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Nanofragrance all day long

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1 Nanofragrance all day long
Final Evaluation – Spin-off in Chemistry Bouquet Nanofragrance all day long Christopher Ehlert Łukasz Czekański Leily Javidfard Inês Rocha Stéphane Vranckx Aleksandra Zielińska

2 Our know-how: Nano-encapsulation
Large variety of potential applications, including cosmetics New (unpublished) results from REQUIMTE (Porto University) Completely safe / bio-compatible Lukasz Similar patent: (European Patent A1)

3 Our product: Spray-on perfume nanocapsules
May be used on clothing or directly on skin Safe on contact and by inhalation Doesn’t stain fabric Delivers perfume: Gradually during the day thanks to natural friction and nanocapsule permeability Whenever desired by gently rubbing the skin or fabric

4 Our market: Brazilian middle class
Biggest market for cosmetics million US$ and growing « Social media capital of the world » (> 90 million regular internet users) Strong disposition to buying online Online advertisement and sales Large middle-class market willing to pay ≈100 € per 50 mL of perfume LEILY Sales of perfumes showed a strong growth in Brazil in recent years. Now, in 2010, the country sold US$ billion in the year (retail value) in this market, making Brazil the largest consumer market of perfumes in the world, passing ahead of the USA, which sold US$ 5,347 billion in 2010, revealed the international agency for research and analysis firm Euromonitor. REALLY big growth of internet use in Brazil: But in Brazil, Facebook time grew 208% to 535 minutes over the same period. Meanwhile, the average time spent per YouTube visitor in Brazil grew 5% to 140 minutes, even as it dropped 3% to 161 minutes world-wide. Facebook Inc. has some 65 million users in Brazil, which makes it the company's second largest market after the U.S. by number of users, according to social-analytics company Socialbakers. The research firm eMarketer Inc. says that spending on online ads in Brazil will double to $4 billion over the next four years. So far, Brazilian consumers have shown an unusual willingness to make purchases online using credit cards. « Brazil is already the largest fragrance market in the world », Cosmeticos.br (2011) « Breaking into Brazil », Laura Snoad, Marketingweek.co.uk (2012) « Brazil: A Social Media Marketers' Gold Mine », Christian Arno, Socialmediatoday.com (2013)

5 Our model However, high Brazilian import tax Production in Brazil
R&D in Portugal: Research infrastructures Need to buy a fragrance Need for spray bottles, … Need to build a network! LEILY Sales of perfumes showed a strong growth in Brazil in recent years. Now, in 2010, the country sold US$ billion in the year (retail value) in this market, making Brazil the largest consumer market of perfumes in the world, passing ahead of the USA, which sold US$ 5,347 billion in 2010, revealed the international agency for research and analysis firm Euromonitor. REALLY big growth of internet use in Brazil: But in Brazil, Facebook time grew 208% to 535 minutes over the same period. Meanwhile, the average time spent per YouTube visitor in Brazil grew 5% to 140 minutes, even as it dropped 3% to 161 minutes world-wide. Facebook Inc. has some 65 million users in Brazil, which makes it the company's second largest market after the U.S. by number of users, according to social-analytics company Socialbakers. The research firm eMarketer Inc. says that spending on online ads in Brazil will double to $4 billion over the next four years. So far, Brazilian consumers have shown an unusual willingness to make purchases online using credit cards.

6 Locations and collaborations
Portugal academic research: Professor Ana Cristina Freire Portugal cosmetic companies: Castelbel (distribution to Brazil!) ACH.Brito Preliminary contacts in Brazil: Patrícia Sgarbi Lima, Cosmetic (Natura) Ruandro Victor Knapik, Representative R&D (Boticarío Group) Sales of perfumes showed a strong growth in Brazil in recent years. Now, in 2010, the country sold US$ billion in the year (retail value) in this market, making Brazil the largest consumer market of perfumes in the world, passing ahead of the USA, which sold US$ 5,347 billion in 2010, revealed the international agency for research and analysis firm Euromonitor. REALLY big growth of internet use in Brazil: But in Brazil, Facebook time grew 208% to 535 minutes over the same period. Meanwhile, the average time spent per YouTube visitor in Brazil grew 5% to 140 minutes, even as it dropped 3% to 161 minutes world-wide. Facebook Inc. has some 65 million users in Brazil, which makes it the company's second largest market after the U.S. by number of users, according to social-analytics company Socialbakers. The research firm eMarketer Inc. says that spending on online ads in Brazil will double to $4 billion over the next four years. So far, Brazilian consumers have shown an unusual willingness to make purchases online using credit cards.

7 Locations and collaborations – Portugal
Collaborations with other institutions Material Center of University of Porto (CEMUP) Dr Carlos Moreira de Sá Electronic Microscopy Unit (UME) Dr. Pedro Tavares Centre for Nanotechnology and Smart Materials (CeNTI) Eng. Ana Ribeiro INÊS Nanosctrutured Material and nanotechnologies Laboratory (NanoLab)  Eng. Patrícia Carvalho  Colep  Eng. Sofia Costa 

8 Business Plan Family Friends Researcher’s Grants Proof of concept
Patent Prototype Manager Accountant Scale-up, production R&D Lawyer Improve the team Investors INÊS Scale-up Market

9 Funding, collaborations and contests
Invention Innovation Transfer of Technology Incubators Contests

10 Skills needed in our spinoff
Person Formation Management Inês Rocha PhD in Physical Chemistry Erasmus for Young Entrepreneurs Accounting Christopher Ehlert PhD student in Theoretical Chemistry Masters in Economics @ Solvay Business School R&D Łukasz Czekański PhD student in Organic Chemistry Finishing his PhD @ Adam Mickiewicz University Mass production Stéphane Vranckx PhD student in Physical Chemistry 2nd year Master in Industrial Chemistry @ École Centrale Paris Sales/Marketing Leily Javidfard SerpChem student Formation in Marketing Communication @ CAM Foundation (Online course) Public relations Aleksandra Zielińska Master in Chemistry and Cosmetology Contact with relevant companies, Possible internships Laws / Regulations To be hired N/A Christopher We did a assessment of the roles necessary in this kind of spinoff and of the → Hire someone with knowledge of relevant laws and regulations in Brazil and Europe

11 Perspectives Marketing targets: travelers
Beyond internet sales in Brazil, expand to: World market Sales in shops R&D: Other applications of nanocapsules

12 Acknowledgments We thank all those who helped us build and improve this project through constructive discussion: Salvatore Majorana Cristina Freire All professors of the SoSMSE school

13 Additional information

14 Why create a spinoff? Interesting research result with practical application Potentially big return on time/money investment Even in case of failure, incredible professional experience: Intimate knowledge of the inner working of a business New experiences, far from usual academic work Personal development Create our own network

15 Intellectual property
Nanocapsules (unpublished research result) = our main intellectual property Patent the process of encapsulating products in this specific kind of nanocapsules Protection of our original results Possible licensing Later on: potential potenting of new processes Logo, commercial name, … : to be trademarked Patents should cover at least Europe and Brazil European Patent A1 European Patent B1 European Patent A1

16 IP protection - Why not trade secrets?
Often used by small companies instead of patenting, but: High risk of accidental or voluntary diffusion (if somebody leaves the company for a higher-paying job, …) Our original results are our biggest asset Need to be protected, even at high financial cost In Brazil, Europe, …

17 Our team Small company  Specific roles, with flexibility
Christopher Łukasz Leily Inês Stéphane Aleksandra Management Accounting R&D Mass production Sales/Marketing Public relations Laws / Regulations Defined roles, but with some flexibility (small company) Complementarity of our team Young and dynamic, already used to working together efficiently Common frame of thinking (chemists) but with very different and complementary specialties, interests and personalities Small company  Specific roles, with flexibility Complementarity of our skills with slight overlap Allows for temporary replacement of one person

18 Why PhDs? Experience in research Strong problem-solving skills
Used to work in multicultural and multidisciplinary teams Adaptative and flexible Able to see very long projects through Fast learners with good organizational, time management skills In our case: very diverse expertise (nanomaterials, organic chemistry, …) « Un docteur? Une vraie plus-value pour l’entreprise! », References.be (2011)

19 Locations and collaborations – Portugal
Requimte Semi-private laboratory working in collaboration with Porto University Use of their infrastructures for our initial R&D Master and PhD Students with their own grants Contact: Professor Ana Cristina Freire INÊS

20 Spray manufacturers Manufacturer of cosmetics, personal care, beauty, homecare and consumer healthcare products

21 Fragrances Most perfume brands don’t produce their own fragrances
Bought from specialized companies! Possible creators of our fragrance: Castelbel Givaudan Firmenich IFF Symrise Takasago « Flavor & Fragrance Industry Leaders », Leffingwell & Associates

22 Some other applications of nanocapsules
Cancer treatment: Water soluble polymer shells that deliver directly into the nucleus a protein that only kills cancer cells Self-healing materials: healing of cracks in microelectronics, polymer coating, … Food: modification of textures, flavorings, colorings, shelf-life, … « Nutraceuticals »: encapsulation in lipids or polymers of substances that enhance nutrition

23 Composition of the nanocapsules
General name for capsules of 10 nm nm Various polymers: Polybutylcyanoacrylate Lipids

24 Health issues Possible cause of allergies
Uncertainties about health effect In the US: products containing nanocapsules need to be FDA-approved Likely reason why the « big names » didn’t commercialize nanocapsules-based perfumes «What are potential harmful effects of nanoparticles? », European Public Health Gwinn, M. R.and Vallyathan, V. Environ Health Perspect December; 114(12): 1818–1825.

25 Health issues (allergies, uncertainty…)
Special care will have to be taken to ensure respect of health regulations Health effect depends on the size, composition (esp. Surface), and possibly shape of the nanoparticles For the purpose of this work: assumed to be solved «What are potential harmful effects of nanoparticles? », European Public Health

26 Biggest causes of spinoff failures
Too focused on R&D, immature technology Lack of entrepreneurship / finance experience… Immature here = not ready to be commercialized

27 Biggest factors increasing spinoff success
Innovative product / production process Entrepreneurial and managerial experience Network of support and expertise Joint ventures with other companies Establishing professional (non-academic) management « Predicting Spinoff Success », Chris Hayter , New York Academy of Sciences (2013) « Success Factors of Corporate Spin-Offs », Alexander Tübke (2010) - ISBN-10:

28 Inês Rocha: Manager Nearly finished Coordinate the R&D the PhD
Potential funding Experience in leading small scientific groups Create business plan Management skills Knowlegde in nanomaterials Coordinate cooperations Erasmus for Young Entrepreneurs Portuguese language Leadership on organization meetings

29 Łukasz Czekański: R&D Break down complex problems into simpler parts
Production of original research results Resolution of original problems Organic chemistry Experience in research Nanocapsule synthesis Analytical chemistry Quality management Finish Ph.D. (1 year) Teaching and communication Contribution to mass production Flexible and adaptative Set the salaries

30 Christopher Ehlert: Accountant
Break down complex problems into simpler parts Calculate business predictions Commercial accounting principles Calculate the price of the product Mathematical knowlegde Experience in finance Order machines Perform simulations Acquire money Masters in Economics Solvay Business School (1 year) Analyse and order numerical data Reduce the cost Stop Ph.D. Use open source software Set the salaries

31 Leily Javidfard: Marketing and sales
Knowledge of R&D Polymer engineer Specialized in coatings Experience in marketing Effective marketing Sales engineer experience (1 year at Resinfam) Product benchmark Marketing Communication CAM Foundation (Online course) Communication skills Exportation strategies Creativity Online advertisement Finish Master

32 Stéphane Vranckx: Scale-up, production
Problem solving (esp. Optimization) Private sector experience (6-month internship) Scale up production Teamwork, Leadership Minimize production costs Experience in scale-up and mass production Perform simulations Private sector experience 2nd year Master École Centrale Paris « Help to decision and optimization of Industrial and Logistic Systems » Oral and written communication Production team management Nearly finished Ph.D. in Physical Chemistry

33 Aleksandra Zielińska: Public relations
Get in contract with other people/companies Cosmetic, chemical and medical knowledge Build network Get funding Convince other people Handle with different mentalities Good communicator Responsible for the chemical materials Foreign languages Contact cooperating companies, interships Composition of fragnances International experiences Get overview of the market Quality management

34 Skills sought for in our new recruit
Required knowledge Additional assets Patent law Europe, Brazil Safety regulations for chemical companies Experience with other Spinoffs/startup Cosmetic regulations Europe, Brazil Taxation Portugal, Brazil Experience in cosmetics or chemicals companies English Portuguese/Brazilian Knowledge of Brazilian culture and market

35 Technical feasability
We assume we have original and encouraging results for a new kind of biocompatible (safe) nanocapsule « Proof of concept » Unpublished results  Patentable The idea of using nanocapsules containing perfumes and other cosmetics has been investigated by other cosmetic companies: L’Oréal Gemm’innov European Patent A1 European Patent B1 European Patent A1

36 Perfume sales Places where perfumes are purchased (2004):
72% in specialized shops / grands magasins 18% in supermarkets 9% by direct sales 1% in pharmacies Current trend: increased sales through the internet, esp. in Brazil PPT Presentation by Loïc Torres, Master in Chemistry (provided by Ivan Coste-Manière)

37 Distribution Initially through the internet
Unusually high volume of internet shopping in Brazil High internet penetration in our target demographics Online ads, viral marketing campaign, … Later: through usual distribution channels Specialized stores, supermarkets, … Network of contacts and collaborations PPT Presentation by Loïc Torres, Master in Chemistry (provided by Ivan Coste-Manière)

38 Bouquet Marketing Selling arguments: High-tech Unique properties
Made in Brazil Name: « Bouquet » French word, but also used in English, Portuguese, German, … Used both for wines and flowers Strong association to good smells/tastes Association to France, « luxury » products, people with refined tastes, … Bouquet

39 Marketing – Celebrity endorsements
Focus on fashion models, actors and sportspersons Upcoming Olympics / World Cup Most popular celebrities in Brazil: « Brazilian celebrities List », lists.lucywho.com (2013)

40 Sales Initially: internet-based B2C model
Large internet penetration in our target demographics Unusual predisposition to online shopping Online advertisements Viral marketing Later: transition to retailers Possibility through Castelbel? Portuguese company distributing in Brazil Requires a network of Brazilian companies «Brazil's E-Commerce Is Booming » Ricardo Geromel, Forbes.com (2012)

41 Brazilian market analysis
Population of Brazil: ≈ 195,000,000 Lots of young people with: Internet Smartphones (> 1/inhabitant) Conversion rate of the Brazilian Real (R$): ≈ € ≈ US$ «Salary Survey in Brazil », Salary Explorer, (2013)

42 Brazilian market analysis
Average salary: Best paying jobs: «Salary Survey in Brazil », Salary Explorer, (2013)

43 Brazilians and internet
Largest number of internet users in South America (and growing) Fast adopters of social media Unusually strong tendency to buy online

44 Characteristics of our target market
Perfume users looking for something new Live in urban areas, esp. in hot countries Not necessarily « rich », but ready to spend good money on good perfume Unwilling/unable to discreetly put perfume during the day Includes men who want to smell good, without willing to be perceived as feminine Knowledgeable about style

45 Potential future marketing targets
Business(wo)men Need to feel fresh even when they have a lot of meetings in a row (esp. in hot countries) Travelers Need to feel fresh during long plane travels… but cannot bring liquids! Large number of travelers expected in coming years: World Cup (2014), Olympics (2016)

46 Packaging Sets the product apart, makes it look « classy »
General ideas of shape Evoking the high-tech nature of the product (Molecules…)  Men Evoking its unique properties  perfume that works « all day long » (Hourglass, …)

47 Competition: Perfumes in Brazil
Best feminine perfume sales in Brazil: J'adore (Dior) Carolina Herrera (Carolina Herrera) Flower by Kenzo Hypnose (Lancôme) Euphoria (Calvin Klein) All in the ≈ 100 €/50 mL price range (299 R$/50 mL) https://www.npdgroup.co.uk/wps/portal/npd/uk/home/

48 (Pre-)Seed capital Small contribution from F&F&F Contest
Exposure to potential investors Potential prize money Erasmus Grants from researchers

49 Erasmus Entrepreneurship
Exchange european program Goal: Have young entrepreneurs learn from experienced ones from the EU Develop skills to run their businesses

50 Start of our network General information about spinoffs:
Salvatore Majorana Academic with link to Portuguese cosmetics: Professor Ana Cristina Freire Portugal cosmetic companies: Castelbel (distribution in Brazil!) ACH.Brito CEO of Castelbel = friend of Ana Cristina Freire


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