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Business Incubator. 17 September, 2014 Olli Mankonen. Incubation history in Turku. started 1989 1989-2000 ”one man show”: shortage of human resources heavy recession 1990-1994 economical growth 1995-2000 venture capital available 1995-

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Business incubator

Business Incubator

17 September, 2014

Olli Mankonen


Incubation history in turku

Incubation history in Turku

  • started 1989

  • 1989-2000 ”one man show”:

    • shortage of human resources

    • heavy recession 1990-1994

    • economical growth 1995-2000

    • venture capital available 1995-

  • 2000-2001 organization development (4 experts in business development):

    • development of our services (=more added value)

    • TULI

  • 2002- one incubation program, two units:

    • Biotech Incubator and DIO Business Centre

    • LIKSA


Incubation team

Incubation team

Olli Mankonen

Department Manager

Juha Achrén

Business Development

ICT

Tapio Hurme

Business Development

Biotech

Johanna Reiman

Project Manager

TULI-program


Business incubator

Incubation process

Exit

1-3 years

Incubation period

CONSULTING, EDUCATION, LIKSA etc.

Selection and finance decisions

Finance negotiations

Evaluation

Business planning

TULI, LIKSA


Incubation process

Incubation process

  • expert services and education for business development

  • office and lab space

  • office services (telephonist, copying etc.)

  • networking: connections to financiers, universities, consultants etc.

  • financial support

  • TULI-finance (”from research to business”)

  • LIKSA-finance (for business planning)


Expert services and education

Expert services and education

  • Business plan development and evaluation

    • Advising, sparring

  • Counselling by incubation team

    • During incubation period

    • Strategy, marketing, finance

    • Our input depends on the need

    • Informal process

  • Other consultants

    • services are often subsidised

  • Education

    • Short entrepreneurship course (50 h + 1 consultancy day)

    • Sales

    • Business plan competition

    • Short seminars


Networking to other development programs

Networking to other development programs

  • Source Code Finland

    • Not successful

  • GAP

  • Global Software

    • Espoo, Oulu, Tampere, Jyväskylä

    • Next year also Turku

  • Hermia Business Development Ltd: “Partnership program”

  • Education: universities, TE-keskus, Finnvera

  • Technology programs (Tekes)

  • LIKSA

  • TULI


Results

Results

  • 136 start ups

  • Survival rate over 85 %

  • About 750 jobs

  • About 25 companies have received finance from VC-investors or business angels

  • Growth rate has not been satisfactory


Start up examples

Start-up examples

  • Eweline Finland Ltd. (Ellibs.com)

    • First contact November 2001

      • Business plan was not acceptable

      • Strategy was not clear, several product ideas without clear focus, unrealistic goals

    • Several meetings during 2002

      • Strategy development, product definition etc.

    • Finance negotiations

      • No venture capital, but some partners have financed

    • Accepted to incubator on February 2003

    • Started in incubator on March 2003

      • e-Book lending system, online bookstore for e-books

    • GAP-program

    • 200 libraries in Finland has the lending system

    • England, Sweden, Denmark

    • Investors are interested, but no agreements

    • 5 employees

    • Growth potential is obvious


Start up examples1

Start-up examples

  • 4Pharma Ltd

    • Data management, data warehousing, statistics, information technology and scientific writing for pharmaceutical industry

    • First contact July 2001

      • Based on university unit CRST (Clinical Research Service Turku)

    • “Nothing happened”

    • First business plan (”quick and dirty version”) on March 2002

    • Acceptable business plan in the end of March 2002

    • Accepted and started in incubator on April 2002

      • No venture capital, small loan, positive cash flow

    • LIKSA-finance on May 2002

      • Better business plan

    • Investor meeting (Eqvitec) organized by incubator on October 2002

      • Finance negotiation started

    • Exit from incubator premises on January 2003, counselling continues

    • Venture capital investment on June 2003

    • 15 people

    • Profitable and growing company


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