ChristianStephanides

Putting capital to work today in order to generate a return later – for example through a stake in a company, a property or an energy project. Every investment carries risk, up to and including total loss; return and risk are always linked.

A share in a company or project. Depending on its form, it carries voting rights, economic rights or both – from a conventional equity stake to a silent participation, which shares only in the profits.

Economic rights determine who shares in the profits; voting rights determine who decides. The two can be separated by contract: those who provide capital share in the success, while leadership stays with those who carry the project. The model of Euphena One is built on this separation.

A separate company for one single venture, known as a special purpose vehicle. Contracts, liability and accounts stay with the project – if one venture runs into difficulty, others are not affected.

The careful examination before a decision: figures, contracts, legal position, technology and the people involved. It separates robust ventures from polished presentations.

Venture capital finances young companies with high growth potential and high risk. Private equity usually takes stakes in established companies that are not listed on a stock exchange. Both generally expect a say in decisions.

Many people take part in a venture with smaller amounts, usually via an online platform. In the EU, such platforms are governed by the European Crowdfunding Service Providers Regulation (ECSP).

Ongoing, open communication with those who provide capital: reports, key figures, conversations. Trust comes from regularity, not from promises.

The Austrian Business Agency is the national investment promotion agency of the Republic of Austria. Under the Invest in Austria brand, it supports international companies in establishing operations and entering the market.

A tamper-proof register maintained in a decentralised way: entries are chained together in blocks and jointly confirmed by many computers. Once something has been written, it cannot be changed without this being noticed.

Digital assets recorded on a blockchain or similar technology – such as Bitcoin or Ether. Their prices fluctuate sharply. In the EU they are subject to the rules of the MiCA Regulation.

A digital unit on a blockchain that represents a value, a right or access. What a token is in legal terms depends on the right it embodies – anything from a voucher to a security.

A right to a real-world asset – for example to the returns of a solar park or a property – is represented digitally in tokens. This allows it to be divided into small units, transferred and administered automatically.

Tangible assets such as real estate, energy installations, bonds or commodities whose rights are represented on a blockchain. They are seen as a bridge between traditional finance and digital technology.

A token structured like a security, conferring for example economic or ownership rights. It is subject to capital markets law – with prospectus and supervisory requirements.

A program on the blockchain that automatically executes agreed rules – for example a distribution to all holders as soon as returns come in.

The digital wallet for crypto-assets and tokens. It holds the keys that give control over one’s assets – whoever loses the key loses access.

A crypto-asset whose value is pegged to a currency such as the euro or the dollar. Issuers in the EU require authorisation and sufficient reserves.

The EU Markets in Crypto-Assets Regulation. Since 30 December 2024 it has governed, across the EU, who may issue, offer and hold crypto-assets in custody. In Austria, the competent authority is the Financial Market Authority (FMA).

The direct conversion of sunlight into electricity by means of solar modules. PV systems on the roofs of residential buildings and businesses are one of the fastest routes to clean electricity.

It takes in electricity when there is plenty available and releases it when it is needed. Battery storage smooths out peaks, stabilises the grid and makes solar power usable in the evening too.

In Austria, private individuals, municipalities and businesses can join together to share electricity they generate themselves – as a renewable energy community or a citizen energy community.

A property whose financing, management or ownership structure has run into difficulty, known as distressed real estate. Instead of a fire sale or break-up, an orderly takeover can preserve its value – this is what PinkCross aims to do.

The returns or shares of a property are divided into digital units. This allows more people to take part with smaller amounts, and settlement and transfer are automated.

Systems that perform tasks which previously required human thought: understanding language, recognising patterns, preparing texts and the basis for decisions.

An AI that does not just answer but carries out work steps on its own – researching, writing drafts, cross-checking data. At ATLAS, agents prepare; people decide.

A system in which many specialised AI roles work together – similar to a management team for planning, legal, finance and communications. ATLAS is such a system.