aldo cocchiglia - m31 - european incubators - stanford - jan 3 2011
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European Incubators in Silicon Valley: the M31 caseAldo Cocchiglia, CEO – M31 USA January 3 2011What does M31 do?M31 Italia turns innovative technologies into startups. M31 USA turns technology start-ups into successful global companies.2Where and WhenM31 Italia founded in Padova, Italy in 2006 Focus on incubation: working with entrepreneurs from seed funding to corporate exits M31 USA established in Silicon Valley in 2010 Initial focus: global expansion for Italian high-tech companiTRANSCRIPT
European Incubators in Silicon Valley: the M31 case
Aldo Cocchiglia, CEO – M31 USA
January 3 2011
What does M31 do?
M31 Italia turns innovative technologies into start-ups.
M31 USA turns technology start-ups into successful global companies.
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M31 Italia founded in Padova, Italy in 2006Focus on incubation: working with entrepreneursfrom seed funding to corporate exits
M31 USA established in Silicon Valley in 2010Initial focus: global expansion for Italian high-techcompanies including start-ups and larger high-tech enterprises
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Where and When
Venture incubation - office space and office shared services
Funding – from seed to 2nd + rounds
Management advisor– from strategy to execution
Global Business Development –from leads to contracts
M31 Operating Model
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Sectors we invest in: Medical Equipment, Embedded Computing, Optical Systems, Software and Web, Sensor Networks
Core competences: Innovative Product Development, Strategic Management, Global Reach
Services provided: from incubation to management, from international expansion to exit
Deal flow: affiliation with universities, research labs, private companies, Angels, early-stage VCs., etc.
Typical investment size: € 50 K to 2.5 M, with syndicate if needed
M31 Focus
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M31 Portfolio
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software & WEB,
sensor networks,
I-net of things
biomedical
instruments
embedded
electronics & PCs
adaptive
optics
wireless
antennas
WEB services
WEB services
in eyecare
M31 USA
Global Expansion Services• US entry planning• Global expansion planning• Start-up incubation in SV• Innovation tours for Italian companies and university programs• Exit strategy and Fundraising support for additional rounds
Gateway to Italian Technologies• Technology scouting for US companies• Partner/supplier scouting for US companies• High-tech investments in Italy: start-up or product line acquisitions
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M31USA Clients
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M31 Portfolio Companies
University Technology
Transfer Offices
Italian High-Tech
Companies
The CenterVue Case
Incorporated in April 2008 - first startup for M31
Develops hw & sw for cost-effective screening programs to detect and treat ocular diseases that bring to blindness
Shareholding: M31 46%, Seed investor 28%, Founders & Management 26%
Total capital raised: $2.4M; headcount: 17
Developed two innovative devices approved by FDA in 2010, and a Web software platform
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The CenterVue Case
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The Eye Knowledge network: a Web platform for eye care, i.e. online continuing education, expert consultation and telemedicine
MAIA: early detection and management of Age Related Macular Degeneration (AMD)
DRS: a fully automated, inexpensive, retinal camera for large scale screening of Diabetic Retinopathy
Highlights of the CenterVue Story
Major positive impact on social costs of blindness in US and worldwide
Short development time and very limited investment thanks to the “M31 model”
2010 sales: 120+ units
Estimated 2011 sales: 1700+ units in 60 countries for $25+M (64% in US)
Planning an exit via acquisition or IPO in US within 2 -3 years
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M31 Italia SrlVia N. Tommaseo 7735131 Padova – ItalyPh: +39 049 781 1811www.m31.com
M31 USA, LLC4655 Old Ironsides Dr.Santa Clara, CA 95054Ph: +1 408 988 8404www.m31usa.com
M31: Incubation of European Ideas, with European R&D, European job creation and US business development