drs. ing. jan dexel
TRANSCRIPT
EU - Israel Seminar on Technology Transferwith an Emphasis on Clean Tech
Financial “horses for courses” in early stage high tech ventures
25-26 November 2012
drs.ing. Jan DexelDirectorate General Enterprise & Innovation
Dutch Ministry of Economic Affairs
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The new Dutch Innovation and Industrial policy landscape
• Organizational changes• Ministry of Economic Affairs
• Policy changes• Shift in financial approach;
• Budget cuts• From subsidies to (soft)loans, risk capital & garantees• More emphasis on tax measures: corporate tax
reductions, WBSO (wage tax reduction for R&D) and RDA (tax reduction for R&D-investments)
• Shift in focus of research and innovation, focus on nine top sectors and development of revolving innovation fund.
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Economic Top sectors
Focus on the nine economic top sectors of the Dutch economy
• Water• Food• Horticulture• High tech• Life sciences• Chemistry• Energy• Logistics• Creative industry
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DE NL EU-27 OECD
PrivateR&D(%GDP2010)
1,89 0,89 1,18 1,68
Public R&D (%GDP2010)
0,93 0,96 0,73 0,72
Scientific publications (p1000 inhab.)
1,14 2,00 1,39 1,20
Patent applications (pbln GDP)
7,0 6,4 3,8 ---
New/improv’dproducts (% turnover 2008)
17,4 8,9 13,3 ---
Labour productivity 92 100 85 74
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0,5
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1,5
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0,6
0,8
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DE NL EU-27 OECD
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1,5
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DE NL EU-27 OECD
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10
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DE NL EU-27 OECD
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60
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DE NL EU-27 OECD
Dutch situation (1)
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Dutch situation (2)
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Typical forms of finance
“grants” / subsidiesSoft / hybrid loans
risk capital - mezzanine finance -garantees
Innovation process and finance
Economic added value
Technicalrisk
high
low
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Risk
profile
high
low
Loans
Subordinated loans / mezzanine
Banks
FFF Informals
Venture capitalists Private Equity
BMKB GO
Growth facility
FOM
ROM
Seed capital
Micro Credits
Innovation credit scheme
“Right horse for the right course in the financial landscape”
Positioning of schemes in portfolio: risk profile versus maturity phase of company/organisation.
Risk capital
Prepare Start Growth Expansion Consolidation
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Afbakening en begrippenkader
Developments in the Dutch venturecapital market for early stage high-tech SME’s.
BA-pledge
funds
“Side-car” funds of later stage funds
New boutique funds and CV
New early stageventure capital
funds
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Developments of the Dutch venture capital market:the impact of the seed capital scheme.
249,8
102,5
0
50
100
150
200
250
2005 2006 2007 2008 2009 2010 2011
Invested venture capital
Raised venture capitalIn mln.€.
cumulative.
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Some portfolio companies
Jan 29, 2010Merus closes EUR 21.7 million Series B financing and enters
option agreement with the Novartis Option Fund.
Layar maker of augmented reaility applications
Robust and reliable in-stream river and tidal
energy technology
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Investment in Energy and environment
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Source: EVCA/PEREP_Analytics
Capital markets
4.5%
Corporate
investors
11.3%
Family offices
2.9%
Fund of funds
11.8%
Pension funds
12.2%
Insurance
companies
5.4%
Government
agencies
9.9%
Private individuals
17.7% Banks
16.8%
Endowments and
foundations
1.6%
Other asset
managers
5%
Academic
institutions
0.4%
Sovereign wealth
funds
0.1%
Fund of funds
16.4%
Government
agencies
56.9%
Corporate
investors
9.1%
Pension funds
2.0%
Private individuals
7.3%Insurance
companies
1.0%
Endowments and
foundations
1.2%
Family offices
1.4%
Banks
1.7%
Sovereign wealth
funds
1.0%
Capital markets
1.9%
The shifting sands of the investor
base in European venture capital
2007
TO
LARGE
SHARE !?
Decrease of more than 40 % !!
0
50
100
150
200
250
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
Early-stage
Later-stage
Growth
Buyout, rescue/ turnaround and replacement capital
Total investment
2007 2008
2009 2010 20112008
H1 2011
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