high-tech grÜnderfonds - i3pm · high-tech grÜnderfonds ip management challenges from an...

HIGH-TECH

GRÜNDERFONDS

IP management challenges from an

investor´s and startup partners perspective

Dr. Philipp Rittershaus

Ingolstadt, 13.03.2018

2

Number of Seed investments

HTGF in a nutshell:Rational - HTGF serves seed market with approx. 40% market share

94

272

10395

28 26 20

6174

111

71

96

75 73 7561

77 82

4 52 40 42 34 46 44 43 38 46 40 320

50

100

150

200

250

300

1999 2 0 0 0 2 0 01 2 0 02 2 0 03 2 0 0 4 2 0 05 2 0 0 6 2 0 07 2 0 0 8 2 0 09 2 010 2 011 2 012 2 013 2 014 2 015 2 016

Seed-Investments Total Davon HTGF-Investments

31.01.2017

*Source: BVK = German Private Equity and Venture Capital Association

*Reference: BVK = Bundesverband deutscher Kapitalbeteiligungsgesellschaften

3

HTGF in a nutshell:Key Facts HTGF III

2017Founded

304 mio.€

Volume

(100 mio.€ by

corporate investors)

Terms

Focus

6-year investment phase, 7-year divestment phase

Seed phase (operative start <3 year)

Investment Typ Up to €3.0 million per company

Value Add Hands-on operational support provided by experts and networks, as well as strategic

support from investment managers

Corporate Investors / LP

4

HTGF in a nutshell:Seed investments, know-how and a broad network

Capital for investments

Know-howfrom 1,831 transactions

Largest active networkin the industry

€886macross three funds

Financingfrom the seed phase

Know-how inall life cycle phases

Full access toan extensive network

0

500

1000

1500

2000

Total Seed Series A,

B…

Exit

Nu

mb

er

of

tra

nsa

ctio

ns

1,831 489

1,253

89

Experts

Investors Industry

Recruitment

pool

Portfolio

6

HTGF in a nutshell:Portfolio & Follow-up financing

489Technology firmsfinanced

With an

external total

volume of

€ 1,620.2bn

1,207Rounds of

follow-up financing

79% Private

Capital

€ 597.6Million from

foreign investors

in 126 firms

Stand: 31.12.2017

7

HTGF in a nutshell:Exits

77% HTGF HTGF as lead for exit

€330 million of capital invested through

HTGF (I & II)

Real

Millionaires

73Partial Exits

(including two

in Fund II)

5

Stand: 31.12.2017

Millionaires

on paper

102

(23 in Fund II)

89 Exits

9

Who we invest in

HTGF investments: Seed stage high-tech startups with strong teams and innovative business models

High-Tech

startups

Strong

teams in seed

stage *

Innovative

business models

Across industries

from hardware, automation,

energy…

… through life sciences,

healthcare & chemistry

… to digital applications &

software …

* Founded not more than three years ago, „small businesses“ according to EU definition based in or with independent branch office in Germany

10

HTGF investments: Tailored to the individual financing requirements

Flexible investment size

• 0,6 € Mio. average size of initial HTGF

investment (up to 1 € Mio.)

• Accumulated investments of up to 3 €

Mio. over all financing rounds

Joint investments welcome

• HTGF welcomes joint investments with

other private and/or public investors

Suitable investment types

• Equity funding based on a valuation or

• Convertible loans without valuation

(incl. purchase of shares at nominal

value)

Ø 0,6 € Mio. variable

HTGF as lead investor

Other investors

Depending on financing requirements higher

(up to 1 € Mio.) or lower

Typical Start-Up Investment

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Commitments in % by technological field

HTGF investments:For approx ½ of the portfolio companies valid patents are essential

Stand: 01.01.2018

12.4%

10.2%

9.3%

7.1%

6.3%

6.3%

5.9%

5.3%

5.3%

4.7%

4.6%

4.6%

4.2%

4.1%

3.6%

3.6%

2.7%

software as a service (saas)

medical technology

application software

embedded software

Internet solutions

mechanical engineering & automation

pharmaceuticals

electrical engineering

biotechnology

media

diagnostics

E-commerce

optical technology

energy

chemistry / materials sciences

healthcare & services

communication technology

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IP during investment and follow-on:Origin of Seed-Companies & Assets

IP-Ownership & Transfer of Assets Start-Up Type & Origin of Kow-How

- Direct IP-transfer from institutes or TT-Offices.

- Exclusive licencing agreement ideally with call option (<5%)

- Partly minority stake held by institutes (<10/25%)

- Team & Asset found newCo as “free agents”

- Opportunistic Spin-Out process due to strategy change (typical)

- Active process with team build up, minority stake and CV

investment

- IP & Assets are owned by founding team

- IP was filed based on own resources

Spin-Off from Universities or

research institutes

Spin-Out from industry

Self driven (&financed) development of

founders.

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Situation at the start and goals of a seed-phase

Goals of the Seed-PhaseSituation at investment

Proof of Concept, Technical De-Risking

- Prototype

- Clinical Studies

- Market Access - CE Certificate

- Build-Up of IP-Portfolio

- (Inter)nationalization phase

- IP-Validation (FTO, Search)

- Execution of Call option planned for Series A-phase

Build up of Team and Administration

- IP Management

- Successful Fundraising

Technical:

Proof of principle or MVP

IP:

- External DD / IP-check

- Licencing Agreement with Institute

Organisational:

(Nearly) complete and capable Team (Mngmt DD)

All competencies available

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Major issues / de-valuation due to IP

Common IP-issues during DD

- Elder IP (filed at the beginning of research)

- Suboptimal filing strategy (e.g. Hardware vs Biotech)

- Small Area of IP (Technical and Regional)

- Rather weak process patent

- Early ramp up of fees

- Suboptimal licensing agreement

- Nonspecific and unfavorable conditions

- Bad Conditions

- Timeline of licensing payments

- Unequal de-risking

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Logistics

• Cubical

Automation

• Cevotec

• Cuciniale

Software

• cloudplan

• EcoIntense

• WeSustain

Hardware | Automation | Optical Technologies |Energy | Industrial Software

Virtual

and Augmented Reality

• 4tiitoo

• Enscape

• ImmerSight

• Inreal

Illumination|

Projection | Audio

• Eyefactive

• VIOSO

Access

• Baimos

• Jenetric

Industrial

Software

• Fodjan

• Sablono

• SE.M.LABS

• SimScale

• Soley

• Yatta

Mobility

• Autoaid

• Blue Inductive

• CoModule

• FAZUA

• Orbital Express

• Predict.io

• Blickfeld

akvola Technologies | Saperatec

ALL3DP | IQ evolution | Notion Systems | Print2Taste

Adlatus Robotics | Automatic Logistic Solutions | Blue Inductive | Cevotec | Revobotic | Synapticon

Cuculus | enercast | Enexion | NEXT Kraftwerke | NOVUM | Oneshore | Permundo | Solandeo

ALS | ATC Aluvation | Böhner-EH | Cevotec | Compositence | eGym | Multiph. Optics |Notion Systems | PicoLAS | Pulsar Photonics

Sensornetworks

• Micronet Automation

• Viamon

Semiconductor

• Extoll

• Interposers

• Multiph.Opt

• SciEngines

• CommSolid

Energy Generation|

Storage

• Heliatek

• Smart Hydro Power

• Subitec

• Volterion

Optical Metrology

• Cycle

• Enoware

• Blickfeld

• Fos4x

• HiperScan

Metrology

Luceo Technologies

Security

• Jenetric

• SciEnginesTech

/In

fra

stru

ctu

reA

pp

lica

tio

ns

Seed |Early Stage| Later Stage

Production

Additive Manufacturing

Robotics

Recycling

Energy Management

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Chemistry-related Portfolio

Energy

and Cleantech

Bio-based

Economy

UrbanizationNew Materials

related Technologies

Agriculture

Processes

and Software

Energy-Generation/-Storage

Heliatek | Volterion1

Enzymes-Plattforms

and Specialties

c-LEcta | Numaferm1

Water

akvola Technologies

Dust Biosolutions

Enabler

EcoIntense | Hapila

Feed und Nutrition

Cysal | Fodjan | PerformaNat1

Recycling

saperatec | subitec

Surface-Technologies

Intelligent Fluids| i3 Membranes

Notion Systems |stimOs

Composite materials

and fibers

Jenacell | WPX

Breeding-

and Protection-Solutions

Computomics | multiBIND

Oaklabs

3D-Printing/

Lithography-Technologies

IQ evolution | MeCuris1

Multiphoton Optics

Sensors und Simulation

somonic solutions | We Sustain

Animal health

PerformaNat1

1 New since 2016

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Relationship Management, Marketing/Communication, Office

Controlling/IT

Hardware, Automation, Optical Technologies, Energy, Ind. Software

HTGF-Team

Qualifications

• 52% have a scientific background

• 41% have a commercial background

• 17 different degrees (incl. science, engineering,

economics, law, humanities and many more)

Investment Team

31employees, 32%

of whom are women

45%founders

183 years of investment

experience

317years of professional

experience

Managing Directors

Life Science, Materials Science, Healthcare, Chemical

Telecommunications, Software, Media, Internet, e-Commerce

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Happy risk-taking!

Dr. Philipp Rittershaus

Investment Manager

High-Tech Gründerfonds

Schlegelstraße 2

53113 Bonn

+49 228 82300 133

[email protected]

high-tech-gruenderfonds.de

Twitter: @HTGF

Facebook: @HTGF.VC

YouTube: HTGF. VC

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Join the HTGF team!And support start-ups from start to exit

5 good reasons to work for us

Looking for an extraordinary job, major challenges and varied tasks?

Market leader

• Top deal flow

• Top investments

• Top network

Professional

• High standards

• Continuous optimization

• Wealth of experience

Values

• Openness and

transparency

• Respect and cooperation

• Independence

Team

• Diversity and tolerance

• Flat hierarchies

• After-work and

team events

Extras

• No need to clock in

• Modern working

environment

• Training

We are looking to fill the following positions

• Senior/junior analyst

• Senior/junior investment manager

• Senior/junior HR manager

Interested? Send your application to:

[email protected]

?

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