q4VCGlobalVC investment slows to$75.6 billion across 7641 dealsCorporate VC participation dropped for 4thconsecutive quarterVenture backed exit activity remains subduedGlobal fundraising slows yearover yearChinese companies attract 6 of top 10 deals globally USVC deal value plummets to$36 billion across 2935 dealsInvestment in B2B,software and energy hold steadyCorporate VC drops to lowest levels since Q419Exits slide to lowest quarterly tally in years$1 billion Mega-funds experience record yearAmericasVC-backed companies fall to$39.2 billion across 3322 dealsDown-rounds decline as investors wait on sidelinesCanadian VC remains resilient,propelled by mega dealsVC deal value in Brazil drops for 4thconsecutive quarterLargest 10 deals in Americas all come from the United StatesEuropeInvestment drops again to$12.9 billion invested on 1936 dealsVC invested in Series A remains remarkable strongCorporate VC participation cools for 3rdconsecutive quarterExits slide to record lowsVC Fundraising remains remarkably robustTop 10 deals spread among 7 different countriesAsiaVenture Capital investment drops slightly$22.6 billion across 2157 dealsLater stage valuations cool on a YoY basisFirst-time funds grow their proportion of volumeAustralia continues to attract significant deal value outperforms Q3Chinese companies raise 7 of largest 10 deals in Asia 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.GlobalUS|Americas|Europe|Asia4#Q4VC5 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#Q4VCVC investment globally dropped for the fourth straight quarter in Q422.While the total of VC investment looked particularly weak compared to the record quarterly high set during the same quarter last year,it remained comparable to investment levels seen prior to the onset of the COVID-19 pandemic.Challenging global macroeconomic conditions drive trends across regionsThe war in the Ukraine,high rates of inflation,rapidly rising interest rates,soaring energy prices,the looming threat of a global recession,and other macroeconomic factors combined to create a storm of challenges both within the global VC market and more broadly during Q422.These concerns drove a significant amount of alignment in major investment trends across regions,overshadowing many more localized concerns during the quarter.VC investment declines in key regionsVC investment in both the Americas and Asia dropped for the fourth straight quarter in Q422,while Europe experienced a third quarter of declining investment.Late stage VC investment saw the sharpest drop amidst falling valuations and concerns about the profitability and sustainability of business models given worsening global economic conditions.China accounted for the majority of$500 million megadeals this quarter,including a$2.56 billion raise by GAC Aion,a$1 billion raise by SHEIN,a$631 million deal by SPIC Hydrogen Energy,a$631 million deal by Voyah Car Technology,a$562 million deal by ESWIN Material and$537 million going to Fei Hong Technology.Fundraising activity remains strong in 20222022 was the third-highest year for global fundraising activity,driven by robust fundraising in the US and very strong fundraising activity in Europe.Fundraising in Asia was the polar opposite,falling for the fourth-straight year to the lowest level seen since 2014.The number of VC funds dropped considerably during 2023,while average fund size grew considerably.The shift reflects LPs focusing their investments on funds managed by proven fund managers with extended track records of success rather than on first time funds.Cost-cutting becomes a key priority as companies preserve cash and VC investors focus on profitabilityIn Q422,numerous global technology companies,announced significant cost-cutting measures primarily headcount reductions and the reduction of real estate footprints.In the VC market,such efforts also became the norm this quarter as startups worked to preserve cash,delay new funding rounds,and respond to pressure from their investors to become more efficient.The prioritization on cost-cutting extended across companies operating in a wide variety of sectors.B2B and business productivity solutions already a strong area of VC investment will likely continue to gain steam over the next few quarters as both corporates and more mature startups look for ways to streamline their operations,bring more efficiencies into their business,and get more value from every dollar.Energy sector very robust among global VC investors2022 saw global VC investor interest in everything energy-related grow very rapidly,driven in part by a number of governments moving to prioritize energy independence and numerous companies considering energy alternatives and ways to become more efficient amidst soaring energy costs.In Q422,energy was an incredibly hot sector for VC investment,with numerous subsectors attracting large ticket sizes,including alternative energy vehicles,battery technologies,and alternative power generation and distribution technologies.Broader cleantech and ESG-related solutions also saw strong interest from VC investors.GlobalUS|Americas|Europe|Asia6 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#Q4VCChina attracted several of the largest funding rounds in the Energy sector during Q422,with EV and EV battery companies attracting the largest deals,including:GAC Aion($2.56 billion),SPIC Hydrogen Energy($631 million),Voyah Car Technology($631 million),BYVIN Auto($444 million),Hithium($280 million).Other jurisdictions saw a broader range of energy companies attracting VC investment.In the US,innovative nuclear power company TerraPowerraised$830 million,while Seattle-based battery manufacturer Group 14 landed$614 million and renewable energy battery storage company Form Energy raised$450 million.In Europe,Sweden-based electric freight vehicle company Einride raised$500 million,followed Volta Trucks($295 million),France-based battery company Verkor($245.9 million),Estonia-based renewable energy infrastructure company Sunly($196 million),and Belgium-based hydrogen energy company Tree Energy Solutions($122 million).In wake of FTX meltdown,crypto-focused VC investments come under intense scrutinyThe bankruptcy of Americas-based FTX in the later half of Q422 put a significant amount of scrutiny on the diligence processes of VC firms and investors with respect to their investments in crypto-focused companies and enhanced calls for regulations to govern sector activities in many jurisdictions.The sudden collapse of a highly valued company backed by smart money will likely have a ripple effect on the VC market with many VC firms expected to re-evaluate their due diligence and investment decision-making,not only for investments in crypto companies,but on a broader basis as well.Existing crypto-focused startups are also expected to feel significant pressure to prove their business case and value as VC investors become more gun shy about writing checks.The next few quarters could see a shakeout in the space as less proven crypto companies fail to survive.Unicorn companies facing significant pressure as IPO window remains shut and valuations tumbleGiven the challenging market conditions,IPO activity among VC-backed companies globally stalled significantly over the course of 2022,including in the Americas,Europe,and much of Asia.China was a major exception,likely due to its capital market being less interconnected with the global economy.The lack of IPO opportunities has caused many unicorn companies to struggle,particularly those that had been planning for exits.During Q422,numerous unicorns laid off significant percentages of employees,reduced their real estate footprint,and undertook other cost-reduction initiatives in order to free up and conserve cash,improve profitability,and delay the need to raise additional funding at potentially much lower valuation levels.Trends to watch for in Q123Looking ahead to Q123,the VC market globally is expected to remain challenged,with consumer-focused businesses expected to see the most strain.The IPO window,particularly in the US will likely remain closed well into 2023,with little to suggest it will reopen fully in the first half of the year.As companies run out of cash,there will likely be an increasing number of down rounds and an in increase in M&A activity.Globally,there could also be a number of unicorn deaths over the next few quarters.Given the ongoing energy crisis in Europe and concerns about sustainability and climate change,the broader energy sector will likely remain very hot,with investors continuing to make big bets on alternative energy technologies,electric and hydrogen powered vehicles,and battery storage.On a global basis,cybersecurity,B2B solutions will likely remain very attractive areas of VC investment in Q123,in addition to health and biotech,regtech,and solutions with military applications.Investments in artificial intelligence are also expected to grow long-term,particularly in game changing areas like generative AI and conversational AI.GlobalUS|Americas|Europe|Asia7 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#Q4VCGlobal venture financing2015Q422Source:Venture Pulse,Q422.Global Analysis of Venture Funding,KPMG Private Enterprise.Data provided by PitchBook,January 18,20232022 concluded with a continuation of the inexorable decline in venture dealmaking worldwide.As volatility in public equities surged and monetary regimes tightened,concerns around economic growth prospects and the level of valuations began to exert a toll throughout all of last year.Now,as in any downturn,it remains to be seen which arenas remain active as venture fund managers grapple with complex,murky scenarios.Key trends to look for include:How much geopolitical turmoil will continue to impact key production and supply chains,as well as close off marketsNavigation of the complicated valuation environment given high dry powder levels yet materially slowing business conditionsStill-intense competition for talent even amid an increasingly choppy labor marketChallenging technical frontiers advancing that require implementation across product and service suites,e.g.,cybersecurity concern ratcheting up further2022 ended with the VC market globally still weathering quite the storm of challenges from rising interest rates,depressed valuations,and the lack of IPO exits to the ramifications of the ongoing geopolitical issues.But there were some bright spots.Soaring energy costs sparked a significant uptick in VC investment in new energy alternatives,electric vehicles,and cleantech.Regtech and business productivity also saw strong VC investment in Q422,along with cybersecurity and defence.Heading into 2023,the acceleration of investment in energy alternatives is particularly exciting as such investment is critical for meeting the worlds climate change targets.Jonathan LavenderGlobal HeadKPMG Private EnterpriseKPMG InternationalGlobalUS|Americas|Europe|Asia$41.1$40.6$57.5$40.6$51.2$61.9$41.9$39.7$39.4$52.3$58.6$58.4$77.6$94.1$77.8$98.1$78.3$72.1$88.9$85.8$77.7$76.0$100.2$113.6$155.8$175.2$193.8$205.7$170.0$145.7$102.2$75.602,0004,0006,0008,00010,00012,00014,00016,000$0$50$100$150$200$250Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q420152016201720182019202020212022Deal value($B)Deal countAngel&seedEarly VCLater VCVenture growth7#Q4VC8 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#Q4VCGlobal median deal size($M)by stage20152022*Global up,flat or down rounds20152022*Source:Venture Pulse,Q422,Global Analysis of Venture Funding,KPMG Private Enterprise.
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