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Partnering for growth. DTU Symbion Innovation and SEED Capital DTU 42435 Entrepreneurship 2009. Agenda. DK Venture overview SEED Capital Investment criteria The process from idea to investment After the investment – how do we work An example – Amminex A few cases more.

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Partnering for growth

DTU Symbion Innovation and SEED Capital

DTU 42435 Entrepreneurship 2009


Agenda
Agenda

DK Venture overview

SEED Capital

Investment criteria

The process from idea to investment

After the investment – how do we work

An example – Amminex

A few cases more


Capital return benchmark ladder
Capital Return Benchmark Ladder

  • Cash -2% inflation loss

  • Bonds/Obligationer 3-5%

  • Active trade Bonds/Obligationer 4-7%

  • Stocks/Aktier 5-8%

  • Active trade Stocks/Aktier 7-10%

  • Hedging 10-15%

  • Enterprises internal rate of return 12-18%

  • Private Equity/Venture Capital 20-25%

(Danica 72% of portfolio)

(Danica 18%% of portfolio)

(ATP 7½% of portfolio)


The venture capital industry
The Venture Capital Industry

Real Estate

Secondaries

Mezzanine

Buy Out

Venture Capital

Public Equity

Private Equity

Pre-Seed

Seed

Start Up

Expansion


Danish venture capital eco system
Danish Venture Capital eco-system

DVCA (Danish Venture Capital Association)

  • 250 Members

  • Capital / Buy Out funds

  • VC’s (22)

    • Life Science

    • ICT

    • Energy

    • Other

  • Innovationsmiljøer (6)

  • Business Angles


  • Venture capital value chain
    Venture Capital Value Chain

    University

    Pre-Seed

    Capital

    Seed/

    Start-up

    Capital

    Expansion

    Capital

    IPO

    Trade sale

    Entrepreneur

    Idea

    Exit

    Investment rounds

    Proof of Concept

    Accelerace

    Connect Denmark

    Gazelle Growth


    The venture industry in denmark
    The Venture Industry in Denmark

    Pre-Seed

    Capital

    Seed/

    Start-up

    Capital

    Expansion

    Capital

    +20 Venture Capital companies

    Local and few large pan Nordic VC’s

    More than 20 BDKK under management

    7 Government funded pre-seed investors

    Invests 100 MDKK / y

    Innovationsmiljøer


    Dtu symbion innovation and seed capital in brief
    DTU Symbion Innovation and SEED Capital in brief

    DTU Symbion Innovation

    Pre-Seed Capital

    33 MDKK / y

    40+ companies

    SEED Capital

    530 MDKK

    ~20 companies

    3-5 investments/year

    5-30 MDKK/investment

    Classic VC Mostly privately funded

    Almost 1 BDKK under management

    10-12 investments/year

    1 – 4 MDKK/investment

    Government funded


    Cooperation with leading universities in the region
    Cooperation with Leading Universities in the region

    • DTU

    • Risø

    • KU - University of Copenhagen

    • ITU - IT University

      Other Partners:

    • HS - The hospitals in Greater Copenhagen

    • Delta - GTS Institute

    • Bioneer - GTS Institute

    • SCION - Science park

    • Symbion - Science park and manager of support programs


    - Investmentteam

    Partners

    Life Science

    ICT

    Cleantech


    Investment focus
    Investment focus

    ICT – HW, SW

    Bio

    Cleantech and other

    Medtech


    Weareverygood at attractingFunding

    Since December 2004 a total funding of DKK 1.4 bn. Total Danish venture capital funding 2007 was DKK 2.5 bn.

    517

    1.369

    437

    422


    Strong international syndication
    Strong international syndication

    • Selected syndication partners :

    • Accel, US

    • DeNovo Ventures, US

    • TMP, US

    • Conduit, UK

    • Yasusida, JP

    • Solvey, B

    • Ferd, N

    • Novo Ventures

    • Novo SEED

    • IVS/Northcap

    • Vecata,

    • Aravis

    • Novartis Venture

    • Astellas

    • APIDS

    • Vækstfonden

    • Business Angels (30+)

    • Northzone, N,DK

    • BioFund Ventures, Fi

    • InnFond/Inventures

    • Coloplast

    • Krones AG, D

    • iXcore, F

    • Malmøhus Invest, S

    • Lumitec, S

    • Sarsia Innovation, N

    • BioVision

    • Syddansk Innovation


    Investment criteria
    Investment criteria

    Market

    Documented unmet need / “true customer pain”

    Tangible / well defined

    USD 250m+ market

    Technology

    Breakthrough and proprietary

    Sustainable competitive edge

    Danish centre of competence

    People

    Management team with good track record/reputation

    Relevant and complimentary industrial backgrounds

    Strong and operational board / investor base

    Business Model

    Focused, coherent and scalable

    Relevant / realistic in relation to market dev. and funding

    Exit

    SEED investment can be defended

    Multiple exit options /clear “better owner”


    Investment criteria1
    Investment criteria

    Market

    • Market (A big puzzle)

    • Value Chain

    • Market Size

    • Customer Segments

    • Competition


    Investment criteria2
    Investment criteria

    Technology

    People

    Support

    Management

    Sales


    Investment process
    Investment Process

    • Screening/deal flow 200/y

      • Advising

    • Detailed investigation 36/y

      • Business Plan Assessment

      • Market analysis

      • IPR analysis

      • Negotiation of Terms

    • Investments 12/y


    Post investment
    Post Investment

    • Hands on approach

      • Board Member

      • Business Development

      • Organization Development

      • Fundraising

    • Exit after 6-8 years





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