Hello. Let's start this 5th module of the course How to Start Your Business with the part that might interest you more, the company's alternative funding. This session focuses on alternative funding, private capital. We could subtitle it "The one who pays for the party". Let's see who could pay for the party. In fact, 87.5 % of new business in the US it's whoever organises the party that pays for it. So, the entrepreneurs pay for the party. And how do they pay? With their own funds. That initial private money is seed funding and it's essential. Until now, in previous modules we looked at the canvas, and we saw that that could go well and we did a concrete business plan. The business plan is useless if it's not put into practice. Putting it into practice is the first goal of the entrepreneur. To put it into practice and possibly obtain our first sale that will allow us to ensure it's viable and perhaps look for other types of funding, risks must be taken, and that means checking our pockets. Don't expect a company to launch without using a bit more than just excitement, effort, hard work, the usual things. If we can't use what's in our own pockets, the next thing you can do is go and seek the three Fs. Friends, family and fools, which will help us climb the funding ladder. The three Fs, meaning, all our environment. If those close to us don't believe in us to give us money, after all they're the ones who'll give us more because they believe in us more than in the project, how can we expect a third party, or a financial institution or one of these companies that give money out and expect you to return 37x the amount, to give us some? This first reaching out to those close to us, in many cases funding or cofunding comes from our parents, siblings, friends or those who believe in you, we can also consider crowdfunding, which is to extend this request for a small sum, which soon adds up to our social circle. Later we'll analyse the figure of the business angel, of the family office, of the capital risk companies and finally we'll get to the Mercado Alternativo Bursátil. As you can see from this list, we're going upwards. At the bottom you can see that we start as a seed company, then a start-up, we grow and expand. If all goes well we should start with a small amount, from zero, as you can see. Sometimes there's a need for money called "death valley", and you fall down this zero line, you have a series of deficits, but we have to gather economic capacity to be able to increase our capital more and more. Many times we approach the business angels, private investors who can add funds to a company. Then we'll go to a capital risk company and these business angels will buy a small company and finally we float on the stock exchange. That's a path that very few companies take. But it's the itinerary that one has to foresee if one wants to run a large, disruptive company. Often, because we stay on the path of a SME, which is great, because it allows us to work and to give work to some employees but we'll never reach the level to approach the business angels. We'll have invested our own money, we will have taken out some loans and funding from our community. This possibility is adequate. We start from our immediate circle and we seek things like crowdfunding, a microloan or foreign funding, which we'll see in the next module. So, it might be appropriate. Business angels, I'm one of them, are people who seek assets and many of us are entrepreneurs or former entrepreneurs who want to help other entrepreneurs to launch their business. We invest in future companies and we buy the future by investing funds, amounts of 50K, 100K, 150K €, it's one of the typical investments of many of these investors, they invest in business projects that are already in operation, that work and that want to grow beyond a SME in a single workplace. They want to grow, they want to go further. The business angel helps them grow and beyond funding, contributes mentorship, involvement. It's a way of buying someone who will be very committed to the company in exchange for a share of the company. They're structured in networks and there are some in our territory, such as BANC, Keiretsu, ESADE, etc. You can find lists. If you look on Google, you'll easily find these investors. You'll also find information in the supplementary materials. Beyond business angels and professionalising their action, there are companies that are focused on capital, these are the capital risk companies, you'll see which they are, they follow a company for some time will it grows and then they extract profit by selling it or floating it. These are capital risk funds managed by professional accountants who seek large compensation, and they invest in the company to accelerate it, to make it run as if it were a race horse. There are two types. There's venture capital, which is more of an adventure, the name says it all, and which, therefore, take companies in initial stages, or private equity, which are companies with investment capital that invest in established companies, and they inject large sums into them to take them to the next step. There are other concepts such as the family offices, that's money belonging to families who are well-off and the money is usually part of the family wealth, and they seek to generate profit from this money by loaning it to others or buying shares in other people's activities. Finally we could float on the stock market. Some might do this, for instance, on Nasdaq, which is the alternative exchange in the US. Then there's our Mercado Alternativo Búrsatil, you can float on that and it can have us sell shares to a set of people and when you get there that's when we'll study another module.