SPRING-ESF by Abby Rupsa

VIEWS: 5 PAGES: 27

									             
                  	 

                                Dr. Rolf Reiner
                                Wirtschaftsförderung Region Stuttgart
                                GmbH
                                (Stuttgart Region Economic Development
                                Corporation)




	


	

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       !	


           General objectives of the network in early
            stage financing topics
           Activities planned / performed
           (Common) problems identified
           Best practices identified
           Transferability of (regional) best practices
           Suggestions for cross network activities
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       "#			$	
       "		%	&
                    Cambridge
                                         Stockholm




                                          Stuttgart
               Madrid




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       '($


           To improve the deal flow of NBTF in quantity
            and quality within the SPRING regions
           To support and improve equity financing in
            seed and start-up phases for NTBF
           To reduce the risk for NTBF and investors
            through early stages of business
            development

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       )	


           Awareness raising and deal flow optimisation,
            including business plan competitions,
            matching processes and early stage
            business evaluation
           Equity raising and provision through
            business angel networks and seed funds
           Equity compensation through infra-structural
            support and funding schemes for NTBF and
5
            start-ups (incubators and pre-incubators).
	

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       	% ""* "+


           Public-private partnership in early stage
            financing weakly developed
           Missing interfaces in deal flow generation
            and between (public) RTD and early stage
            financing
           Early stage financing management efforts to
            high
           No financing sources for moderate growth
6           start-ups
	

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        ,% !%"

                                        Stockholm




        Cambridge
                                            Stuttgart
               Madrid




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       -$ 	!%"!#"

           Objective: to support growth of research projects from early
            market assessment and planning through concept development
            to the establishment of a viable business
           Bring together academe and industry to provide a secure
            environment in which early stage technology research can
            develop and make its mark in the competitive world
           Established in 2000 to encourage the commercialisation of
            university research
           Putting nearly £1.7 million into 15 ventures to date, 13% of
            those received.
           Contributing initial funding, advice and assisting the founders in
            securing further funding as they grow
           http://www.challengefund.cam.ac.uk
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       "!	 #	

           In association with N W Brown Group and Equity Link, the East of
            England Development Agency (EEDA) facilitated a seminar on 14th
            July 2003 at the Q ton Centre, in Cambridge, with attendees
            representing all parts of the region, representing local angel investors,
            corporates with an interest in equity gap issues, intermediaries and
            others.
           The consultation was based on improving access to growth capital for
            small businesses and covered topics such as business angels, issues
            facing high technology firms, Small Loan Guarantee Fund,
            administration burdens, mezzanine financing, private sources of
            funding etc.
           EEDA also commissioned a study titled “Processes Used by SMEs to
            Raise Equity Finance”, in order to understand better the process by
            which SMEs in the region raise private equity finance and potential
            benefits to the region of assistance.
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           CREATE Partners Limited (”CREATE”) announced the launch of the
            CREATE East of England fund to bridge the equity gap, provide
            investment support for small and medium-sized businesses.
           One of nine regional funds making risk capital available to small and
            medium sized businesses (SMEs) with potential for high growth.
           The fund is to provide growing SMEs across the East of England with
            venture capital investments of up to an initial £250,000, with follow-on
            investment of up to a further £250,000 potentially available.
           The CREATE East of England fund, which CREATE will manage, has
            reached its first closing of £20 million with the potential for a final close
            at no more than £30 million.
           Investors in the fund include the European Investment Fund, the
            Department of Trade and Industry (“DTI”), private investors and Bank
            of Scotland (providing debt). The East of England Development
            Agency (EEDA) will work with CREATE to help ensure maximum
10          exposure for the fund in the region.
	

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        ,% /""
                    Cambridge
                                         Stockholm




        Madrid
                                          Stuttgart




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                                           26 November 2003



       	 	/	" 	
       

           Design of different financing models for the region of
            Madrid (IV PRICIT 2004-2007)
           Gap analysis of deal flow and provision of early
            stage capital
              Madrid: in-depth interviews with innovation and VC key actors
               during summer 2004
              Transference of the Business Angel Forum Region Stuttgart /Kista
               network of industrial Business Angels models to Madrid
              Cooperation with the Business Angels network established within
               the PANEL project.
              Madrid: organisation of an international seminar to co-ordinate
               national and regional 'finance gap' in early stage financing (Oct-
12
               Nov 2004, Madrid)
	

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       	 	/	" 	
       

           Refine, adapt and implement networking,
            information and software tools for early stage
            financing support and investment
            optimisation
                (Development and) Testing/Implementation of advanced
                 evaluation tools (e.g. based on real option based models)
                 not only based in the spin-off financial statements, but
                 considering the venture as a whole
                Spin-offs/NTBFs – Technology Transfer Business angels
                 oriented marketplace
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        ,% 	0	%
                    Cambridge           Stockholm




                                            Stuttgart
               Madrid




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       1 	$	2	&


           Support system for technology startups
                Business Lab
                Business Accelerator
                Startup!
                Office Hotel
                Resource Providers
                Grow House
                Business Angel Network
                Mentor Network
                KTH Seed Capital
15              Seed Financing Advice
	

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       134	#/	%




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       1!	 	"	""!
       &"

           KTH Seed Capital shall be one of the leading Swedish
            technology investors in the seed and start-up phases
           KTH Seed Capital will through long-term investors, strong
            Industrial and financial network, and an experienced investment
            team be able to leverage world leading research @ KTH into
            commercial businesses
           KTH Seed Capital is by its investors expected to generate
            returns (IRR) of minimum 25%
           KTH Seed Capital is a long-term investment company and will
            raise a series of funds

                   ”KTH Seed Capital is a unique collaboration between
                   ”KTH Seed Capital is a unique collaboration between
17                   academic, industrial, and financial communities”
                     academic, industrial, and financial communities”
	

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       13"!!	%%##

                 (1,9 MSEK)     (50 MSEK)       (50 MSEK)      (25 MSEK)

                   KTH          Industri-      Wallenberg         SEB
                Holding AB       Fonden        Stiftelsen    Företagsinvest


                 KTH Seed
                 Capital AB

              General Partner           KTH Seed       Registered Limited Partner
                                        Capital KB


                                                     Portfolio companies



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       13"!5	&


           KTH is the leading Nordic Technology
            University
           3 Campuses
           14 Research centers
           11 Competence Centers
           51 participating research programs
           Stockholm School of Entrepreneurship
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        ,% #	
                    Cambridge
                                          Stockholm




                                            Stuttgart
               Madrid




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       	# 	 #


           2 Max-Planck institutes
           6 Fraunhofer institutes
           4 institutes of the German Federation of
            Industrial Cooperative Research
            Associations
           German Aerospace Centre (DLR)
           88 Steinbeis transfer centres
           Numerous university research facilities
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       -36%	"


           More than 60 partners
           Center of Enterpreneurship
                                           PUSH!
           3 university incubators       Education

           300+ start-ups
           Academic programs
           Contests                        PUSH!
                                          Association
           ...                 PUSH!
                                                            PUSH!
                                                          Corporate
           ...               Incubator
22                                                       Development
	

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       #/	"	

                   Investors      Intermediary                NTBFs
                                                              NTBFs
                       private   Business Angel    Contacts
                      private    Business Angel                 S1
                                                                S1
                     investors
                    investors    Forum Stuttgart
                                 Forum Stuttgart
                                                                S2
                                                                S2

                Business Angel
                Business Angel                                  S3
                                                                S3
                      pool
                     pool
                                                                S4
                                                                S4
                     Banks
                     Banks        Technology
                                  Technology       Equity
                                     Fund
                                     Fund                       S5
                                                                S5
                       VC          Southwest
                                  Southwest
                       VC
                                                                S6
                                                                S6
                  Companies
                  Companies                                     S7
                                                                S7
23                                                  Equity     ...
	

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       )"$ %	

                                                    Start-ups


                                                 Clearing Agency



                        no TFS     No      DD                     DD   No        no BA
                      investment           TFS                    BA          investment

                                          Yes                   Yes


                                    TFS investment        BA investment

                                                   TFS + BA
         DD: Due Diligence                        syndicated
24       BA: Business Angels
         TFS: Technology Fund Southwest
	

                                                                               26 November 2003




       		#"	#& 
        TFS Verwaltungsgesellschaft mbH                                                             Investors
                fully liable partner                                                             limited partners
           representative and executive


                                    payment for                                                  profit from exits
                                    liability and                                                and dividends
                                    management


                                                    TFS Beteiligungsgesellschaft mbH & Co. KG
          investment consulting




                                                     dividends                    profit from exits
          fixed amount




                                                             start-up portfolio


25                                                                        contracted advice
                                  Management: i.con. innovation GmbH
	

                                 26 November 2003




       	

                   Investors      Intermediary                NTBFs
                                                              NTBFs
                       private   Business Angel    Contacts
                      private    Business Angel                 S1
                                                                S1
                     investors
                    investors    Forum Stuttgart
                                 Forum Stuttgart
                                                                S2
                                                                S2

                Business Angel
                Business Angel                                  S3
                                                                S3
                      pool
                     pool
                                                                S4
                                                                S4
                     Banks
                     Banks        Technology
                                  Technology       Equity
                                     Fund
                                     Fund                       S5
                                                                S5
                       VC          Southwest
                                  Southwest
                       VC
                                                                S6
                                                                S6
                  Companies
                  Companies                                     S7
                                                                S7
26                                                  Equity     ...
	

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       !	


        Dr. Rolf Reiner (Stuttgart)
        e-mail: rolf.reiner@region-stuttgart.de
        Simon Chater (Cambridge)
        e-mail: SimonChater@eeda.org.uk
        Cheo Machin (Madrid)
        e-mail: cheo@madrimasd.org
        Peter Holmstedt (Stockholm)
27      e-mail: peter.holmstedt@kista.com

								
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