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Partnering for growth

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

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  1. Partnering for growth DTU Symbion Innovation and SEED Capital DTU 42435 Entrepreneurship 2009

  2. 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

  3. 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)

  4. The Venture Capital Industry Real Estate Secondaries Mezzanine Buy Out Venture Capital Public Equity Private Equity Pre-Seed Seed Start Up Expansion

  5. 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

  6. 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

  7. 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

  8. 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

  9. 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

  10. - Investmentteam Partners Life Science ICT Cleantech

  11. Investment focus ICT – HW, SW Bio Cleantech and other Medtech

  12. 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

  13. 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

  14. 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”

  15. Investment criteria Market • Market (A big puzzle) • Value Chain • Market Size • Customer Segments • Competition

  16. Investment criteria Technology People Support Management Sales

  17. 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

  18. Post Investment • Hands on approach • Board Member • Business Development • Organization Development • Fundraising • Exit after 6-8 years

  19. Portfolio examples

  20. Portfolio examples

  21. Q & A

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