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Seed And Early Stage Funding A Practioner Perspective Haluk ZONTUL hzontul@teknolojiyatirim.tr

Seed And Early Stage Funding A Practioner Perspective Haluk ZONTUL hzontul@teknolojiyatirim.com.tr. Assessment Process . Investment Policy.

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Seed And Early Stage Funding A Practioner Perspective Haluk ZONTUL hzontul@teknolojiyatirim.tr

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  1. Seed And Early Stage FundingA Practioner PerspectiveHaluk ZONTULhzontul@teknolojiyatirim.com.tr

  2. Assessment Process

  3. Investment Policy • The fund is investing to the firms/entrepreneurs who have a business plan to commercialize technological innovation as service/goods or an innovative application of existing technologies as service/goods with the constraint that the commercialization activities mainly carried out in Turkey. • The fund does not take basic research risk in any form, but can accept • Foreseeable and limited technology development, • Product development and • Market risks. • The fund can invest in; • ICT, • Biotech, • Life sciences • Advanced Material, • Other high value-added technology sectors

  4. Pipe Line

  5. Fund • Teknoloji Yatırım is currently managing early stage technology fund (Technology 2007) invested by TTGV. • The fund made 6 investment s within 4 years. • 5 investments are still active • Current areas of portfolio companies are Location Based Services, Business Intelligence, Medical Safety Disposables , Medical Devices, Microelectromechanical Systems • 3.6 m USD equity and 1m USD debt invested (commited or paid) in 6 portfolio companies. • Technology 2007 fund is almost fully commited/paid and fund managers is considering a new fundraising for both current portfolio companies and pipeline.

  6. Portfolio: UCA Medical Medical Devices • Before UCA, Erturk Tanrısever, the inventor of the device managed all research activities, product development, patent issues, and animal experiments. • UCA Medikal has been established in 2007 to take the device further. • QESD(Quantum Energy Surgical Device) can cut/evaporate and coagulate tissues. • Instead of ABC, QESD operates without any electrical current flow through patient body by electrically neutral argon plasma beam and leaves superior results on tissue. • The final prototype (QESD) product is successfully accomplished after a 2 year of hard-work by fund managers due to inability of the inventor/entrepreneur. • One competitor around the world. http://www.plasmasurgical.com Usd 400K investment a new round? Patented in 9 EU Countries in addition to USA an industrially producable body, plasma scapel, control unit, electronic and mechanic system

  7. Portfolio: Infotech Location BasedServices • Infotech was established in 2000 by young entrepreneurs and an angel investor who is in construction business.Although numerous useful technologies were created by the entrepreneurs, the firm operationally and financially mismanaged. • In 2007, the fund and other investors co-invested in Infotech having usd 2.5m debt, some negative EBITDA, many legal cases, wrong organization, and many other negative issues. • Infotech has been restructuring in every aspect since Q3 2007 by two major shareholders. The fund managers have been active in restructuring operations of the company mainly in financial, administritive and legal issues. • Today,Infotech has solved its operational, financial, organizational and administritive problems and is generating over a million usd cash to its debtors/shareholders http://www.infotech.com.tr is exclusive digital navigable map producer for TeleAtlas is leader in GIS applications and GIS content in Turkey Watiıng for a good exit opportunity is one of the big players in fleet tracking is one and only MPS based tracking company in Turkey has been heavily investing in R&D and working for its recurring revenue base

  8. Portfolio: Asset Medical Medical Safety Disposables • Asset Medical was established in 2009 Q2 by the fund and two exceptional entrepreneurs. One entrepreneur brought his medical production know -how and other entrepreneur brought her sales network in take off product. • Company was created from scratch paper and its aim is to create new designs for high contribution margin safety disposables and production of those products. • The first product family is needle free injection valve. • Fund Managershas been working in the company as an entrepreneur since inception. • There is no local producer but many blue chips in US and Europe. • Company will produce industry average net income margin in 2011 Couple of new rounds for new product families, production sites, etc... www.assetmedikal.com

  9. Portfolio: Worldbi Business Intelligence • WorldBI was established in 2004 to develop busuness intelligence software as a spin off from LOGO Business Solutions(largest ISV inTurkey) • LOGO BS and the fund co-invested Worldbi in 2007 to create a new product having powerfull attributes that can compete with globally well-known products. • Product ( Suxess BI Platform) was completed in 2010 Q1 and the company market Suxess in Turkey gain customer base and fine tune the product according to the new requirements . www.worldbi.biz a new roundwith a worldwide plan... ..and a new set of datamining applications...

  10. Portfolio: Microsense MEMS • Microsense is established in 2011 with two academician and the fund. • The company aims to provide low-cost IR dedectors known as microbolometer and will operate as fabless. • Approx. 10 competitors around the world use mainly VOx or a-Si technologies which lead to high cost dedectors. • Due to high cost microbolometers their penetration to current industries very low. • Microsense uses CMOS technology is planning to produce low cost microbolometer in hing volume. • The product’s final version will be ready in Q4 2011 Due to its low cost and high yield and high production capacity this will reshape IR-camera the industry !!! Product’s output • PRODUCT FEATURES • 128x128 Array Format • 70µm Pixel Pitch • Low-Noise Differential Readout • 30 fps Scanning Rate • NETD < 500mK • USB Camera Electronic • TARGET APPLICATIONS • Security and Border Control • Cover Surveillance • Automobile Drive Assistance • Distributed Sensor Networks • Building Automation • Industrial Controlt

  11. STRUCTURAL PROBLEMS • Finding the Investment Opportunities • Deal Flow • Making the Deal and Execution • Legal Infrastructure • Lack of Awareness / Lack of Practice • Valorization of Investment (Exit) • Lack of Exit Channels

  12. Finding the Investment Opportunities : UNIVERSITIES • Lack of Awareness • Lack of TTO • IPR Owned by University Professors • Cultural Barriers for Commercialization

  13. LEGAL INFRASTRUCTURE • Most of the business run by friend and family capital (informally) • Limited or No Institutional Investor Capital • Continental Europe Legal System (Civil Law)

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