Point Of Care / NETVÆRKSMØDER International (og national) financiering af POC & IVD

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1 Point Of Care / NETVÆRKSMØDER International (og national) financiering af POC & IVD Tonni Bülow-Nielsen 25. oktober 2012

2 Agenda Vækstfonden Friske data fra Venture og MedTech markedet Finansiering af gode ideer VF Venture Q&A 26. oktober 2012 / page 2

3 26. oktober 2012 / page 3

4 Fremgang i ventureinvesteringerne 26. oktober 2012 / page 4

5 Ventureinvesteringer, andel af BNP Danske ventureselskaber er nr. 1 i Europa målt på investeret kapital 0,07% 0,06% 0,05% 0,04% 0,03% 0,02% 0,01% 0,00% Danmark Sverige Schweiz UK Finland Frankrig Norge Holland Kilde: EVCA 26. oktober 2012 / page 5

6 Ventureinvesteringer, andel af BNP Danske virksomheder tiltrækker næstmest venturekapital i Europa 0,07% 0,06% 0,05% 0,04% 0,03% 0,02% 0,01% 0,00% Sverige Danmark UK Finland Schweiz Norge Frankrig Holland Kilde: EVCA 26. oktober 2012 / page 6

7 Med-tech i fremgang 26. oktober 2012 / page 7

8 Flere nyinvesteringer oktober 2012 / page 8

9 Flere nyinvesteringer Danmark USA 26. oktober 2012 / page 9

10 Mere kapital under forvaltning 26. oktober 2012 / page 10

11 Opsummering Fremgang i ventureinvesteringer: 1,7 mia. kr. i 2011 Flere nyinvesteringer: 40 i 2011 (24 i danske virksomheder) Mere kapital under forvaltning: 22,1 mia. kr. i oktober 2012 / page 11

12 Vækstfonden a government backed investment fund Since 1992 we have financed growth in Danish companies for DKK 11,4 billions We invest equity or provides loans and guarantees in collaboration with private partners and Danish financial institutions The companies we have co-financed represent a total turnover of approx. DKK 27 billion and employ approx. 22,000 people 26. oktober 2012 / page 12

13 Sådan fungerer Vækstfonden 26. oktober 2012 / page 13

14 Syndication loans CAPITAL NEED VF Venture part of Vækstfonden Cooperation with funds Cooperation with financial institutions Non VF-instruments Dansk Vækstkapital Dansk Vækstkapital and VF Funds Vækstkaution (guarantees) Large loans Dansk Vækstkapital and VF Funds Vækstkaution (guarantees) Small loans Kom-i-gang-lån Subordinated loans Business angels VF Venture Innovation setting RISC LIABILITIES EQUITY 26. oktober 2012 / page 14

15 Finansiering af gode ideer! 26. oktober 2012 / page 15

16 Where can I get financing? Own funds Customers The Bank Friends, Fools & Family Business Angels Venture Capital Higher return requirements Higher added value / page

17 The cost of capital is directly linked to the risk percieved by the investors Risk Moderate Subordinated debt / Mezzanine financing Venture capital Seed-investors (>10x returns) High Loan Warranty Schemes The Bank (<10% interest) Incubators / page

18 What investors look for Management A competent team with the ambition and drive to succeed Market A large international, preferably global, market Innovation A high degree of innovation in products, services, and/or business model. How difficult will it be to compete with/copy your business? Business Plan Is there a strong plan / Does the team know how to execute Business model A highly scalable business model both in sales and delivery Ethical and environmental aspects Ethical and environmental aspects are considered when relevant Exit and financial returns The possibility of attractive returns based on a realistic exit plan / page

19 Management is the most important factor! Study of key success factors for MIT start-ups Management User market Valuation Distribution Technology Financial markets Percentage of cases when this factor was one of the top one or two most influential factors in the success / page

20 and understanding your market is a close second Why new products fail: 1. Wrong estimates of demand size 45 % 2. Too high price 18 % 3. Manufacturing problems 12 % 4. Product defects 9 % 5. Competitive response 7 % 6. Poor marketing & promotion 5 % 7. Poor market entry timing 4 % Source: American Product Development Association / page

21 Having a sales and marketing focus is key! Study of Software Firms SUCCESSFUL UNSUCCESSFUL % of employees in sales and marketing 41% 31% Investment made in sales and marketing over R&D 2X N/A Stated: We set the standard 52% 19% Top management time spent on PR and other public events 35% 23% % of revenue spent on advertising 7% 3% % of advertising dollars spent on marketing the company name and the business value of their products 78% 22% % of advertising dollars spent on marketing product features 22% 78% % of sales compensation from incentives 38% <20% Number of years from founding to going global 3,7 år N/A Emphasize time to market over feature completion 64% 45% % of companies introducing a replacement product while sales of existing product are still growing 80% <50% % of product completed when new product promotion starts 50% or less 70% From: Secrets of Software Success, Harvard Business School Press / page

22 Pitch-træning Kan du forklare din idé på 50 sekunder? For (fill in the ideal customer) Who (have the following business issue/pain) Our product is a solution (fill in the product category) That (fill in the key differentiator/usp) Unlike (fill in the competitor) Our product (fill in differentiator/usp) 26. oktober 2012 / page 22

23 Hvad kræver det at sælge sin ide til potetielle investorer? 26. oktober 2012 / page 23

24 Investment team with focused industrial competencies Ulrik Jørring, Vice President Overall responsible for VF Venture. Responsible for business development of portfolio primarily within ICT. Former CEO of Steria A/S, many years of management experience within R&D, marketing, sales, and services in respectively Catalog International, Cray Communications and Maconomy (co-founder). Educated MSc and PhD from Technical University of Denmark and holds an MBA from IMD in Switzerland. Bjarne Henning Jensen, Partner Responsible for business development of cleantech portfolio. Former CTO and co-owner of Anhydro Group, Executive Director in Elsam Group, CEO for Elsam Engineering, Director of COWI's energy- and industry division, General Manager (CTO) for FLSmiljø. Educated MSc and PhD from Technical University of Denmark and B.Comm. from Copenhagen Business School. Stig Poulsen, Partner and Area Director Responsible for business development of portfolio primarily within the cleantech area. Former Vice President for Danfoss, CEO for Danfoss Ventures. More than 20 years management experience within R&D, product development, sales, after sales service and product management from a broad variety of industrial branches. Educated MSc supplemented with commercial and entrepreneurial educations from e.g., Stanford and MIT. Søren Steen Rasmussen, Partner Responsible for business development of portfolio within ICT. Former CEO of Excitor A/S, VP of Macromedia, responsible for Microsofts Enterprise and Partner sales in Asia and Nordics, Sales Executive in Microsoft Denmark, Sales Manager responsible for production facilities in Denmark for Digital Equipment Corporation. Many years experience in International business development. Educated engineer and B.Comm. from Copenhagen Business School. Tonni Bülow-Nielsen, Partner Responsible for business development of MedTech portfolio. Former CEO of Nordic Medical Group a/s, Vice President for ELA Medical (USA), Global Marketing Director for St. Jude Medical (Los Angeles and Japan), BU director for St. Jude Medical (Brussels), Country Manager for Guidant Nordic Area, Sales Manager for Danica Biomedical. Educated medico engineer and holds an executive MBA from SIMI. Jakob Fuhr Hansen, Investment Director Responsible for business development of portfolio within cleantech. Former CEO of the oil company Go on Gruppen, and holds massive experience within management in startup companies as well as within the IT and the real estate business. Educated cand. merc. in financing and accounting from ASB, Denmark with specialty in company valuation and risk management. Jesper Roested, Investment Director Responsible for business development of investment portfolio within the MedTech area. Former CEO of 3D, Danish Diagnostic Development and Orbotech Medical Denmark, VP Business Development of MC2 Biotek, several positions in Novo Nordisk A/S as well as management consultant for McKinsey & Co. Educated M.Sc. in Medical Elektronics and physics; medico engineer and supplementary Mini-MBA through McKinsey & Co. Alexander Gjesten, Analyst Alexander is responsible for screening of pipeline companies and analysis of pipeline and portfolio companies across investment segments. Alexander holds a MSc(Econ.) from Copenhagen Business School with specialty within Finance and Accounting, including venture capital og start-up financing. Jette Roepstorff, Management Assistent Responsible for internal controlling, processes, coordination and reporting, and responsible for small loan portfolio. PA for Ulrik Jørring. Former nine years experience as project assistant and PA for The Boston Consulting Group, and Sales Secretary for Ellab A/S. Practical vocational education. 26. oktober 2012 / page 24

25 We invest across industries ICT Medtech Cleantech Industrial technology Mobility Diagnostic Renewable energy Materials Web 2.0 Therapeutic Energy efficiency Lean technologies Security Devices Water treatment Automation Misc. Waste management 26. oktober 2012 / page 25

26 and in growth companies with international/global niche potential We provide equity capital to small companies with a significant, international growth potential We invest in 5-10 companies each year and investment sizes are between DKK 5 20 million Currently, our portfolio consists of approximately 35 companies We invest with like-minded investors 26. oktober 2012 / page 26

27 Typiske investeringsvilkår VF Venture Innovative, danske virksomheder inden for lifescience/medtech, IKT og cleantech med ambitioner om internationalt gennembrud Egenkapital på markedsvilkår, ofte sammen med andre Investeringsstørrelse mellem 5 og 25 mio. kr. i den enkelte virksomhed Aktiv deltagelse i forretningsudvikling, international ekspansion, marketing, salgsstrategi, opbygning af internationale salgskanaler, køb og salg af virksomhed, integration af organisationer og strategiske forandringsprocesser Exithorisont på 5-7 år 26. oktober 2012 / page 27

28 Hvad bidrager vi med udover kapital Aktiv investor Forretnings- og industriel viden, brancheindsigt, netværk og erfaring fra bestyrelsesarbejde Stærk kapital vi står ved vores investeringer og er aktivt med ved opfølgningsinvesteringer, kapitalrejsninger og exits Deltagelse i selskabernes drift gennem aktivt bestyrelsesarbejde Stærke back office-enheder (jura, PR, analyse) Favorable forsikringstilbud (bestyrelsesansvarsforsikring til hele bestyrelsen og helbredsforsikring til alle selskabets ansatte) Kursustilbud til porteføljeselskaber (fx bestyrelseskurser) Årlig CEO-dag 26. oktober 2012 / page 28

29 Our investments are based on common characteristics FINANCIAL Total capital need between 25 and 75 mill. DKK Typically, we invest between 5 and 25 mill. DKK during the investment period Possible exit value of mill. DKK or more We take on an active role in the Board of Directors Typically we hold an equity interest of minimum 20 pct. of the company OPERATIONAL Skilled management team with relevant experience Realistic business plan including go-to-market plan Long term substantial differentiation (IPR or trade secret etc.) Typically, a finished product Strong and documented value proposition Addressable world market is >1 bill. DKK 26. oktober 2012 / page 29

30 Our portfolio 26. oktober 2012 / page 30

31 Kontakt Tonni Bülow-Nielsen PARTNER STRANDVEJEN 104 A / DK-2900 HELLERUP TEL / FAX TBN@VF.DK / oktober 2012 / page 31