talents and risk taking to boost knowledge iieintensive …belisa.org.by/pdf/2009/anselmo_2.pdf ·...
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International Conference on Knowledge Based DevelopmentInternational Conference on Knowledge Based DevelopmentMinsk, Republic of Belarus, 10-12 June 2009
Financing Innovationg
Talents and Risk Taking to Boost Knowledge I i EIntensive Economy
Andrea Di Anselmo – Vice President META Group
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Starting somewhere
O Young people are leaving our citiesO Young people are leaving our cities
O Our SMEs stay “micro”
O We get older and older…..
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Starting somewhere (2)
O Is technology a solution?O Is technology a solution?
O Is SMEs driven approach a solution?O Is SMEs driven approach a solution?
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We must make the best out of what we have
OOur young talents,
their ambitions and illingness totheir ambitions and willingness to take risks
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Knowledge – creativity - as driver for development
S Ri h d Fl idSource : Richard Florida
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Knowledge - creativity
O The competitiveness of our regions needs to rest on the creativity of the women and men living therethe creativity of the women and men living there
O Contrary to raw materials, knowledge and creativity f l ti i h tibl blof a population are an inexhaustible, renewable
resources provided thatO th i l i i t dO their learning is promoted,
O their fulfillment is encouraged
O while rooting talents in the territory
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A transition we struggle to understand
O The input is knowledge
O Research is one of the channels through which O Research is one of the channels through which knowlegd can be acquired. (But it is not the only one)
O A growing importance of the talents (human capital) O A growing importance of the talents (human capital) against the technological capital (attitudes and skills)
O The public sector is called to change its intervention logic
O A growing importance of networks and relationships in the innovation processthe innovation process
O A growing influence of boundary conditions on the efficiency of the knowledge transfer processefficiency of the knowledge transfer process
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“… Europe needs to foster entrepreneurial drive more p peffectively. It needs more new and thriving firms to reap the
benefits of market opening and to embark on creative or innovative ventures for commercial exploitation on a larger innovative ventures for commercial exploitation on a larger
scale”
….”Entrepreneurship is crucial to competitiveness”.
The Green Paper on Entrepreneurship in Europe, COM(2003) 27 finalCOM(2003) 27 final
Creativity + Entrepreneurship = KICsCreativity + Entrepreneurship KICs(Knowledge intensive companies)
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Knowledge Intensive Companies
ambitious entrepreneurs
g p
pfast growing market
intangible assetsg
They are small in numbers but cover a criticalThey are small in numbers but cover a critical role
O strongly affecting employmentO l i i i l i i Gl b l M kO playing an increasingly active part in Global Markets
and Value Chains: initiators
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Knowledge Intensive companiesKnowledge Intensive companies
O Quality and quantity employment: 2% of new companies produces 50% of new employment in E d 70% i USAEurope and 70% in USA
O Dynamism of the economy: Nokia alone has changed Finland physiognomy and perception
O Creative destruction: today AT&T only exist as a y ybrand
O 75% of Fortune 500 did not exist 25% agoO 75% of Fortune 500 did not exist 25% ago
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KICs KIRs a dynamic interactiona dy a a o
St. CSt. C So. CSo. C
Entrepreneurial
St CSt C So CSo C
Entrepreneurialdrive
OpportunityOpportunitypreparationpreparation
OpportunityOpportunityexploitationexploitation
OpportunityOpportunityrecognitionrecognition preparationpreparation exploitationexploitationrecognitionrecognition
FCFC KCKC[P. van der Sijde, 2006]
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KICsKICs3 Key issues3 Key issues
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3rd “issue”
Knowledge intensive companies need (a lotcompanies need (a lot
of) money!
3 Fs (Fools/Founders, Family, Friends) are y, )
not enough!
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Smart Money (Finance is not enough)Smart Money… (Finance is not enough)
o investment readiness/readyo investment readiness/ready
o Mentoring and (training)o Mentoring and (training)
o Acceleration (not incubation)o Acceleration (not incubation)
o Internationalisation – cross bordero Internationalisation cross border
o The added value of business angel investmento The added value of business angel investment
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All th i tAll the money is not the same
(Christian Saublens, Eurada)
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Financial tools for KIC (what we miss)Financial tools for KIC (what we miss)
o Pre-seed facilities
o Proof of concept funds
o Business Angels
o Seed funds
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All the money is not the samethe same
(Christian Saublens, Eurada)
t l dgovernmental and love money may
t b th b tnot be the best choice
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EARLY STAGE RISK FINANCE (and more)
Early Stage Financing
Turnover
Cumulative Cash Flow
Pre-seed up to0,5 $ Mln Seed up to
1-2 $ MlnExpansion Capital
10/50 $ Mln
Start up5/10 $ Mln
Second Round10/12 $ MlnBusiness AngelsVenture Capital
ProductProof of concept
f dSeed funds
Venture Capital
Product definitionNo turnover
Product Completion
Product Consolidation
Structuring of commercial channels
Continuous ideas/concepts/products innovationConsolidation of the
i i
funds
No turnoverInitial commercial feedback
Strategic Partnerships
organisation
Partnerships and acquisitions
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Risk taking and risk rewardingRisk taking and risk rewarding
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Our experienceOur experience
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To start
Y d tYou need an entrepreneur
O To have a business not an inventionO To have a business not an inventionO To have a core teamO To have financial resources
To make money is not the only motivationTo make money is not the only motivation
(but is how the shareholdersmeasure success)measure success)
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The Business planThe Business plan
O The simpler the better
O Excel financial projections do not matter as much as you think
O All the money is not the same governmentaly gand love money may not be the best choice
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5 keys to succeed
O TeamO TeamO TeamO ProductO Market
A poor team ruins a great projectp g p j
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Th tThe team
O Serial entrepreneurs(If “freshman” have the “proper board”)
O A manager is not an entrepreneurO A manager is not an entrepreneur
Requirements
O Ability to deliverO A bitiO AmbitionsO Expectations
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FAQsInvestors
FAQs
O Want their money backO Want more (much more) than they putO W t t k hO Want to know whenO Want to measure the risk
DilutionConsider the whole pie not just the percentage represented by your slice
S th f d tSqueeze the founders outVCs want and need motivated funders
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Common “weaknesses”Common weaknesses
O T li l k bi iO Too little market ambition(no willingness to go global from day 1)
O People think too small(b biti b t d it b il t )(be ambitious but do it by milestones)
O A Business is different from an R&D project
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TIPSTIPS
O Have a simple and transparent structure(thi i h i iti t(this is why universities can represent a problem, they are never simple and t t b tt li t)transparent, better a license agreement)
O Have milestonesO Learn to “pitch”O Learn to pitch
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Ni t kNice to know
VCs invest in 1% of what they see
O 20% results in a total lossO 20% succeedO 60% surviveO 60% survive
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Investing in talents
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EARLY STAGE FINANCINGEARLY STAGE FINANCING
SEED FINANCING START UP FINANCING
Spin-off and Start–ups
with no more than 36 months
Located in Emilia Romagna
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I t ti d litiIntervention modalities
Equity Investment
Temporary/minority positionTemporary/minority position (max. 45%)
Successive rounds investments
300 - 500.000 € average per investment up to 1 million €
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InvestmentsPharmEste Academic Spin-off of University of Ferrara - reduction Neuropath Pain and Vesicular Hyperactivity
Investments
Neuropath Pain and Vesicular Hyperactivity.
Techgenia Spa: spin-off from Solgenia Spa. Informatics reliability and security through network appliances.y g pp
RaySolar: two researchers from Italian National Research Council (CNR) and two young economists production of hi-purity solar grade siliconsilicon.
H.D.S. Headmost Division Service, Facility Management.
Intrauma: medtech start-up, innovative screws for the reduction of fractures.
Passpack: online password manager with impenetrable cryptography, for companies and privates.
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“It is not difficult tolearn new things butto quit old habits”
Thank you for listening