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© Sitra 1999 OECD.ppt / 8.12.1999 / Risto Kalske1 Venture Capital funding of public spin-offs OECD workshop on high-technology spin-offs from public sector research Paris, December 8th, 1999 Risto Kalske Director, Technology Transfer email@example.com SITRA, Finnish National Fund for Research and Development
© Sitra 1999 OECD.ppt / 8.12.1999 / Risto Kalske2 Sitras structure: principals and functions Finnish Parliament Supervisory Board Board of Directors Board of Directors Management Management l Research l Training l Innovative operations l Financing of technology companies l International funds l Regional funds l Commercialisation of technologies
© Sitra 1999 OECD.ppt / 8.12.1999 / Risto Kalske3 Sitras Operational Sectors Corporate finance Seed finance and commersialisation of technologies Investments in venture capital funds Research and innovative operations Training
© Sitra 1999 OECD.ppt / 8.12.1999 / Risto Kalske4 Seed and start-upGrowth stage Strategic investments Sitra Venture Capital 60 (148 Mmk)42 (227 Mmk) Privatised part of Sitra Bio Fund Management OyEqvitec Partners OySitra Fenno Management Oy Sitra Bioventures KyEqvitec Tech Fund I Ky Fenno Program (Sitra 30%, man. 70 %), 0,5 Mmk(Sitra 31%, managers 69%), 0,3 Mmk Investments in fundsDirect investments 74 Mmk 74,5 Mmk 16 (40 Mmk) 102 (375 Mmk) 25 (145 Mmk) 48 (201 Mmk) 5 (150 Mmk) Regional funds (Sitra 40%, managers 60%), 0,8 Mmk 155 pcs (726 Mmk, ECU 121 million) Tech.transfer 7 (16 Mmk) Inv. in technology transfer Sitra's Venture Capital Activities
© Sitra 1999 OECD.ppt / 8.12.1999 / Risto Kalske5 Clear tendency from public to private investments as the VC business matures Source: FVCA
© Sitra 1999 OECD.ppt / 8.12.1999 / Risto Kalske6 Motives for VC investment; public investments shift to the early stages Source: FVCA
© Sitra 1999 OECD.ppt / 8.12.1999 / Risto Kalske7 Domestic venture capital companies Sitra focuses on seed & start-up financing Sitra 2nd round (Sitra) (3rd round) International financing Tekes
© Sitra 1999 OECD.ppt / 8.12.1999 / Risto Kalske8 Breakdown of Sitra's funding in 1998
© Sitra 1999 OECD.ppt / 8.12.1999 / Risto Kalske9 Business maturity within Sitras portfolio companies in 1998 TOTAL 102 companies EUR 63 million TOTAL 102 companies EUR 63 million 24 companies EUR 17.8 million 24 companies EUR 17.8 million 27 % 13 % 10 % 27 % 23 % 23 companies EUR 14.2 million 36 companies, EUR 6.9 million 5 companies, EUR 7.8 million 14 companies EUR 16.1 million 14 companies EUR 16.1 million
© Sitra 1999 OECD.ppt / 8.12.1999 / Risto Kalske10 Industrial distribution within Sitras portfolio companies in 1998TOTAL 102 companies EUR 63 million Biotechnology (11 co.) Chemical industry (7 co.) Transportations (3 co.) Medical companies (22 companies) Other electronics (17 co.) Other manufacturing (2 co.) Control and monitoring (7 co.) Industrial production (13 co.) Information technology (9 co.) Communication (5 co.) 5.2 m 4.7 m 1.4 m 2.7 m 18.8 m 7.5 m 1.3 m 1.7 m. 10.4 m 6.0 m 3.2 m Consumer goods (5 co.) Travelling (1 co.)159 000
© Sitra 1999 OECD.ppt / 8.12.1999 / Risto Kalske11 Management network of the regional funds Tekno Advisors Oy, Oulu (100%) Sentio Invest Oy, Tampere (100%) Aboa Venture Management Oy Turku 25,2% Savon Invest Management Oy Kuopio (100 %) Indekon Management Oy Lappeenranta (100%)
© Sitra 1999 OECD.ppt / 8.12.1999 / Risto Kalske12 Network of regional funds Teknoventure Oy, Oulu Pikespo Invest Oy Ltd, Tampere Spinno-seed Oy, Espoo Indekon Oy, Lappeenranta Midinvest Oy, Jyväskylä Karinvest Oy, Joensuu Savon Teknia Oy, Kuopio Innoventure Oy, Helsinki
© Sitra 1999 OECD.ppt / 8.12.1999 / Risto Kalske13 Network for technology transfer Oulutech Oy Oulu Tamlink Oy Tampere Oy Aboatech Ab Turku Helsinki University Licensing Ltd. Oy Helsinki Finntech Finnish Technology Ltd Oy Espoo
© Sitra 1999 OECD.ppt / 8.12.1999 / Risto Kalske14 Public sector activities for R&D in Finland P A R L I A M E N T G O V E R N M E N T Other ministries and their institutes Funds like: SITRA Kera Oy Ministry of Trade and Industry Ministry of Education Academy of Finland Universities Technical Research Centre of Finland Science and Technology Policy Council 12/95-06 National Technology Agency Tekes
© Sitra 1999 OECD.ppt / 8.12.1999 / Risto Kalske15 Universities and technology transfer Universities and Sitra co-own 6 technology transfer companies in 4 university towns The technology transfer companies identify ideas with commercial potential evaluate technologies serve researchers in commercialising their idea (on a royalty sharing basis)
© Sitra 1999 OECD.ppt / 8.12.1999 / Risto Kalske16 Future Development Harmonized practices to commercialise university IPRs Advanced Technology Transfer Network to offer professional licencing services enhance the birth of spin-off companies offer international Technology Brokearage services link the financing institutions to the spin-offs advice on suitable options to utilize the IPRs
© Sitra 1999 OECD.ppt / 8.12.1999 / Risto Kalske17 Three approaches to the commercial utilisation of innovations Innovation Growth company Acquisition vehicle Sale/License of IPRs true entrepreneurship technology brokerage exit means
© Sitra 1999 OECD.ppt / 8.12.1999 / Risto Kalske18 VC criteria - special concerns with spin-off firms Early stage Professional management Level of commitment Business plan Novelty value Identified customer need Ownership of the IPRs Growth potential Total financial plan Terms of partnership Exit plan Spin-offs
© Sitra 1999 OECD.ppt / 8.12.1999 / Risto Kalske19 Licensing is also a viable option for the commercialisation of IPRs Scientist and entrepreneurship - a rare combination The promotion of spin-off activities attracts top-notch researchers Financial benefits tend to supersede scientific calling Brain drain affects the quality of university research Professionally organised licensing may offer a balanced win-win solution in many cases
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