PAXIS PROJECT F INANCING THE KNOW- HOW TRANSFORMING RESEARCH RESULTS INTO PROFITABLE BUSINESSES Yolanda Falcón García Unirisco Galicia

PAXIS PROJECT Venture Capital activity in Spain Experience of the Galician Universities in Seed Capital: UNIRISCO GALICIA A national model of University Venture Capital : UNINVEST. INDEX

PAXIS PROJECT Total amount invested ( thousands Euros ) VENTURE CAPITAL IN SPAIN. (some data)

PAXIS PROJECT Average investment per transaction (thousands Euros) VENTURE CAPITAL IN SPAIN. (some data)

PAXIS PROJECT Stage distribution of investments by number of investments 1º semester 2004 VENTURE CAPITAL IN SPAIN. (SOME DATA)

PAXIS PROJECT VENTURE CAPITAL IN EUROPE Investment breakdown per development stage year 2004

PAXIS PROJECT Venture Capital Society promoted by three Galician universities. Aimed at investments in projects arose in the university community. Covers the financial gap of small/medium-sized projects. Search of an alternative to the university technology transfer mechanisms. UNIRISCO GALICIA, S.C.R..S.A.

PAXIS PROJECT Participates temporarily in the capital of the company Shares business risk granting participation loans Provides assessment services to participated companies What does Unirisco do ?.

PAXIS PROJECT Sources and Shareholders Sources Managed funds 1.2 M€ 3.0 M€ Shareholders Universities (*) 59%24% Private companies 9%36% Banks32%40% (*) Universities : Santiago, Vigo and A Coruña

PAXIS PROJECT GALCHIMIA Custom synthesis for the pharmaceutical and chemical industry. USC GALCHIMIA Custom synthesis for the pharmaceutical and chemical industry. USC ADVANCELL Development and application of in vitro cellular technology and pharmaceutical nanotechnology for research of active principles, medicines, cosmetics and biotech. Univ. of Barcelona, Valencia and USC. KERAMAT Development and manufacturing of ceramic biomaterials for human use as osseous implants (traumatology, neurosurgery).USC KERAMAT Development and manufacturing of ceramic biomaterials for human use as osseous implants (traumatology, neurosurgery).USC IMMUNOSTEP Development and manufacturing of reagents for biomedical and biotechnological research and clinical diagnostic using flow cytometry.CIC. USAL Some investments

PAXIS PROJECT Need of a specific spin-off financing mechanism. Will of institutional cooperation: universities, business groups and financial institutions. Renunciation to a local behaviour. Need to work with a critical mass of business projects: national field. Demand of financing for projects of other Spanish universities. Conclusions Unirisco’s regional experience

PAXIS PROJECT Need of reaching a critical mass of projects/ Universities. Promote the OTRIs as tools of business and technological promotion. To exchange experiences in the area of setting up technology-based companies. To share a network of technological analysts. To share a specific financial mechanism for academic “Spin-Offs”. A national model of University Venture Capital

PAXIS PROJECT A National model of University Venture Capital UNINVEST, SGECR, S.A. UNIRISCO Galicia Universities (promoters) ENISA (MINISTRY OF INDUSTRY) I+D UNIFONDO, FCR Shareholders Institutional investors CDTI and European Investment Found (negotiating) To manage the Found assets. To finance technology- based companies

PAXIS PROJECT Uninvest Shareholders 1.UNIRISCO Galicia Universidad de A Coruña Universidad de Santiago Universidad de Vigo 2.Universidad de León 3.Fundación Universidad de Valladolid 4.Universidad de Salamanca 5.Fundación Torres Quevedo Universidad de Cantabria 6.Universidad Carlos III de Madrid 7.Parque Científico de Madrid (Autónoma y Complutense) 8.Universidad de Valencia 9.Universidad Politécnica de Valencia 10.Fundación Universidad de Alicante 11.Universidad Miguel Hernández (Elche) 12.Universidad de Extremadura 13.Universidad de Cádiz 14.Consejo Superior de Investigaciones Científicas 15.Empresa Nacional de Innovación (ENISA – Mº de Industria) 16 universities + CSIC

PAXIS PROJECT Venture capital found managed by UNINVEST to invest in the capital of companies based in know- how and technologies developed in the Spanish Universities. What is Unifondo I+D ?

PAXIS PROJECT Financing the establishment and development stages of the companies. To help in the search of additional financing (loans, grants,..) To provide assessment services to the participated companies To provide advice in the technological transfer process. Investment Policy

PAXIS PROJECT BUSSINESS INITIATIVES WHICH: Use know- how and technologies developed in the Universities. Promoters involved in the business initiative. Are based on a high technology component. Have a rapid growth. Investment Policy

PAXIS PROJECT UNIRISCO GALICIA, S.C.R. S.A. Edificio CACTUS Campus Universitario SUR – Santiago de Compostela Tel / ext Fax CONTACT DATA