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How Can We Become More Successful in Fostering Early Stage Ventures? Kjell-Håkan Närfelt Chief Strategy Officer, VINNOVA [email protected] First some words on VINNOVA… VINNOVA is Sweden’s Innovation Agency 2017-05-14 Bild 3 2 BY COUNTY WITH TOP 25 RECIPIENTS billion SEK were invested in Swedish R&D 2009 by VINNOVA 500250-500 200-250 150-200 125-150 100-125 75-100 50-75 20-50 0-20 (mkr) BY SECTOR 1807 R&D projects received funding 614 of these involved SME’s 2017-05-14 Bild 4 Public R&D-funding in Sweden per receiving body (budgets 2008) Swedish GDP 3 220 bn SEK Ministry of Education and Research Universities Swedish Science Council Public R&D funding: 0.84 % of GDP = 27.1 bn SEK Min. of Environment Min. of Health & Social Affairs Formas FAS Ministry of Enterprise, Energy and Communications VINNOVA Energy Agency Space Other Public Defence Civilian reseach Agencies Agencies foundations 12 bn SEK 3.6 bn SEK 0.7 bn SEK 0.3 bn SEK 1.8 bn SEK 0.9 bn SEK 0.8 bn SEK 2.8 bn SEK 1.5 bn SEK 1.5 bn SEK 42% 13 % 3% 1% Mainly curiosity driven 7% 3% Mainly needs driven 3% 7% 6% 11 % Sustainable society Competitiveness of Swedish industry Improved innovation capabilities Sweden 2020 Challenge-led innovation and growth Sustainable and attractive cities Health and wellness of citizens Competitive production in industry and public sector Information Society 3.0 Production Health Environment ICT Strategy areas Swedish Innovation System Policy Services Transport The Support System for Commercialisation New companies VINNOVA Create and Verify Innovationsbron Launch and establish Market exploitation intensive R&Dintensive Improve and renew Grow and Expand Venture Cap, e.g.Industrifonden Established firms Investment & Utilization of research and innovation (R&I) Effective cooperation Universities projects Coaching Public sector Industry Research institutes R&I projects for growth INNOVATIVE STRENGTH Participation in Intl cooperation Intermediaries Benchmarking Catalyzing meeting places Strategy processes Policy development 2017-05-14 Innovation capacity SMEs Verification Globally competitive innovation Test- and environmentsR&I Demo sites Bilateral R&I cooperations Swedish participation in EU R&D programs Global linkages Bild 8 We need to be better in commercialising our research or.. How Can We Become More Successful in Fostering Early Stage Ventures? Is Our Challenge A Funding Gap? Performance of US and EU Seed Funds? Fund type 3y 5y 10y 20y US Early/Seed 1.7 3.7 36.0 21.8 US Balanced 4.6 8.4 13.5 14.5 US Later Stage 9.4 8.7 7.5 14.5 US All ventures 4.3 6.4 15.5 17.0 NASDAQ -10.3 -4.6 -3.2 7.3 S&P 500 -10.0 -4.0 -3.0 6.1 EU Early/Seed -1.7 -0.2 -2.4 -1.1 EU All Ventures 0.0 2.1 0.4 3.1 EU All Buyouts 8.5 14.1 13.3 14.1 Source: Thomas Reuters Performance Data 2008-12-31 More Money…? Or are we working ineffectively? Valorisation of Research and Technology – Current Situation Business Plans, Patents, Prototypes Business Operation Business Growth Technology Invention Requirement: A Newco AB After You Have Received Funding… Prototyping Alpha test Beta test Launch Business Operation in early stages • • It’s all about product development… …and execution... – Drives organisation development – Drives sales and marketing – Drives costs Do ventures fail due to the lack of products or technologies? No, they fail because they lack customers and proven business operations Valorisation – A Reference Model For Tackling The Right Risks First Business Invention Business Creation Business Operation Business Growth Technology Invention • Verify Business concept & customer value proposition • NABC • Verify Sales process & Business Model • Reference Customers • Investor Value Proposition • Business System • Beachhead on market • Operational Effectiveness • Operational Efficiency • Innovation Conclusions Focus on verifying your value proposition = customer benefits of business concepts Then learn how to sell and make money = business benefits of customer value propositions From funding gaps to investment readiness it’s about customer driven invention and verification of business concepts From product development and execution to learning and discovery driven processes it’s about understanding and discovering what will make your venture successful You are not out there selling – You are trying to understand the customer, the competition, the market and the industry Thanks for Your Attention!
