h2020 - smes instrument and access to risk...
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H2020 - SMEs Instrument and Access to risk finance
Pierre Marro
CONNECT F2 / Innovation
20 % budgetary target in
LEITs & SC
'Innovation in SMEs'
SME support
Grants
Financial instruments, indirect implementation
8 cut-offs
/year
Easy to plan
Ph1 results in 1M
Rapid
High threshold
Compe-titive
Call planning 2016 SME instrument
Phase 1:
24 Feb, 3 May, 7 Sept, 9 Nov
Phase 2:
3 Feb, 14 April, 15 June, 13 Oct
• Targeted at all types of innovative SMEs showing a strong ambition to develop, grow and internationalise
• Only SMEs will be allowed to apply for funding and support, particularly Start-Ups.
• Single company support possible
• No obligation for applicants to sequentially cover all three phases; each phase open to all SMEs
• 70% funding (exceptions possible)
Main features
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SME Instrument Main Features
SME Instrument – ICT 2016-17
Relevant topics (739 M€ overall)
• Open Disruptive Innovation Scheme (126 M€)
• Accelerating the uptake of nanotechnologies advanced materials or advanced manufacturing and processing technologies by SMEs (67 M€)
• Accelerating market introduction of ICT solutions for Health, Well-Being and Ageing Well (30,5 M€)
• Stimulating the innovation potential of SMEs for a low carbon and efficient energy system (96 M€)
• Small business innovation research for Transport and Smart Cities Mobility (119 M€)
• New business models for inclusive, innovative and reflective societies (22 M€)
• Engaging SMEs in security research and development (30 M€)
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WHY/Objectives: • Nurture promising ICT based disruptive ideas; • Support their prototyping and iterative validation in real world/working
conditions; • Facilitate faster market uptake and wider deployment
HOW/Implementation: • Via the SME instrument • Managed centrally by one agency (EASME) • No restriction on ICT area, Focus on Disruptive ICT innovation • Bottom-up approach (ODI) complemented by societal challenges (eg
ICT in health)
Budget: 90M € for 2014-15 (45 M€ per year)
126M € (60M € for 2016 and 66M € for 2017)
Funding: lump sum 50k€ phase1;
0.5 to 2.5 M€ phase2; 70% of eligible costs
ODI Main Features
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ODI Phase I and II
Phase I
• 3.135 ODI proposals out of 10.404
• Highest submission rate 30% of total SME inst. submission
• 372 proposals above threshold
• 168 proposals pre-selected for funding (49% from above threshold proposals)
• 90% of time to Grant within 3 month
ODI figures after the 1rst full year
• 838 ODI proposals out of 2.726
• Highest submission rate = 31% of total SME inst. submission
• 265 proposals above threshold
• 39 proposals pre-selected for funding (15% from above threshold proposals)
• 90% of time to Grant within 6 month
Phase II
PROPOSALS Examples
ACRONYM PROPOSER COMPANY AREA(s) SECTORS PROPOSAL TTM
LIRON-2020
Woodrow Scientific Limited
(UK)
R&D spin-off/ 2 y trading
Photonics/smart cities
Energy &
Environment/water
resources
Disruptive Technology for
the Global Cleaning Equipment Market
2/3 Ys
PASTGUIDE
Pixel Legend (PL)
R&D spin-off/ 5 y trading
Media &
Data, Creativity
http://www.pastguide.co
m/
Mobile apps,
cultural heritages, geospatial
Mobile app providing
tourist spatial location and 3D scene with events and people who lived in that historical location in the
past.
3-4 Ys
ODI Main Features
PROPOSALS Examples
ACRONYM PROPOSER COMPANY AREA(s) SECTORS PROPOSAL TTM
TORUS PROJECT
TORUS (ES) R&D spin-off/ 15 y
trading
Media & Data Big
Data, supercomput
ing, high speed IP
Biotechnology, defence,
Disruptive high-speed
communication protocols for high performance
communication applied to financial services &
big data
4-5 Ys
GALNIMBUS Galcon (IL) R&D spin-off/ 5 y trading
Software & Services,
Cloud
Agriculture, geospatial,
water resources
Disruptive cloud-based irrigation controller to
optimize water use efficiency in agriculture
4-5 Ys
ODI Main Features
SMEs Instrument Lessons learned
• Open Disruptive Innovation, is the most popular topic within the SME instrument , attracting more than 1/3 of applications almost double the share of ICT budget (18%) with this pattern being maintained throughout all cut-off-dates
• Similar patterns in all CoDs so far, in terms of level of submission, topic & country coverage
• The general evolution of submissions is promising, although with a slightly lower submission rate to the benefit of better quality proposals and better understanding of the instrument
• Unsuccessful Proposals:
• Still much focus on technology rather than business opportunity
• Not enough info on USP (Unique Selling Proposition)
• Missing market analysis to assess competition
• Innovation dimension still rather incremental improvement
• Not enough emphasis on commercialisation
SME Instrument
Access to Risk Finance
Intermediated
SME/Mid-Cap Financing Direct Corporate Lending
SMEs and small Mid-Caps
< 500 Employees Large Caps
Typically > 3,000 Employees
Intermediated and/or direct
Corporate lending
Mid-Caps
< 3,000 Employees
• Delivers direct loans and guarantees from EIB for larger projects (€ 25-300 million)
• for R&I projects emanating from larger firms; universities and public research organisations;
R&I infrastructures
First InnovFin Large Project with Belgian biopharmaceutical company UCB (€75 million)
15
• rolled out through financial intermediaries (guarantees and counter-guarantees on debt
financing <€50 million)
• for innovative midcaps (< 3000 FTEs) not eligible under the InnovFin SME Guarantee
• Direct long term senior, subordinated or mezzanine loans from EIB (€7.5 to 25 million)
• for innovative larger midcaps (< 3000 FTEs), but also SMEs and small midcaps
First InnovFin MidCap Growth Finance transaction with Rovio
(EUR 25 million facility to support Rovio’s technological innovations in various
entertainment sectors)
EIB: specific loans for projects > €7.5m
Tech. Transfer
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EIF: For "small" players
Bank
Venture capital
Fund
European
Union
budget
Startups
SMEs
SMEs &
Small mid-caps
Invests
Invests
Lends
Provides funds
Guarantee Society
Counter or Co-Guarantees
Business Angels
Indirect implementation
H2020, COSME…
21 Centrale Partners SA Generalist 360 Capital Partners ICT 3T ICT Abingworth Bioventures LLP Generalist Activa Capital ICT Acto Mezzanine II Generalist Alcuin GP III LLP Generalist Alven Capital IV Generalist Argos Soditic Generalist Aster Capital Partners Cleantech Atalante SAS Generalist Atomico (UK) Partners Ltd ICT Banexi Ventures ICT and Life Sciences Beechbrook Capital LLP Generalist Bridgeport Development Capital Generalist Close Growth Capital Generalist Dawn Capital Generalist Demeter Partners S.A. Cleantech DN Capital ICT Dundedin Capital Partners Ltd Generalist Dunedin Capital Partners Limited Generalist EarlyBird ICT and Life Sciences Eckert Wagniskapital & Frühphasen-Finanzierung GmbH Generalist Elaia Partners SA ICT Emertec Gestion SA Generalist Forbion Capital Partners Life Sciences Gilde Investment Management Life Sciences HBM Partners Life Sciences HealthCap Life Sciences Highland Europe CPCP Limited ICT Global Cleantech Cleantech Go Capital Life Sciences Indigo Capital France SAS Generalist
Industries & Finances Partenaires Generalist Inflexion Managers Limited Generalist Initiative & Finance Invest. Generalist Inventure ICT IT Translation ICT IP Group Generalist ISIS Equity Partners Generalist Keensight Capital ICT Kennet Capital Management ICT Kreos Capital Group Limited Generalist Lyceum Capital Partners LLP Generalist Mangrove Capital Partners ICT MML Capital Partners Generalist NeSBIC CTe Fund ICT Nordic Biotech AS Life Sciences NorthEdge Capital Generalist Notion Capital ICT Partech International Generalist Perfectis Generalist Praesidian Capital Generalist Prefequity Generalist RJD Partners Ltd Generalist Rock Spring Ventures GP Ltd Life Sciences Robolution Capital Generalist Rutland Fund III Generalist Scottish Equity Partners Generalist Seedcamp Limited Partner ICT Sofinnova Partners ICT and Life Sciences Sixth Element Capital LLP Life Sciences Sovereign Capital Generalist Trocadero Capital Partners Generalist Ventech SA ICT
WHEB Ventures Ltd Cleantech …
Fund management companies & Sectors (not exhaustive)
More…
http://www.eib.org/products/blending/innovfin/
To facilitate initiatives/project/firms financing (not the banker or VC) Awareness raising, identification of potential candidates, links between R&I providers and the financial stakeholders…
Which role for CNECT?
http://www.eif.org/what_we_do/index.htm EIF
EIB
http://europa.eu/youreurope/business/funding-grants/access-to-finance/index_en.htm
EU Access to finance portal
1. European Fund for Strategic Investments (EFSI)
EFSI risk-bearing capacity € 21bn
EIB / EIF financing € 61 bn
Investments value over 3 years € 315 bn
3x
5x
EU Budget Guarantee
EIB Own resources
Infrastructure & Innovation
window
SME window
INFRASTRUCTURE AND INNOVATION WINDOW
SOURCES OF FUNDING
TYPICAL PRODUCTS OFFERED
PROJECTS IN ELIGIBLE SECTORS
Long-term senior debt for higher
risk projects
Equity and quasi-equity
Subordinated loans
Other
investors
join in on
a project
basis
Transport
Energy infra, Renewable
Energy, Energy Efficiency
ICT
Environment and
Resource efficiency
Human capital and social
sectors
Research, Development, Innovation
SMEs
The Fund
serves as credit
protection for
new EIB
activities
European Fund
for Strategic Investments
Project cycle for an EFSI Project
STEP 1 Proposal
STEP 2 Appraisal
STEP 3 EIB Management Committee
STEP 4 Investment Committee Approval
STEP 5 Signature
STEP 6 Disbursement
STEP 7 Monitoring
and reporting
STEP 8 repayment
EFSI PROJECT
CYCLE
Project Promoters present proposal to EIB Group directly
- financial - economic - environmental - social - and technical assessment
EIB Management Committee approval
- Investment Committee assessment and approval
- Final approval by EIB / EIF Board of Directors
Financing contract is agreed
SMES AND MID-CAP WINDOW
SOURCES OF FUNDING
TYPICAL PRODUCTS OFFERED
Guarantees
European Fund for Strategic Investments
FINAL RECIPIENTS AND EXAMPLES
SME
e.g. micro-loans to a SME
Venture Capital
Growth finance
Securitisation
Mid-cap company
e.g. equity in a
start-up
e.g. loans for R&D project
e.g. venture
capital for a prototype
The Fund serves as credit
protection for new EIF activities
Other investors join
in on a project basis
WHAT IS THE ADVISORY HUB?
PROJECT PROMOTERS PUBLIC AUTHORITIES MEMBER STATES PRIVATE SECTOR DEMAND
Project support throughout the project cycle
Support to Financial instruments
Enhance access to finance
Existing advisory programmes and activities
European Investment Advisory Hub
(EIAH)
New investment support also in areas relevant to the scope of EFSI (could be delivered by EIB advisory or operational teams)
Identification of needs as they arise
Network of institutions incl. EIB Group, EC, National Promotional Banks, etc.
European Commission
Integrated collaboration model
Additional advisory and technical assistance
EIAH’s partner institutions’ expertise
SUPPLY
WEB CONTENT + WEB PORTAL + SUPPORT TEAM
ACCESS P
OIN
T
DELIV
ERY C
HAN
NELS
WOULD YOU LIKE TO KNOW MORE?
CONSULT THE HUB’S ADVISORY OFFER
REQUEST SUPPORT FROM THE HUB
Contact the Hub for more info
www.eib.org/eiah
eiah@eib.org
www.eib.org/eiah/contact
THANK YOU FOR YOUR ATTENTION MORE INFORMATION AVAILABLE AT:
http://ec.europa.eu/invest-eu http://www.eib.org/about/invest-eu/index.htm
#investEU #EFSI
CONTENT
Thank you!
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