arly Stage Financing in European Regions: Selected Best Practices - Bratislava, 15 July

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1 arly Stage Financing in European Regions: Selected Best Practices - Bratislava, 15 July Dr. Rolf Reiner, SPRING Thematic Network Stuttgart Region Economic Development Corporation

2 ntent PAXIS X-network group on early stage financing The situation in Europe PAXIS best practice examples Business Angel Networks Seed fund activities Public private partnerships Outlook and perspectives

3 hat is Early Stage Capital? Conception of innovative idea Development of Business Plan Creation of the company Development of the company s operation Expansion of the company s operation Pre-seed Capital Seed Capital Start-up Capital Venture Capital Sale of Company s Shares (e.g. on Stock Market) EARLY STAGE

4 PAXIS X-network group on early stage financing

5 XIS Regions of Excellence HIGHEST: Alpes-Maritimes (FR), Hels Region (FIN), Torino Area (I) South Sweden (S) and Berlin (DE) KREO: Oxford (UK), Karlsruhe (DE), L Grenoble (FR), Emilia-Romagna (I) PANEL: Munich (DE), Milan (I), Barce (ES), Dublin (IR) SPRING: Stockholm (S), Cambridge (U Stuttgart (DE), Madrid (ES) START: Copenhagen (DEN), Edinburg (UK), Hamburg (DE) Veneto Region (I Vienna Region (A)

6 oblems identified in early stage ance Lack of pre-seed, seed and start-up financing Missing interfaces in deal flow generation between (public) RTD and early stage financing Early stage financing management efforts too high There are great differences within Europe: how to implement unified measures? Early stage development is closely linked with public incentive measures. Necessary to consider public involvement Public-private partnership in early stage financing weakly developed Dispersion of actors and difficulties to link them together

7 XIS X-network group on earlyge financing Established February 2004 Objectives: to formulate and agree on common recommendations towards European innovation funding policies (within and beyond DG Enterprise) to strengthen the position of innovating regions in the European RTD policy development process to further improve the operation of PAXIS and interaction with Accompanying Measures in the field of early stage financing to contribute to the 3% discussion fostering and activating the innovation potential of European regions

8 e management group Alain Andre / Gerard Bonnes - HIGHEST++ Luc Schmerber - KREO Eoin P. O'Neill - PANEL Rolf Reiner - SPRING Enzo Moi / Irma Priedl - START

9 The situation in Europe

10 estern Europe Investments ercent of stage of investment (USD billions)

11 e equity gap Capital needs Growth Listing on a stock exchange 1 mill Venture Capital (Pre-) Seed Funds / Business Angels 80 K Own equity (FFF) Stage

12 rly stage: SWOT-Analysis of current situation Opportunities Threats trengths aknesses Investment in biotech / ICT / nanotech / energy Co-investment Public investments Organised networking & lobbying of seed capital actors Risky investment Heavy management fees Low interest of VCs for seed funding

13 PAXIS best practice examples - Business Angel Networks -

14 - The environment ART Early stage SMEs Innovative products or processes Encourages technical risk Grants, no need to pay the money back SMART awards attract other funding es of Award:

15 - The environment 1998 The University Challenge Fund ( 60.0m for the incubation of new projects and the provision of seed capital for new spinouts) 2000 Higher Education Reach Out (HEROBC, 83.0m over three years to encourage academic spin-outs) 2001 Public Sector Research Exploitation (PSRE, 25.0m in two rounds to fund commercialisation of new technologies) 2002 Higher Education Innovation Fund (HEIF, 77m over three years to encourage academic spin-outs)

16 EO: Business Angel Networks Oxfordshire Investment Opportunity Network (OION) Established in 1994 as part of Oxford Innovation Ltd Linking early stage, high growth potential companies with investors Technology based Oxford based, UK focus Monthly Meetings Active Investors: Individuals (syndicates), VCTs (Seed Capital), VCs (3i, MTI), Corporate investors (GSK, Unilever)

17 her BAN activities (examples) HEST++ tworking between incubators and Business Angels EO ation of BANs in Karlsruhe and Lyon ( ) NEL nich Business Angels RING ation of Business Angel Forum Region Stuttgart e.v. iation of a Business Angel Network Madrid ART iness Angel Network Management (Veneto)

18 PAXIS best practice examples - Seed fund activities -

19 NEL: Enterprise Ireland sion: Accelerate National and Regional Development working with Irish companies to grow and compete in rld markets FEASIBILITY ( 19K Grant, matched by promoters funds) EXTENDED FEASIBILITY / MILESTONE FUNDING ( 200K in equity + promoters funds of 50k) STANDARD HPSU INVESTMENT (take up to max. of 10% in equity, matching funding required must be matched by VC or other commercial investor)

20 ART: Proof of Concept Fund Seed public funding in Edinburgh, to support the precommercialisation development of leading-edge research and technologies Supports the development of early-stage ideas from IPR. Commercial potential for either a new high growth business or a license to an existing company Started in 1999 Total Fund size: 33 million over 6 years. Up to now 120 projects worth more than 20m. Average grant-based award: 158,000 per project

21 RING: University of Cambridge allenge Fund Established in 2000 to encourage the commercialisation of university research Putting nearly 1.7 million into 15 ventures to date, 13% of those received Contributing initial funding, advice and assisting the founders in securing further funding as they grow

22 her seed fund activities (e.g.) HEST++ innova otuli EO ation of Amorçage Rhône-Alpes (2002) NEL ern Kapital RING H Seed Capital ART rtfinanzierung Initiative (Vienna, started in 1998)

23 PAXIS best practice examples - public-private partnerships -

24 blic-private partnership in rly stages of start-ups Entrepreneurship education and training Pre-incubators at universities Public funding Hightech incubators Business Angel Networks Local or regional seed or start-up funds Fund-in-fund investments Cluster activities...

25 BF stages and capital sources company creation Pre-Seed Seed Start-up market entry product launch company growth public funding early stage financing public-private-partnership models private investments / VC

26 GHEST: ppp activities Networking between incubators and Business Angels (BA) at HIGHEST regions level (crossed activity) Helping BA to structure themselves better in clubs / networks Helping BA to meet regional governmental authorities and innovation actors. Organisation of awareness events to public bodies about early stage stakes

27 ART: Innovation Incubators rted in mill. pub + 90 mill. priv. received up to newcos started from 1998 to 2003 and 450 jects Start-up Finance governmental initiative in Copenhage 8 private innovation incubators were selected to assist innovative start ups with financial aid (loans and equity Each start up can receive up to EUR Initially innovation incubators were entirely publicly funded and prevented from holding a direct equity in their tenants while today they are encouraged to do this and to co-invest with private funds

28 RING: Stuttgart Model on rly Stage Financing Investors Intermediary NTBFs private investors Business Angel Forum Stuttgart Contacts S1 S1 S2 S2 Business Angel pool pool Banks VC VC Technology Fund Southwest Equity S3 S3 S4 S4 S5 S5 S6 S6 Companies S7 S7

29 ency and Investment Process Start-ups Clearing Agency no TFS investment No DD TFS DD BA No no BA investment Yes Yes TFS investment BA investment DD: Due Diligence TFS + BA syndicated

30 Outlook and perspectives

31 st practice from abroad (USA) all Business Innovation Research Program (SBIR) Phase I (startup phase): Awards of up to $100,000, exploration or feasibility of an idea or technology Phase II: Awards of up to $750,000, expand Phase I results (to perform R&D work and evaluation of commercialization potential) Phase III (innovation moves from the laboratory into the marketplace): No SBIR funds support this phase.

32 vision for Europe? ablishment of a European Innovation Area as nterpart to the European Research Area : substantial EC funding European programme with regional entry points adaptation of international best practices in innovation funding to European contexts linking regional best practices in public-private partnership to European innovation funding

33 hank you for your attention!

34 ntact details Rolf Reiner XIS X-network group on early-stage financing tschaftsförderung Region Stuttgart GmbH drichstr Stuttgart rmany ne : : ail : ://

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