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Investeren in radicale innovatie: rol voor private sector en voor de overheid

Investeren in radicale innovatie: rol voor private sector en voor de overheid. Alex Brabers Executive Vice-President Gimv 19 April 2010. Venture capital as driver for Growth and Employment. Josh Lerner, Professor Harvard:

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Investeren in radicale innovatie: rol voor private sector en voor de overheid

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  1. Investeren in radicale innovatie:rol voor private sector en voor de overheid Alex Brabers Executive Vice-President Gimv 19 April 2010

  2. Venture capital as driver for Growth and Employment • Josh Lerner, Professor Harvard: • only 15% of economic growth stems from increased input. 85% is due to productivity increases, i.e. innovation. • New ventures play a key role in innovation, more than innovation at established corporates. • Venture capital is a more efficient screening process of innovation, more than corporate research and government. • Venture backed companies perform better than other similar companies. • EVCA: • “Studies show that between 2000 and 2004 European private equity and venture capital financed companies created 1 million new jobs, which translates to a compound annual growth rate of 5.4% per year (eight times the EU25 total employment rate of 0.7%). Between 1997 and 2004, the average employment growth in buyout-financed companies was 2.4%, compared to 30.5% for venture-backed companies.” Presentation Main Title

  3. Venture capitalists Supply of money Support the development Role models VC backed companies Successful entrepreneurs CTO’s, developpers Stock options Knowledge of the VC model Service providers Headhunters Auditors Lawyers Presence of Corporates Suppliers Customers Acquirers Key success factor for VC-centra in the US: a buoyant ecosystem in Boston and the Valley Presentation Main Title

  4. Houston, we have a problem Presentation Main Title

  5. Houston, we have a problem Hofstede: cultural dimensions Presentation Main Title

  6. VC in Europe:shortage of money or rather shortage of return ? European Venture 3-,5-,10-Year Rolling IRRs Presentation Main Title

  7. Government policy can make a difference • Israel • Technology driven growth • Incubators • Yozma (1992): a 100 mio USD fund-of-fund • International funding • The Chief Scientist • Tax policy • Singapore (versus Jamaica) • Same GDP in 1965 • Infrastructure, education, corruption-free, open economy • Encourage entrepreneurship in targeted sectors • Awards for failed entrepreneurs • The origin of US venture capital • Government contracts • University funding • Small business investment companies: SBIC’s Presentation Main Title

  8. Government policy can make a difference • Flanders Technology • Micro-electronics: • IMEC • Biotech: • VIB • Biotech fonds Vlaanderen • PGS, Innogenetics, Ablynx, Cropdesign, Devgen,… • (New materials) • Telenet • Breaking into the Belgacom monopoly • Leveraging European liberalisation • Stimulating the private sector • Creating one of the highest broadband penetrations in the OECD Presentation Main Title

  9. Key success factors for VC in Flanders • Reputable R&D centers • Internationally compatible legal system • Tax efficient incentives • Sustained, matching government funds • Critical mass / government choices • Innovative government procurement • From research to spin-out • Access to international entrepreneurs Presentation Main Title

  10. Suggestions • Critical mass in the eco-system • Define strategic axes, implicating some negative choices • Healthcare • Biotech • Cleantech • … • Sustained efforts • Finance incubation, private VC’s will not yet support this • Transition from R&D to company • Support existing tech transfer centers • Vinnof-like approach Presentation Main Title

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