European Space Incubator s Network. Alumni Report ESINET INCUBATORS & ESA BICs

Transcription

1 European Space s Network Alumni Report 2012 ESINET INCUBATORS & ESA BICs December

2 The Esinet Alumini Report is a publication designed to inform Business Innovation Centers (BICs) around Europe about the trends shaping their markets. The publication is also intended to create awareness among policymakers at European and national level, of the value of BICS in creating a dynamic and entrepreneurial spirit in Europe. This publication has been produced in collaboration with ESA. EBN, Brussels Reproduction is authorized provided that the reference acknowledged. Environmental production. This publication is printed according to high environmental standards. Design: Arctik European Space s Network Alumni Report 2012 ESINET INCUBATORS & ESA BICs 2

3 Contents 1. INTRODUCTION EXECUTIVE SUMMARY Scope of the Document Background Acronyms and abbreviations Definitions ALUMNI LIST ALUMNI PERFORMANCES Survival rate Country Companies origin Equity funding Sector of industry Turnover Employment Space Origin Gender KEY PERFORMANCE INDICATORS EVOLUTION SNAPSHOT ON ACTUAL INCUBATEES HOSTED IN ESA BICs AND ESINET INCUBATORS CONCLUSION

4 1. INTRODUCTION In July 2002, the European Space s Network (ESINET) was launched as an experimental platform for the transfer of knowledge and technologies. Today, ESINET has become the leading network of incubators focusing wholly or partially on space connected technologies used in all sectors. Its members stand for high technology business incubator facilities with a proven track record. In 2003, as part of its endeavour to encourage the transfer and commercialisation of space technologies and within the framework of its partnership with EBN (European Business & Innovation Centre Network), the European Space Agency decided to set up Business Incubation Centres (BICs). Their purpose is to enable entrepreneurs and young companies (incubatees) to receive comprehensive commercial and technical assistance in order to set up their business using space technology and/ or space systems for general non-space commercial uses. To ensure that specialist advice, consultancy and unique space resources are never far away, the ESA BICs have been established either close to ESA sites in (The Netherlands), (Germany), Frascati (Italy), Harwell (UK) and Redu (Belgium), or close to other agencies Oberpfaffenhoffen (DLR, Germany), Flanders (VITO and IMEC, Belgium), Sud France (CNES, France) and Barcelona (UPC, Spain). In early 2007, ESA invited EBN, the European Business & Innovation Centre Network, to integrate ESINET as a structural thematic component of the EBN Network and to further professionalise and deploy its operations. EBN has been managing ESINET and implementing a new strategy and offer to members, with the ultimate goal of increasing the deal flow of innovative companies with growth potential. 4

5 2. EXECUTIVE SUMMARY After 8 years of operations, 173 companies have been incubated, and successfully graduated from the ESA BICs (100 companies) and ESINET incubators (73 companies), and therefore became alumni. This report provides some statistics and Key Performance Indicators (KPIs) on this portfolio of alumni companies From the portfolio of 173 alumni, 21 of them (12%), have failed or stopped activities, whilst 152 of them (88%), are still operational. Within these 152, 14 (9%) have been acquired by another company or absorbed by their mother company (17.5% in 2011). No data have been provided for these acquired companies. The portfolio of 173 companies shows a geographical distribution among 9 ESA member states; the main three countries of origin are the Netherlands, France and Germany. Women manage only 6% of the companies; this figure is significantly lower that the European average. The ESA BICs select either existing young companies (less than 5 years old) or newly created companies (start-ups); about 75% of the alumni are existing young companies. The 173 companies have been categorized in 12 sectors of industry: Health, Software Solutions, Energy, Textile, Security, Life Style, Biotech, Telecom, Education, Automotive, Industry and Environment. With regards to the 173 companies (ESINET and ESA BICs), 41% of the companies are transferring a space technology, whilst about 25% develops products and services in the applications of the satellite navigation systems. The trend observed within the applicants to the ESA BICs scheme, showing more and more GNSS connected projects, is reflected already within the alumni: 27% are developing products and services in the downstream markets of GNSS. Within the 152 operational companies, 21 have received equity investment, 5 from business angels and 5 from venture capital sources (other companies which have received equity funding did not mention from which source), for a total of about 15.4M ( 3.5M ESA M ESINET). The total turnover achieved for 2012 is more than 128.3M ( 92.1M for ESA for ESINET). A total of 981 FTE (586 FTE regarding ESA BICs FTE for ESINET) employees are working in these 152 SMEs; this means an average of about 6-7 employees per start-up. With an 88% survival rate, in regression of 5-6% with respect to 2011, the ESA and ESINET BICs performance stands at the level of the average success rate reported in the annual survey of European Business Innovation Centres (BIC Observatory) published by EBN. The study showed that incubated high-tech companies demonstrated an 87% survival rate after 3 years. This rate was well below 50% for start-ups which have not been supported by incubators. A snapshot on the 54 actual incubatees hosted in the ESA BICs, reveal a number of FTE of 133 and a turnover at the end of 2012 of 5M (estimations). As for ESINET, a snapshot on the 57 actual incubatees hosted in the ESINET incubators, exhibit a number of FTE of 179 and a turnover at the end of 2012 of 4.8M (estimations). This means that by the end of 2012, the whole ESINET and ESA BICs incubatees consists of about 312 employments and cumulates a turnover of about 9.8M (estimations). Overall, since the Esinet inception, 52 have received equity investment, 26 from business angels, 15 from venture capital sources, and 11 from other sources, for a total of approximately 80M. 5

6 2.1. Scope of the Document The present document is an evaluation report that summarizes the data and statistics of the alumni s performance of the European Space s Network initiative (ESA BICs and ESINET incubators). The portfolio of alumni consists of a total of 173 companies companies from ESA BICs and 73 companies from ESINET. With regards to ESINET members, the portfolio of alumni consists of 73 companies, 25 from WSL (B), 14 from Incubateur Paca-Est (F), 13 from Bordeaux Technowest (F), 8 from Incubateur Midi-Pyrénées (F), 4 from Technoport Henri Tudor (L), 3 from Hermia (FI), 2 from CPIN (P), 2 from CEEI Théogone (F), 1 from Promotech (F) and 1 from Barcelona Activa (ES). It is important to stress here that some incubators did not provide full information about their alumni; therefore the total number of alumni is most probably above the number of 173 companies described in this report. The report provides key performance indicators (KPIs) on this portfolio such as the success rate, the turnover, the job creation and the equity investment. It also gives statistics on the country of origin, the sectors of industry, the space connection and the gender over the whole portfolio. This report is divided into three main chapters: Alumni performances KPIs 2012 Evolution (ESA BICs and ESINET INCUBATORS) 6

7 2.2. Background As part of its endeavour to encourage the transfer and commercialisation of space technologies, the European Space Agency (the Agency) has set up business incubators located in, the Netherlands, Rome, Italy, and Bavaria, Germany, Harwell, United Kingdom, Redu and Geel, Belgium, South of France, and Barcelona, Spain. Their purpose is to enable start-up companies (incubatees) to receive comprehensive commercial and technical assistance in order to set up their business using space technology and/or space systems for general non-space industrial, scientific and commercial uses. The ESINET community is spread all around the EU, within a panel of more or less 10 different countries. The aim of the network is to build a community of startups sharing activities linked with space technologies on Earth. The network is composed of BICs (labialized by EBN), innovation and incubation centres without the label of BIC, but also research centres doing virtual incubation and in partnership with universities (and vice and versa). 7

8 2.3. Acronyms and abbreviations AZO Anwendungzentrum GmbH Oberpfaffenhoffen ESA BICs ESA Business Incubation Centre EBN European Business & Innovation Centre Network ESA European Space Agency ESINET European Space s Network EC European Commission EU European Union FTE Full Time Equivalent GNSS Global Navigation Satellite System KPI Key Performance Indicator SME Small- and Medium-Sized Enterprise TEB Tender Evaluation Board TTN Technology Transfer Network 2.4. Definitions Commercial Applications shall mean marketable products, hardware, software or services, which are based on or make use of space technology or satellite systems and derived information or information management capabilities related to the handling and exploitation of space systems for use by individuals, commercial enterprises, non-profit organizations or public entities. Deal Flow shall mean the measurement of the number of inbound projects attracted to an ESA BICs. Space-connected projects or companies shall mean projects or Start-ups or SMEs, which develop products and/or services using space systems or technology transfer, in the non-space sectors. OSTF, Open Sky Technologies Fund, shall mean the ESA-supported investment fund, managed by Triangle Ventures. Technical Support from ESA shall mean support from ESA technical expert(s) to integrate and/or refine the space technology into a commercial application (coming mainly from D/TEC and D/TIA). Survival rate refers to the rate of companies, over the whole portfolios, which are still operational, either as an independent company, or as a new entity after fusion or acquisition. Alumni shall mean a former incubatee from an ESA BICs, which successfully graduated after the contractual ESA Final Review. 8

9 3. ALUMNI LIST The portfolio of alumni consists of a total of 173 companies, 55 ESA BICs, 17 ESA BICs, 17 ESA BICs Bavaria, 11 ESA BICs Lazio, 25 from WSL (B), 14 from PACA EST (F), 13 from Bordeaux Technowest (F), 8 from Midi-Pyrénées (F), 4 from CRP Henri Tudor (L), 3 from Hermia (FI), 2 from CPIN (P), 2 from CEEI Théogone (F), 2 from Euroimpresa Legnano (I), 1 from Promotech (F), 1 from Barcelona Activa (ES) as shown on chart 1. Euroimpresa Legnano 1% CEEI Théogone Hermia 1% 2% CRP Henri Tudor CPIN 2% 1% Promotech 1% Barcelona AcTva 1% Midi- Pyrénées 5% Bordeaux Technowest 7% ESA BIC 31% PACA EST 8% ESA BIC Darnstadt 10% WSL 14% ESA BIC Lazio 6% ESA BIC Bavaria 10% Chart 1 - Alumni Origin 9

10 10 List of surveyed Alumni

11 Citynavigators Products ltd HELILEO Mobile Life Selene Baby Care Walopt Codasystem Covivo Hidromod HumanSpace Mobzili Modulight vof SemsoTec Sherpa Engineering Waltec WIG Biometrics FONNUS Coltratech Cybercultus Special HISTAR Imperia Modelon Nabla Quadro srl Senso System Sigfox wer_denkt_was Yellow Tags Products InnerTV (Cybercultus Covivo Deolan HumanSpace Newsteo SimplySIM spin- off) Modulight Sherpa Engineering WIG FONNUS Cybercultus Imperia Innovative Data Nabla Quadro srl Sigfox Yellow Tags Desert Express Nhazca srl Sitep InnerTV Services (Cybercultus Deolan Newsteo SimplySIM spin- off) 4. ALUMNI Desert Express 4. ALUMNI Innovative Data Services 4.1. Survival rate 4. ALUMNI 4.1. Survival rate A key aim of business incubators is to accelerate the process of starting up a business and to minimize A key aim of business incubators is to accelerate the process of starting up a business and to failure rates 4.1. (defined Survival as rate cessation of activity) which is why the most important indicator for measuring minimize failure rates (defined as cessation of activity) which is why the most important indicator for the success level of the incubator is provided by the number of companies that are still in activity and measuring the success level of the incubator is provided by the number of companies that are still in the number A key aim of firms of business that, for incubators a reason or is another, to accelerate have the ceased process to exist of starting after leaving up a business the incubator. and to activity and the number of firms that, for a reason or another, have ceased to exist after leaving the minimize failure rates (defined as cessation of activity) which is why the most important indicator for 12% have incubator. failed or stopped activities. These are: measuring the success level of the incubator is provided by the number of companies that are still in activity and the 12% number have failed of firms or stopped that, for activities. a reason or These another, are: have ceased to exist after leaving the incubator. Avafone Food Process Innovations (aka Agribase) Sherpa Engineering Citynavigators 12% have Ltd failed or stopped activities. Fugo These are: Solar Sailor Coltratech Special Products Galateia UAV'ITI Avafone Food Process Innovations (aka Agribase) Sherpa Engineering Desert Express HISTAR Virtunaut Citynavigators Ltd Fugo Solar Sailor Double Technologies Group Keyobs Waltec Biometrics Coltratech Special Products Galateia UAV'ITI Ecotransfer Novaloc WIG FONNUS Desert Express HISTAR Virtunaut Enove (Snowmate) Oviv Security Technology Yellow Tags Double Technologies Group Keyobs Waltec Biometrics Enove (Snowmate) 152 or 88% are still Oviv operational. Security Technology Within these 152, 14 Yellow (9%) Tags have been acquired by another 152 or 88% of company them are or still absorbed operational. by their Within mother these company: 152, 14 (9%) have been acquired by another company or absorbed by their mother company: 152 or 88% Company are still operational. Within these 152, 14 Acquired (9%) have by : been acquired by another company Bradford absorbed Instruments by their B.V mother company: MDCL Codasystem Company Gamma Services Bradford Instruments B.V J- CDS (Jaqar spin- off) Codasystem Maporama MobileTech Gamma Services Marinenet / Ocean Going Phone Company J- CDS (Jaqar spin- off) Mathcomp Medical Systems B.V. Maporama MobileTech SAT Sports - ARPI S.A.S Marinenet / Ocean Going Phone Company Selene Baby Care Mathcomp Medical Systems B.V. Senso System SAT Sports - ARPI S.A.S ESINET Alumni Selene Baby Report Care 2013 European Business and Senso System Innovation Centre Network Spasys European Business SportTrack.Com and BV Innovation Thruvision Centre Network Ltd. Nhazca srl Sitep Ecotransfer Novaloc WIG FONNUS Visioscopie STS Group Acquired by : M3 Systems MDCL Rhea STS Group Maporama Solutions M3 Systems BHT Group Rhea PanConsult BV Maporama Solutions Tracedge BHT Group Verhaert PanConsult BV Skylab Industries - FAILED in 2012 Tracedge Verhaert Skylab Industries - FAILED in 2012 Sensys My Laps Thruvision System Ltd. Système X Date : 10/07/2013 Page 8 Page 8 The survival rate is therefore of 88% (cf. chart 2). This rate can be compared to the average rate of success computed in a European study on the impact of business incubators on survival rate, commissioned by the EC. The study showed that incubated high tech companies exhibited an 87% success rate after 3 years. This rate was well below 50% for start- ups, which have not been supported by incubators. 11

12 The survival rate is therefore of 88% (cf. chart 2). With an 88% survival rate, in regression of 5-6% with respect to 2011, the ESA and ESINET BICs performance stands at the level of the average success rate reported in the annual survey of European Business Innovation Centres (BIC Observatory) published by EBN. The study showed that incubated high-tech companies demonstrated an 87% survival rate after 3 years. This rate was well below 50% for start-ups which have not been supported by incubators. Absorbed or Acquired 14 Failed 21 Opera&onal 138 Chart 2 - Compagnies Situation 4.2. Country The data collected from the 173 companies exhibits a geographical distribution among 9 EU member states (cf. chart 3). The Netherlands, with 55 Alumni (32%), is the country with the highest proportion of firms, followed by France with 38 (22%), Germany with 34 companies (19.5%) and Belgium with 25 (14%). Italy counts 11 (6.3%). Luxembourg has 4 companies while Finland has 3, Portugal has 2 and Spain 1. B 25 I 11 L 4 FI 3 PT ES 2 1 NL 55 D 34 F 38 Chart 3 - Geographical Distribution 12

13 4.3. Companies origin The companies that are incubated can be divided into two main groups depending on whether they are new start-up companies or existing young firms. Start-up companies are those companies that were created specifically for incubation whilst those categorized as existing young firms, were created within 5 years prior to incubation (any company that has been operating for more than 5 years is prohibited from being incubated). Company Origin The chart 4 shows that 3/4 of the Alumni are young existing companies (under 5 years of activity). 24% Start up 76% Exis1ng Chart 4 - Company Origin 4.4. Equity funding Equity funding is defined as a provision of capital investment in the company in return for a stock or share of the company. Within the 152 operational companies, 36 have received equity investment, 14 from business angels and 8 from venture capital sources, for a total of about 42M. 13

14 The companies, which received equity investment, are shown in the following table: Page 14 Company Country VC BA Other or NC Total ( ) Thruvision UK SatSports F LeoSphere F iopener NL Bliin.com NL Pole Star F Estrellasat NL Verimatic D Geo- K I BCAA I Carbon Hero UK Galileian Plus I Raptech I Food Process Innovation NL Insiteo F Pepite B Sigfox F Kinaxia F Vulog F ETAMAX D LatitudeN GmbH D Flinc D Anti Skimming Gbr aka EM Electronic Machines D BlackShore NL ExxFire (Fire Suppression Inside) NL SatMos (aka FitecSud) NL Toogethr NL Fluid Soltions alternative srl I BlueThread srl I Nhazca srl I Energie Etiche srl I Nabla Quadro srl I Modelon D SemsoTec D Nogago D SATOP D TOTAL Table - Equity Funding As shown in chart 5 the percentage that had access to funding is low, but reflects the level of maturity of the incubatees. Venture capital 7% Business Angel 10% Other source (and NC source) 8% None 75% Chart 5 - Equity Funding 14

15 4.5. Sector of industry The 173 companies have been categorized in 12 sectors of industry, which are shown on chart 6. They are: Health Software Solutions Energy Textile Security Life Style Life Science Telecom Education/Social Automotive Industry Environment With 34 companies, the sector Industry counts the most of Alumni, followed by the Software Solutions (26), and by the Environment sector (24). Chart 6 - Sectors of Industry 15

16 4.6. Turnover Data from companies which have been absorbed or acquired are not considered (no data have been received from those companies). The set of data for turnover 2012 collected for the 152 operational companies show a total turnover of more than 128.3M ( 92.1M for ESA BICs Alumni M for ESINET Alumni). Seventeen companies already exceeded the 1M turnover (TO 2012); these are: ReadMore ( 30M), Magellium ( 17.9M), Alsatis ( 7.5M), PiMON ( 7.2M), IP.Trade ( 3.4M), Modelon ( 2.9M), Lambda X ( 2.4M), Lasea ( 2,4M), Pole Star/Posiris ( 2.3M), M3 Systems ( 2.2M), LeoSphere ( 1.6M), Active Space technologies ( 1.5M), Insiteo ( 1.5M), RFIdea ( 1.5M), Semso Tec ( 1.3M), Helileo ( 1M), and Meta Sensing ( 1M). The information for the 152 operational companies for the year 2012 is shown in chapter Employment For many business incubators, the creation of new jobs is the main goal to be pursued and the ESINET incubators are not different in this respect. According to the data collected from the 152 operational companies, a total of 981 FTE (586 FTE regarding ESA BICs FTE for ESINET) employees are working in these 152 SMEs. An average of 6-7 employees per start-up is a good result. Since we did not get any info from the 14 companies which have been acquired and absorbed, this figure should be higher Space Origin To apply to an ESA BICs, a connection to space shall be demonstrated. There are 3 possible origins: Technology transfer Applications of space systems (satellite navigation, satellite communication, earth observation) A combination of the above As shown on chart 7, 41% of the companies are transferring a space technology, whilst about 25% develops products and services in the applications of the satellite navigation systems. 16

17 Space Origin 7% 3% Technology transfer 11% 13% 41% Satellite naviga:on applica:on Satellite communica:on 25% Earth observa:on applica:on Combina:on Chart 7 - Space Origin 4.9. Gender ESA follows an equal opportunity policy and gender equality is recognized as being a basic principle as well as an essential factor in a balanced professional environment, and for these reasons it was important to take into consideration an assessment of gender distribution within the different incubatees. The distribution between men and women (chart 8) as chief executive officers of the companies has unfortunately highlighted a strong disproportion in the gender distribution. Within the 173 start-ups, 10 only, or 6%, are managed by women (4.5% in 2010). This very low figure has to be compared to the 25-30% of women entrepreneurs in Europe (source W E S, a European network to promote women entrepreneurship, a Swedish initiative); figures which are already too low. Gender Repar**on As a comparison, venture capital-backed companies managed by women represented 3.3% in 2004, these companies receiving less than 2.5% of the total venture-capital investment in Europe ( 3.5 billion in 2004 source: VentureOne, 2005). The 10 companies managed by a woman are: MicroMega Dynamics (WSL, Belgium); IP Wetter and INTEND Geoinformatik (both from ESA BICs, Germany); bliin BV, MDUSpace, and Space Synapse ltd (those three companies from ESA BICs, NL); Fluid Solutions Alternative, Nhazca and Terradue (those three being from ESA BICs Lazio, Italy) ; and Nogago (BIC Bavaria, Germany). 6% In our portfolio, 3 companies managed by 94% women got access to equity investment in 2012, 6% for a total amount of ; Nogago (Germany) benefiting from for it alone. Women running business Gender Repar**on 94% Chart 8 - Gendre Repartition Men running business 17

18 5. KEY PERFORMANCE INDICATORS KPI 2012 This chapter shows at a glance the full list of the 152 alumni with 4 main information on the year 2012; status of the company, number of FTE employees, turnover and equity investment. The following table* indicates that the portfolio of 152 operational companies employs 981 people, have made more than 128.3M turnover and have raised more than 16.7M in equity investment for the two years together. * Companies highlighted in grey in the Table below (32) which have not provided any data for TO ESINET Alumni Report 2013 Date : 10/07/ nor 2011 have been excluded from calculation. N Company Name Status by End 2012 FTE by End 2012 TO 2012 ( ) Equity Investmentf or year 2012 ( ) 1 AC Sport Ongoing Active Space technologies V.O.F Ongoing Astrocourier Ltd. Ongoing BlackShore Ongoing (year 2012) bliin BV Ongoing Bradford Instruments B.V M&A (MDCL) NA NA 7 Carbon Diem (aka Carbon Hero) Ongoing EATOPS Ongoing EMXYS Ongoing EstrellaSat Ongoing 12 NA 11 ExxFire (Fire Suppression Inside) Ongoing 2 NA (year 2012) ezcol BV Ongoing FAST Ongoing Gamma Services M&A (M3 Systems) Giaura Ongoing HumanSpace InnerTV Ongoing 1 NA

19 12 ezcol BV 13 FAST 14 Gamma Services 15 Giaura 16 HumanSpace 17 InnerTV (Cybercultus spin- off) 18 Innovative Data Services 19 INTECS, SatNav applications division (aka DiSAPS) 20 Ipotuba B.V. ESINET Alumni Report IPStar BV European 22 J- CDS (Jaqar Business spin- off) and Innovation Centre Network 23 LeoSphere 24 Maporama MobileTech Marinenet / Ocean Going Phone Company Mathcomp Medical Systems B.V. 27 MDUSpace 28 Meta Sensing 29 Miramap 30 Mobzili vof 31 Novimet 32 Omnidea Lda. 33 Polestar / Posiris 34 Presence Displays (AquaCinema) 35 ReadMore (Publess) 36 Rotacional 37 SAT Sports - ARPI S.A.S (now Tracedge) 38 SatMos (aka FitecSud) 39 Selene Baby Care Ongoing 1 0 Ongoing M&A (M3 Systems) Ongoing Ongoing 1 NA Ongoing Ongoing Ongoing Ongoing 1 0 Ongoing M&A (Rhea) 1 NA Date : 10/07/ NA Ongoing M&A (Maporama Solutions) M&A (BHT Group) M&A (PanConsult BV) 18 NA NA NA NA Ongoing Ongoing Ongoing Ongoing Ongoing Ongoing Hub Telecom aquired 18% of the shares Ongoing Ongoing Ongoing NA NA M&A (Tracedge) Ongoing M&A (Verhaert) NA NA Page (year 2012)

20 23 LeoSphere ESA BIC 24 Maporama MobileTech ESA BIC M&A (Maporama Solutions) (year 2011) 25 Marinenet / Ocean Going Phone Company ESA BIC M&A (BHT Group) NA NA 26 Mathcomp Medical Systems ESA BIC B.V. M&A (PanConsult BV) NA NA 27 MDUSpace ESA BIC Ongoing Meta Sensing ESA BIC Ongoing Miramap ESA BIC Ongoing Mobzili vof ESA BIC Ongoing Novimet ESA BIC Ongoing Omnidea Lda. ESA BIC Ongoing Polestar / Posiris ESA BIC Hub Telecom aquired 18% of the shares Presence Displays (AquaCinema) ESA BIC Ongoing ReadMore (Publess) ESA BIC Ongoing Rotacional ESA BIC Ongoing NA NA 37 SAT Sports - ARPI S.A.S (now ESA BIC Tracedge) M&A (Tracedge) (year 2011) 38 SatMos (aka FitecSud) ESA BIC Ongoing Selene Baby Care ESA BIC M&A (Verhaert) NA NA 40 Space Colour Systems ESA BIC Ongoing 1 NA 41 Space Synapse ltd ESA BIC Ongoing Spasys ESA BIC M&A (Sensys) NA NA 43 SportTrack.Com BV (now: My Laps) ESA BIC M&A (My Laps) NA NA ESA BIC Ongoing ESA BIC Ongoing M&A (Thruvision System Ltd.) NA NA ESINET Alumni Report Star2Earth 45 Taitus Software European Business and Innovation Centre Network ESA BIC 46 Thruvision Ltd. 20 Ongoing (year 2012) (year 2011) Date : 10/07/ Toogethr ESA BIC Ongoing ALL4IP ESA BIC Ongoing 3 NA 70 ANLU NAVIGATION GmbH ESA BIC Ongoing Anti Skimming Gbr (aka EM Electronic Machines) ESA BIC (year 2011) Ongoing Page (year 2012)

21 ESINET Alumni Report 2013 Date : 10/07/ Taitus Software 46 Thruvision Ltd. 47 Toogethr 69 ALL4IP 70 ANLU NAVIGATION GmbH 71 Anti Skimming Gbr (aka EM Electronic Machines) 72 embia 73 ETAMAX 74 flinc 75 INTEND Geoinformatik Ongoing M&A (Thruvision System Ltd.) NA NA Ongoing Ongoing 3 NA Ongoing 1 0 Ongoing Ongoing 1 0 Ongoing (year 2012) (year 2012) Ongoing Ongoing IP Wetter Ongoing LatitudeN GmbH Ongoing (year 2012) MAVinci UG Ongoing Mobile Life Ongoing PosiTim Ongoing Punchbyte Medienagentur Ongoing

22 22 77 LatitudeN GmbH 78 MAVinci UG 79 Mobile Life 80 PosiTim 81 Punchbyte Medienagentur 82 Samango 83 Solenix 84 Verimatic 85 wer_denkt_was ESINET Alumni Report 2013 Ongoing Ongoing Ongoing 1 0 Ongoing Ongoing Ongoing Ongoing Ongoing 1 0 Ongoing AEVO BIC Bavaria Ongoing Agrista BIC Bavaria Ongoing ANAVS BIC Bavaria Ongoing Atmosphere BIC Bavaria Ongoing European 90 audiohood Business and BIC Bavaria Ongoing Innovation Centre Network 91 Federberg BIC Bavaria Ongoing Date : 10/07/ Page Modelon BIC Bavaria Ongoing nogago BIC Bavaria Ongoing PiMON BIC Bavaria Ongoing SARMORE BIC Bavaria Ongoing SATOP BIC Bavaria Ongoing (year 2012) SemsoTec BIC Bavaria Ongoing sportscurve BIC Bavaria Ongoing TANKERING.com BIC Bavaria Ongoing tiramizoo.com BIC Bavaria Ongoing 13 NA 101 Treems BIC Bavaria Ongoing ViaLight Communications BIC Bavaria Ongoing BCAA srl Lazio Italia Ongoing BlueThread srl Lazio Italia Ongoing B- Open srl Lazio Italia Ongoing Energie Etiche srl Lazio Italia Ongoing Fluid Soltions alternative srl Italia Ongoing Galileian Plus srl Italia Ongoing Geo- K srl Italia Ongoing (year 2012) (year 2012) (year 2012) (year 2012)

23 119 Energie Etiche srl Italia Ongoing (year 2012) Fluid Soltions alternative srl Lazio Italia Ongoing (year 2012) Galileian Plus srl Lazio Italia Ongoing Geo- K srl Lazio Italia Ongoing Nabla Quadro srl Lazio Italia Ongoing (year 2012) Nhazca srl Lazio Italia Ongoing (year 2012) Raptech srl Lazio Italia Ongoing Terradue srl Lazio Italia Ongoing ESINET Alumni Report Assess Group WSL Ongoing Date : 10/07/ Chiveo WSL Ongoing Euro Heat Pipes WSL Ongoing NA NA European 51 Imperia Business and WSL Ongoing Innovation 52 Inthertronica Centre Network WSL Ongoing NA NA Page IP.Trade WSL Ongoing Isomatex WSL Ongoing Lambda X WSL Ongoing Lasea WSL Ongoing M3Systems WSL Ongoing MicroMega Dynamics WSL Ongoing Nomics WSL Ongoing Open Engineering WSL Ongoing NA NA 62 Optrion WSL Ongoing Pepite WSL Ongoing RFIdea WSL Ongoing Taipro WSL Ongoing Trackinside WSL Ongoing V2i WSL Ongoing NA Walopt WSL Ongoing Acute3D PACA EST Ongoing BeNomad PACA EST Ongoing NA NA 105 BF Systemes PACA EST Ongoing Chronaxis PACA EST Ongoing Insight SiP PACA EST Ongoing Kinaxia PACA EST (year 2012) Ongoing

24 51 Imperia WSL Ongoing Inthertronica WSL Ongoing NA NA 53 IP.Trade WSL Ongoing Isomatex WSL Ongoing Lambda X WSL Ongoing Lasea WSL Ongoing M3Systems WSL Ongoing MicroMega Dynamics WSL Ongoing Nomics WSL Ongoing (year 2011) 60 Open Engineering WSL Ongoing NA NA 62 Optrion WSL Ongoing Pepite WSL Ongoing RFIdea WSL Ongoing Taipro WSL Ongoing (year 2011) 66 Trackinside WSL 67 V2i WSL Ongoing NA (year 2011) 68 Walopt WSL Ongoing Acute3D PACA EST Ongoing BeNomad PACA EST Ongoing NA NA 105 BF Systemes PACA EST Ongoing Chronaxis PACA EST Ongoing Insight SiP PACA EST Ongoing Kinaxia PACA EST Ongoing Ludotic PACA EST Ongoing Newsteo PACA EST Ongoing NA Robopec PACA EST Ongoing SimplySIM PACA EST Ongoing 8 NA 113 Suprameca PACA EST Ongoing NA NA 114 Visioscopie 115 Vulog ESINET Alumni Report 2013 PACA EST M&A (Système X) NA NA PACA EST Ongoing Ongoing EENOV Bordeaux Technowest Ongoing Fly n Sense Bordeaux Technowest Ongoing Flyops Bordeaux Technowest Ongoing HELILEO Bordeaux Technowest Ongoing Ongoing 3 NA European Business and Bordeaux Innovation 127 Deolan Centre Network Technowest 24 Ongoing 132 Optimize Ingénierie Bordeaux (year 2011) (year 2012) (year 2011) Date : 10/07/ Page 20

25 127 Deolan Bordeaux Technowest Ongoing EENOV Bordeaux Technowest Ongoing Fly n Sense Bordeaux Technowest Ongoing Flyops Bordeaux Technowest Ongoing HELILEO Bordeaux Technowest Ongoing Optimize Ingénierie Bordeaux Technowest Ongoing 3 NA 133 Radhius SAS Bordeaux Ongoing 7 Technowest 134 Scouring Environnement Bordeaux Technowest Ongoing Angeo Technology Midi Pyrénées Ongoing Blue Planet Midi Pyrénées Ongoing EXEM Midi Pyrénées Ongoing Global Vision Systems Midi Pyrénées Ongoing Lyberta Midi Pyrénées Ongoing NA Prooftag Midi Pyrénées Ongoing NA NA 141 Sigfox Midi Pyrénées Ongoing Vodéa Midi Pyrénées Ongoing NA Codasystem CRP Henri Tudor M&A (STS Group) NA NA 144 Cybercultus CRP Henri Tudor Ongoing Spiece CRP Henri Tudor Ongoing NA NA 146 Alsatis CEEI Théogone Ongoing Magellium CEEI Théogone Ongoing Hidromod CPIN Ongoing NA NA 149 Uavision CPIN Ongoing NA NA 150 Sitep Barcelona Activa Ongoing NA NA 151 Modulight Hermia Business Development Ongoing NA NA 152 Covivo Promotech Nancy Ongoing 9 NA TOTAL 981 FTE European Business and Innovation Centre Network Table - KPIS (year ) Page 21 25

26 26

27 ESINET Alumni Report 2013 Date : 10/07/ EVOLUTION EVOLUTION The data available in 2010 and reported in the 2012 and already alumni in 2010 (60 in total), the ESINET The alumni data available report 2010 in 2010 (edited and reported in July 2011) in the ESINET number alumni of FTE report is in 2010 progression (edited of in about July 2011) +16% implemented implemented with with the the data data collected for for and (was 2012, +45% allow between establishing 2010 a comparison and 2008) between and the and 2010, 2012, 2011 allow and establishing a comparison turnover of +57% (was +70% between 2010 and between 2010, 2011 and ). The results are shown in the following table: When one compares the s companies, which are still operational and independent in 2012 When and one already compares alumni in the 2010 ESA (60 BICs in total), companies, the number of FTE is in progression of about +16% (was which +45% are between still operational 2010 and 2008) and independent and the turnover in of +57% (was +70% between 2010 and 2008). The results are shown in the following table: N Company Name 1 AC Sport 2 Active Space technologies V.O.F 3 Astrocourier Ltd. 4 bliin BV 5 Carbon Diem (aka Carbon Hero) 6 EATOPS 7 EMXYS 8 EstrellaSat 9 ezcol BV 10 FAST 11 HumanSpace InnerTV (Cybercultus spin- off) INTECS, SatNav applications division (aka DiSAPS) 14 Ipotuba B.V. 15 IPStar BV 16 J- CDS (Jaqar spin- off) 17 LeoSphere FTE (End 2010) FTE (End 2011) FTE (End 2012) Evolution FTE (%) TO 2010 (k ) TO 2011 (k ) TO 2012 (k ) Evolution TO (%) NA NA NA NA NA NA NA NA NA NA NA 4 NA 4* NA NA NA European Business and Innovation Centre Network Page 22 27

28 ESINET Alumni Report 2013 Date : 10/07/ Maporama MobileTech 19 MDUSpace 20 Meta Sensing 21 Miramap 22 Mobzili vof 23 Novimet 24 Omnidea Lda. 25 Polestar / Posiris 26 Rotacional SAT Sports - ARPI S.A.S (now Tracedge) SatMos (aka FitecSud) Space Colour Systems 30 Space Synapse ltd 31 SportTrack.Com BV (now: My Laps) 32 Star2Earth 33 Taitus Software 52 ANLU NAVIGATION GmbH 53 ETAMAX 54 Punchbyte Medienagentur 55 Samango 56 Verimatic 57 BCAA srl 58 Galileian Plus srl 59 Geo- K srl 60 Terradue srl * NA NA ** NA 1* 0 30 NA NA NA 7 1 1* NA NA NA NA NA NA 4* 0 60 NA NA NA NA NA NA NA NA NA Italia Italia Italia Italia TOTAL % % European Business and Innovation Centre Network Page 23 28

29 ESINET Alumni Report 2013 Date : 10/07/2013 *Value inserted by default, referring to the year N-1 or N-2 and considering no change on the data. *Value inserted by default, referring to the year N- 1 or N- 2 and considering no change on the data. ** For one alumni who did not get revenues in 2010, a 1K TO was inserted to avoid the div/0. ** For one alumni who did not get revenues in 2010, a 1K TO was inserted to avoid the div/0. Regarding ESINET companies, data from 2010 were also available from ESINET alumni report 2010 (edited Regarding July ESINET 2011). companies, Implemented data with from the 2010 newly were collected also available data for from 2011 ESINET and 2012, alumni we report can compare 2010 here (edited the evolution in July 2011). of 32 Implemented ESINET Alumni with in the turnover newly collected and number data for of 2011 FTE. For and these 2012, 32 we companies, can compare the number here the of FTE evolution is in progression of 32 ESINET of alumnis about +6% in turnover between and 2012 number and of 2010 FTE. (was For these +22% 32 between companies, 2010 the and 2009) number and the of FTE turnover is in progression of +62% (was of about +25% +6% between between and and 2009) (was +22% between 2010 and 2009) and the turnover of +62% (was +25% between 2010 and 2009). N Company Name 1 BF Systemes 2 Chronaxis 3 Insight SiP 4 Kinaxia 5 Ludotic 6 Newsteo 7 Robopec PACA EST PACA EST PACA EST PACA EST PACA EST PACA EST PACA EST FTE (End 2010) FTE (End 2011) FTE (End 2012) Evolution FTE (%) TO 2010 (k ) TO 2011 (k ) TO 2012 (k ) Evolution TO (%) NA NA 2 1 1* * * 16* Suprameca PACA EST 5 5* 5* NA NA NA 9 Visioscopie PACA EST 15 15* 15* NA NA NA 10 Euro Heat Pipes WSL 23 23* 23* NA NA NA 11 Inthertronica WSL 1 1* 1* 0 42 NA NA NA 12 Lasea WSL M3Systems WSL MicroMega Dynamics WSL Open Engineering WSL 8 8* 8* NA NA NA 16 Pepite WSL V2i WSL * NA NA 18 Walopt WSL Codasystem CRP Henri Tudor 23 23* 23* NA NA NA 20 Cybercultus CRP Henri Tudor Spiece CRP Henri Tudor 8 8* 8* NA NA NA 22 Global Vision Systems Midi Pyrénées European Business and Innovation Centre Network Page 24 29

30 ESINET Alumni Report 2013 Date : 10/07/ Prooftag 24 Vodéa 25 Deolan 26 Fly n Sense Midi Pyrénées Midi Pyrénées Bordeaux Technowes t Bordeaux Technowes t 29 29* 29* NA NA NA 10 10* 10* * NA NA Alsatis CEEI Théogone Magellium CEEI Théogone Sitep Barcelona Activa 23 23* 23* NA NA NA 30 Uavision CPIN 5 5* 5* NA NA NA 31 Modulight 32 Covivo Hermia Business Developme nt 19 19* 19* NA NA NA Promotech Nancy NA NA NA TOTAL % % *Value *Value inserted by default, referring to to the the year year N- 1 or N-1 N- 2 or and N-2 considering and considering no change no on change the data. on the data. * Data * Data highlighted in grey grey in in the the Table Table (15) (15) coming coming from companies from companies which have which not provided have any not data provided either for any TO 2012 or TO 2010 have been excluded from calculation on TO evolution. data either for TO 2012 or TO 2010 have been excluded from calculation on TO evolution. 7. SNAPSHOT ON ACTUAL INCUBATEES HOSTED IN S AND ESINET At the end of 2012, ESINET network, (including s) counts 111 incubatees, with 312 employments and a turnover of about 9.8M (estimations). Regarding s only, at the end of 2012, there are 54 incubatees hosted in 6 s incubators. A total of 133 employments and a turnover of about 5M have been achieved (estimations). N Company Name 1 Airvionic UG BAVARIA 2 aviontek GmbH BAVARIA 3 BNT GmbH BAVARIA 4 Bodymonitor BAVARIA 5 CloudEO AG BAVARIA 6 GEOSAT Technology AG BAVARIA 7 Greenspider BAVARIA European Business and Innovation Centre Network Page 25 30

31 32 Covivo Nancy NA NA NA TOTAL % % *Value inserted by default, referring to the year N- 1 or N- 2 and considering no change on the data. 7. SNAPSHOT ON ACTUAL INCUBATEES TO 2012 or TO 2010 have been excluded from calculation on TO evolution. HOSTED IN ESA BICs AND ESINET * Data highlighted in grey in the Table (15) coming from companies which have not provided any data either for 7. SNAPSHOT ON ACTUAL INCUBATEES HOSTED IN S AND ESINET At the end of 2012, ESINET network, (including ESA BICs) counts 111 incubatees, with 312 employments and At a the turnover end of about 2012, 9.8M ESINET (estimations). network, (including s) counts 111 incubatees, with 312 employments and a turnover of about 9.8M (estimations). Regarding ESA BICs only, at the end of 2012, there are 54 incubatees hosted in 6 ESA BICs incubators. A total Regarding of 133 ESA employments BICs only, at and the end a turnover of 2012, of there about are 5M 54 incubatees have been hosted achieved in 6 ESA (estimations). BICs incubators. A total of 133 employments and a turnover of about 5M have been achieved (estimations). N Company Name 1 Airvionic UG BAVARIA 2 aviontek GmbH BAVARIA 3 BNT GmbH BAVARIA 4 Bodymonitor BAVARIA 5 CloudEO AG BAVARIA ESINET Alumni Report GEOSAT Technology AG BAVARIA 7 Greenspider BAVARIA Date : 10/07/ GRYPHstar UG (haftungsbeschränkt) BAVARIA European Business 9 Intelligence and on Wheels UG (haftungsbeschränkt) Innovation 10 Centre Kinexon Network GmbH (former Sportactics) BAVARIA BAVARIA 11 Mobiliance AG BAVARIA 12 ordofood GmbH BAVARIA 13 PPS GmbH BAVARIA 14 progenox GmbH BAVARIA 15 Rapidlasso GmbH BAVARIA 16 Simplias GmbH BAVARIA 17 twofloats GmbH BAVARIA 18 WASP- Logistik GmbH BAVARIA 19 Augmentation Industries 20 benjamin systems 21 convinum 22 easyvineyard 23 ebuggy 24 Free- Linked 25 GeoMon 26 GPA 27 Isofleet 28 L- One 29 MapCase 30 NavQuest 31 SellNews 32 Socratec 33 spotcrackr 34 Tales 35 Treevolution.de 36 woistwer D- One 38 Aspira BV - Keen on Apps Page 25 31

32 32 29 MapCase 30 NavQuest 31 SellNews 32 Socratec 33 spotcrackr 34 Tales 35 Treevolution.de 36 woistwer D- One 38 Aspira BV - Keen on Apps 39 Avionics Control Systems 40 B4Bikes 41 Head Communications 42 Ideevolutie 43 Intech Dike Security Systems BV 44 Lens R&D - Solar Sensor 45 M2- Power 46 Mobile Loop 47 New Duivendrecht BV 48 Orbital Eye (Pims International) 49 Selfly BV 50 Trakkies 51 Innovative Materials srl Lazio ESINET Alumni Report Wixta srl Lazio 53 Atsharp Flanders ESINET Alumni Report 2013 Date : 10/07/ ESNAH Redu European Business and Innovation Centre Network Page ESNAH Redu Regarding ESINET companies, at the end of 2012, there are 57 incubatees hosted in 11 incubators Regarding ESINET companies, at the end of 2012, there are 57 incubatees hosted in 11 incubators members of the network. A total of 179 employments and turnover of about 4.8M have been members of the network. A total of 179 employments and a turnover of about 4.8M have been achieved Regarding (estimations). ESINET companies, at the end of 2012, there are 57 incubatees hosted in 11 incubators achieved (estimations). members of the network. A total of 179 employments and a turnover of about 4.8M have been achieved (estimations). N Company Name 1 Amoobi WSL N 2 Ampacimon Company Name WSL 31 Ampacimon Amoobi WSL 42 Asses Ampacimon Group WSL 35 Ampacimon BattleKart WSL 64 CareSquare Asses Group WSL 57 BattleKart Chiveo WSL 86 Cytomine CareSquare WSL 79 Chiveo Dart WSL 10 8 D- Finfer Cytomine WSL 11 9 Dart Enerban WSL Epigan D- Finfer WSL Esia Enerban WSL Esnah Epigan WSL Eutralex Esia Aérospace WSL EUTRALEX Esnah AEROSPACE Imperia WSL FUGO Eutralex Aérospace WSL GALATEIA EUTRALEX AEROSPACE Imperia WSL IPTrade FUGO WSL Isomatex GALATEIA WSL Lambda IPTrade X WSL Modalisa Isomatex Technology WSL MopSapce Lambda X WSL Nomics Modalisa Technology WSL Date : 10/07/2013

33 12 Epigan WSL 13 Esia WSL 14 Esnah WSL 15 Eutralex Aérospace WSL 16 EUTRALEX AEROSPACE Imperia WSL 17 FUGO WSL 18 GALATEIA WSL 19 IPTrade WSL 20 Isomatex WSL 21 Lambda X WSL 22 Modalisa Technology WSL 23 MopSapce WSL 24 Nomics WSL 25 SpatioData WSL 26 The New Sentinel WSL 27 Trackinside WSL 28 Tuzzit WSL 29 Vibe WSL 30 WALTEC BIOMETRICS WSL 31 Combain Mobile Ideon Science Park 32 Flight & Safety Design International Ideon Science Park 33 Geosignage Ideon Science Park 34 Nocturnal Vision Ideon Science Park 35 ResQU Ideon Science Park 36 Serstech Ideon Science Park ESINET Alumni Report Delair Tech Midi Pyrénées Date : 10/07/ INTRASPEC TECHNOLOGIES Midi Pyrénées 39 LYBERTA Midi Pyrénées European Business 40 NAIO and Technologies Midi Pyrénées Innovation Centre Network 41 Pigdata Midi Pyrénées Page Aeon Consulting CEEI Théogone 43 AERO EXPERT CEEI Théogone 44 Imajiing CEEI Théogone 45 Satac CEEI Théogone 46 Mudlark G.R.A.C.E. 47 Ordnance Survey G.R.A.C.E. 48 Seamless Sensing G.R.A.C.E. 49 Action Laser BIC Le Havre 50 AIRCELLE BIC Le Havre 51 AERTEC Bordeaux Technowest 52 ECAIR Bordeaux Technowest 53 ATIPI GENI Ecole des Mines 54 CITYTAK GENI Ecole des Mines 55 Mquadro BIC FVG 56 Link Innova CEEI Burgos 57 GINA Software JIC South Moravia Table 8. - KPIS CONCLUSION 2012 On a total of 173 alumni, with a success rate of 88%, the results at the end of 2012 can be considered as quite satisfactory with respect to the maturity of these SMEs. The 152 operational companies have created 981 employments, achieved a turnover of more than 128.3M and 21 companies have raised more than 15.4M of equity investment for year

34 8. CONCLUSION By Philippe Vanrie CEO, EBN The data presented in this report shows that 2012 has been a solid year in terms of results for the alumni from European Space s. I believe that the performance of these companies that have graduated from ESA BICs and ESINET incubators demonstrate a capability to adapt themselves and to be flexible and smart enough to efficiently adjust their role under changing circumstances. The ESA BICs and ESINET incubators are innovating, adjusting to the mutating environment, where public resources are decreasing and new sources of income need to be found, together with new and more efficient ways to support new venture creators, as well as those entrepreneurs who are ready for a quick acceleration. From a total of 173 alumni, with a success rate of 88%, the results at the end of 2012 can be considered as quite satisfactory with respect to the maturity of these SMEs. The 152 operational companies have created 981 jobs, achieved a turnover of more than 128.3M and 21 companies have raised more than 15.4M of equity investment for year With respect to 2010, the success rate decreased by 5-6%. The 111 actual incubatees already employ 312 people and some companies have even started to generate revenues, for a total of 9.8M. This means that by the end of 2012, the complete ESINET and ESA BICs portfolio consists of about 1300 jobs and cumulates a turnover of more than 138M. Some actions shall be taken to improve: The participation in the sector by women entrepreneurs (6% only of women CEOs). The number of companies which receive equity funding (the Open Sky Technology Funds should be one of the factors improving equity funding from VC sources). The support provided to applicants to develop a quality deal flow to the ESA Tender Evaluation Boards (TEBs.) I am convinced overall that benchmarking approach developed in EBN and deployed via ESINET incubators and ESA BICs may help, in the near future, by transferring the best practices throughout the network to push things forward for the European Space community and deliver better results with improved efficiency. Even in difficult times, the ESA BICs concept is a robust and efficient (re)generator of local economies, especially when the BICs benefit from the pan-european networking effect, and particularly when the arguments for efficiency are evidence-based! 34

35 NOTEPAD 35

36 EUROPEAN BIC NETWORK AVENUE DE TERVUEREN 168 BTE 25 B-1150 BRUSSELS PHONE: FAX: [email protected] 36