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High Growth Initiatives in Denmark. Thomas Blomgren-Hansen. A few figures on Danish HGIEs. Only 1 % of start-ups 2003 were high growth companies in 2008 Number of high growth start-ups has fallen fra 300+ before the crisis to app . 200

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a few figures on danish hgies
A fewfigures on Danish HGIEs

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  • Only 1 % of start-ups 2003 werehighgrowthcompanies in 2008
  • Number of highgrowth start-ups has fallen fra 300+ before the crisis to app. 200
  • Only 8 Danish companiesestablishedwithin the past 30 years have passedeither 1000 employees or top 100 turnover
danish initiatives with specific growth focus
Danish initiatives with specific growth focus

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  • Gazelle programme (ended 2010)
    • Advice and funding for young growth companies.
    • MIT inspired. Hand pick companies, make them grow to 250+ employees
  • Accellerace (started 2008)
    • Advice and funding for small innovative companies
    • Train and learn entrepreneurship
  • Growth fund
    • Seed and venture capital for growth companies
  • Innovation incubators
    • Seed pre-seed capital for young innovative companies
why so few initiatives
Why so fewinitiatives

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Somescepticismabout the effectiveness of ourefforts

Existence of HGIEsdoesn’tneccessarilymake support easy and effective:

  • How to support succesful enterprises?
    • Why support companieswhich have alreadyproven succesful?
  • Heterogeneousgroup of companies
    • Exist in all sectors and not necessarilyyoung (70% more than 5 years)
  • Unstable and unprdictablegrowth
    • Almostunheardthat a companyappear as HGIE threeyearsrunning
  • FindingHGIEs ex-ante
    • No commoncharacteristicsmakesthemdifficult to spot and target
our own experience
Ourownexperience

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HGIEsdon’tcome from university spin-outs

  • 18 new spin-outs in 2012 and total ownership in 49 companies
  • Total income from spin-outs EUR 12 mill. 73 % from one spin-out
  • Protection of IPR cost EUR 4,5 mill.

Gazelle growth did not reachgoal

  • Expected 75% of participatorswouldincreaseemployment by 20% a year over 3 years
  • 27% met the goal, additionally 10% reached the range 13-20%
our own experience1
Ourownexperience

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Poor succes from seed capital (Innovation incubators)

  • Pure financialreturn -80%
  • Lowersurvival rate than match (Not significant)
  • Lowerturnoverthan match (Not significant)
  • Lower Value addedthan match (Not significant)
  • Not signicantlydifferent from match despitelesssustainablewithout the incubators
  • Othereffects?
our own experience2
Ourownexperience

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Limited success from Accellerace (since 2008)

  • Providedadvice and funding for 200 companies
  • 400 new jobs
  • Raised EUR 72 mill. (incl. statefunding EUR app. 15 mill)
  • Impressivesurvival rate of 94%

Danish Growth Fund (since 1992)

  • ProvidedEUR 0.3 Bninvestment2000-2013 (Direct)
  • 3,600 jobs created and GDP increase EUR 0.3 Bnincl. effects from involvement in venture funds (EUR 0,35 Bn)
  • Societaleffect over a 3 yearperiod:
    • 1,1 mill. GDP increase pr. mill. directlyinvested
    • 14 new jobs pr. mill. invested
conclusions
Conclusions

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  • Acting on verylimitedknowledge
  • Unpredictableand unstablegroup
  • Unclearwhethertargetedinitiativesaresuperior to a general improvement of the frameworkcompanies