However, as WSE President Ludwik Sobolewski often stresses, “less strict” requirements does not mean “no” requirements. Disclosure obligations and standards of best practices have to be adhered to also on the alternative market. This project has brought about developments of which few people would think only half a year ago: e.g. one of the oldest football clubs in Poland, Ruch Chorzów, the winner of 14 Polish championship and five vice-championship titles, is going to make a debut on NewConnect.
But to be frank, NewConnect has not been established for football clubs but for “young and fast-expanding Polish companies to which an injection of capital means an opportunity to exploit their innovation potential and a chance to develop into large, high-value companies.” It has been assumed that the companies will be operating in the IT, biotechnology, telecom, media and new energy sectors. An overwhelming majority of the NewConnect companies indeed operate in these sectors.
“We want to attract innovative companies with growth potential,” said Emil Stępień of the Business Planning and Development Department at the WSE. “They do not need to have a long history in business but must have that “something” which offers a prospect for increasing their value in the future – an interesting and promising business plan. They represent a higher investment risk but also offer a chance for higher rate of return.”
So far NewConnect has measured up to its initiators’ expectations. It creates a unique opportunity for Polish start-ups, an opportunity they would not find with large investment funds or banks, which are very cautious in dealings with fledgling businesses. And of course it is only lucky chaps that have the opportunity to benefit from the generosity of Business Angels (rich private investors).
Twenty five companies were listed on the NewConnect market at the beginning of 2008. And what does the future hold?
Europe’s largest trading platform for shares in smaller companies with growth potential is the Alternative Investment Market (AIM) in London, where over 2,500 companies with a total market value of 70 billion pounds (around PLN380 billion) are now listed. Similar markets operate in other countries. These include the Irish Enterprise Exchange market in Ireland, the Alternext market at Euronext, the Expandia market in Italy and the Entry Standard market at Deutsche Boerse in Germany. The WSE has now joined this group. Judging by European experience, this market has great development opportunities.

NewConnect – basic stats
Within less than four months from its launch, 25 companies have listed, and a group of 100 Authorized Advisers and 22 market members have joined the market.
The total trading value exceeded PLN303 million, and the investors made more than 58,000 transactions. The capitalisation of the NewConnect market exceeded PLN1.1 billion.
Effective from December 17, the NewConnect market session was extended, and its schedule is the same as in the WSE Main List.