high-tech gründerfonds – seed investor in high-tech start-ups

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High-Tech Gründerfonds – seed investor in high-tech start-ups. „Success factors of a public-private partnership”. Knowledge Economy Forum 2010 “Diversification through Innovation: Prospects for Growth” May 5, 2010 Dr. Alex v. Frankenberg - PowerPoint PPT Presentation

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  • High-Tech Grnderfonds seed investor in high-tech start-upsSuccess factors of a public-private partnershipKnowledge Economy Forum 2010 Diversification through Innovation: Prospects for Growth

    May 5, 2010Dr. Alex v. FrankenbergHigh-Tech Grnderfonds Management GmbH

  • German economy generates huge trade surplus with high-tech productsGerman industries are leading in the world economy (machine tools, automotive, medicine, chemicals, )Long and successful tradition of small and medium sized companies (Mittelstand)

    On one hand on the other handStart-up industry under-developed in Germany: 16 seed investments 2004 and 2005 by members of the German VC associationVenture Capital industry rapidly declining / escaping to later stagesNo start-up in DAX 30 since SAPBut: Billions of government money spent on technology development

    The challenge in 2004: Vastly underutilized potential

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    Founded: 2005Volume:272 Mio. EURInvestors: German Government, KfW, BASF, Dt. Telekom, Siemens, Daimler, Robert Bosch, Carl Zeiss Planned duration: 6 years investment plus 7 years disinvestment periodFocus:Innovative high-tech companies in the seed phase (start of operations < 12 months)Investment: 500.000 1.000.000 equity per company lead investorSupport:Support through local coaches value add by High-Tech Grnderfonds teamHigh-Tech Grnderfonds: Key facts

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    Venture Capital model: HTGF-business model is based on appreciation of shares, exit

    Duration limited to 12 years, investors expect return

    Focus on high-tech and growth companies

    Long-term incentive based on returns to investorsventure capitalHigh number of investments (40-50 p.a.); in total 250 - 300

    Standardized, attractive conditions: 1. round: 500 k for 15% of the shares plus convertible loan as anti-dilution

    Acceptance of higher risks

    Focus: German high-tech companies younger than 1 yearpublic support programIdentity: Venture capitalist or public support program?

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    Selection process: 4 steps to the investmentX weeks (depending on founders)1 week4-6 weeks~ every 2 months

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    Closing of 186 investments1) / 226 commitmentsClosing of 138 follow-on investments by third parties2)External capital raised: >209 million EuroThereof: 71% private capitalEight exits, five profitableOperationsSet-up of a high-number of working partnershipsImpact on the early stage market on several levels (market share of 50% in the Germany seed market)Number of produced paper millionaires: 89Set-up of high performance organizationFunOther results4 in 2005, 52 in 2006, 40 in 2007, 42 in 2008, 34 in 2009, 14 in 2010 Various public and private investors

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    Involvement of government representatives, experts with background of public financing and private investorsPrivate contribution to the fund (17m, 6,3%)Strong understanding of the venture capital business modelSystematic inclusion of relevant know-how (e.g. mistakes from the past)Independent management company that can focus on goals (no political influence)Right timing at the bottom of the marketSuccess factors strategic and conceptual

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    Freedom to set up management company with few restrictions (no strings to an existing organization)Set-up of a high-performance organization: - Consistent breakdown of company goals and variable pay on individual level - High recruiting standards - Fluctuation consistent with performanceSignificant freedom for investment managers - Laptops, mobile phone and mobile e-mail for everyone (2005) - no forms to allow job related travel - Very flexible work hours, no time sheet recordingStrong effort to build a positive performance cultureSuccess factors operational

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    looking forward to a fruitful cooperation!High-Tech GrnderfondsLudwig-Erhard-Allee 2 53175 Bonnwww.high-tech-gruenderfonds.deDr. Matthias [email protected] Erhart0228 / [email protected] Lehmann0228 / [email protected] Andreas Olmes0228 / [email protected] Quauke0228 / [email protected] G. Balster0228 / [email protected] von Bergmann0228 / [email protected] Caroline Fichtner0228 / [email protected] Bernd Goergen0228 / [email protected] Michael Nettersheim0228 / [email protected] Mehran Rafigh0228 / [email protected] Winzer0228 / [email protected] Heinen0228 / 96568518h.[email protected] Kremann0228 / [email protected] Bjrn Momsen0228 / [email protected] Schneider0228 / [email protected] Schnelle0228 / [email protected] Michael Brandkamp0228 / [email protected] Alex von Frankenberg0228 / [email protected] MacDonald0228 / [email protected]

    Diese Frage bekommen wir immer wieder gestellt und die klare Antwort ist: BEIDES und dies ist auch notwendig, wenn wir den Auftrag UNSERER Investoren, nmlich den Seed-Markt in Deutschland zu beleben, auch effizient erfllen wollen (dann auf Merkmale eingehen).Diese Frage bekommen wir immer wieder gestellt und die klare Antwort ist: BEIDES und dies ist auch notwendig, wenn wir den Auftrag UNSERER Investoren, nmlich den Seed-Markt in Deutschland zu beleben, auch effizient erfllen wollen (dann auf Merkmale eingehen).