Herausforderungen und Möglichkeiten der Finanzierung von Gründervorhaben in den KUER Branchen

Transcription

1 Herausforderungen und Möglichkeiten der Finanzierung von Gründervorhaben in den KUER Branchen Energie & Synergie Netzwerktreffen der Startbahn Experten Klaus Lehmann Bochum,

2 Dilemma The Dilemma Technology Markets How to bring technology, markets, management and capital together? Capital Management

3 Challenge The Challenge Cost intensive development Time consuming testing Teams research focused Management Reserved towards equity markets Missing essential business skills Customers mostly state owned/ affiliated Slow to adapt to new technology Demand proof of concept Capital Wary of early stage investments Demand proof of concept Require first sales Technology Markets Lack of capital prohibits proof of concept!

4 Solution The Solution Technology Management Markets Capital Cost intensive development Time consuming testing Teams are research focused Reserved towards equity markets Missing essential business skills Slow to adapt to new technology Demand proof of concept Demand proof of concept Require first sales Low burn-rate Detailed up-front cost prediction Sufficient liquidity to proof of concept Inform founders about VC investors Bridging gaps with the help of strong partners Coaching founders Adding business skills to the team Identify most innovative utility providers Early contact to potential customers Friendly customers Multi-stage investors Governmental funding Use private investments to leverage public funds Foresight & Austerity!

5 Loss Profit Reacting to Markets Appetite for Cleantech The seed-financing gap Preparation Inception (Seed) Start up Growth Sustainable Growth Sale Research Company Concept Product Maturity Production & Sales Channels Consolidation, Acquisitions, Spin-off MBO, MBI Maturity Expansion Rapid Growth IPO, Acquisition Time Prototype Roll Out Venture Capital Firms & Corporate Investors

6 Loss Profit Reacting to Markets Appetite for Cleantech The cleantech-financing gap Preparation Inception (Seed) Validation Phase Start up Growth Sustainable Growth Sale Research Company Concept Extensive Testing Product Maturity Production & Sales Channels Consolidation, Acquisitions, Spin-off MBO, MBI Maturity Rapid Growth Expansion IPO, Acquisition Roll Out Time Proof of Concept Prototype Venture Capital Firms & Corporate Investors

7 Stages of financing and typical sources of capital of High-Tech Startup companies stage: Foundation preparation Foundation (Seed) Start-Up Growth Fast..stable Establishm ent in the market duration: 0,5-2 Y. 1-2 Y. 3-5 Y. 3-5 Y. 5-X Y. Sources of Capital: (e.g.) High-Tech Gründerfonds Regional Seed Fonds Business Angels Venture Capital (classic VC, PIPE) ERP-Programs (z.b. Startfonds, fund of funds) strategic investors, partners Own resources Support programs BMBF, BMWi, Länder z.b. EXIST-Gründerstipendium & Forschungstransfer, GO-Bio Public markets; IPO, bonds etc. Bank loans Development & Research support programs

8 High-Tech Gründerfonds I und II: Key Facts Fonds I Fonds II Founded Volume mio. 304 mio. Investors Planned duration Focus Investment type Value Add 6 years investment plus 7 years disinvestment period Innovative high-tech companies in the seed phase (start of operations < 1 year) Up to 2 mio. per company, thereof 0.5 mio. in the seed round, equity participation and mezzanine means Operational support through local coaches Hands-on and strategic support by investment managers

9 Venture capitalist or public subsidy program? venture capital Venture Capital model: HTGF-business model is based on appreciation of shares, exit Limited fund lifetime, investors expect return Focus on high-tech and growth companies public subsidy program High number of investments (>300) Standardized, attractive conditions: 1. round: 0.5 mio. for 15% of the shares plus convertible loan as anti-dilution Acceptance of higher risks Focus: German high-tech companies younger than 1 year

10 Value adding investment Coaches High-Tech Gründerfonds Acquisition phase: Contact establishment to HTGF Support in business planning and presentation SWOT review and initiation of appropriate actions (e.g. team completion, IP strategy) Mentoring & management phase: Support during operative starting phase (e.g. establishment of controlling, reporting recruiting, early business development) Detection/monitoring of critical issues Side investment Support in acquiring follow-on investments Support in management recruiting Strategic focus Cost controlling Portfolio as growing know-how source Network (e.g. sector experts, industry contacts, legal & accounting firms)

11 Networking Family Day Biggest seed stage networking event in germany over the past few years >800 participants in 2013 Interexchange and numerous cooperations among our portfolio companies Get-together with relevant Venture Capitalists Numerous pitches Private Investors Circle Bi-annual get-together of approx. 50 entrepreneurialminded Private Investors Presentation of approx. 12 top-performing Portfolio companies > 20 Investments in Portfolio High-Tech Partnering Conference >120 industry decision makers meet 60 portfolio companies First-class speakers Technology workshops >200 organised 1:1 Meetings Initiation of long term industry cooperations

12 Formal investment criteria Age Operational for less than 1 year (Cash flow < 30k ) SME Fulfills the criteria of a small and medium enterprise Localization At least a subsidiary of the company has to be installed within Germany, be operational and economically active! Founders Are in full possession of the technical Know-How and allocate 100% of their time for the business Shareholder structure Founders remain the largest shareholder group

13 Overview of the standard investment terms: Typically 0.5 mio. seed financing, plus 1.5 mio. in follow-on rounds Standard terms: 15 % equity stake without valuation plus convertible loan as dilution protection Deferral of interests in the first 4 years Conversion of loan and interest into equity in follow-on financing rounds Obligatory contribution by the founders: 20% ( 10% in former Eastern Germany and Berlin) relative to HTGF-investment Typical example: 0,5 0,1 0,1 = 0.7 mio. High-Tech Gründerfonds founders side investor / seed funds / family offices

14 Selection process 4 steps to the investment submission of exec. summary & business plan evaluation of the documents due diligence meetings with management investment committee presentation founder reference by coach, business angel, VC or other network partner review by ext. experts 1 week 4-6 weeks ~ every 2 months

15 Energie, Energieeffizienz, Cleantech ENERGIEMANAGEMENT NEXT Kraftwerke Kiwigrid Enexion Cuculus Enercast ERZEUGUNG / SPEICHERUNG Heliatek Smart Hydro Power Custom Cells Itzehoe SOFTWARE SENSORIK / MESSTECHNIK Corrmoran ibk Bioanalytik Permundo Contros Fox4x Viamon Recycling reangel Saperatec MinCell EcoIntense WeSustain TDispatch Autoaid MOBILITY Sunhill FAZUA Compositence Energie Umwelt / Cleantech

16 By , 449 Commitments have been made in 129 Committee meetings As of:

17 Follow-on financing rounds in the portfolio of High-Tech Gruenderfonds 186,2 Mio. 124,2 Mio. 120,9 Mio. 99,8 Mio. 70,1 Mio. 78,7 Mio. 53,7 Mio. 28,3 Mio. As of:

18 # of different investors (per type) HTGF continuously expands its investor universe Nearly 1,000 different investors engaged in HTGF portfolio companies Business Angels, Priv. Investoren Venture Capitalists Corporates & Corp. VCs Public Investors status:

19 Trusted quality: shareholdings or acquisitions of HTGF portfolio companies through corporates and corporate investors (until July 2014)

20 High-Tech Gründerfonds: key achievements since up to portfolio companies 637 follow-on financing rounds with a contribution through third parties totalling 696 mio., thereof: ~74 % private capital (59% VC, 24 % BA, 17 % Corp.Inv.) ~159 mio. sourced from foreign investors into 81 companies 35 exits (thereof 28 profitable) 89 insolvencies > 100 management additions/replacements within portfolio companies Sustainable stimulation of the German seed- and VC-market Multiple partnerships Over 80 paper millionaires Highly motivated team

21 auf looking eine forward gute Zusammenarbeit! to working with you! Dr. Michael Brandkamp Dr. Alex von Frankenberg High-Tech Gründerfonds, Schlegelstraße 2, Committee 1: hardware, automation, optical technologies, energy Benjamin Erhart Dr. Andreas Olmes Michael Strzyz Klaus Lehmann Dr.Guillem Sagué Dr. Ansgar Kirchheim Dr. Torsten Löffler Committee 2: life science, materials science, diagnostics, healthcare Kay G. Balster Dr. Bernd Goergen Ron Winkler Dr. Matthias Dill Dr. Christian Jung Marco Winzer Corinna Heppner Dr. Martin Pfister Dr. Sebastian Schöfer Committee 3: telecommunication, media, software, e-commerce Marvin Andrä Dr. Tanja Emmerling Curtis MacDonald Simon Schneider Dr. Sebastian Suhr Stefan Wendel Holger Heinen Romy Schnelle Michael Wieser Markus Kressmann Chiara Sommer