tekes - building growth ecosystem life sciencepromising startups tekes initial funding to spin offs...
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Tekes - building growth ecosystem Life Science
Jukka Häyrynen, Exec Director, Startup companies
Tekes provides funding
to develop innovationsthat create growth and new businesses
for companies registered in Finland
Tekes Funding for Companies
▪Tekes funding for companies 2013 350M€ ▪Start-ups (<6 yrs) 135M€
Young Innovative Growth Companies
45 M€
Procative programmes: Start-ups, SME’s, corporations &
research institutes together
Tekes funding is non diluting No equity, no collateral
SME’s
Corporations
Start-ups in Tekes funding
START-UPS ▪ Fast funding decisions for fast companies
▪ Try quick, fail quick ▪ Spin offs from large companies ▪ Tech transfer from research Funding for fast growing young companies ▪ Funding for young innovative growth companies YIC ▪ Vigo accelerators SME’s over 6 yrs ▪ R&D funding
Tekes funding to start-ups
0
35
70
105
140
03 04 05 06 07 08 09 10 11 12
Million euros
▪Revolving annual volume, start-ups ▪130M€ ($180M) ▪600 projects
Tekes funding for start-ups
R&D project funding
Planning for international growth
GO / NO GO
Funding for Young Innovative Companies
Vigo Accelerators (10 private companies)
Tekes investments in start-up venture funds (starts in 7.2014)
GO / NO GO
• Grants and loans • No collateral • Milestones
DM 1231571
Superior growth from YIC
Companies say: ▪The impact of Tekes financing was
particularly positive on: ▪business planning, building international sales,
strategy, and management = FOCUS ▪ revenue growth - local to global ▪credibility in fund raising
▪Tekes has financed 198 companies with a total of € 127 million in 2007-2013
Source: The Evidence Network, Canada
01-2014
Combination of • selection criteria (advisory VC panel) • coaching • tranches & milestones • funding
We want to find teams that build companies with
an unfair advantage
Building blocks of blooming new business ecosystem
• Rising valuations and successfull exits have brought Finnish startups on international investors’ radar.
• Exits too early?
Amount of VC investments is finally rising
M€
Incresing high-quality deal flow in many industries:
Gaming
HealthTech
E-commerce
Software and Enterprise solutions
CleanTech
DM
Tekes’ initiatives with life science
Tekes Programs ▪BioIT 2012-2014
• The programme will run for two years and has a budget of slightly more than EUR 10 million, with Tekes providing EUR 6.5 million of the total. ▪BioRefine – New Biomass Products 2007–2012
• The BioRefine – New Biomass Products programme developed business related to new value-adding products or new process or business concepts that utilise biomass in a variety of forms, as well as related technologies, equipment production and services. ▪New program
03-2013
DM
Tekes Customer Examples
▪Mendor ▪Mendor Discreet is an all-in-one blood glucose meter for diabetes care.
▪Oncos Therapeutics ▪Oncos Therapeutics has developed a novel immunotherapy platform
based on engineered oncolytic viruses armed with potent immune-stimulating transgenes.
▪Ginolis ▪Ginolis provides an innovative one-stop solution for the development and
manufacturing of in vitro diagnostic (IVD) disposable products.
03-2013
Young innovative companies: sectors 2013
Digital Media, Games and B-to-C SoftwareB-to-B Software Solutions and ServicesLife Sciences, Med Tech and WellbeingClean Tech, Energy and Industrial SolutionsConsumer Products and Services
DM
Tekes Venture Capital
▪ Investments in funds investing in seed and start-up companies ▪To catalyze the early stage vc industry ▪More intelligent capital to start-up companies ▪ New venture teams ▪To motivate private investors to invest in start-ups
▪Asymmetry ▪ SBIC of SBA (US) ▪ Business Bank (UK)
▪Commitments $30M annually ▪Min 50% private capital ▪Tekes Venture Capital is a company independent of Tekes decision making
03-2013
Tekes shares the risks of growth and renewal
Please contact us! www.tekes.fi/test
www.tekes.fi
Innovation Mill programme
▪Unused ideas from big corporations
▪Business ideas are based on work done in the corprations
▪Either new start-up or transfer to existing company
▪Corporation give the startup the parallel rights to free utilization of the idea ▪Tekes may give a grant for
promising startups
▪Tekes initial funding to spin offs of 6M€ since 2009 ▪Additional funding to
companies after the initial project amounts to 16 m€.
Results
• 98 companies, of these
• 78 startups
• 550 new jobs
• 15 m€ private funding
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